On the 5th of January, the maritime community gathered for a pivotal event focused on the mental health challenges faced by seafarers, highlighting the pressing issue of abandonment. Hosted by FSUI (Forward Seamen’s Union of India) and SEACALL, the programme featured a series of impactful speeches, discussions, and a technological innovation aimed at improving seafarers’ welfare.

The event began with a warm welcome from Emcee Mr Sanjeev Mehra, MD-Kenmark Tech Solutions, who greeted attendees, followed by a traditional Deep Prajwalan (Lamp Lighting Ritual)  by the chief guests and dignitaries, symbolizing the triumph of knowledge over ignorance.

Mr Manoj Yadav, General Secretary, FSUI delivered the welcome address, setting the tone for the day’s proceedings. He offered insights on the critical role of support for seafarers’ well-being and reiterating the importance of fostering a healthier environment for maritime workers.

Capt Daniel J Joseph, Deputy Director General of Shipping (Crew), Govt of India in his presentation highlighted the initiatives taken by his department to prevent and set a deterrent for several unscrupulous RPS agencies that are responsible for abandonment of seafarers. He also extended an invitation to all to visit the DG Comm Centre space in Ballard Estate that has a host of services for improved administration and operations of daily tasks related to the maritime. He also highlighted several issues like repatriation through invoked bank guarantees, master checker and profile update of seamen in recent years.

Dr Syed Asif Altaf Chowdhury, Global Wellbeing Program Coordinator, International Transport Workers Federation (ITF) discussed the pressing mental health issues faced by seafarers, particularly around abandonment, a crisis often exacerbated by long periods away from home and isolation. He highlighted various efforts by ITF and shared updated data on several critical aspects like depression amongst seafarers. He emphasized the importance of digital tools for supporting seafarers, paving the way for the launch of the SeaCall App. This live demo showcased the app’s ability to connect seafarers with essential mental health and welfare resources while at sea, marking a significant step forward in maritime support services.

Honorary patrons Mr Shiv Gopal Mishra and Mr Mahendra Gharat Executive Board Members (ITF) stressed on greater efforts that are seen yielding good results with respect to seafarers and vouched to intensify the efforts.   

Mr Narendra Rao T, General Secretary, Water Transport Workers Federation of India (WTWFI) stressed on important work done in the area of maritime and thanked the community for their selfless service.

The event was further enriched by a panel discussion, which focused on the mental health challenges and abandonment faced by seafarers, followed by a discussion where participants shared their insights and experiences. Ms Aishwarya Gupta Pilankar, MD, Nautical Marine Management Services Pvt. Ltd and Vice Chairman, IMF moderated the session.

The panellists included:

Capt Daniel J Joseph -Deputy Director General of Shipping (Crew), Govt. of India

Capt M P Bhasin, MD, MSC Crewing Services

Capt Anshul Rajvanshi, MD, Synergy Maritime Services Pvt. Ltd

Mr Steve Trowsdale, Inspectorate Co-ordinator, International Transport Workers Federation (ITF)

Dr Syed Asif Altaf Chowdhury -Global Wellbeing Program Coordinator, International Transport Workers Federation (ITF)

Ms Sonali Banerjee, Principal Surveyor, Indian Register of Shipping (IRS)

The event wrapped up with a thank you speech, recognizing the input of all speakers and attendees, and was followed by a networking dinner that facilitated further conversation, connection, and collaboration among participants.

Marex Media

The Institute of Marine Engineers (India) (IME(I)) hosted its much-awaited Annual Dinner on Saturday, January 11, at the picturesque MCA Lawns in Mumbai. The prestigious event brought together over 500 plus guests from the maritime industry for an evening of celebration, networking, and reflection on the growth and future of marine engineering in India.

Mr David Birwadkar, Chairman of the IME(I) Mumbai Branch, welcomed the distinguished guests and attendees. In his opening address, he highlighted the importance of creating more enriching programs for marine engineers to foster continuous professional development. Birwadkar emphasized the Institute’s commitment to supporting its members and the maritime community in achieving greater knowledge and expertise in an ever-evolving industry.

The evening was further graced by the presence of Mr Shyam Jagannathan, Director General of Shipping, who was the chief guest for the occasion. In a memorable moment, Mr Jagannathan unveiled the new logo of the Directorate General of Shipping (DG Shipping), marking its 75 years of service to the maritime sector. The unveiling of the logo symbolized the Directorate’s long-standing legacy and commitment to promoting maritime safety, professionalism, and innovation.

A key highlight of the evening was the raffle draw, where lucky winners walked away with exciting prizes that were met with cheers and applause. This fun-filled activity added a sense of excitement and engagement to the event, leaving attendees with lasting memories.

The celebration was further elevated by a special musical performance by a live band, which captivated the audience and provided the perfect ending to the evening’s festivities.

The Annual Dinner, with its blend of professional discourse, camaraderie, and entertainment, reinforced the sense of community among marine engineering professionals and reaffirmed IME(I)’s dedication to the advancement of the maritime industry in India. It was an evening to remember, marking not just the achievements of the past year but also the promising future that lies ahead for the Institute and its members.

Marex Media

As guests arrived, they were treated to an exquisite evening of fine cuisine, refreshing cocktails, and engaging conversations. The atmosphere was electric, with the sleek ambiance of the hotel providing the perfect backdrop for networking and socializing. The highlight of the night was the showcase of Turkish Airlines’ world-class offerings through an inspiring product video, which left a lasting impression on all who attended.

The evening was a true celebration of partnerships and possibilities, with ATPI India and Turkish Airlines coming together to strengthen their ties and celebrate their shared commitment to excellence. The event was attended by key bookers and influencers, who were instrumental in making the evening a success. Their presence and support were deeply appreciated, and their trust and partnership continue to inspire ATPI India to strive for greater heights.

As the night drew to a close, guests departed with full hearts and newfound connections, already looking forward to the next opportunity to come together and celebrate. ATPI India and Turkish Airlines would like to extend their heartfelt gratitude to all who attended, and to those who have been an integral part of their journey. Stay tuned for more such moments, as these two industry leaders continue to strengthen their ties and celebrate their successes together.

With their sights set on the future, ATPI India and Turkish Airlines are excited to see what the future holds, and they look forward to sharing their journey with their clients and partners.

Marex Media

The event was attended by dignitaries of the industry like Capt Philip Matthews, Director at SIMTF; Mr David Birwadkar, Chairman of IMEI Mumbai Branch; Mr Sunil Kumar, CTO and Head-T&A at The Great Eastern Shipping; Mr Tejinder P.S. Bhamra, Principal of AEMA; Capt Amresh Jha, Director at Kanoo Shipping India; Ms Sanjam Gupta, Founder of Maritime SheEO; Capt Viraf Chichgar, Dean at FMTI and other notable personalities.

The celebration began with a formal march past by the cadets, symbolizing discipline and unity. Capt Subroto Khan, Principal of GEIMS, introduced Dr Malini Shankar, Vice Chancellor of Indian Maritime University, and Capt Nikunj Parashar, Founder of Sagar Defence Engineering, as the chief guest and guest of honour, respectively.

Dr. Shankar’s speech focused on the continuous evolution of the maritime sector, highlighting the importance of staying updated with technological advancements and professional expectations. “The old always gives way to new, be it technology, human behaviour, or professional expectations… you have to be prepared to learn, learn, and learn,” she remarked, urging cadets to be lifelong learners in the face of an ever-changing industry.

The event also witnessed the release of the 27th edition of “GEIMS Chronicle,” a magazine that showcases the institute’s achievements, activities, and maritime insights. A historic recount by ex-cadet Ms. Ashwija Gowda offered a glimpse into GEIMS’ journey from its humble beginnings in 1975 as T.S. Jawahar Institute to its current stature. The institute has continuously grown, adding various programs, including the Diploma in Nautical Science, Graduate Marine Engineering, Electro Technical Officer, and General Purpose Rating courses. Today, GEIMS is a well-established institution, producing graduates who excel in the maritime industry.

A standout moment of the day was the felicitation of GEIMS alumni who have made significant strides in the maritime industry. Capt. Dipti Singh, a distinguished alumni and the first female captain at Fleet Management, shared her inspiring journey via a video message. “Focus on your goals, work hard, and believe in your ability to achieve anything you set your mind to,” she advised the current cadets, embodying the spirit of perseverance and determination. Capt Anurag Kalra and several other alumni of the institute were felicitated

The “Best Girl Cadet” award was presented to Ms. Ashwija Gowda, whose academic excellence earned her this prestigious recognition. This award was presented by Mr Raymond Mendez, Manager at MSC Crewing Services. The event also featured speeches by Capt Khan and Capt. Parashar, both of whom emphasized the importance of hard work and adaptability in the maritime profession. Capt. Khan’s words resonated deeply with all present: “Founders Day is not just a celebration of the past but a commitment to the future. Let us honour the vision of our founders by nurturing an environment of learning, growth, and compassion.”

As the day progressed, the festivities included a cultural program where cadets showcased their talents through dance and musical performances of old Bollywood and Sufi songs. The event concluded with a heartfelt vote of thanks by Vice Principal Mr Milind Kulkarni, followed by a lunch that allowed the GEIMS family to celebrate their collective achievements.

Looking forward, GEIMS remains committed to shaping the next generation of maritime professionals, upholding its legacy of excellence and preparing its cadets for the evolving challenges of the global maritime industry.

Marex Media

Over the past 10 years, DP World’s capacity has grown 33%, driven primarily by expansions and new greenfield developments as well as acquisitions. Starting with 75.6 million TEUs in 2014, the company has consistently invested in modernising infrastructure to meet the demands of an evolving global supply chain.

The company’s global gross container handling capacity rose by 5% in the last 12 months, giving it a robust platform to extend its reach into the supply chain. The expansion cements DP World’s 9.2% share of the global container market and demonstrates its commitments to invest in the markets it operates, while offering increased capacity to its customers and partners.

Sultan Ahmed bin Sulayem, Group Chairman and Chief Executive of DP World, said: “Crossing the 100 million TEU mark is a momentous milestone in our journey, which began 45 years ago. This achievement reflects our commitment to investing in world-class ports and logistics infrastructure to make trade flow. We are confident that the global container market will continue to grow in the years ahead and we will have the capacity to service it.

“Through our decades of experience operating in some of the most dynamic markets in the world, we have gained a deep understanding of every aspect of the complex global supply chain. This allows us to build customised solutions where others can only see obstacles.”

Global container throughput is expected to grow by 2.8% this year, according to Drewry Container Forecaster. DP World brings together infrastructure, multimodal transportation and logistics services to connect businesses to their customers, with completely new ports at Ndayane in Senegal and Tuna-Tekre in India currently in progress.

Tiemen Meester, COO, Ports & Terminals, DP World, said: “Reaching such an impressive milestone is significant for us, but it’s what that figure represents in terms of the flow of global trade and what it has enabled in the markets we have invested in that is really exciting.

“Over the last 20 years we have invested in ports and terminals across the world, often in less traditional and underdeveloped trade markets, where our socio-economic impact has been significant. One of the major highlights of 2024 has been our takeover of the Dar es Salaam facility in Tanzania, which has not been developed since the 1950s, with vessel waiting times of sometimes more than a month. Our work there in the last six months has almost eradicated that issue and the future looks a lot brighter for Tanzanian trade.”

Marex Media

Exports from Australia increased marginally by +0.9% y-o-y in Jan-Oct 2024 to 767.0 mln tonnes. From Brazil, exports surged by +7.0% y-o-y in Jan-Oct 2024 to 315.3 mln t.

From Canada there was a +3.6% y-o y increase to 50.7 mln tonnes. From South Africa volumes increased +1.2% y-o-y to 43.2 mln t.

India saw a correction of -1.3% y-o-y in Jan-Oct 2024 to 32.8 mln t.

Ukraine has seen a rebound to 12.0 mln t from just 0.6 mln t in the same period of 2023. This however is still below the 20.3 mln t exported by Ukraine in Jan-Oct 2021.

Demand has been again rebounding in China and the Middle East. Iron ore imports into China increased by +3.7% y-o-y in Jan-Oct 2024 to 1035.6 mln tonnes. Imports into Japan declined by -4.4% y-o-y to 76.5 mln t. Volumes into South Korea increased by +1.4% y-o-y to 59.9 mln t. Imports into Malaysia increased by +13.4% y-o-y to 19.5 mln tonnes. To Vietnam volumes were up by +40.4% y-o-y to 17.8 mln t. To Oman, volumes were up +18.0% y-o-y to 11.8 mln t, to Saudi Arabia by +21.8% y-o-y to 9.4 mln t, to Turkey +13.6% y-o-y to 7.5 mln t.

The European Union (27) is currently the third largest importer of iron ore in the world, after China, and Japan. Europe’s steel industry has long been overshadowed by China and the rest of Asia, and presently Europe accounts for just 7% of global crude steel production, and 5% of global iron ore imports. In the 12 months of 2023, the EU imported 71.6 mln tonnes of iron ore, which was a -9.3% decline y-o y, from 78.9 mln tonnes imported in the full year 2022. This was also well below the 87.7 mln tonnes imported in 2019 or the 98.2 mln t in 2018. In January-October 2024, imports into the EU rebounded by +2.3% y o-y to 61.7 mln t, from 60.3 mln t in the same period of 2023. About 48% of imports into the EU in Jan-Oct 2024 were loaded on Capesize or VLOC tonnage, about 39% on Panamaxes or Post-Pmx, and 9% on Supramaxes.

In terms of individual countries, EU – Iron Ore Imports by Source in Jan-Oct 45.7% of EU imports in Jan-Oct 2024 were done by the Netherlands (largely due to the importance of Rotterdam as a gateway port). German ports accounted for 17.7% of imports in Jan-Oct 2024, followed by France with 13.4%, Belgium with 7.0%, Spain with 5.3%, Italy with 3.7%, Slovenia with 3.2%. Looking at individual discharging ports in the EU, we have: Rotterdam (21.5 mln tonnes of iron ore discharged in Jan-Oct 2024), Hamburg (7.6 mln t), Dunkirk (6.0 mln t), Ijmuiden (5.4 mln t), Ghent (4.1 mln t), Bremen (3.2 mln t), Gijon (2.8 mln t), Fos (2.2 mln t), Taranto (2.2 mln t), Koper (2.0 mln t), Raahe (1.1 mln t), Constanta (0.7 mln t), Swinoujscie (0.2 mln t). When it comes to the sources of the shipments, Brazil has now lost its top spot to Canada. Canada was the overall top supplier of iron ore to the European Union in Jan-Oct 2024, accounting for 35.1% of the EU’s total imports last year. Shipments from Canada to the EU increased by +14.9% y-o-y in Jan-Oct 2024 to 21.6 mln tonnes, from 18.8 mln t in Jan-Oct 2023. Shipments from Brazil to the EU, on the other hand, declined in Jan-Oct 2024 by -4.0% y-o-y to 14.3 mln tonnes. Brazil accounted for 23.2% of the EU’s ore imports in Jan-Oct 2024.

CAPESIZE MARKET

ATLANTIC AND PACIFIC BASIN

A challenging week with substantial losses and uncertain fundamentals in both basins. Growing tonnage list and slow demand   affecting confidence and causing rates to move into a downward trend which seems unlikely to improve in the short term. Limited activity and weak sentiment kept pressure. In Pacific, RioTinto fixed five TBN vessels to load its cargoes of 170,000mt +/-10% iron ore from Dampier to Qingdao. Laydays13/15 December at $10.10 /mt, 15/17 December at $9.80, 16/18 December at $9.40 and two shipments with laydays 17/19 Decemberat$8.95and$8.85/mt. BHP fixed three TBN vessels to load its cargoes of 160,000mt +/-10% iron ore from Port Hedland to Qingdao, one with laydays 12/14 December at $10.00 /mt and two with laydays 13/15 December at $9.70and$9.25/mt. In the Atlantic basin CSN fixed a TBN vessel to load a cargo of 170,000mt +/-10% iron ore from Itaguaí to Qingdao, laydays 27/29 December at a freight level slightly below $22.00 /mt. Cosco fixed the MV Lucky Queen (182,354dwt|2024built) to load a cargo of 170,000mt+/-10%ironore from Tubarao option West  Africa to China, laydays 1/3 January 2025 at $19.60/mt. NSC fixed a Cargill TBN vessel to load a cargo of 190,000mt+/-10%iron ore from Pointe Noire to Japan, laydays 12/21 December at $26.75 /mt. RioTinto fixed a KochTBN vessel to load a cargo of 190,000mt+/-10% iron ore from Seven Islands to Qingdao, laydays 20/26 December at $26.65/mt. Sino Africa fixed a Koch TBN vessel to load a cargo of 170,000mt +/ 10% iron ore from Freetown to Qingdao, laydays 21/25 December at $20.85/mt. Alam fixed a TBN vessel to load a cargo of 170,000mt+/-10% bauxite from Kamsar to Qingdao, laydays 24/30 December at $23.75/mt. Out of South Africa, Solebay fixed the MV Mount Anosha (169,103dwt | 2009 built) to load a cargo of 170,000mt +/-10% coal from Richards Bay to Qingdao, laydays 12/18 December at $15.50/mt.

PANAMAX MARKET

ATLANTIC BASIN

Rates remained on a downtrend on Atlantic routes. P1A_82 lost another $200/d and an 81,000 dwt built in 2011 was fixed passing Gib 20 Nov at $11,250/d for 2 laden legs with redelivery Atlantic. An 82,000 dwt built in 2016, scrubber fitted for charters account, was fixed with a big grain house aps SW Passero 12/15 Dec for a tct redely Skaw/Gib at $11,750/d +$250,000 gbb. P2A_82 was the Atlantic route that suffered the most losing some $800/d and a lme 2010 built with dely passing Falmouth 24 Nov was fixed for a tct via US EC redely India at $12,000/d. ECSAm fronthaul remained almost unchanged and an 81,000 dwt 2014 built was fixed aps ECSAm 12/15 Dec for a trip redely SE Asia at $13,300/d +330,000 gbb.

PACIFIC BASIN

Weaker coal and minerals demand, particularly from China, affected rates negatively in Pacific. A 10 years old lme was fixed at $6,500/d basis dely Taiwan for a trip via Indo to India. At the end of the week a 75/10 cargo from Gladstone to Xiamen was fixed at $11.00/mt, reflecting a broader decline in the Pacific market. NoPac RV showed mixed results depending on specs, but very recently an 81,000 dwt built 2011 was fixed at $7,000/d basis dely Spore/Jpn range.

SUPRAMAX & HANDYSIZE MARKET

US GULF / NORTH AMERICA

The market kept the same trend of the previous week. Trans-Atlantic trips were fixed with Supramax tonnage fixing around $18,000/d with coal to W Med and around $16,500/d with grains.

EAST COAST SOUTH AMERICA

Handysize rates increased slightly due to the good number of fresh cargoes in the area that kept increasing. A 30,000 built 2012 open Rio de Janeiro 27 Nov was fixed at $16,000/d basis dely Recalada redely W Africa int. Matadi. A 36,000 built 2012 open Paranagua 20 Nov was fixed at $15,500/d basis dely Recalada redely S Brazil.

NORTH EUROPE / CONTINENT

Activity slowed with few fixtures reported and a lack of fresh cargoes that allowed the tonnage list to grow. On Handies, the scrap trade to E Med was reported between $11/12,500/d.

BLACK SEA / MEDITERRANEAN

The weren’t notable changes, but the trend remined a slow and constant descent on all the routes. At this stage we do not see a reason for a shock which might lead the market to a sudden change and the expectation for a quiet end of the year seems to be largely shared by market’s participants.

SUPRAMAX & HANDYSIZE MARKET

Petcoke to ECSAm was fixed at $17,000/d on an Ultramax and to Spore/Jpn range at $20,000/d. dwt built 2012 open Recife 27 Nov was fixed at $15,000/d basis dely Recalada to Dakar with grains. A 38,000 dwtons was reported at $13,250/d basis dely Santos to Casablanca with sugar. Rates for larger units increased at the beginning of the week, but then slid ending lower. A 60,000 dwt built 2017 was reported at $13,250/d + 325,000 gbb basis dely ECSAm 8/12 Dec to F East. At the end of the week fronthaul trips basis dely W Africa to China were fixed at $13,500/d, less the previous week. $9/11,500/d. Rates to ECSAm remained at levels similar to the previous week around $7/8,000/d. On Supramax activity was low as well. Trips with scrap to the Med were fixed between 35,000 dwt Handysize tonnage was fixed at $8,500/d, -$500/d compared to the previous week, but TCE on some voyages already broke the $8,000/d mark.

TransAtlantic trips on Handies remained at $9,500/10,000/d level to USG and around $7,500/8,000/d to ECSAm. $14,500/16,000/d while front hauls to Asia were $16,500/18,000/d. fixed around On TA, Supramaxes were fixed at $7,500/8,000/d, while Ultramaxes were not above $8,500/d tonso USG. Fronthaul was weak as well, Handies were fixing at $12,000/d from W Med to China via COGH while Supramaxes went from $17/17,500/d tonso $16,000/d, Ultramaxes were around $17,000/d, butons keep slowing.

SUPRAMAX & HANDYSIZE

US GULF / NORTH AMERICA

The market kept the same trend of the previous week. Trans Atlantic trips were fixed with Supramax tonnage fixing around $18,000/d with coal to W Med and around $16,500/d with grains to E Med, wood pellets to UK were fixed at $16,000/d. Petcoke to ECSAm was fixed at $17,000/d on an Ultramax and to Spore/Jpn range at $20,000/d.

EAST COAST SOUTH AMERICA

Handysize rates increased slightly due to the good number of fresh cargoes in the area that kept increasing. A 30,000 built 2012 open Rio de Janeiro 27 Nov was fixed at $16,000/d basis dely Recalada redely W Africa int. Matadi. A 36,000 built 2012 open Paranagua 20 Nov was fixed at $15,500/d basis dely Recalada redely S Brazil.

 A 37,000 dwt built 2012 open Recife 27 Nov was fixed at $15,000/d basis dely Recalada to Dakar with grains. A 38,000 dwt was reported at $13,250/d basis dely Santos to Casablanca with sugar. Rates for larger units increased at the beginning of the week, but then slid ending lower. A 60,000 dwt built 2017 was reported at $13,250/d + 325,000 gbb basis dely ECSAm 8/12 Dec to F East. At the end of the week fronthaul trips basis dely W Africa to China were fixed at $13,500/d, less the previous week.

NORTH EUROPE / CONTINENT

Activity slowed with few fixtures reported and a lack of fresh cargoes that allowed the tonnage list to grow. On Handies, the scrap trade to E Med was reported between $11/12,500/d while TA trips were done between $9/11,500/d. Rates to ECSAm remained at levels similar to the previous week around $7/8,000/d. On Supramax activity was low as well. Trips with scrap to the Med were fixed between 35,000 dwt Handysize tonnage was fixed at $8,500/d, -$500/d compared to the previous week, but TCE on some voyages already broke the $8,000/d mark. TransAtlantic trips on Handies remained at $9,500/10,000/d level to USG and around $7,500/8,000/d to ECSAm. $14,500/16,000/d while fronthauls to Asia were fixed around $16,500/18,000/d.

BLACK SEA / MEDITERRANEAN

The weren’t notable changes, but the trend remined a slow and constant descent on all the routes. At this stage we do not see a reason for a shock which might lead the market to a sudden change and the expectation for a quiet end of the year seems to be largely shared by market participants.

35,000 dwt Handysize tonnage was fixed at $8,500/d, -$500/d compared to the previous week, but TCE on some voyages already broke the $8,000/d mark. TransAtlantic trips on Handies remained at $9,500/10,000/d level to USG and around $7,500/8,000/d to ECSAm.

On TA, Supramaxes were fixed at $7,500/8,000/d, while Ultramaxes were not above $8,500/d to USG. Fronthaul was weak as well, Handies were fixing at $12,000/d from W Med to China via COGH while Supramaxes went from $17/17,500/d to $16,000/d, Ultramaxes were around $17,000/d, but keep slowing.

SUPRAMAX & HANDYSIZE MARKET

FAR EAST / PACIFIC

Handy rates kept facing downward pressure. In Pacific the number of cargoes was still limited while the tonnage list was building up. There was a feeling rates might have reached a bottom. Another slow week for larger units. While the start of the week showed some signs of improvement, it ended again on a negative note. Supramax tonnage with dely Singapore was fixing Indonesia- N China at $9,000/d. An Ultramax open N China was fixed for a NoPac RV at $11,500/d.

NEWBUILDING ORDERS

In the container sector TMS group ordered 4 x 7,900 teu carriers at S Korean HJSC Yeongdo yard. The price of each vessel was reported around $108 mln, deliveries are expected to start in Dec 2027 and conclude by June 2029. The Greek owner Navios Shipmanagement exercised an option the same yard for 2 x 7,900 teu carriers, deliveries are set in Sept 2026 and in Dec 2027, Navios now has 4 units on order that the yard. In the gas segment, Navigator Gas Denmark exercised an option for 2 x additional 48,500 cbm LPG/ethylene carriers, increasing its total order at Jiangnan Shipyard to 4 vessels. The vessels, priced at $102.9 mln each, will feature dual fuel propulsion. Deliveries expected in March 2027. It was a slow week in the dry segment, where the Greek company Eurodry ordered 2 x 64,000 dwtons Ultramax vessels at Nantong Xiangyu. The vessels were priced $35.9 mln each and are are scheduled for delivery in mid-2027. Vertom Scheepvaart returned to India, placing an order at Chowgule Shipbuilding for 4 x 10,700 dwt tween-decker vessels with diesel hybrid propulsion. Designed to carry a mix of dry cargo and breakbulk/projects cargo, these vessels will be deployed on the Europe Caribbean line and are scheduled for delivery in 2027 and 2028.

The order follows the one placed by the Dutch owner earlier this year at Chowgule for 12 x 5,600 dwt diesel electric cargo ships.

In the tanker segment, New Times Shipyard secured an order from Zodiac Maritime for 2 x 115,000 dwt dual fuel LR2s, deliveries are set for June 2027.

DEMOLITONSION SALES

Another lack-luster week across the Indian sub-continent demolition market, where political uncertainty, economic challenges, and a clear lack of direction meets a shortage of physical tonnage. That said, prices seem to have stabilized, and while levels around $460/470 LT/LDT could seem disappointing when compared to the start of 2024, historically speaking they are well above average. Bangladesh remains the go to market for anything other than strictly HKC compliant tonnage. A recent sale of the vintage Panamax bulker, namely MV JULE around 9,726 LDT for a price (on a delivered basis) of $472 per LT/LDT gave a fair reflection of where the market currently is.

SECONDHAND SALES

Soft week in the second hand markets, with few sales reported for dry bulkers, mainly in the Supra segment. For Newcastlemax the AMBER HORIZON 207,000dwt 2010 Universal was sold at $33mln. The Japanese Supramax ATLANTIC SUN 55,000dwt 2009Mitsui was reported sold to undisclosed buyers in excess of $15 mln, as comparison the AURORASB 56,000dwt 2009 Mitsui was sold last week to Indonesian buyers around $16mln. Chinese buyers bought the Chinese built PIESCES FIRST 93,000 dwt 2010 Jiangsu (BTWS fitted) at $12.8mln. The modern Ultramax MH OLSO 63,000 dwt 2023 New Dayang was reported sold at $32.5mln. Tanker activity was stronger compared to dry. 2 x VLCC changed hands, the XIDI 306,352 DWT 2004 built and the TRICIAII 281,050 DWT 2000 Mitsubishi built, bought by Asian and Chinese buyers for $30 mln and $20.90 mln respectively. The Aframax SOFIAII 105,400DWT built 2008 Sumitomo was sold for $32 mln. In the chemical tanker sector two Portuguese vessels were sold to undisclosed buyers: KIISLA 14,750 DWT 2004 Viana Do Castelo, SUULA 14,665 DWT 2005 Viana Do Castelo sold en-bloc for $12mln.

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