Georgios Georgiou

Greece

News Correspondent at Riviera Maritime Media

Δημοσιογράφος @Riviera Maritime

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Articles

Safe Bulkers reports improved carbon intensity and eyes 'green' technologies

3 weeks ago | rivieramm.com | Georgios Georgiou

In 2024, the US-listed owner reported a 6.1% year-on-year decrease in its fleet’s annual efficiency ratio (AER), according to its ESG report released in early June. AER assesses fuel efficiency by factoring in the total fuel consumption, distance travelled, and the ship’s deadweight over the course of a year. Safe Bulkers noted this result was achieved by maintaining its carbon footprint at the same level while increasing the fleet’s transport work by 7.1% compared with the previous year.
Greek secondhand deals drop sharply, buyers target middle-aged tonnage

3 weeks ago | rivieramm.com | Georgios Georgiou

According to data shared by Xclusiv Shipbrokers with Riviera, Greek buyers acquired 48 bulk carriers and tankers in the first five months of 2025, a steep 67% drop from the 145 vessels purchased during the same period in 2024. The sharp decline is largely attributed to a collapse in bulk carrier transactions. Greek owners purchased only 29 bulkers as of May, compared with 113 in the previous year.
Greek tanker owner TOP Ships unveils Suezmax spin-off plan

3 weeks ago | rivieramm.com | Georgios Georgiou

In a disclosure on 4 June, the US-listed tanker owner revealed its subsidiary Rubico is set to become an independent, publicly traded company listed on Nasdaq. As part of the spin-off, TOP Ships intends to transfer ownership of two 2021-built Suezmax tankers – Eco Malibu and Eco West Coast, each with a capacity of 157,000 dwt – to Rubico. Both vessels have been placed on long-term time charter contracts with Clearlake.
Belgium's Somtrans tied to fresh 1+1 LNG bunker vessel contract in China

3 weeks ago | rivieramm.com | Georgios Georgiou

China’s Nantong CIMC Pacific Offshore Engineering (CIMC SOE) has recently signed a contract for the construction of one firm plus one optional 20,000-m³ LNG transport and bunkering vessel. The buyer has not been officially disclosed, but shipbroking and market sources have linked the order to Belgium-based Somtrans. Somtrans describes itself as a tanker shipping company with fully owned barges, overseeing a fleet of 24 vessels, according to information on its website.
Asyad Shipping embarks on major fleet expansion strategy

3 weeks ago | rivieramm.com | Georgios Georgiou

According to domestic media reports in late May, Asyad Shipping chief commercial officer Imad Al Khaduri stated the company plans to invest between US$2.3Bn and US$2.7Bn in fleet growth. Asyad Shipping has already committed over US$1.0Bn, including funds allocated to newbuildings scheduled for delivery by 2027. These will comprise LNG carriers and tankers.
Agricore Shipping strikes again with double dry bulk acquisition

3 weeks ago | rivieramm.com | Georgios Georgiou

According to shipping data platforms, Agricore is listed as the new owner of 2011-built, 180,463-dwt Capesize bulk carrier Asl Classic 1, formerly known as Thalassini Avra. The vessel, previously owned by Greek interests, was reportedly sold earlier this year for just under US$30M. Capesize bulk carrier transactions have remained moderate in 2025, with Allied Shipbroking recording just 34 deals year-to-date, with an average vessel age of 16 years.
Global newbuilding activity falls to four-year low as caution shapes market sentiment

3 weeks ago | rivieramm.com | Georgios Georgiou

According to Greece-based Allied Shipbroking, shipowners placed orders for 439 vessels worldwide in the first four months of the year – a sharp drop from 980 vessels during the same period in 2024 and 809 in 2023. Analysts note current contracting levels are comparable to those last seen in 2020, reflecting a widespread sense of caution. This hesitancy is largely driven by macroeconomic pressures, increasingly complex regulatory frameworks, and mounting geopolitical uncertainty.
Greek LPG player Seahawk Gas adds another vessel to growing fleet

3 weeks ago | rivieramm.com | Georgios Georgiou

The Michalis Kourtesis-led company has purchased 2009-built, 20,550-m³ LPG carrier Navigator Gemini. According to shipbroker reports, the deal was concluded at just under US$32M. This marks Seahawk Gas’ fourth LPG carrier, joining 2009-built Gas Melody, 2013-built Verrazane, and 2014-built Surville. In addition to its secondhand acquisitions, the company has a newbuilding programme underway in Japan for two 11,000-m³ LPG carriers, scheduled for delivery by 2028.
CMB.TECH moves closer to merger with Golden Ocean

3 weeks ago | rivieramm.com | Georgios Georgiou

In an announcement on 28 May, the NYSE-listed shipowner disclosed that both parties have signed an agreement and plan of merger for a stock-for-stock transaction. Subject to the timely fulfilment of closing conditions, the merger is expected to be completed in Q3 2025. Under the terms of the agreement, Golden Ocean will become a wholly owned subsidiary of CMB.TECH.
Dry bulk asset values hold firm, signalling a 'new normal'

3 weeks ago | rivieramm.com | Georgios Georgiou

Polys Hajioannou-led Safe Bulkers referenced this trend in its Q1 earnings report. The company noted that while there have been some market corrections, secondhand vessel values have shown resilience in light of the current trading environment. Supporting this view, shipbroking data reveals secondhand prices across all vessel sizes and age groups remain significantly above the five-year average.