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Fleet Expansion News

23 Feb 2024

QatarEnergy Pays Homage to Rex Tillerson by Giving His Name to New LNG Carrier

Rex Tillerson (Credit: QatarEnergy)

QatarEnergy has named the first LNG carrier to be delivered as part of its new LNG fleet expansion program as Rex Tillerson, in recognition of the former Chairman and CEO of ExxonMobil, who also served as the 69th United States Secretary of State.During his 10-year term as Chairman and CEO of ExxonMobil, Tillerson oversaw the consolidation of relations with the State of Qatar and its energy sector, resulting in strategic partnerships and significant investments in Qatar’s LNG industry.While making his mark on the global energy scene…

13 Feb 2024

Stena Bulk Inks Deal for Four Additional Newbuild Tankers

Erik HĂĄnell, President and CEO of Stena Bulk (Credit: Stena Bulk)

Swedish shipping company Stena Bulk has expanded its fleet with new long-term charter agreements for four newbuild eco Medium Range (MR) tankers.Two of the vessels, Stena Continent and Stena Conquest, will be delivered from Hyundai Mipo by the end of 2025.Two further eco MR tankers, Stena Contender and Stena Concept, will follow in 2026. All vessels are set to use the South Korean yard’s latest 8th generation MR tanker design, which has been recognized for its excellent efficiency performance.The tankers will feature efficient fuel consumption systems…

11 Feb 2024

QatarEnergy Selects Nakilat to Own and Operate 25 LNG Vessels

Source: QatarEnergy

QatarEnergy has selected Qatar Gas Transport Company Limited (Nakilat) to be the owner and operator of up to 25 conventional-size LNG carriers pursuant to Time Charter Parties (TCP).The 25 vessels, each with a capacity of 174,000 cubic meters, will be owned 100% by Nakilat and chartered out to affiliates of QatarEnergy. They are scheduled for construction at South Korean shipyards.This constitutes the first award in the second batch of long-term TCPs under QatarEnergy’s LNG fleet expansion project.

25 Jan 2024

SAAM Towage Taps Markey for Winch Retrofit Project

File photo; Point Valiant (Photo: Dennis Jarvis / CC BY-SA 2.0)

Markey Machine won a first-ever contract from SAAM Towage to retrofit the controls on a Timberland towing winch aboard the Point Valiant, a tug based in Vancouver, B.C.SAAM first outlined the project to Markey last May, then hired Sentinel Survey, Markey’s after-market service division, to undertake on-site inspection of the winch. Following inspection, Markey offered its Class I winch-control package, and SAAM responded with an order near the end of December. The winch controls package will be provided in mid-2024.“Markey’s achievements in workboat winches are widely known…

10 Jan 2024

Pertamina Aims to Add Six VLGCs in 2024

© faishalabdula / Adobe Stock

Pertamina International Shipping (PIS), a unit of Indonesian state energy company Pertamina, said on Wednesday it plans to add six new very large gas carriers (VLGC) in 2024 as it eyes fleet expansion focused on gas transport.The company this week launched two VLGCs, built by South Korea's Hyundai Samho Heavy Industries, and each vessel has a 91,000 cubic metres capacity, which PIS said is among the biggest in the world.The two vessels were designed to transport liquefied petroleum gas (LPG) as well as ammonia, PIS said in a statement."We plan to add six VLGCs in 2024, starting from the two VL

02 Jan 2024

Performance Shipping Orders Two LR2 Tankers

© liren / Adobe Stock

Greek shipowner Performance Shipping Inc. announced it has signed two shipbuilding contracts with China Shipbuilding Trading Co. Ltd. (CSTC) and Shanghai Waigaoqiao Shipbuilding Co. Ltd. (SWS) for the construction of two 114,000 DWT LNG-ready LR2 Aframax product/crude oil tanker vessels.The newbuilds, expected to be delivered in January and April of 2026, were ordered at a purchase price of US$64,845,000 per vessel, net of third-party commission. 15% of the purchase price is payable upon receipt of a refund guarantee…

16 Nov 2023

SWITCH Maritime Raises $10 Million to Grow Its Green Ferry Fleet

Sea Change (Photo: SWITCH Maritime)

SWITCH Maritime announced plans to grow its U.S. fleet of zero-emission ferries following the completion of a $10 million in a Series A round led by Nexus Development Capital.Founded in 2018, SWITCH’s mission is to enable private and public municipal ferry operators to more easily replace their carbon-intensive, diesel-powered fleets while reducing operating and fueling costs over the lifetime of their vessels.The fundraise comes on the back of the completion of its flagship zero-emission vessel…

31 Jul 2023

Purus Wind's New General Manager to Oversee Offshore Wind Vessel Fleet Expansion

Credit: Purus Wind

Offshore wind vessel firm Purus Wind has appointed Oliver MacManus as general manager, with immediate effect.MacManus will focus on overseeing the running of the construction/service operation vessels (“C/SOV”) business. "The appointment is integral to positioning Purus Wind for future growth as the business continues to expand its fleet of next-generation battery hybrid C/SOVs and crew transfer vessels (“CTVs”)," Purus Wind said.Tom Nevin, business head, Purus Wind said: â€śOliver is a great asset to the team, strengthening its leadership as the business continues to grow.

05 Jul 2023

Edda Boreas CSOV Starts Dogger Bank Contract

Edda Boreas - Credit: Edda Wind

Edda Wind's recently delivered Edda Boreas Commissioning Service Operation Vessel (CSOV) has started the contract to support commissioning operations at the world’s largest offshore wind farm - the Dogger Bank Offshore Wind Farm in the UK - for the next two years. The giant Dogger Bank offshore wind farm is being built in three consecutive 1.2GW phases; Dogger Bank A, Dogger Bank B, and Dogger Bank C. SSE Renewables is leading the development and construction of Dogger Bank Wind Farm…

22 Jun 2023

VLGC Lucky Gas Delivered to Al Seer Marine

(Photo: International Holding Company)

Al Seer Marine has taken delivery of its first very large gas carrier (VLGC) from South Korean shipbuilder Hyundai Heavy Industries.The 84,300-cubic-meter-capacity Lucky Gas is employed on a 10-year charter with UAE-based BGN International DMCC.The VLGC forms part of an AED 495 million transaction signed in 2021 by ABGC DMCC, the joint venture between Al Seer Marine and BGN International.Al Seer Marine, a unit of Abu Dhabi-based International Holding Company, is in the midst of a fleet expansion program…

08 May 2023

Lomar Shipping Buys Three Bulk Carriers

(Photo: Lomar Shipping)

U.K.-based shipowner Lomar Shipping announced it has acquired three Supramax bulk carriers as part of its ongoing bulker fleet expansion program.The company, a subsidiary of New York-based Libra Group, said it has taken delivery of the 57,038-dwt Oslo Trader (ex Ariadne, built in 2010), while the 2012-built 56,702-dwt Lima Trader (ex Universal Bangkok) and 57,075-dwt Rome Trader (ex Haut Brion), built in 2011, will be delivered later this month.All three Dolphin 57 vessels are Chinese-built, increasing Lomar's bulk carrier fleet to nine ships.

16 Feb 2023

2023 Shipbuilding Report: US Passenger Vessels

Casco Bay Line selected the Senesco to build a double ended hybrid electric ferry to replace an existing diesel boat. (Image: EBDG)

With travel and tourism nearing pre-2020 levels, and transit systems benefiting from a return to work, passenger vessels have seen renewed activity. In its year-end review, John Groundwater, Executive Director of the Passenger Vessel Association (PVA), which advocates for the sector in Washington, D.C. wrote: “As we are nearing the end of the calendar year, we are delighted to report that our industry, and our members, are reporting far and wide that they have experienced very…

15 Dec 2022

Performance Shipping Takes Delivery of Secondhand Tanker

Greek shipowner Performance Shipping announced on Thursday that it has taken delivery of a 2013-built LR2 Aframax oil product tanker that it agreed to purchase in November 2022.The 105,408 dwt P. Long Beach (formerly Fos Hamilton) was acquired for $43.75 million, partially financed through a term loan facility with Alpha Bank S.A.Long Beach is equipped with an eco-electronic engine and fitted with a ballast water treatment system (BWTS).The vessel is the fourth vessel delivered to the company during the course of this year, bringing the Performance Shipping’s current fleet to a total of eight Aframax tankers.Andreas Michalopoulos, the Company’s Chief Executive Officer, said, “The delivery of our second LR2 Aframax tanker, the M/T P.

14 Feb 2022

MV Charlie delivered to dship; Fourth "Eco-friendly" Newbuild

MV Charlie, dship’s newest F-500 vessel providing reduced fuel consumption. Image courtesy dship Carriers

dship Carriers took delivery of number four of four newbuilds, the MV Charlie, the latest generation eco-friendly F-500 vessel type. The quartet of new ships enhances dship's capabilities in the multi-purpose heavy lift market during a time when cargo slots are rare and the market is tight.dship ordered the four eco-friendly F-500 multipurpose heavy lift vessels—MV Mick, MV Keith, MV Ronnie and MV Charlie—as part of its fleetexpansion program initiated back in 2018. All ships were developed to reduce fuel consumption while increasing stowage flexibility.

19 Aug 2021

OFCO Buys Seven Offshore Support Vessels

An aerial view of one of the new vessels acquired by OFCO. (Photo: Abu Dhabi Ports)

Offshore Support and Logistics Services Company (OFCO – Offshore International), the integrated maritime logistics service provider that is jointly owned by Allianz Marine & Logistics Services (AMLS) and SAFEEN, Abu Dhabi Ports’ marine services arm, announced it has acquired seven offshore support vessels, including four anchor handling tugs, a 65-meter landing craft, as well as a supply ship and multipurpose safety standby vessel.Officially launched in January 2021, OFCO provides onshore and offshore integrated logistics solutions, and subsea services.

15 Apr 2021

Maersk Tankers Sells Six LR2 Product Tankers

(Photo: Maersk Tankers)

Maersk Tankers announced it has sold six Long-Range 2 (LR2) product tankers in an en-bloc transaction.All six of the vessels were or will be built at Dalian shipyard in China, including one in 2020 and the remaining five in 2021, Maersk Tankers said.Maersk Tankers did not reveal the name of the buyer, though it is rumored to be ADNOC Logistics & Services, the shipping and maritime logistics branch of Abu Dhabi National Oil Company (ADNOC), which is currently in the midst of a fleet expansion program.Claus Gronborg…

13 Apr 2021

ADNOC L&S Adds Two More VLCCs to Its Fleet

Credit: ADNOC L&S

Abu Dhabi-based ADNOC Logistics & Services, the shipping and maritime logistics branch of Abu Dhabi National Oil Company (ADNOC), has ordered two additional Very Large Crude Carriers (VLCC), bringing the total number of VLCCs added to its fleet in 2021 to eight.ADNOC L&S said Tuesday that the VLCC fleet expansion played a significant role in supporting ICE Murban Futures, which is expected to boost trading of the UAE’s flagship Murban crude oil, enabling it to reach new customers and markets around the globe.

15 Mar 2021

Bahri Chemicals Expands Fleet, adds Nine Chem Tankers on Charter

Bahri CEO Eng Abdullah Aldubaikhi

Bahri business unit will cement its position as world’s largest operator of chemical tankers in IMO2 MR class with 31 vesselsBahri said that its business unit Bahri Chemicals has concluded a long-term time charter agreement with Dubai-headquartered international shipping company United Arab Chemical Carriers Limited (UACC). As part of the deal, nine UACC IMO2 MR (medium range) chemical tankers will join Bahri Chemicals’ fleet from April 2021 onward, bringing the total number of vessels of the same class that it operates to 31.Eng.

10 Mar 2021

VARD Delivers Expedition Cruise Ship to Coral Expeditions

(Photo: VARD)

Ship designer and builder VARD said it has delivered a second expedition cruise vessel to Coral Expeditions of Australia.The newbuild, Coral Geographer, is ready to sail after arriving from Vard Vung Tau, VARD’s shipyard in Vietnam. Her maiden voyage with passengers will start from Cairns, Queensland, at the end of March.The vessel is the second VARD 6 01 ship ordered as part of Coral Expeditions' fleet expansion, following delivery of the sister ship Coral Adventurer in 2019.Developed by Vard Design in Norway in cooperation with the customer…

12 Feb 2021

Seaspan Orders 10 Dual-fuel LNG Containerships

© Ian Holland / Adobe Stock

Seaspan Corporation announced Friday that it has entered into an agreement to order up to 10 dual-fuel liquefied natural gas (LNG) containerships from South Korean shipbuilder Samsung Heavy Industries.Seaspan, a wholly owned subsidiary of Atlas Corp., said the deal is for five ultra-modern 15,000 TEU newbuilds, with an option for an additional five. The containerships are scheduled for delivery from first half of 2023 onward, and upon completion will enter 12-year charters with Israel-based shipping company ZIM for its Asia - US East Coast trade."This is a milestone agreement for ZIM…

13 Oct 2020

New Self-unloading Bulker Delivered to Algoma

Algoma Intrepid (Photo: Algoma)

Canadian shipping company Algoma Central Corporation announced it has taken delivery of its second Equinox 650-foot Class self-unloading dry-bulk carrier, Algoma Intrepid.The new vessel, the ninth Equinox Class vessel to join the Algoma fleet, has begun her voyage across the Atlantic to Canada from the 3 Maj Shipyard in Croatia to Canada where she is expected to begin trading on the Great Lakes in November.Algoma Intrepid is the sister ship to the Algoma Innovator, which entered…

22 Apr 2020

Qatar Books Chinese Shipyard Capacity in LNG Carrier Fleet Expansion Push

Saad Sherida Al-Kaabi, the Minister of State for Energy Affairs, the President and CEO of Qatar Petroleum

Qatari state-owned oil and gas company Qatar Petroleum has signed a deal to reserve LNG ship construction capacity in China in a deal potentially worth more than $3 billion.QP said that the reserved LNG carrier construction capacity would be used for QP’s future LNG carrier fleet requirements, including those of its ongoing expansion projects of the giant offshore gas field North Field.Qatar Petroleum struck a deal with and Hudong-Zhonghua Shipbuilding Group Co., Ltd., a subsidiary of China State Shipbuilding Corporation Limited (CSSC).

26 Feb 2020

Dry Bulk Fleet Growth to Slow to 3.1% in 2020

The largest international shipping association representing shipowners, BIMCO said that it expects dry bulk fleet growth to slow to 3.1% in 2020, after a 3.9% fleet expansion in 2019.As this level of growth still exceeds demand growth, the market will also deteriorate in 2020, it pointed out.Meanwhile, demolitions are expected to rise to 12 million deadweight tonnage (DWT) in 2020, up 4.2 million DWT from 2019. With expected deliveries of 39.3 million DWT, the dry bulk fleet is set to exceed 900 million DWT for the first time.Demolitions this year are expected to include up to half of the VLOCs that were converted from very large crude carriers between 2007 and 2011.At the start of February…

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