Koje Island News

The time charter party of the Cap Victor (2007 -158,853 dwt) with BP and the time charter party of  the Fraternity  (2009 – 157,714 dwt) with Vitol have been extended with 24 and 12 months respectively. On 10 February 2010, the company took delivery of the newbuilding Suezmax Eugenie (2010 – 157,677 dwt)  from Samsung Heavy  Industries, Koje  Island, South Korea. The vessel, which  is owned 50%-50% in joint venture with JM Maritime, is being operated on the spot market. The  storage  contract of  the V-plus TI Europe  (2002 – 441…

Having logged fresh orders from existing clients UN RoRo (formerly UND) of Turkey and Denmark's DFDS group, Flensburger Schiffbau-Gesellschaft has taken its tally of RoRo trailerships contracted in recent years to 23. The volume of business puts the German yard to the fore in European RoRo freight vessel construction, with a prolific, current output rate of four such newbuilds per annum. FSG's assumption of a high profile in the RoRo category is a mark of thecompany's meticulous attention to production processes, materials and equipment procurement and logistics, build quality and design added-value. Measures aimed at ensuring cost competitiveness in the international market are complemented by the maintenance of a large…

For an independent tanker owner to undertake a newbuild fleet development program amounting to 3-million tons of crude oil carrier capacity in itself demonstrates a high degree of business verve. But to emphatically put one's own stamp on the design, construction and equipping of such tonnage is an added expression of will, given the production-driven tendency in the industry towards shipyard-orientated and class-minimum specifications. Piraeus-based Hellespont Shipping Corp.'s commitment to a new generation of ultra large crude carriers (ULCCs) is exceptional on its own account, given the paucity of new investment in the category over the past quarter-century.

The executive committee of Euronav NV reported its provisional financial results for the three months ended 30th September 2006. The company had net income of $53.8m (2005: $5.8m) or $1.02 (2005: $0.11) per share, for the three months ended September 30, 2006. EBITDA was $110.5m (2005: $56.9m). Euronav owned VLCCs operated through the Tankers International (TI) Pool earned a time charter equivalent, in average for the quarter, of $69,500 (2005: $35,858). The time charter earnings of the Suezmax fleet which is fixed on long term time charters, was $35,860/day for the third quarter. The freight market for seaborne transportation of crude…

Euronav NV has signed a contract to acquire the resale of two double-hull 159,000 dwt Suezmaxes under construction at Samsung Heavy Industries (Samsung), Koje Island, South Korea from the Turkish owner Geden. The Newbuildings are expected to be delivered from the yard in October 2008 and January 2009. The acquisition price amounts to $170m for both vessels. These two newbuildings confirm Euronav’s confidence in the excellence in the design and construction at Samsung. The company already owns 7 Suezmaxes that were built at Samsung including the Cap Philippe which was delivered to the company last month. The company has another 4 Suezmaxes under construction at Samsung…

Neptune Orient Lines Ltd. (NOL) will charter two new large container ships for use by APL, its container transportation and logistics unit, according to company officials. Officials said APL will deploy the vessels, each with a capacity of 5,500 teu, in Asia-Europe trade. NOL said the two vessels, to be built at the Samsung Heavy Industries yards at Koje Island in South Korea, were scheduled to be delivered in mid-2001. NOL will charter the vessels from owner Greece-based Danaos Shipping Company for a period of five years or longer, bringing total NOL container capacity to about 215,000 teu.

Han Jong-chan assembles the massive blocks used to build ships at one of South Korea's huge and successful shipbuilding yards and has never been happier. Han has worked Daewoo Shipbuilding & Marine Engineering's famed shipyard on remote Koje island here for 18 of his 38 years, recently on night shifts as hefty orders force workers to man giant cranes and welding shops around the clock. Despite a troubled past, a looming dispute with the European Union over subsidies and growing competition from China, the future is looking rosy -- particularly with Korean yards eyeing the potentially lucrative market for cruise ships. The port of Okpo is synonymous with the Daewoo Group and the efforts of its now disgraced founder…

The Bangladesh Navy's fifth frigate, built at a cost of $100 million, arrived at the Chittagong naval port on Saturday. The frigate, 339-ft. (103.5 ,) long, is named "Bangabandhu" -- the honorific title of Bangladesh's slain independence leader Sheikh Mujibur Rahman -- and is equipped with missile and torpedo launchers and a helipad. The vessel was built by South Korea's Daewoo Shipbuilding and Marine Engineering Co, after making the winning bid in 1997. Captain Zahir Uddin Ahmed of the Bangladesh Navy, who piloted the vessel to Chittagong from the Okpo shipyard on Korea's Koje island, was trained with more than 150 personnel in South Korea ahead of the delivery.

Neptune Orient Lines Ltd (NOL) will reportedly charter two new large container ships for use by APL, its container transportation and logistics unit. The two vessels, each with a capacity of 5,500 teu, will be deployed by APL in Asia-Europe trade, the company reported. NOL officials said the two vessels, to be built at the Samsung Heavy Industries yards at Koje Island in South Korea, were scheduled to be delivered in mid-2001. NOL will charter the vessels from owner Greece-based Danaos Shipping Company for a period of five years or longer, bringing total NOL container capacity to about 215,000 teu.