China Shipyard Delays Delivery, Contract Cancelled

Press Release
Monday, November 19, 2012
Ultrabulk Panamax Bulk Ship

Due to continuous delays in the construction and delivery of two Kamsarmax bulkers, Ultrabulk cancels.

The bulkships were originally to be built at Zhoushan Jinhaiwan Shipyard Co. Ltd., China, but the yard failed to finish the construction within agreed contractual delivery terms. The contracts were originally entered into and announced in 2010 (Company announcement # 25/2010) for long term charter of both vessels up to 12 years of duration.

Ultrabulk further announces having entered into an agreement to secure a new ECO-designed Supramax bulker of 61,000tdw size, to be built in Japan and upon delivery to be placed on long term time charter period of up to 12 years to the Ultrabulk platform. Delivery is set for 2015 and Ultrabulk has the option to buy the vessel during the charter period.

The new ECO-designed Supramax bulk carrier will be equipped with electronic main engine and systems which will improve the fuel efficiency of the vessel by approximately 10 % and reduce the CO2 emissions correspondingly compared to similar sized Supramax vessels already delivered. This contract is the first ECO-designed Supramax newbuilding charter contract under the Ultrabulk umbrella, after the company concluded two contracts within the ECO-designed Handysize segment earlier this year.

“The market is still expected to create challenging conditions for the dry-bulk market within the foreseeable future, but with a solid cargo book already in place, it’s a natural move for us to conclude our first new ECO-designed Supramax bulker. By adding this latest ECO-design to our long term fleet, we show our continued support not only to our long term partners in Japan, but also to our long term global cargo partner, sending a strong signal that Ultrabulk is firmly committed to continued growth in the years to come”, says Henrik Sleimann Petersen, Head of Shipholding.
 

Maritime Reporter March 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Contracts

Asia-Europe Box Rates Fall Almost 6 pct

Shipping freight rates for transporting containers from ports in Asia to Northern Europe fell 5.5 percent to $586 per 20-foot container (TEU) in the week ended on Friday,

Yachting Malta PPP Sets Sail

Yatching Malta Ltd (YML) - a new public private partnership (PPP) between the government and the Royal Malta Yacht Club (RMYC) was formed with the aim of putting Malta on "the global yachting map".

Carnival to Add Nine Ships to Cruise Fleet

Carnival Corporation enters into strategic partnerships to add nine cruise ships to its fleet over a four-year period starting in 2019; shipbuilders Fincantieri

Legal

K-Line Executive Pleads Guilty to Price Fixing

An executive of Japan-based Kawasaki Kisen Kaisha Ltd. (K-Line) was sentenced to 18 months in a U.S. prison after pleading guilty to his involvement in a conspiracy to fix prices,

Steady Growth Reported by the Swedish Club

The Swedish Club reported a solid operating result to its board today, continuing a record of building on steady growth. 2014 was seen as a stable year, where

Helios LPG Pool to Start Operating

Dorian LPG Ltd. today announced the commencement of operations of Helios LPG Pool LLC on April 1st, 2015.  Helios LPG is jointly run by Dorian LPG and Phoenix Tankers Pte.

Bulk Carrier Trends

Cosco Bulk Shipping Losses Down in 2014

China Cosco said losses in its main dry bulk shipping business fell sharply in 2014 and its container shipping gross profit grew amid a still subdued global shipping market.

MOL’s Coal Carrier for Tokyo Electric Power

Mitsui O.S.K. Lines, Ltd. today announced that the coal carrier Hakutaka, which will serve Tokyo Electric Power Company, Inc. was delivered at Mizushima Shipyard

Golden Ocean and Knightsbridge Complete Merger

The merger between Knightsbridge Shipping Limited and Golden Ocean Group Limited was approved today at special meetings of both companies' shareholders.      The new company,

 
 
Maritime Contracts Naval Architecture Navigation Pipelines Pod Propulsion Port Authority Salvage Ship Electronics Sonar Winch
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1632 sec (6 req/sec)