Jinse Shipbuilding Co., a recent addition to the Korean shipbuilding industry based in Busan, will use AVEVA Marine to build its first ships. Jinse received orders for 32,000-dwt and 180,000-dwt bulk carriers, with the former due to be delivered by early 2008. “The onus is on us to build high quality ships in the most efficient manner,” said Kim Tae Hyoung, Director of Jinse Shipbuilding Co. “We believe that AVEVA Marine will lead to higher production accuracy, savings in calendar time and less rework.”
As the downturn in the number of new vessel orders last year took hold, shipyards’ flexibility to switch sectors to take orders became a key factor in their ability to face up to an extremely challenging period, says Clarksons Research. Tanker newbuild orders provided one source of business amongst the gloom, so how able did yards prove in demonstrating their adaptability to take advantage of this demand?
TEN, the New York quoted Greek tanker company controlled by the Tsakos family, confirmed it has bought for nine ice class 1A tankers from Western Petroleum for $530 million. The fleet consists of six 53,000-dwt medium range chemical/products carriers delivered by Hyundai Mipo Dockyard last year and three 116,000-dwt coated aframax products carriers for delivery from Hyundai Heavy Industries in May August and October this year
Bergesen d.y. Group ASA exercised an option to buy two more VLCCs from Japan's Hitachi Zosen Corp. The total option price for the 296,000 dwt vessels is about $131.7 million. The two vessels will be delivered in March and May, 2001. Bergesen also announced that it has bought oil/ore carrier Grand Phoenix for $23 million. The 291,000-dwt carrier, built in Japan in 1986, will be delivered by the end of March.
Russia’s PAO Sovcomflot (SCF Group) subsidiary SCF Tankers Ltd. has won an auction for nine arctic-going tankers that belonged Primorsk International Shipping Ltd. (PRISCO), who filed for chapter 11 protection in January 2016. The purchase deal is worth $215 million, and the auction results have been approved by the U.S. Bankruptcy Court for the Southern District of New York, which is handling PRISCO’s bankruptcy case. SCF Tankers outbid Denmark’s Hafnia Tankers Ltd
As tonnage in the East Coast South America (ECSA) region continued to outnumber fresh grain requirements, Supramax front-haul freight rates fell this week, reports Platts, quoting shipping sources. The rate for carrying a 50,000 mt grain stem from ECSA to the Far East continued at that level until it fell to $9,500/d plus $95,000 ballast bonus Tuesday. It was $10,000/d plus $100,000 ballast bonus February 27.
Providing ship repair, conversion, new construction and related services for barges and other vessels, FirstWave/Newpark Shipbuilding has garnered three new contracts. Pleiades Shipping Agents awarded the company for collision damage repair of 55,000-dwt vessel, MT Nestos. The ship, which sustained damage on its port side near the bow and just above the waterline, underwent repairs at the company's East Pelican Island facility.
Through its subsidiary, Cory Towage Limited, The Wijsmuller Group has been awarded a contract for marine services at the Ash Shihr oil export terminal in Yemen for Canadian Occidental Petroleum Yemen, which is familiarly known as CanOxy Yemen. The Ash Shihr terminal deals with crude originating inland, which is piped to the terminal storage tanks from where it is then pumped to loading tankers at the single point mooring buoy (SPM) - three miles offshore
Unitor, Norway's international ship supply specialist, has garnered its largest ever single order for ships equipment with a $6.8 million contract from Poland's Stocznia Szczecinska SA (Szczecin Shipyard) for nitrogen generator systems for eight 40,000-dwt chemical tankers under construction at the yard. The order encompasses the delivery of Unitor's 35-ton, hollow-fibre, air separation nitrogen generator system, to each tanker comprising four 360 kW compressors and nitrogen generators
Considerable effort, particularly following the oil embargo of the 1970s, has been placed on reducing the fuel oil consumption of ships, a task readily handled by a series of improvements in hull shapes, the fitting of energy savings devices, and improvements to the performance of main engines. A group of engineers from the Tsu Research Laboratories — Koichiro Matsumoto, Kazuyoshi Hirota and Kenji Takagishi - however, noted that while performance in still water was gaining, other factors
Freight rates for very large crude carriers (VLCCs), which rose to multi-month highs this week, are likely to hold firm as owners tread water before the release of further Middle-East and West Africa cargoes, ship brokers said on Friday.
Power struggle breaks out between between owners and charterers; West Africa cargoes hit a monthly record. Freight rates for very large crude carriers (VLCCs), which surged to a four-month high on Thursday, to hold steady as ship owners await the release of November cargoes
VLCC earnings double in a week. End of force majeure in Nigeria buoys cargo volumes. Freight rates for very large crude carriers (VLCCs) are set to rise further next week, fuelled by a raft of cargoes from West Africa and the Middle East amid tight tonnage supply, ship brokers said on Friday
Owners face difficulty raising rates due to discounted ships. Freight rates for very large crude carriers (VLCCs) are likely to remain under pressure next week as charterers drip-feed cargo in the face of surplus tonnage, shipbrokers said.
VLCC rates from MidEast have reached a floor at W33; surging Suezmax rates could make VLCCs more attractive. Freight rates for very large crude carriers (VLCCs) are set to climb next week as charterers ramp up tanker fixing activity from the Middle East while increased oil volumes from West
Just six years after its introduction, MAN Diesel & Turbo has confirmed an order for the 1,500th G-type engine. Greek ship operator, Almi Tankers, will take delivery of the ultra-long-stroke 7G80ME-C9 type as prime movers for the two 317
Daily VLCC earnings fall to around $10,000; vessel deliveries, shorter voyages weigh on rates. Freight rates for very large crude carriers (VLCCs), which fell to multi-year lows on Thursday, are likely to hold steady around current levels as ship owners resist charterers' attempt to push
A trial run of two cargo vessels from the Aghoreshwar Bhagwan Ram Ghat Varanasi. The vessels viz. MV Joy Basudev (capacity 1400 tons) and MV V.V Giri (capacity 300 tons), contain newly assembled cars of Maruti Suzuki and construction material.
Marshall Islands corporation headquartered in Stamford, Connecticut Eagle Bulk Shipping Inc has announced that it has closed its previously announced private placement of its common stock for aggregate gross proceeds of $88.0 million.
Navig8 Chemical Tankers Inc reported its net income at $9.6 million, against a net income of $2.9 million seen in the three months ended June 30, 2015. Continued growth of the company’s operating fleet with the delivery of Navig8 Turquoise, a 49
Alibra Shipping Research Weekly Market Report takes a look on current market scene of bulk carriers. For a little while now, the story has been “Now’s a great time to buy bulk carriers, asset prices are low…” We’re cautious of following the herd
Freight rates for very large crude carriers (VLCCs) are set to maintain the current levels next week as charterers drip-feed cargoes for August loading into an overtonnaged market, ship brokers said. "There is quite a negative outlook... we may be close to the bottom
With the spread of challenges facing the industry, it’s unlikely the shipping markets would achieve many top grades, says Clarksons Research. However some sectors might still achieve an “A” for effort and this week’s analysis reviews the markets’
MidEast rates slip from two-week high on June 28; raft of new ships and repaired vessels weigh on rates. Freight rates for very large crude carriers (VLCCs) will continue to soften next week as ample tonnage supply weighs on the market, although a raft of Middle East fixtures are expected to
Around 47 MidEast charters fixed for July loading so far; older tonnage and new vessels a drag on freight rates. Freight rates for very large crude carriers (VLCCs) are set to nudge higher next week after moving above nine-month lows on increased charters this week, ship brokers said on Friday