- Serving the dry-bulk market efficiently for more than two decades

- Serving the dry-bulk market efficiently for more than two decades

- Serving the dry-bulk market efficiently for more than two decades

- Serving the dry-bulk market efficiently for more than two decades

- Serving the dry-bulk market efficiently for more than two decades

- Serving the dry-bulk market efficiently for more than two decades

- Serving the dry-bulk market efficiently for more than two decades

- Serving the dry-bulk market efficiently for more than two decades

- Serving the dry-bulk market efficiently for more than two decades

- Serving the dry-bulk market efficiently for more than two decades

- Serving the dry-bulk market efficiently for more than two decades

- Serving the dry-bulk market efficiently for more than two decades

- Serving the dry-bulk market efficiently for more than two decades

- Serving the dry-bulk market efficiently for more than two decades

- Serving the dry-bulk market efficiently for more than two decades

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History

Serving the dry-bulk market efficiently for more than two decades

The privately owned company, Spar Shipping AS traces its roots back to 1962 when Mr. Helge Eide Knudsen founded his successful textile business “Spar Kjøp AS" which today has a number of retail outlets in addition to an extensive mail order operation catering to the Norwegian market.

Profits generated from the initial business were subsequently diversified into real estate investments, stock holding and shipping. In continuation of this strategy Spar Shipping AS was established as a separate entity in 1990; holding passive shares in a number of limited partnerships dealing with shipping investments.

In 1994 it was decided to further coordinate and strengthen management of the shipping interests by employing separate staff in Spar Shipping AS with the intent towards a more hands on approach to business. Soon after, minority stakes in limited partnerships were sold out and investments consequently concentrated on 100% ownership in dry-bulk tonnage.

The company became a tonnage provider specializing within the dry-bulk segment. Investments were in general secured by long term contracts to ensure steady and predictable growth within the segment. Through the course of the late 1990's and early millennium, the company acquired an extensive fleet of dry-bulk vessels, ranging in size from 28,000 dwt up to 72,000 dwt, eventually becoming Norway's largest privately owned and registered dry-bulk tonnage carrier.

In 2003 the company pioneered the Diamond 53 design, a contemporary double skin construction catering for environmental and safety aspects, which at the time was limited only to tanker vessels. These vessels were all delivered from Chengxi Shipyard in the period 2005 to 2007 and represented a boost to the company in the sense that they represented cutting edge in terms of Danish ship design produced out of China at time of delivery.

In the aftermath of the financial crisis, around 2009, the company went into a renewal phase. A number of old vessels were sold and altogether eight new resale vessels were acquired from Sinopacific Dayang Shipyard. These vessels were delivered in 2010-2011 and all placed on long term time-charter. Through a well-timed transition, we have been able to maintain relevance, renew the fleet and preserve our long term competitiveness in the market place.

In 2013, six Ultramax vessels of modern ECO design were ordered from Hantong Shipyard. These vessels were delivered in 2015 and 2016. They are optimized on speed and consumption and they bring the company to the forefront in terms of efficiencies. Our ultimate goal is to be a reliable partner with a long term commitment to the industry and the tasks at hand. To further focus and ensure market relevance, altogether 5 old vessels were cleared out during first half of 2016 leaving a modern and relevant fleet in the narrow range of 53,000 dwt up to 64,000 dwt tonnage.

Sold vessels:

Vessel name: DWT: Delivered: Sold: Built / Yard: Vessel type:
Spar Two 35.971 1993 2009 1982/Imabari logger, grabfitted
Spar Three 35.941 1994 2009 1982/Imabari logger, grabfitted
Spar Eight 36.227 1995 2009 1982/Imabari logger, grabfitted
Spar Topaz 39.072 1996 2009 1987/IHI grabfitted, handymax
Spar Opal 28.215 1997 2009 1984/Naikai laker
Spar Emerald 34.970 1997 2009 1987/NKK logger, grabfitted, handymax
Spar Jade 30.674 1997 2011 1985/Sasebo laker
Spar Garnet 30.674 1997 2011 1985/Sasebo laker
Spar Ruby 28.259 1999 2009 1985/Naikai laker
Spar Vega 73.350 2001 2007 1995/Hyundai craned panamax, grabfitted
Spar Capella 70.424 2001 2006 1990/Hyundai craned panamax, grabfitted
Spar Carina 70.424 2001 2006 1990/Hyundai craned panamax, grabfitted
Spar Corona 70.424 2001 2007 1990/Hyundai craned panamax, grabfitted
Spar Leo 65.850 2004 2013 1989/Namura gearless panamax
Spar Sirius 47.015 2001 2016 1996/Tsuneishi logger, grabfitted, handymax
Spar Orion 47.639 2001 2016 1996/Oshima logger, grabfitted, handymax
Spar Cetus 47.374 2002 2016 1998/Tsuneishi grabfitted, handymax
Spar Neptun 70.101 2004 2016 1994/Sumitomo gearless panamax
Spar Lupus 47.375 2002 2016 1998/Tsuneishi grabfitted, handymax