Oldendorff newbuilds will be first bulkers with Azipods

Two 21,500 dwt self-unloaders on order for Germany’s Oldendorff Carriers will be the first bulk carriers to feature ABB’s Azipod electric propulsion. The vessels are set for delivery to Oldendorff Carriers in

How to avoid wet damage on dry bulkers

MAY 3, 2018 — Bulk carrier owners are warned to pay extra attention to the basics in a new report issued by the Swedish Club. The mutual insurer has found that for

BWMS: Why bulkers are different

APRIL 25, 2017 — The U.S. dry bulk market will face a shortfall of vessels in a few years of time unless owners of this type of vessel can persuade the U.S.

USCG Port State Control inspectors detain two bulkers

FEBRUARY 24, 2017 — The Coast Guard set in motion a detention of the Panama-flagged bulk carriers Atlantic Ruby and Amber L, Feb. 23, 2017, after discovering substandard safety issues while conducting

LNG fueled bulkers to have PM shaft generators

MAY 10, 2016 — The two LNG dual-fueled 25,600 dwt bulkers ordered by Finland’s ESL Shipping at the Qingshan Shipyard in China (see earlier story) will have WE Tech Solutions direct-drive permanent

LNG fueled bunkers to have MacGregor equipment

MARCH 30, 2016 — Cargotec subsidiary MacGregor is to deliver hatch covers, cranes, deck machinery and steering gear to the two new 25,600 dwt dual-fueled handysize bulk carriers ordered last November by

LNG fueled bulkers are a double first for DNV GL

JANUARY 11, 2016 — Two 25,600 dwt bulk carriers ordered by Finland’s ESL Shipping back in November (see earlier story) will not only be world’s first large LNG-fueled bulkers, but the first

Klaveness unloads its self-unloaders

Under the terms of the agreement, affiliates of Algoma and CSL will each acquire two vessels and Marbulk Shipping Limited, a company jointly owned by both Algoma and CSL, will acquire one vessel.

The transaction values the five vessels at $190 million in total.

The agreement is subject to technical due diligence on each vessel.

The subjects are likely to be lifted in December 2015, with a completion of the transaction in first quarter 2016.

The transaction will lead to an estimated accounting gain of approximately $30 million for KSH.

Klaveness CEO Torvald Lasse Kristoffersen says the deal “will free up significant investment capacity that we can use to realize projects we have been working on.”

The five vessels are the 49,463 dwt, 2002 built, MV Barkald; the 48,184 dwt, 2002 built MV Balder; the 75,569 dwt,1981 built MV Baldock; and the 71,900 dwt, 2013 built MV Balto and MV Balchen

Great Lakes bulker operator reports increased net

Before a tax benefit of approximately $0.22, net income per share increased to $0.36 on a fully diluted basis or 12.5% over the prior year period.

“The 2015 sailing season has remained consistent with our initial outlook,” commented Ed Levy, President and CEO of Rand. “We continue to focus our efforts on the factors of our business that we can control. We have experienced continued improvement in the key operating and financial metrics that drive our business, including lower vessel delays and days out of service, combined with improvements in tons hauled, freight and related revenue, and vessel margin per day. The year to date financial impact of these improvements has been masked by a 14% decline in the value of the Canadian dollar versus the U.S. dollar compared to last sailing season.”

Through its subsidiaries, Rand Logistics operates a fleet of four conventional bulk carriers and twelve self-unloading bulk carriers including three tug/barge units. The company is the only carrier able to offer significant domestic port-to-port services in both Canada and the U.S. on the Great Lakes. Its vessels operate under the U.S. Jones Act – which reserves domestic waterborne commerce to vessels that are U.S. owned, built and crewed, – and the Canada Coasting Trade Act – which reserves domestic waterborne commerce to Canadian registered and crewed vessels that operate between Canadian ports.

Freight and other related revenue from company operated vessels (which excludes fuel and other surcharges) decreased $2.3 million, or 4.9%, to $43.8 million during the three-month period compared to $46.1 million in the year ago period. On a constant currency basis, freight and other related revenue increased 4.0%, or $1.9 million.

Total Sailing Days were 1,278 compared to 1,351 in the prior year. The 73-day decline in sailing days was due to 92 lost days attributable to the company’s time chartered bulk carriers. Although these vessels did not operate for the entire quarter, Rand continued to receive daily charter payments at a reduced rate. These lost days were partially offset by a 19 day reduction in days out of service.

Delay Days decreased to 68 from 72. Delay Days as a percentage of total Sailing Days remained relatively constant year over year.

Freight and related revenue per Sailing Day increased $176, or 0.5%, to $34,300 compared to $34,124 per Sailing Day in the year ago period. On a constant currency basis, freight and related revenue per Sailing Day increased 10.0%, or $3,409.Vessel operating expenses decreased $3.6 million, or 10.7%, to $30.0 million compared to $33.6 million during the year ago period. Vessel operating expenses per Sailing Day decreased $1,381, or 5.6%, to $23,498 from $24,879 during the year ago period. On a constant currency basis, vessel operating expenses per Sailing Day decreased 0.9%, or $0.3 million.

Adjusted EBITDA decreased $1.3 million, or 7.3%, to $16.1 million from $17.4 million during the year ago period. On a constant currency basis, Adjusted EBITDA increased 2.0%, or $0.3 million.


China-Taiwan ship finance deal funds Foremost newbuilds

The Beijing office of China’s Export Import Bank and the New York Office of Taiwan’s First Commercial Bank will each provide $37.5 million loan facilities to support construction of the two 180,000 bulk carriers which are being built by the Qingdao Beihai Shipbuilding Heavy Industry subsidiary of state-owned China Shipbuilding Industry Corporation (CSIC).

Among those present for the signing was former U.S. Secretary of Labor Elaine L. Chao, whose public service career has also included being Chairman of the Federal Maritime Commission and Deputy U.S. Maritime Administrator. Her husband is Senate Majority Leader Mitch McConnell.