A low-profile owner of five handysizes has removed the ships under its control from the fleet of Hong Kong-based Taylor Maritime to enter handysize shipping on its own as Azure Maritime.
Azure Maritime’s new chief executive, Captain Vijay Pal, confirmed the recent transfer of ships to Azure and said further fleet growth is planned in the near term, but not necessarily limited to the handysize dry bulk segment.
TradeWinds understands Singapore-based Azure is partly controlled by the Singapore-based, Japanese-controlled entity AFO Pte Ltd, and that AFO is also the principal shareholder in the ships themselves.
AFO could not immediately be contacted for comment.
Fleet transfer
Pal confirmed that four ships have joined the Azure fleet by transfer of commercial management. They are the 32,100-dwt Blue Balestier (ex-Super Sarah, built 2006), 32,500-dwt Feisty Karen (built 2002), 28,200-dwt Lovely Klara (built 2002) and 32,600-dwt Princess Paula (ex-Paola, built 2004). A fifth ship, the 32,500-dwt Blue Alexandra (built 2005), was already with Azure before he joined the company.
Azure was formally established in Singapore in 2017 with Takuya Aiba as chief executive.
Aiba is also the principal of financial leasing company Spring Liner and was formerly managing director of Celeste Holding Pte Ltd as well, the Singapore arm of old-line Japanese shipping group Libera Corp.
My original partner in those ships has always wanted to have a commercial management platform of his own, and as agreed we have transferred commercial management, and they have very kindly awarded technical management to Taymar
Taylor Maritime founder Ed Buttery
Sources said Aiba no longer has ties to Libera, nor is Libera connected to Azure.
Aiba was not immediately available for comment.
Taylor Maritime founder Ed Buttery confirmed the move but declined to identify the parties involved.
Technical management
"My original partner in those ships has always wanted to have a commercial management platform of his own, and as agreed we have transferred commercial management, and they have very kindly awarded technical management to Taymar," he said.
Taymar is the technical management company associated with Taylor Maritime. Some of Azure's ships are also managed by Singapore's Apex Shipmanagement.
For the moment, Pal said Azure is not inspecting ships and does not have firm plans about whether it will grow its fleet through fleet or piecemeal acquisitions.
"We will be looking at acquisitions on a case-by-case basis," Pal said. But he said he does not expect more ships to come from Taylor Maritime.
Azure’s ships have been on short-term period charter to major operators, including Pacific Basin Shipping, Cargill and Louis Dreyfus.
Direct chartering
The company’s strategy is still being worked out and Pal characterised its approach as “flexible”, but long-term there are plans for direct chartering operations.
Azure collaborates closely with the Singapore branch of Italian brokerage Banchero Costa for sale and purchase and chartering.
Pal joined Azure in May and had most recently headed shipping consultancy Centrum Maritime Services.
