New names, familiar faces, big deals and maritime casualties have all made headlines in the print and digital pages of TradeWinds in 2018.
With shipowners investing almost $60bn in newbuildings ahead of IMO 2020 and recovering freight markets supporting a $17bn spend on secondhand ships, according to Clarksons, this year has offered plenty to write and read.
Here we take a look back at a snapshot of the major stories which caught the eye of TradeWinds’ readers in 2018.
Collision chaos in the Suez Canal
A multi-ship collision which closed the Suez Canal one Sunday in July captured the attention of readers like no other TradeWinds article in 2018. The drama unfolded after the 5,100-teu containership Aeneas (built 2010) halted in the waterway and a number of ships in its convoy ended up colliding. Jonathan Boonzaier covered the incident, involving ships from a number of major owners, in what was the most-read TradeWinds article this year.
Other popular casualty stories include a Greek bulk carrier destroying a Bosphorus mansion and the sinking of a Norwegian frigate after a collision with a Tsakos aframax tanker.
Marinakis in 10-vessel LNG newbuild deal with Hyundai
LNG was comfortably shipping’s hottest market in 2018, with over 50 newbuildings contracted. Greek shipowner Evangelos Marinakis made his own move in July with a near $2bn order at Hyundai Heavy Industries alongside his son, Miltiadis. Marinakis is understood to be aiming for a substantial presence in the sector.
Thanamaris, TMS Cardiff Gas,Alpha Tankers & Freighters, Latsis company Consolidated Marine Management and John Angelicoussis were among the other leading Greek owners to ink LNG carrier orders in 2018.
Posidonia continues to wow the crowds in half-century year
The Greek shipping jamboree celebrated its 50th birthday in style and provided a $72.5m boost to the local economy. A record 1,920 companies from 92 countries registered as exhibitors, while the world’s shipowners and brokers clinked glasses as the improving dry cargo market helped the upbeat mood.
Shell sweeps into market for 30-strong tanker newbuild haul
Major tanker orders with catchy code names have become a signature for Shell during the past few years. Step forward 'Project Solar', which could stack up to 30 MR product and handysize chemical tanker newbuildings worth over $1.2bn. Those following the business said the vessels would likely be ordered by existing owners against charter or leaseback deals to Shell, mirroring earlier moves by the major to access multiple newbuildings. The little brother to the 50 ship “Project Silver” will soon take shape.
Diamond S merges with Capital Product Partners
With Christmas approaching shipowner Craig Stevenson’s long held wish to take Diamond S Shipping public came true. After months of speculation, Diamond S agreed to merge with Capital Product Partners’ tanker fleet in a deal pegged at $1.65bn. Attention in the market will now turn to see how Stevenson fares with a public company as a direct competitor to his old OMI friend, Robert Bugbee.
The transaction was one of many merger and acquisition deals in 2018, which included three separate moves in a matter of weeks by Petros Pappas fronted Star Bulk Carriers.
Heavy-hearted Mortensen left with one choice after wonderful ride at BW
Insane travel commitments and a desire to spend more time with his family led Carsten Mortensen to end what he said was a wonderful ride as chief executive of BW Group in September. After his shock departure was announced, Mortensen told TradeWinds he was unlikely to take on another chief executive’s post having “done his duty”. “Eventually given a choice between BW or the family – I only had one real choice and that was my family,” he said.
It was a busy year for BW, with continued expansion in dry cargo and LNG, the attempted takeover of Dorian LPG, a sale of its chemical tanker fleet to Idan Ofer and a swoop for Danish shipowner Hafnia Tankers.
Maria Angelicoussis comes into her own with Davos message
Maria Angelicoussis used the World Economic Forum in Davos, Switzerland to spell out why the privately owned Greek shipowning group was happy to stay away from the capital markets. In an unusually outspoken and elaborate limited-edition biographic note circulated among delegates, 35-year-old Maria said she is in total agreement with her father about shunning public markets — for now. “As long as we have no need to raise equity, our aligned view is that remaining private is the best thing for us,” she said. “Before I came on the scene, maybe there was a natural concern that there was no succession.”
Michael Dell plots billion-dollar shipping play with Denholm at helm
Michael Dell took a shine to shipping in early 2014 with an investment in StealthGas. This year he ratcheted up his interest in the industry, hiring well-travelled executive Keith Denholm to seek out investments.
His gaze is broad, with anything from dry bulk to tankers and terminals on Dell’s shopping list.
Aegean Marine files for Chapter 11 restructuring
Aegean Marine Petroleum Network filed for voluntary Chapter 11 bankruptcy restructuring in the US just days after an internal probe revealed sweeping fraud allegations. It is seeking to restructure with Mercuria Energy Group, the energy and commodities company, the likely white knight. With Christmas in sight court papers revealed the bunkering giant wants to move forward with a plan that will see the company restructured and unsecured creditors getting at least $40m.
Paddy Rodgers slams 2020 sulphur legislation
Euronav took its time to decide on scrubbers. Once a position was taken, chief executive Paddy Rodgers did not mix his words. Ahead of SMM, Rodgers blasted the 2020 sulphur regulation as “the worst piece of legislation” ever. While Euronav has left a caveat that it may turn to scrubbers in the future, for now its colours are nailed to the mast.
