TOP STORY

We bring you the troubling story of a Chinese master stuck behind bars after a life-changing “slip of the tongue”. Captain Zhang Deyi’s case highlights the need for an overhaul of how seafarers are treated when things go wrong, campaigners say.

IN THE NEWS

The UK has blacklisted Dubai-based tanker specialist Fractal Marine in a new round of sanctions targeting Russian war revenues two years on from the invasion of Ukraine. Fractal was the only European start-up to join the lucrative market for hauling price-capped Russian oil and insisted that it operated within the sanctions regime.

In the same round, the UK followed the US in sanctioning Russia’s upcoming new liquefaction project Arctic LNG 2. Turkish owner Beks Ship Management was also blacklisted. In response, the Ali Bekmezci-led firm said it always carried out due diligence and sanctions checks on cargoes hauled by its tanker fleet.

Bulker owner and operator Cetus Maritime is expanding again through a combination with Chilean operator Nachipa. The Hong Kong-based company said the merger means it is continuing to lead industry consolidation.

A wave of newbuilding deliveries is helping container ship operators manage the need for more vessels caused by the Red Sea crisis. The threat of overcapacity looms large despite the requirement for extra boxships to maintain schedules, according to Alphaliner.

International Seaways is poised to swoop on six MR tankers owned by US private equity player Wayzata Investment Partners in a deal valued at $238m, tanker market sources said. The Lois Zabrocky-led shipowner is to take in the 51,700-dwt series in a deal that had market sources on both sides of the Atlantic buzzing.

Secondhand tanker purchases have slowed as potential buyers baulk at rising asset values. Brokers have been talking up a number of sales in recent weeks but fewer deals are being confirmed.

IN DEPTH

Joe Brady takes a deep dive into the recent news that Oaktree Capital Management is back as a 9.96% shareholder in Eagle Bulk Shipping. And it’s all about the convertibles.

The renewed shareholding comes after Oaktree’s high-profile $219m sale of its entire 27.6% Eagle stake only last June, and the controversy surrounding it. Sometimes letting go is more difficult than it appears.

Convertible notes are to blame. And they’re complicated, but Streetwise explains how these hybrid securities that sometimes confuse even the equity analysts following the New York-listed dry bulk outfit.

INTERVIEW

Polaris Autoliners founder Walid Salloum. Photo: Adam Corbett

Walid Salloum launched Salloum Logistics in Germany just over a decade ago with just a handful of trucks and plenty of hope and ambition.

Today, the young entrepreneur has established a spin-off shipping company — Polaris Autoliners in London’s West End — and plans to transport more than 300,000 cars around the world with an operated fleet of six ships.

It has been a dramatic entry into the car carrier market, which is dominated by large corporate players and has more barriers to entry than most.

Read Adam Corbett’s full interview here

AND FINALLY...

A ship has been kicking up a stink for the residents of Cape Town, South Africa. Residents had complained of an awful stench, which was eventually pinpointed to a livestock carrier which was on an overnight stay before heading on to Kuwait.

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