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Newbuilding Contract

Golar LNG Signs Newbuilding Contract with DSME

The Board of Golar LNG Ltd. has confirmed that it has now signed a newbuilding contract with the Korean shipbuilder DSME for one 145,000 m3 LNG newbuilding for delivery in end of 2005 / alternatively beginning of 2006. Included in the contract is an option for up to two more newbuildings with delivery in 2006/2007 to be declared at a later stage. Chairman John Fredriksen says in a comment: "The strong market recovery in the drybulk, container and tanker sectors has put pressure on yard capacity. In this situation it has been important for Golar to secure the future growth of our company. The combination of the attractive contract price, fixed earlier this year, and the additional option package makes this deal into a very favourable contract for Golar. It is Golar's intention to work with employment opportunities where the strategic value of Golar's four uncommitted newbuildings can be maximized as a package. Such deals can include time critical infrastructure projects like the Italian Livorno project or other LNG chain projects managed by major LNG receivers/producers. Until such projects can be realized the Board is prepared to trade the vessels in the spot / short-term market. The spot market presently represents in excess of 10% of all trades in the LNG market and is expected to grow significantly."

Exmar Signs for Two Large Gas Carriers

EXMAR has signed a newbuilding contract for 2 Very Large Gas Carriers at Daewoo Shipbuilding and Marine Engineering Co. of South Korea. The newbuildings will have a capacity of 84,000 m³ and the first vessel will be delivered in the 1st half of 2008. EXMAR currently controls a combined fleet of 60 gas carriers servicing the entire gas product range worldwide.

Seaspan on Container Ship Buying Spree

Seaspan Corporation orders 4 newbuild 10,000 TEU container ships and, buys 4 second-hand 4,600 TEU ones. Seaspan has signed contracts for the construction of four 10,000 TEU class newbuilding containerships, at Jiangsu New Yangzi Shipbuilding Co., Ltd. and Jiangsu Yangzi Xinfu Shipbuilding Co., Ltd.  in China. The vessels are scheduled for delivery in 2014 and will be constructed using Seaspan's fuel efficient SAVER design

Ardmore Contracted for Chemical Tanker Newbuilds

Ardmore Shipping Corporation announced that it has been contracted for the construction of four 25,000 Dwt IMO 2 eco-design product and chemical tankers ordered from Fukuoka Shipbuilding Co. Ltd., Japan (Fukuoka) for a total price of approximately $118 million. As part of the contracts, Ardmore has also negotiated fixed price options for additional vessels. Ardmore expects to take delivery of the contracted vessels between fourth quarter 2014 and fourth quarter 2015

Bergen Group Sells off Shipbuilding Shares

Photo: Bergen Group

Bergen Group ASA announced it has signed an agreement with Calexco S.a.r.l. regarding sale of the remaining 30 % shares in NorYards AS for a price of $4 million. The completion of the transaction is expected to take place by end of August 2014, thus facilitating the group’s departure from its shipbuilding interests. The sale of the minority ownership in NorYards AS (former Bergen Group's Shipbuilding Division) will generate an accounting loss to be incorporated in the Bergen

Scorpio Bulkers Modifies Shipbuilding Contracts

Scorpio Bulkers Inc. has reached agreements with a shipyard in South Korea to modify existing newbuilding contracts for three Capesize Vessels, the company announced today.   The three contracts, two for vessels scheduled for delivery within the first quarter of 2016 and one for a vessel scheduled for delivery within the second quarter of 2016, will now provide for the construction of three LR1 product tankers, two of which will be scheduled for delivery within the second quarter of

Aker Yards to Guild Ferry for Tallink

Aker Yards and the Estonian Tallink Group have signed a contract for the building of a fast passenger ferry for delivery in spring 2007, worth around 110 million euro. The contract includes an option for another similar vessel. The new ferry to be delivered from the yard in Helsinki is of a new and innovative design. She will start regular traffic between Helsinki and Tallinn and will be capable to cross the sea between the two cities in 1 hour and 50 minutes

Moody’s Confirms General Maritime Rating

Moody's Investors Service has confirmed the debt ratings of General Maritime Corporation, completing a review for possible downgrade that was initiated on March 29, 2004. The confirmed ratings include: $250 million senior unsecured notes due 2013, rated B1 Senior Implied rating of Ba3 Senior Unsecured Issuer rating of B1 The rating outlook is stable. General Maritime's ratings had been placed on review for possible downgrade following the announcement by the company of its proposed purchase

Keppel Clinches Shipbuilding Contracts

Photo courtesy Keppel Offshore & Marine Ltd

Keppel Offshore & Marine Ltd’s (Keppel O&M) specialized shipbuilding arm, Keppel Singmarine Pte Ltd (Keppel Singmarine) has clinched three newbuilding contracts totaling about $98.5m. The first contract was awarded to Keppel Singmarine by Dutch dredging and marine contractor, Royal Boskalis Westminster N.V. (Boskalis) for the construction of a 159-metre long rock dumping fall pipe vessel to be completed in late 2011.

Sanmar Built Vessel Join Svitzer’s Fleet

Tugboat Shipyard at Tuzla Bay. Photo: Sanmar Tugboat

 Sanmar Shipyard Tuzla has built M/T Svitzer Amstel (Boğaçay XII) will join Svitzer’s fleet at the Port of Amsterdam, The Netherlands.    The vessel measures 24.4m x 11.25m with a 60 tonne bollard pull derived from a pair of 3512 C Caterpillar engines, each developing 1,765kW at 1,800 rev/min. connected to Rolls Royce azimuthing thrusters of US 205 FP type.   Sanmar has delivered two sister vessels to Svitzer in 2014 named as Bogacay II and Svitzer Tyne

ME Production Receives Two Scrubber Orders


ME Production subsidiary Marine Exhaust Technology has been awarded a new contract for the DFDS vessel Finlandia sailing on the route Rosyth-Zeebrugge. The scrubber contract includes design, engineering, manufacturing, and installation.  

Shanhaiguan Books Order for Six Containerships

Photo by Shanhaiguan Shipbuilding Industry

 China’s Shanhaiguan Shipbuilding Industry has booked an order to build up to six feeder containerships for Dalian Port Wantong Logistics and Dalian Jifa Ship Management.    The newbuilding contract will see the affiliate yard of China Shipbuilding Industry Corporation

Pioneer Marine Plunges into Red Again, Cancels Ship Orders

Photo by Pioneer Marine Inc

 Singapore-based Pioneer Marine reported a $5.4m loss for the third quarter of 2015, about even with a $5m loss in the same quarter last year.  It canceled orders for three new ships as the bulk-ship operator coped with a steep decline in demand for commodities in China.  

Frontline Reports Strongest 3Q

Frontline has one of the worlds largest fleets of VLCC and Suezmax tankers Credit Frontline

  * Frontline achieved net income attributable to the Company of $17.4 million, or $0.09 per share, for the third quarter of 2015 and net income attributable to the Company of $65.9 million, or $0.42 per share, for the nine months ended September 30, 2015.

LR to Class Maersk Supply Service Anchor Handlers

The six vessels (plus four options) placed in the Norwegian yard will be assigned Lloyd’s Register (LR) class notations 100A1, Offshore Supply Ship AHTS, Fire Fighting Ship 1 (2400), Ice Class 1A PS, RD (2.8), IWS.   Steel cutting is expected to begin in June 2015 with the first two

ABS Releases Guide for LNG Fuel Ready Vessels

Christopher J. Wiernicki

Notation reflects increased demand for review and approval of machinery elements on vessels designed for conversion to LNG fuel.   ABS has published the ABS Guide for LNG Fuel Ready Vessels to support members and clients in preparing newbuildings for future conversion to gas propulsion.

Nordic American Tankers Announces Newbuild Plan

Two new Suezmax newbuilding tankers increase NAT's fleet size to 24 vessels. Nordic American Tankers Limited (NAT) has announced that it has entered into a preliminary agreement with Sungdong Shipbuilding & Marine Engineering Co., Ltd

Scorpio Bulkers Modifies and Sells Shipbuilding Contracts

Scorpio Bulkers Inc. announces agreements to modify and sell existing shipbuilding contracts for six capesize vessels    Scorpio Bulkers Inc. has reached agreements with shipyards in South Korea and Romania to modify six newbuilding contracts for Capesize bulk carriers into newbuilding

Shipbuilding: NAT Finalizes Deal for Two New Tankers

On December 9, 2014, Nordic American Tankers Ltd. announced that preliminary contracts had been entered into with a South Korean shipyard, for the construction of two suezmax tankers to be delivered in the third quarter 2016 and first quarter 2017. The final documents were signed December 19, 2014

MOL, Mitsui Ink Charter Deal

Courtesy  Cameron LNG

  Mitsui O.S.K. Lines, Ltd. signed a contract with Mitsui & Co., Ltd. today (January 29) to charter a new 177,000m3 liquefied natural gas (LNG) carrier. This is the third newbuilding vessel chartered by Mitsui & Co., following a contract signed last September 26 for two carriers

Golden Ocean Reshuffles Fleet, Delays Newbuilds

Courtesy of Golden Ocean Group Limited

  Golden Ocean Group Limited has entered into several agreements concerning its fleet. Golden Ocean has agreed with Ship Finance International Ltd ("Ship Finance") a sale leaseback transaction of eight Capesize vessels currently owned by Golden Ocean.

SFL Acquires Eight Bulk Carriers from Golden Ocean

Ship Finance International Limited (SFL) has entered an agreement to acquire eight Capesize dry-bulk carriers from subsidiaries of Golden Ocean Group Limited, the company announced today.   The vessels are named Golden Beijing, Golden Zhoushan, Golden Magnum, Battersea, Belgravia

Shipping Faced with a Positive, Yet Complex, Changing macroeconomics landscape

Peter Sand, Chief Shipping Analyst, BIMCO

  The global macroeconomic scene has become more volatile, with prominent factors such as oil prices and global currencies causing a commotion. This is resulting in large-scale distributional changes of wealth and income that will impact global trade patterns in the long run if these changes

Star Bulk Sells Star Christianna

  Star Bulk Carriers Corp., a global shipping company providing transportation solutions in the dry bulk sector, today announced the sale of M/V Star Christianna (a 74,577 dwt Panamax vessel, built in 1998) to an unaffiliated third party.

Teekay’s Gas Carrier Fleet Worth $6.9 Billion


Global shipping giant Teekay LNG Partners can count itself as owner of the world’s most expensive fleet of whole gas (LPG and LNG) ships, worth a combined $6.9 billion, according to online ship intelligence and information service  

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