April 3rd, 20200South Korean owner Five Oceans Corporation has acquired the 2006-built 76,900 dwt panamax bulker from Turkish owner Zihni. According to shipbroking sources, the Sasebo-built vessel was sold for a price of around $10m, substantially higher than VesselsValue's valuation of $8.58m. The vessel has been renamed F Ocean, and grows the...
April 2nd, 20200South Korean owner Pan Ocean has placed an order at compatriot yard Daewoo Shipbuilding and Marine Engineering (DSME) for the construction of a VLCC. The 300,000 dwt vessel will be fitted with scrubbers and will become the first VLCC tanker in Pan Ocean's fleet. Delivery is scheduled in the third quarter of 2021. Pan Ocean has...
April 1st, 20200Today marks the first day for HMM in THE Alliance. The Korean flagship joins Hapag-Lloyd, Ocean Network Express (ONE) and Yang Ming in the grouping that operates combined services on the main east-west trades. Having skirted with bankruptcy four years ago, HMM was shunned from becoming a full member of any of the new three main...
March 30th, 20200One of South Korea’s largest shipping lines has a new boss. Joong Ho Ahn steps up today from the position of deputy president to CEO at Pan Ocean, replacing Sung-Yob Choo. The Pan Ocean fleet today totals 88 vessels, made up of 65 bulkers, 16 tankers, four boxships, one LNG carrier and two heavylift ships according to the...
March 25th, 20200South Korean flagship HMM has deposited $25m into THE Alliance’s contingency fund ahead of its April 1 joining of the liner grouping. The cash reserve was first set up three years ago in the wake of the collapse of another Korean liner, Hanjin Shipping, and the then partners of the defunct CKYHE alliance had to handle the supply...
March 24th, 20200Greek owner Stavros Livanos-led Sun Enterprises has declared options at South Korean yard Deahan Shipbuilding for the construction of two 114,800 dwt aframax tankers. According to dhipbroking sources, the option is attached to the company's order of two firm 114,800 dwt aframax tankers at the yard in July last year. The...
March 23rd, 20200The Brazilian Navy reported over the weekend that the very large ore carrier (VLOC), which has been stranded for almost a month off the coast of Maranhão, has suffered a slight tilt. According to Polaris Shipping, the ship’s Korean owner, the vessel’s debunkering operation should continue in the coming days, if weather...
March 13th, 20200In his first interview with overseas media since assuming the top job at Korean Register, Hyung-chul Lee lays out his ambitions as chairman and CEO of the world’s seventh largest class society. After 31 years loyal service at the Busan-headquartered firm, Lee took the reins on December 23 last year. He has quickly established what...
March 11th, 20200South Korean owner Heung-A Shipping has applied to start a debt restructuring in an effort to solve its debt crisis. The board of the company has approved a debt restructuring scheme by its main creditor Korea Development Bank. Under the scheme, creditors will take control of the company and come up with measures to help the...
March 9th, 20206Salvors will start to take off the bunker fuel from the stricken very large ore carrier (VLOC) tomorrow. The 2016-built Polaris Shipping bulker ran aground 100 km into its journey carrying a full cargo of Vale’s iron ore from Brazil to China, with a 25 m section of the ship towards the starboard bow badly damaged. Authorities...
