Discover the Xin-Lian-Ocean: Ratings & Maritime News

South Korea's H-Line Shipping is re-entering the capesize vessel market with a strategic move. The company has submitted an offer of $16.3 million for the 176,000 deadweight tonnage Cape Aria, currently owned by Cyprus-based Universal Tanker Management. This significant transaction is coupled with a three-year time charter, indicating H-Line's commitment to strengthening its fleet and positioning in the shipping industry.

On January 1, 2016, a significant theft incident was reported involving the bulk carrier "Nord Power" at the outer anchorage of Tianjin. According to the ReCAAP Information Sharing Centre, a total of 39 metric tonnes of low sulfur Marine Gas Oil (MGO) were stolen while the vessel was anchored. The theft was discovered during a routine patrol by the watchman, who noticed that the manhole cover nuts of the diesel oil storage tank had been tampered with. Following a tank sounding and quantity check, the loss of the fuel was confirmed. This incident occurred shortly after the vessel's owner, Dampskibsselskabet Norden A/S, announced its sale to Greece’s Phoenix Energy Navigation on December 28, 2015. The vessel was officially handed over to its new owners in February and subsequently renamed "Maritime Power". Remarkably, this was not the first time Norden faced such challenges in Asian waters. The company had previously experienced two additional boarding incidents within a year. Notably, on October 5, 2016, the "Nord Supreme" was boarded by three armed men while it was anchored at Belawan, Indonesia. Less than 24 hours later, the "Nord Swift" was also boarded in Sandakan, Malaysia, at approximately 6:30 a.m. local time. Such ongoing issues highlight the risks faced by shipping companies operating in certain regions.

Danish maritime company Norden has made a strategic decision to sell its 10-year-old capesize bulk carrier, Nord Power, incurring a notable loss of $12 million. This announcement, made on Monday, marks a significant shift in Norden's operational focus towards smaller vessel categories that are integral to its business model. The 176,000 dwt bulk carrier's sale will be reflected in the company’s annual financial results for 2015. Despite the loss associated with this transaction, Norden plans to reinvest the proceeds into expanding its fleet of supramax and panamax vessels, where it ranks among the leading operators globally. This move aligns with Norden’s strategy unveiled in September to retreat from the capesize and post-panamax vessel markets, allowing the company to concentrate on small to mid-sized shipping solutions.