Sharp Uptick Seen in Crude Tanker Ordering
Contracting activity for for crude tanker newbuilding has risen sharply to start 2024, driven by a steep rise in orders for very large crude carriers (VLCC), according to shipping organization BIMCO.In the first two months of 2024, crude tanker newbuild contracting surged to 7.4 m DWT, a 490% leap y/y. Notably, the 19 VLCCs ordered in January and February is more than was ordered for the entirety of 2023.Freight rates for crude tankers spiked at the start of the war in Ukraine, and they have largely stayed strong since, said Filipe Gouveia, shipping analyst at BIMCO.
MOL and Petrobras Sign Cargo Transfer Vessels Deals
Mitsui O.S.K. Lines (MOL) and Brazil’s state-owned energy giant Petrobras have signed a charter contract for cargo transfer vessel (CTV) SeaLoader 2, and agreed to start negotiations for a new CTV shipbuilding contract by the end of 2024.MOL signed the deal through its wholly owned subsidiary, SeaLoading Holding, which owns and operates CTVs.SeaLoading started a CTV agreement with Petrobras for SeaLoader 2 on a trial period in January 2022, and successfully completed more than 30 crude oil offloading operations from Petrobras' FPSOs located in the Santos Basin…
MOL Signs Long-Term Charter with Tokyo Gas for LNG Carrier Newbuilding
Mitsui O.S.K. Lines (MOL) has signed a long-term charter contract for a newbuilding LNG carrier with Tokyo LNG Tanker (TLT), a wholly-owned subsidiary of Tokyo Gas.This is the eighth contract, following a time charter contract for seven LNG carriers that were signed for TLT.The 174,000-cbm ship will be 294.9 meters long, with the bread of 46.4 meters.The vessel will be built at the Geoje Shipyard of Hanwha Ocean in South Korea, and is scheduled for delivery in 2026.It will be…
Japan Continues to Lead Shipowner Rankings
VesselsValue has unveils this year’s top 10 shipowning nations, reviewing the total asset values for vessels by beneficial owner country. From Japan's resolute leadership in the top position with a USD 206.3 billion fleet to the emergence of Hong Kong at USD 44.7 billion, asset values and ownership strategies have changed considerably over the last 12 months, says Rebecca Galanopoulos-Jones, Senior Content Analyst, Veson Nautical.The data provided by VesselsValue and analysed by Veson is valid as of February 2024.
The APAC Offshore Market: Riding the Wave of Success into 2024 and Beyond
2023 was the first year of real recovery for owners in the offshore supply market and yet we have barely skimmed the surface of what’s to come.The market is still on an upward trajectory with charter rates accelerating month-by-month, availability changing day-by-day, leading to earnings doubling and, in some segments, tripling since the lows of 2020. Current rates will remind many of the glory days of pre-2014 with the demand for OSVs projected to remain elevated for years to come.In general…
Floating Production – A Growing Segment in Transition
The specialized deepwater oil & gas and floating offshore wind segments will share many of the same stakeholders and supply chains, competing for increasingly scarce resources.To receive a full version of Inteletus analysis, click hereThe established floating production segment is forecast to experience continued growth through this decade, driving demand for, among other things, moorings, subsea systems, umbilicals, risers, flowlines and the large anchor handlers and subsea support vessels that will install and maintain the elements.At the same time…
German Government Funds Rotor Sail Install on Baltrader Cement Carrier
The German government is providing funding to support the installation of an auxiliary wind propulsion system on board a cement carrier vessel.Hamburg-based Baltrader Capital GmbH & Co. KG. has signed a contract with wind propulsion systems provider Norsepower for the delivery of one 24m x 4m sized rotor sail in summer 2024. The product will be fitted on the newest cement carrier of the Baltrader fleet, Cemcommander, designed by SDC Ship Design & Consultants GmbH and built by Jiangsu Zhenjiang Shipyard (Group) Co. Ltd.The Norsepower rotor sail is a modernized version of the Flettner rotor.
MPCC Announces Newbuild and Retrofit Plans
MPC Container Ships (MPCC) on Monday announced plans to retrofit several of its ships and build one new vessel as part of its ongoing fleet renewal and decarbonization strategy.The Norwegian shipowner said it has entered into joint retrofit agreements with various charter customers, under which both the charterer and MPCC will share the costs of retrofit investments followed by an extension of the vessels time-charter contracts. MPCC also said it has partnered with Denmark-based Unifeeder in a joint investment for the construction of a 1,250 TEU dual-fuel methanol newbuilding.
Austal USA Plans New Facility and Shiplift in Mobile
Shipbuilder Austal USA announced it is planning to boost capacity at its Mobile, Ala. shipyard with the addition of a new manufacturing facility.The infrastructure expansion, which will be to the south of Austal USA’s current waterfront facility, will include a new assembly building, waterfront improvements, and a new Pearlson-designed shiplift system. Start of construction on the project is planned for summer 2024.The construction of this new building and waterfront support area continues the expansion Austal USA began in March 2021 with the groundbreaking of the steel panel line.
Alternative Fuel Newbuilding Orders Strong in January
According to the latest figures from DNV's AFI platform, it was another strong month for alternative fuel orders. This was led by methanol fueled ships, where 23 new orders were registered. Around 70% of these were in the container segment with the remainder mainly made up of vessels in the bulk and RoRo segments.LNG continues to feature strongly, with 10 more LNG fueled ships added to the database. Car carriers and tankers made up the bulk of these orders, followed by RoPax.
Longship Orders Two Newbuilds from GS Yard
Longship Group entered a joint newbuilding project with Wagle Chartering AS for two "GS Eco-Freighter 3700" to be built by GS Yard BV in Waterhuizen, the Netherlands.The general cargo ships feature single open top box shaped holds of about 181,000 cbft intake. The vessels are equipped with two bulkheads that can be used as tweendecks. They are fitted for grain, timber, project cagos and are driven by a IMO Tier III compliant Mitsubishi S12R engine with an output of 749 kW.Wagle Chartering is assigned with the commercial operation…
Cradle-to-Grave LNG Carrier Study Spotlights Crucial Role of Alternative Fuels for GHG Reduction
Alternative fuels, green steel and renewable energy are fundamental to greenhouse gas (GHG) emissions reduction during the life cycle of a vessel, an industry-first cradle-to-grave study on a newbuild LNG carrier has revealed.Carried out by Lloyd’s Register, Knutsen, HD Korea Shipbuilding and Offshore Engineering (HD KSOE), and HD Hyundai Heavy Industries (HHI), the analysis has highlighted the environmental output at each stage of a vessel’s life.Namely, the six-month study, which began in June 2023…
ABC Engines to Equip Jan De Nul’s Largest Cable Layer Yet
Offshore installation services company Jan De Nul has ordered methanol marine engines from ABC Engines for its new cable-laying vessel Fleeming Jenkin with ‘unrivalled cable-carrying capacity’.The order includes four 7,200 kW engines and one 1,800 kW engine that can run on (bio)diesel, HVO and methanol.Using green methanol, the engines are also climate neutral and due to the unique combination with the ULEv technology they also meet the strict Stage V standard for particulate matter and Euro 6 standard for nitrogen.According to Jan De Nul…
Cyan Renewables Enters UK Offshore Wind Market with Sentinel Buy
Cyan Renewables, a portfolio company of Seraya Partners, has acquired a majority stake in Sentinel Marine to strengthen its position in the UK offshore wind market and boost its local content.Singapore-based Cyan Renewables, Asia’s first dedicated offshore wind vessel operator, has reached an agreement to acquire a 75% stake in Sentinel Marine, a maritime environmental response vessel operator in the UK that currently owns the youngest fleet of Emergency Response and Rescue Vessels (ERRVs) in the UK.Sentinel Marine boasts a fleet of 13 modern…
TEN Sells 2005-built Suezmax Tanker
Tsakos Energy Navigation (TEN) on Monday announced it has sold one of the older vessels in its fleet, noting it plans to sell additional vessels in the near future.The 164,608 dwt suezmax tanker Eurochampion 2004, built at South Korea's Hyundai Heavy Industries in 2005, was sold to an undisclosed buyer in a deal expected to contribute approximately $40 million to the TEN’s cash balances, the Greek shipowner said.In announcing the sale, TEN noted its management is in continuous discussions for further vessel sales in the near future.The company also announced it has taken delivery of two 115…
Product Tanker Scrapping Drops 82%
“In 2023, only seven product tankers with combined deadweight tonnes (DWT) capacity of 265,000 were recycled. This was a year-on-year drop of 82% compared to 1.5 million DWT (27 product tankers) recycled in 2022. It was also the lowest level of recycling seen since records began in 1996,” says Niels Rasmussen, Chief Shipping Analyst at BIMCO.Strong earnings and second-hand values, as well as a reduction in newbuilding deliveries, have likely contributed to the very low level of…
MAN’s Most Powerful Medium-Speed Engine Chosen for TSHD
MAN Energy Solutions has won the contract from Royal Boskalis to supply 3 × MAN 49/60 engines for a 31,000 m³ Trailing Suction Hopper Dredger (TSHD).Each engine will come accompanied by an exhaust-gas after-treatment system, namely an MAN Low-Pressure Selective Catalytic Reduction (LP-SCR) system, that ensures IMO Tier III compliance. The newbuilding will be built at Dutch shipbuilding company, Royal IHC, at its Krimpen aan den IJssel yard and is expected to enter service in mid-2026.The TSHD will be diesel-electric powered with two Azipods to allow vessel operation even at shallow draught.
China Unveils New Images of its Aircraft Carrier Newbuilding
Chinese state media unveiled new images of China's most advanced aircraft carrier yet, including next generation launch tracks that can catapult a wider range of aircraft from its deck.First shown to the public in June 2022, the Fujian was entirely designed and built domestically.Yet to conduct its first sea trials, the aircraft carrier is larger and technologically more advanced than the Shandong, commissioned in 2019, and the Liaoning, which China bought second-hand from Ukraine in 1998 and refitted domestically.On state television late on Tuesday…
Mixed Feelings in Ship Recycling Market
Cash buyer GMS reports that the international ship recycling community is finishing the year with mixed feelings.“On the one hand, we have seen comparatively more deals concluded in 2023 than we did in 2022, with 2022 being the weakest of years over the last decade (in terms of the volume of vessels recycled in a single year).
Top 10 Things to Watch in Offshore Wind in '24
Despite short-term obstacles driven by high inflation and interest rates coupled with supply chain issues, we maintain that the foundations supporting long-term offshore wind activity remain solid. As we prepare for the new year, let us look at 10 factors that will shape the offshore wind sector in 2024.1. A Continuously Dynamic Energy TrilemmaThe dynamic relationship of the three key drivers of affordable energy, energy security and energy transition was clearly evident in 2023 as energy affordability and security were generally more prominent themes than the transition.
Höegh Autoliners to Deploy Marlink Hybrid Network
Marlink said it will deploy its guaranteed bandwidth hybrid network solutions to the Höegh Autoliners fleet. Already a customer using remote IT service, support and maintenance from Marlink, Höegh Autoliners will adopt Marlink’s hybrid network solutions, blending high throughput VSAT with L-band backup and 4G/5G services. The managed network solution also includes Marlink’s Unified Threat Management (UTM) cyber security service. The company will also evaluate the Low Earth Orbit (LEO) services entering the maritime industry…
MOL to Expand Fleet With 5 New LNG-fueled Capesize Bulkers
Japanese shipping major Mitsui O.S.K. Lines (MOL) has decided to expand its fleet with the additional five newbuilding dual-fueled Capesize bulkers, which can burn either LNG or conventional marine fuel oil.Two of the vessels will be ordered to Nihon Shipyard and built by Imabari Shipbuilding, while there remaining three will be built by Chinese CSSC Qingdao Beihai Shipbuilding.The vessels are slated for delivery from 2026 to 2027, according to MOL. Including these five vessels, MOL will add a total of 13 LNG-fueled Capesize bulkers in their fleet.
Edda Wind Secures Green Financing for Newbuild Program
Edda Wind announced it has entered into a green term loan facility agreement for the pre- and postdelivery financing of four new commissioning service operation vessels (CSOV) under construction at Vard.The agreement is a €161 million green loan facility with Crédit Agricole Corporate and Investment Bank, Danske Bank A/S, DNB Bank ASA and SpareBank 1 SR-Bank ASA, with expiry in 2029 and a profile of 12 years. The facility corresponds to a leverage ratio of 60% of the total ready…