Bulker operator Norvic Shipping is exiting the panamax business and its final two chartering staff have left the company.
TradeWinds understands the operator intends to focus on its core business within the geared segments — handysizes and supramaxes — where it can compete more effectively.
Norvic’s head of panamax and director of chartering in Dubai, Kaare Grenness, has left the company, market sources said. He declined to comment when contacted by TradeWinds.
Assistant chartering manager Muhammad Abbas has also moved on, following the exit of two other panamax-focused staff earlier this year.
The panamax business has been small, accounting for less than 10% of Norvic’s book over the past few years.
Norvic typically operates 130 to 150 vessels on average at any one time, of which about 60% are supramaxes and ultramaxes and 30% are handysizes.
Dubai was the last remaining hub for Norvic’s panamax activities.
Senior chartering manager Alice Feng, who previously handled panamaxes for Norvic in Singapore, in June moved on and has since joined Adhart Shipping in the city.
Alexandros Charavgis, a panamax chartering manager in Dubai, resigned from Norvic three weeks ago after almost four years.
He will join shipowner Tomini as chartering manager in Dubai from mid-November.
Other chartering staff who have previously handled panamaxes in addition to other business will remain with the company but will focus on Norvic’s core activities.
Small book
The last panamax Norvic has had on period is currently completing its final trip.
Norvic fixed Santoku Shipping’s 81,976-dwt ETG Aquarius (built 2022) for 12 months in November last year at $14,750 per day.
The Baltic Panamax Index has averaged around $15,192 per day over the past 12 months.
The ship is currently completing a coal run from Nacala in Mozambique to Hon Gai in Vietnam.
Norvic has fixed only nine panamaxes in the market this year to date, all of which were done in the spot market, according to reported fixtures.
The operator has fixed panamaxes on period charters only twice over the past two years.
Iason Hellenic’s 76,596-dwt Alexandros Petrakis (built 2008) was reported fixed to Norvic on 24 October for a time-charter trip from the US Gulf to Argentina, earning $19,000 per day.
In an interview with TradeWinds last year, founder and chairman AJ Rahman described Norvic’s panamax business as “growing”.
At that time, Rahman said Norvic hoped to grow its presence within the post-panamax and baby-capesize segments, but the renewed focus on its core business means this is no longer the case.
Rahman founded Norvic in 2006 from his basement in Toronto.
Michael Boetius joined Norvic in May as chief commercial officer, succeeding Michael Fenger.
Recent years have seen the New York-headquartered company diversify and branch out into new areas to create fresh revenue streams.
Norvic acquired a product tanker in June last year.
TradeWinds has contacted the company for comment.
