DRY
BHP says likely to quit global coal lobby group
Global miner BHP Billiton said on Tuesday it has taken a preliminary decision to quit the World Coal Association citing disagreement over climate change, and might also withdraw from the U.S. Chamber of Commerce over mining industry rules. BHP, which has largely quit mining coal for power plants but is the world’s largest exporter of coal for steel-making, said it would seek responses from the World Coal Association over policy differences before making a final decision on whether to quit in March 2018. (Reuters)
Japan steel industry sees higher crude steel output in 2018/19
Japan’s crude steel output in the business year starting April 2018 is expected to rise slightly from the current year due to firm demand at home and abroad, an industry body said on Monday. Crude steel output in the current business year ending March is likely to be little changed from 10.517 million tonnes the year before, the Japan Iron and Steel Federation said in a statement. (Reuters)
Rapeseed to decline in EU as biofuel wanes, exports to boost wheat- report
Rapeseed will lose ground as a crop in the European Union in the next decade as biofuel demand wanes and other oilseeds capture more growth from edible oil and livestock feed markets, the EU’s executive forecast. Rapeseed is the most produced oilseed in the EU but its prospects have been clouded by a deteriorating market for crop-based biofuel amid declining policy support and growing competition from imports. (Reuters)
Post-quota EU sugar boom to fade, isoglucose to win share-report
A surge in EU sugar production this year after the scrapping of output quotas will tail off in the coming decade as the market faces lower prices, consumer health concerns and competition from rival sweetener isoglucose, the EU’s executive said. The EU abolished at the end of September limits on sugar production and exports, removing the bloc’s last remaining agricultural quota system. (Reuters)
Hike in petcoke import duty prompts shock, worry in India’s cement sector
Indian cement industry sources expressed shock over the latest hike in the import duty on petcoke to 10%, up from the existing duty of 2.5%.
The government announced late last week the plan to raise the import duty, just two days after the Supreme Court of India had given some relief to cement companies by exempting them from a petcoke ban in three north Indian states adjoining the national capital region. In October, the Supreme Court banned the use of petcoke in all industries around New Delhi.
“This is a steep hike,” a source at a south India-based cement company said of the new duty, adding that it was a first step toward stopping petcoke imports into the country.
Around 65% of the petcoke in India is consumed by the cement sector, with 20% used for steam generation and the rest by other industries.
Although the source had been using domestic petcoke along with Indonesian/US coal for the past couple of months, he felt that international petcoke prices would come down now.
“India is the biggest market for both US and Saudi refineries and they will factor in the hike in the import duty,” he said.
A west India-based trader said there were various factors being considered, with the primary ones a complete petcoke ban, a cap on sulphur content on imported petcoke and increased duties on imported petcoke.
“The move is basically to discourage imports and boost the indigenous market,” he added.
He noted that this would result in a massive jump in the landed cost, as the buyer now has to pay an added 7.5% of customs duty, as well as an 18% goods and services tax on the increased value.
Increasing petcoke prices would likely benefit the coal industry, as it would eat into petcoke’s price advantage, a west India-based trader said.
“We have to wait for the market to stabilize,” the trader said. “I guess the situation would be much clearer by the weekend.”
He said he had some inquiries for January shipments of US petcoke last week, but now the buyers want to wait to assess and reconsider the situation before they take a call on procurement. (Platts)
China’s Yinchuan names 27 metal producers told to shut for winter
Yinchuan in northwest China’s Ningxia Hui Autonomous Region, a key magnesium and ferroalloy production base, has released a list of metal producers asked to shut from November 27 to March 10 to cut emissions, the Yinchuan branch of the Ministry of Industry and Information Technology said Tuesday.
A total of 27 producers in the region’s nonferrous metal, ferroalloy, diecast, cement and silicon carbibe sectors were asked to shut for winter, of which 23 have already done so, the ministry said in a circular.
Another has agreed to shut within days and three diecasters to limit or halt output in the period, it added.
The producers asked to shut include 100,000 mt/year magnesium producer Ningxia Dongyi Magnesium, a subsidiary of Dongyi Group, which will shut two 25,500 kva furnaces in winter, MIIT said.
Ferrosilicon producer Yinchuan Metallurgical Branch of Tianjing Electric Power Development Group will shut three 12,500 kva furnaces, two 15,000 kva furnaces and one 31,500 kva furnace, while ferrosilicon, ferromanganese and ferrochrome producer Ningxia Boli Smelting Industry will shut two 12,500 kva furnaces, it said.
Lead producer Ningxia Tianma Smelting Industry was asked to shut its 100,000 mt/year refined lead production line.
Ningxia will also ban output capacity expansions in its aluminum, ferralloy and steel sectors in the 13th Five Year Pland period (2016-20) to ease capacity surplus, but encourage development in the magnesium, manganese metal and rare earth metal sectors to build an industry chain of raw material, primary processing and deep processing capacity to get higher product values, the ministry said.
The autonomous region will cap its ferroalloy and refined aluminum output capacity at 4 million mt/year and 1.9 million mt/year respectively in 2020, down from 3.8 million mt/year and 1.25 million mt/year in 2015. Its steel output capacity will be capped at 6.4 million mt/year by 2020, up from 4 million mt/year in 2015, MIIT said.
Ningxia’s manganese metal capacity is set to more than double to 1.1 million mt/year in 2020 from 500,000 mt/year in 2015 and its magnesium output capacity to rise to 300,000 mt/year in 2020 from 272,000 mt/year in 2015.
The region expects its manganese metal capacity to account for over 50% of the globe total by 2020 and its magnesium and ferroalloy production capacities to account for 20% and 10% respectively of China’s total by then, MIIT said. (Platts)
BALTIC INDEX
Last Index Published Date: 19 DECEMBER 2017
Baltic Exchange Dry Index 1547 -41
Baltic Exchange Capesize Index 3510 -146
Baltic Exchange Panamax Index 1593 -50
Baltic Exchange Supramax Index 938 -5
Baltic Exchange Handysize Index 636 -1
TIMECHARTER
‘Brenda’ Cargill relet 2014 81005 dwt dely Hamburg 18/19 Dec trip via Baltic redel China intention fertilisers $22,000 – Aquavita
‘Jin Run’ 1998 72495 dwt dely Lanshan 20 Dec trip via CIS redel South Korea intention coal $11,900 – Unico – <recent>
‘Gladiator’ 2012 56784 dwt dely US Gulf prompt trip redel Spain $26,000 – XO Shipping – <last week>
PERIOD
‘KM Weipa’ 2017 63377 dwt dely Colombia 25/30 Dec 3/5 months trading redel worldwide $18,250 – Meadway Shipping Singapore
‘Mia S’ 2010 56835 dwt dely EC Mexico prompt about 3/5 months trading redel Atlantic $14,750 – Centurion
COMMODITY NEWS
Oil markets edged up as the Forties pipeline outage in the North Sea and voluntary production restraint led by OPEC supported prices, although soaring output in the United States put a cap on gains. Gold was little changed amid a steady dollar, with investors considering the potential impact of a sweeping tax legislation in the United States that Congress appeared all but certain to pass this week. London metal prices eased, with traders booking profits on recent gains that were fuelled by a rosier demand outlook after data for last month showed resilience in global manufacturing. Chicago soybean futures edged lower, with the market trading near its lowest in almost 11 weeks as forecasts of rain in Argentina’s drought-hit oilseed growing areas weighed on prices. (Reuters)
TANKERS
Rosneft does not rule out global oil output cuts extended beyond 2018
A global deal to cut oil production could be extended beyond 2018, Pavel Fedorov, first vice-president of Russia’s largest oil producer Rosneft said on Monday, presenting the company’s strategy through to 2022. The Organization of the Petroleum Exporting Countries and other large oil producers led by Russia agreed last month to extend the deal to curb output until the end of 2018 with a possibility of reviewing it in June. (Reuters)
PetroChina trading chief to take on global rivals in major expansion drive
PetroChina’s oil and gas trading arm aims to buy petrol stations and fuel storage facilities, setting up business in West Africa, Brazil and Pakistan in a major global expansion aimed at taking on international rivals, according to three senior oil industry executives briefed on the plans. The ambitious drive at one of the world’s top oil merchants is taking shape eight months after Tian Jinghui, a vice president at PetroChina, took over the reins at Chinaoil, PetroChina’s trading vehicle. (Reuters)
Statoil to pay up to $2.9 bln to triple Brazilian output
Norway’s Statoil will triple its output off the coast of Brazil after agreeing to buy a 25 percent stake in Roncador, one of the country’s largest oilfields, from national oil company Petrobras for up to $2.9 billion. The deal announced on Monday fits Statoil’s strategy of bolstering its presence in Brazil as it seeks to add new barrels which are becoming more difficult to obtain closer to home on the Norwegian continental shelf. (Reuters)
Nigerian oil union suspends nationwide strike, could resume late January
A major Nigerian oil union suspended a nationwide strike on Monday, the same day it began, after a dispute resolution ended with a domestic oil and gas company recalling laid off staff, the union’s president said. “Management agreed to unconditionally recall the sacked staff and take steps to allow their employees to be members of the union,” Francis Johnson, the president of the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) said. (Reuters)
USGC crude exports pick up as LOOP Sour-Dubai spread widens
Tumbling differentials for US Gulf Coast medium sour crudes as part of an end-of-year selloff are opening arbitrage opportunities for those grades to move across the Atlantic Ocean or head east, S&P Global Platts data show.
The Platts LOOP Sour-Dubai spread, used to measure the arbitrage for US Gulf Coast sour grades to Asia, has gradually widened in recent weeks and ended last week at its widest value since mid- to late-November. On Friday, the 10-day moving average spread was $1.63/b, with LOOP Sour less than Dubai. The spread has widened six of the past nine trading days since reaching of 82 cents/b on December 5, Platts data showed.
Platts data suggests the cost to move crude from the USGC to the West Coast of India is about $2.30/b compared with $2.60/b to Singapore and $3/b to China.
Recent Platts fixture reports show a number of companies fixing or looking to fix crude tankers out of the Gulf Coast. Last week, Shell, BP, Unipec, Petrochina and Swiss Oil fixed eight tankers with a combined 1.02 million mt of capacity. By comparison, five ex-USGC tankers with a combined 620,000 mt of capacity were heard fixed in over a week one month ago, Platts data shows.
Unipec had the largest fixture, fixing a to-be-named VLCC at an as-yet unknown rate to move crude to Singapore. Platts assessed the dirty VLCC Caribbean-Singapore route at $3.9 million Friday. Shell fixed the Suezmax Sonangol Huila at $2.9 million to make a West Coast India with options route. BP and Vitol fixed the Suezmaxes Ridgebury John Zipser and Frio to go Transatlantic at Worldscale 61.75 and 65, respectively. Petrochina also is looking to Northwest Europe, having booked the Aframax Minerva Ellie at w115 out of Corpus Christi.
Platts trade-flow software cFlow projects US crude exports will average 1.144 million b/d in December compared with 1.091 million b/d in November, an increase of 5%.
Medium sour grades across the USGC have seen their values decline as 2017 comes to a close. The declines began after the US Thanksgiving holiday but the pace has picked up over the past week. The blended crude LOOP Sour, which is comprised of US Gulf of Mexico and imported Middle East barrels, ended last week at a $1.30/b premium to cash WTI, down $1/b from the beginning of the previous week.
The most-liquid US Gulf of Mexico grade, Mars, has seen its differential to cash WTI fall $1.40/b over the first half of December compared with a 65 cents/b increase during the same period of time in 2016, Platts data shows. (Platts)
SHIPPING
Clarksons: Demolition Volumes to Remain at Elevated Levels
Although demolition levels declined year-on-year in 2017 so far, with a range of factors at play, recycling volumes are likely to remain at elevated levels in the medium term, Clarksons Research said.
In the year to date, 743 vessels of a combined 32.7 million dwt have been sold for scrap. In tonnage terms, demolition volumes have declined year-on-year by 20% on an annualised basis, from a firm total of 44.5 million dwt in 2016, despite an increase in scrap prices.
“This reflects an improvement in market sentiment, with some sectors beginning to move away from the bottom of the cycle,” Clarksons informed.
Bulk carrier recycling levels have declined following an extremely strong first half of 2016, when 22.6 million dwt was sold for scrap, compared to 211 units of a combined 14.1 million dwt in 2017 so far. This represents a 50% year-on-year decline in dwt terms, against a backdrop of improving bulk carrier earnings.
Meanwhile, demolition volumes in the tanker sector surged from around 2.3 million dwt in 2016, to 95 vessels of 9.5 million dwt in the year to date, due to a weaker earnings environment.
Containership demolition in 2016 reached 194 vessels of a combined 0.7 million TEU, the largest annual volume on record in capacity terms, driven in part by continued weak boxship earnings. In TEU terms, 46% of containerships recycled last year were ‘old Panamax’ vessels, rendered less competitive following the opening of the expanded Panama Canal locks in June 2016. Recycling levels in the sector have declined year-on-year by 35% in TEU terms to 137 units of a combined 0.4 million TEU in the year to date, but remain historically high.
Global demolition volumes have generally declined year-on-year, driven primarily by the bulkcarrier and containership sectors. However, Clarksons said that scrapping activity remains at historically elevated levels, and the costs of complying with upcoming environmental regulation “are likely to sustain this trend in the medium term.”
This could continue to drive supply side rebalancing, potentially helping shipping markets to transition into the next stage of the cycle. (World Maritime News)
Frontline CEO: More Scrapping Needed to Lift Rates
The second half of 2018 may see a rise in freight rates for oil tankers as owners are expected to speed up their demolition of older tonnage, Frontline CEO Robert Hvide Macleod is quoted as saying by Reuters.
According to Macleod, the market strengthening is not likely in the short-term, “even though the current weakness at the start of the winter season is surprising.”
Poor earnings have been the key driver of tanker demolition over the past year.
Data from Clarksons shows that demolition volumes in the tanker sector surged from around 2.3 million dwt in 2016, to 95 vessels of 9.5 million dwt in the year to date.
Going forward, if owners want to see a pick-up in rates the time has come to remove the less efficient vessels from their fleets.
“If oil demand grows as expected, the tanker market in the second half of 2018 will be interesting. And faster if scrapping were to increase significantly,” Macleod said.
However, attractive pricing of new ships has seen owners flock to the yards this year, further adding to the excessive tonnage, which is likely to prevent market recovery.
The ordering of tanker newbuilding has increased year to date by 17 percent when compared to 2016, according to Intermodal.
Hopes of a market recovery are further shattered by the shipping consultancy Drewry, which forecasts a further drop in freight rates in 2018 amid an expected slowdown in China’s crude stocking activity.
Although tonnage supply growth in the crude tanker market is expected to come down to 3.2 percent in 2018 after surging by close to 6 percent each year in 2016 and 2017, this will not be enough to push tonnage utilisation rates higher as demand growth is expected to be sluggish, Drewry said in November. (World Maritime News)
Containers: Nine Trades See Drop in November Schedule Reliability – CargoSmart
Nine of the 12 trades saw a decrease in schedule reliability from October 2017 to November 2017, intelligence provider CargoSmart informed.
The North America-Oceania trade, which had the highest reliability in previous months, experienced the largest decrement in reliability, decreasing by 24.8% from 86.2% in October 2017 to 61.4% in November 2017.
The Europe-Middle East trade experienced the largest improvement in reliability, increasing by 9.8%, from 63.3% in October 2017 to 73.1% in November 2017.
The Europe-South America trade had the highest reliability with 83.8% in November 2017.
Carriers’ overall on-time schedule reliability decreased by 0.6%, from 67.6% in October 2017 to 67% in November 2017. The top five most reliable carriers in November 2017 were CCNI, Safmarine, OOCL, Evergreen, and COSCO with an average on-time performance of 77.8%, 75.4%, 74.3%, 73.9%, and 73.5% respectively. (World Maritime News)
IBIA: Port Infrastructure, Attractive Price to Drive LNG Demand
Supply infrastructure at major ports and attractive pricing are at the top of a list of factors that will drive demand for liquefied natural gas (LNG) as a marine fuel.
Up to 41 percent of the delegates at International Bunker Industry Association’s (IBIA) Annual Convention in Singapore in November believe that infrastructure readiness is key for rising the demand for LNG as marine fuel.
Attractive pricing was at the second place with 29.5 percent of votes, followed by green advocacy for cleaner marine fuels with 13 percent, clear emission regulations and enforcement regimes with 11 percent and ready and abundant supply of LNG with 5.5 percent.
The delegates heard from Goh Tiak Boon, Head LNG New Business, Pavilion Gas, who, outlining the current market, noted that LNG supply infrastructure is concentrated in North West Europe, and so far almost entirely dominated by truck to ship supply.
Price-wise, Boon claimed that the price of LNG versus marine gas oil when supplied ship-to-ship (STS), even taking delivery cost into account, makes LNG a viable alternative.
The Convention also heard from Alan Lim, Deputy Director (Port Services) at Maritime and Port Authority of Singapore, about how Singapore is part of a global network LNG bunker-ready ports across East-West and Transpacific trade. Several ports in Asia and North West Europe are already part of this network, along with two ports in North America. Lim said Singapore intends to have STS LNG bunkering capacity in place as early as 2020.
“It seems, then, that two of the most important factors for driving the use of LNG as a marine fuel could be in place by 2020,” IBIA concluded. (World Maritime News)
Court Dismisses Final Appeals against Elbe Dredging
The plan to dredge the river Elbe can finally proceed as the latest appeals against the project have been dismissed by the Federal Administrative Court in Leipzig.
Specifically, the court said it has rejected appeals from private properties from Övelgönne and Blankenese against adjusting the navigation channel on the Lower and Outer Elbe River.
The planning approval authority concluded that the expansion project neither endangers the stability of the river channel slope nor threatens health and property due to effects of construction/ship noise and vibrations resulting from dredging.
As informed, the plaintiffs have not raised any serious objections to the expert opinions that support the court decision.
Last month, the court also dismissed the actions brought by the towns of Cuxhaven and Otterndorf as well as by Elbe and coastal fishermen against the planned dredging.
In February this year, the court approved in principle the plan, stating that it needs to be revised by taking into account environmental concerns. According to the initial plan, around 130 kilometers of the river would be dredged, enabling boxships with a 14.5-meter draught to reach the port, against 13.5 meters at present. (World Maritime News)
Houston Ship Channel closed to all traffic due to fog
Houston Ship Channel pilots suspended all boardings for both inbound and outbound vessels at 2:08 pm CST (2008 GMT) Monday, a dispatcher said, due to heavy fog.
At 3:09 pm (2109 GMT), there were 25 ships waiting to sail inbound, while four were still scheduled to set sail outbound, the dispatcher said. “Reports we are getting [say fog should stick] around at least another 24 hours,” he said.
The suspension of ship movements in the Houston Ship Channel impacts the delivery and loading schedules of crude oil, petroleum and petrochemical products. The 52-mile waterway provides access from the Gulf of Mexico through Galveston Bay to various ports in Houston and other cities in the area that have many industrial facilities, including refineries, petrochemical plants and steel and metal facilities. (Platts)
Hamburg Towage Trio Fined USD 15 Mn for Cartel Activity
Germany’s Federal Cartel Office (Bundeskartellamt) has fined three harbour towage service providers EUR 13 million (around USD 15.4 million) for cartel activity in several harbours in the country.
The companies in question are Fairplay Towage, Bugsier and Petersen & Alpers, all from Hamburg, Bundeskartellamt said in a statement.
Furthermore, the authority said that no fine was imposed on Unterweser Reederei (URAG) which had also participated in the cartel agreement and its subsidiary Lütgens & Reimers because they had reported the cartel to the Bundeskartellamt.
For discretionary reasons, no fine was imposed on Neue Schleppdampfschiffsreederei Louis Meyer which has since exited the market.
Investigations into another company are still ongoing.
“Our investigations have shown that at least between 2002 and 2013 the harbour towage companies divided orders and turnover earned from several German harbours among themselves. The companies set quotas based on turnover which they used to allocate orders between them,” Andreas Mundt, President of the Bundeskartellamt, noted.
The quotas were set in 2000/2001 after Dutch harbour towage companies had started operating on the Elbe and Weser rivers. All the major towage companies in the respective harbours had participated in the quota allocation. As Dutch companies were also involved in the cartel, the Bundeskartellamt cooperated with the Netherlands Authority for Consumers and Markets in this case.
As explained, fines are calculated according to the gravity and duration of the infringement. In this particular case, in addition to the small geographical market, the “powerful position” of the opposite market side, in particular, the liner shipping companies, was taken into consideration in the companies’ favor. In setting the fine, the Bundeskartellamt also took into account that the three companies fined had cooperated with the authority within the scope of its leniency program and had each concluded a settlement with the authority.
Two of the fines are already final. The third fining decision can still be appealed to the Düsseldorf Higher Regional Court. (World Maritime News)
Two LPG VLGCs expected in NWE from US Gulf Coast in second half of December
Flows of LPG to Northwest Europe from the US Gulf Coast are expected to reach about 100,000 mt in the second half of December or early January, according to data from cFlow, S&P Global Platts trade flow software.
Landed volumes totalled around 120,000mt in the first two weeks of December, according to cFlow, bringing the total for December to an estimated 220,000 mt if vessels arrive as expected.
That was higher than the estimate for November, which reached an expected 140,000 mt excluding additional vessels believed to be carrying ethane.
According to traders and brokers in Northwest Europe, the arbitrage to Europe from the US has been largely closed since spring, narrowing the stream of vessels making the journey almost exclusively to those on term contracts, which were said to largely be going towards petrochemical players.
That restricted supply has also helped support the CIF NWE large cargo market for propane at unseasonal highs throughout the summer, when prices typically fall on a lack of heating demand, despite what traders describe as weak buying interest for inland Europe.
The additional supply in December could introduce some length to the market at the very start of the new year.
The late December arrivals include two VLGCs, according to cFlow data.
The Clipper Moon left Houston on Sunday and was expected to arrive in Antwerp, Belgium, by January 3. The Clipper Star also left Houston on Sunday and was expected to arrive in Flushing, the Netherlands, between December 30 and January 2, according to cFlow.
Vessels arriving in Northwest Europe in the first half of December included two VLGCs, the Crystal Marine and the Providence, both of which arrived in Flushing.
Two Handysized vessels that were also initially expected to arrive in Northwest Europe were subsequently rerouted. The Seasurfer was rerouted to Dortyol, Turkey, and the Kortrijk has since arrived in Tangier, Morocco.
VLGCs crossing the Atlantic from to Northwest Europe the US Gulf Coast more commonly serve the propane market in the region, where the product is used for inland heating during winter and as a petrochemical feedstock. (Platts)
S&P
Wisdom Marine Buys Two Bulker Newbuildings
Taiwanese dry bulk shipowner Wisdom Marine Lines is to expand its fleet with two 61,000 dwt bulk carrier newbuildings.
The company informed that it received the approval from its Board of Directors to purchase the two ships from Tokyo-based builder Kawasaki Heavy Industries, Ltd.
Wisdom Marine is paying a total of USD 52 million for the transaction, that is USD 26 million per unit.
The amount would be paid in installments until the deliveries, the company said, adding that the ships are being acquired as part of its portfolio management plans.
Once delivered, the new vessels will join Wisdom Marine’s fleet of 124 vessels. (World Maritime News)
Pantheon adds to Greek tanker ordering rush
The Greek rush for tanker newbuilds continues apace. Brokers are linking Pantheon Tankers with an order for a brace of 114,700 dwt aframaxes at Hanjin Heavy Industries & Construction’s yard in Subic Bay in the Philippines. The Tier III ships will deliver in 2019 and are costing $43m each.
In July, Pantheon bought a six-year old aframax for $28m. Its fleet now numbers just over 20 ships with an orderbook featuring five vessels under construction in Japan, South Korea and now the Philippines.
Greek owners started the year in strong tanker ordering mode and after a lull are closing out 2017 as they began with a host of orders raining in at Asian yards. (Splash247)
Supramax sales show no sign of easing
The appetite for supramaxes shows no sign of abating in the final few weeks of 2017.
Clarksons Research has details of four recent supramax sales in its latest weekly report.
Osaka-based Santoku Senpaku has sold the 2012-built Canary K for $16.7m to Neptune Lines. Clarksons notes the vessel does not have M0 class notation, meaning that the engine room cannot be unattended, which would have had a negative effect on the price achieved considering that the two year older Spring Eagle, which was sold recently for a price in the low $15m.
Meanwhile, the Japanese controlled Tess 58 design King Freight has been sold for what Clarksons described as a “steady” $14.5m to Empros Lines while another Japanese owner, Onward Marine Service, has sold the 11-year old Mitsui 56 design Santa Anna for a price of $11.7m to an undisclosed party. Japanese owners have been the largest sellers of bulk carriers so far this year.
Supramax average earnings this year have hit $10,506 a day, a significant improvement over 2016’s $6,264 average. (Splash247)
Eagle Bulk Buys One More Crown-63 Ultramax
Connecticut-based owner and operator of dry bulk vessels Eagle Bulk Shipping has acquired a 2015-built Crown-63 Ultramax bulk carrier.
As informed, the ship was purchased for USD 21.275 million.
Although the name of the ship was not disclosed, VesselsValue’s data shows that Eagle Bulk bought the 2015-built Ultramax bulker Essence of Seatrek from Seatrek Trans on December 13.
The 63,500 dwt vessel was constructed at Yangzhou Dayang Shipbuilding in China, the same yard as the nine Ultramaxes acquired by the company earlier this year, and is of similar design.
The bulker is scheduled to be delivered to the company in January 2018 and will be renamed the M/V New London Eagle.
Including the M/V New London Eagle, the company’s fleet will comprise 47 vessels, including 12 Ultramaxes purchased over the last 12 months. (World Maritime News)