A Panamax bulk carrier languishing around the Australian coal port of Gladstone is understood to have caused a dispute between its bareboat charterer and South Korean dry bulk specialist Pan Ocean.
Vessel-tracking data shows the 2015-built “Swift Hangzhou” had tried to depart Gladstone port on 31 Jan 2026 but its engine broke down. The Australian Maritime Safety Authority (AMSA) said it received a report on 1 February, from the distressed ship, which is understood to be carrying coal bound for South Korea’s Yeosu port. “Swift Hangzhou” is manned by 21 seafarers.
The following day, AMSA activated an Incident Management Team (IMT) to coordinate the response. AMSA said is working closely with Queensland authorities, as well as the master and operator of “Swift Hangzhou”, and has deployed emergency towing vessels and a Maritime Casualty Officer (MCO). “Swift Hangzhou” remains anchored in Gladstone, as AMSA has detained the vessel pending confirmation of seaworthiness.
Equasis shows that since July 2020, “Swift Hangzhou” has been beneficially owned by China Development Bank Financial Leasing, after the latter acquired the vessel from the now-defunct Chinese conglomerate HNA Group. Ever Succeed Holding, a Liberia-incorporated entity that is understood to be controlled by Everest Shipping, a Singapore-incorporated company, is the bareboat charterer of “Swift Hangzhou”. Everest Shipping is reportedly a shipping arm of Jiangsu Shagang Group, a privately owned Chinese steel maker.
A market source told HANSA that Pan Ocean, which chartered “Swift Hangzhou” from Ever Succeed Holding on time-charter trip terms, is considering its legal options against the ship. The source said: “The ship has been drifting near the loading port since 1 February. Pan Ocean has not been advised by the vessel owner with regard to the cause and severity of the breakdown, and how soon the ship can resume sailing.”
Australia is a key exporter of dry bulk commodities to South Korea. Iron ore is Australia’s largest dry bulk export to South Korea, and is bought in large quantities by South Korean steel makers like POSCO, Dongkuk Steel and Hyundai Steel. Australia’s next-largest dry bulk export to South Korea is coal (both coking and steam coal). Coking coal, used in steel making, is bought by the aforementioned steel makers, while South Korean utility group Korea Electric Power Corporation is a major buyer of steam coal. Besides iron ore and coal, South Korea also imports grains and bauxite from Australia. (PL)
