Mare Shipping Inc.

Mare Shipping Inc.
Name	Mare Shipping Inc.
Type	Private
Industry	Maritime transport
Founded	1987
Founder	Antonio Silva
Headquarters	Valletta, Malta
Area served	Mediterranean, North Atlantic, West Africa, Caribbean
Key people	CEO: Elena Markov; CFO: David Chen
Services	Container shipping, bulk carrier operations, tanker charters, Ro-Ro, logistics
Num employees	4,200 (2024)

Mare Shipping Inc. is a privately held international shipping company headquartered in Valletta, Malta, operating a diversified fleet across the Mediterranean Sea, North Atlantic Ocean, West Africa, and the Caribbean Sea. Founded in the late 20th century, the company expanded from regional tramp services into scheduled container liner operations, tanker charters, and integrated maritime logistics. Mare Shipping has been involved in commercial partnerships, shipbuilding contracts, and multinational crewing programs with firms across Europe, Asia, and the Americas.

History

Founded in 1987 by Antonio Silva amid restructuring in the shipping industry following the Container Revolution, the company initially operated tramp bulk carriers between Lisbon, Barcelona, and Naples. Early growth involved charter agreements with Maersk, Mediterranean Shipping Company, and regional operators in Greece and Italy. In the 1990s Mare Shipping expanded into container feeder services linking Valletta to ports such as Genoa, Marseille, Barcelona, and Tangier. During the 2000s the firm diversified into product tanker charters, signed sale-and-leaseback vessel financing with Lloyd's Banking Group affiliates, and placed orders at yards in South Korea and China influenced by designs from Daewoo Shipbuilding & Marine Engineering and China State Shipbuilding Corporation. The 2010s saw strategic alliances with CMA CGM, Hapag-Lloyd, and logistics providers including DHL and Kuehne + Nagel; Mare Shipping also weathered market downturns linked to the 2008 financial crisis and fluctuations in the Baltic Exchange indices.

Corporate structure and management

Mare Shipping is organized as a holding group with subsidiaries for liner services, bulk operations, tanker charters, and a maritime services arm based in Panama for ship registration. Executive leadership includes CEO Elena Markov, CFO David Chen, and a board with members drawn from Greece, Portugal, Japan, and Germany. The corporate governance framework adheres to standards promoted by International Maritime Organization conventions and reporting practices aligned with International Financial Reporting Standards. Strategic decisions have involved equity partnerships with private equity firms based in London and Singapore and joint ventures with port operators such as APM Terminals and DP World.

Fleet and operations

The fleet comprises container feeders, Handymax bulk carriers, Aframax product tankers, and Ro-Ro vessels, many built to designs influenced by Sovcomflot and NYK Line specifications. Ship management is delegated to third-party technical managers registered in Monrovia and Panama, while crewing is coordinated through manning agencies in Philippines, Ukraine, and India. Mare Shipping’s vessels frequently call at transshipment hubs including Piraeus, Valencia, Algeciras, Port Said, and Gibraltar. The company's operations use voyage planning systems interoperable with tools from Inmarsat, ABS classification guidance, and bunker procurement tied to Rotterdam market indexes and suppliers like Shell and TotalEnergies.

Routes and services

Mare Shipping operates scheduled liner loops between major Mediterranean gateways—Genoa–Barcelona–Valletta–Tunis—and Atlantic feeder services connecting Lisbon to Madeira and Canary Islands. Bulk trade routes include Cape-size and Handymax voyages from Brazil (Port of Santos) and Australia (Port of Newcastle) to Mediterranean industrial centers. Tanker charters serve product flows between refining hubs such as Genoa, Fos-sur-Mer, Houston, and Santos. The company also provides project cargo and Ro-Ro lift-on/lift-off services for rolling stock consignments to destinations including Algiers and Casablanca.

Safety, regulatory compliance, and incidents

Mare Shipping maintains compliance with the International Safety Management Code and SOLAS standards overseen by flag states and classification societies such as Lloyd's Register and DNV GL. The company implemented ISPS Code security measures in port operations and participated in industry initiatives driven by International Chamber of Shipping guidelines and Maritime Anti-Corruption Network. Notable incidents include a 2012 grounding near Sicily that prompted a salvage operation coordinated with the Salvage Association and local authorities, and a 2017 minor bunker spill in the Gulf of Valencia investigated under regional environmental statutes. Compliance audits and port state control inspections by authorities in Spain, Italy, and Malta have shaped ongoing safety investments.

Environmental and sustainability initiatives

Responding to IMO 2020 sulphur limits and IMO decarbonization targets, Mare Shipping retrofitted several vessels with exhaust gas cleaning systems and invested in slow-steaming practices used by operators like Hapag-Lloyd to reduce fuel consumption. The company has trialed biofuel blends in collaboration with fuel suppliers and participated in pilot programs for shore power at terminals including Valletta Cruise Port and Port of Rotterdam. Emissions monitoring aligns with reporting frameworks influenced by Carbon Disclosure Project standards and the European Union's emissions trading discussions; Mare Shipping has explored alternative propulsion research partnerships with engineering groups from South Korea and Norway.

Financial performance and ownership

As a private group, Mare Shipping does not publish full public accounts but reports trade volumes and charter revenues in industry briefings; performance has been cyclical, reflecting shifts in the Baltic Dry Index and container freight rates influenced by carriers such as COSCO and Evergreen Marine. Ownership remains concentrated among founding-family interests and institutional investors based in London and Singapore, with debt facilities provided through maritime lenders and export credit agencies linked to shipbuilding contracts in South Korea and China. Recent capital expenditures focused on fleet renewal and environmental compliance have been financed through a mix of bank syndicates and sale-and-leaseback arrangements with lessors active in the global shipping finance market.

Category:Shipping companies