Chemical Product Tankers News

Denmark-based marine pump maker Svanehøj said Wednesday it had secured an order to deliver electric cargo pumps for seven LNG-/LBG-fueled chemical & product tankers. The client is the joint venture-company FureBear.Swedish Furetank AB and Canadian Algoma Central Corporation have entered into a joint venture agreement to construct eight LNG/LBG-fueled ice class 1A chemical & product tankers (17,999 DTW) to trade in Northern Europe.The joint-venture company, FureBear, is now placing a significant order with the pump specialist Svanehøj…

Greek ship-owning company Top Ships Inc. announced the completion of sale of MT Stenaweco Elegance.According to a press note from the owner and operator of modern, fuel efficient "ECO" tanker vessels, its previously announced sale of tanker was concluded.The vessel was delivered to its new owner, an unaffiliated third party, and the respective loans for which the vessel was a collateral for were fully prepaid.Few days ago, the Greek tanker owner sold its 50% owned MR2 chemical/product tankers  M/T Holmby Hills and M/T Palm Springs.The vessel sales are subject to customary closing conditions and are anticipated to be concluded during March 2020, said Top Ships.

Saudi Aramco's shipping arm Bahri has issued an expression of interest (EOI) to charter up to 12 liquefied natural gas (LNG) tankers from 2025, its first foray into the superchilled fuel, industry sources said on Monday.No further details were immediately available and Saudi Aramco declined to comment. EOIs are preliminary enquiries that may or may not turn into full-fledged orders.According to Bahri's website, the national shipping carrier of Saudi Arabia has six business units dealing in oil…

The National Shipping Company of Saudi Arabia (Bahri) has announced the expansion of its market presence in the Asia-Pacific (APAC) region’s maritime industry.The stronger presence will help the company gain deeper insights into market trends as well as customer needs in chemicals and logistics sectors in Singapore and the wider APAC region, said a press release from the logistics and transportation company.The expansion will also enable Bahri Logistics and Bahri Chemicals, two of five business units of the company, to market their offerings, acquire new clients, serve existing clients, and channelize the communications. Bahri has plans to expand the services of its other business units to the APAC region in the future.

Saudi Arabian maritime transport and logistics company Bahri has appointed Abdullah Aldubaikhi as its new chief executive office. Aldubaikhi’s appointment, which takes effect January 1, 2018, comes as the company gears for a new phase of expansion following several months of growth, according to Bahri chairman, Abdulrahman M. Al-Mofadhi. Aldubaikhi joins Bahri from Saudi Agricultural and Livestock Investment Company (SALIC), where he served as CEO for six years. He previously held senior management roles at several firms, including Afwaf Investment, Awalnet and DowLog Technology Company.

Since it started publishing in 1939, Maritime Reporter & Engineering News has recognized excellence in ship construction. The Switch has been engaged in the maritime industry for only three and a half years, but it already has approximately 20 ships in its reference list, including the first, the 15,000 dwt M/T Ternsund  (featured on this month’s cover) owned by Terntank, which is a fourth generation company that in 1958 was a one ship company, and today is an operator of ten modern chemical/product tankers in the range from 8,000 to 15,000 dwt.

These are difficult times for the shipbuilding industry, in particular that of Korea, which faces its worst-ever order drought. Big, medium-sized and small shipbuilders are undergoing deep restructuring as a consequence of the workload downturn. However, despite the crisis Korea is still the global leader in newbuilding deliveries, and its shipyards continue to demand, and now more than ever appreciate, improvements in all areas of management, design and production. At a time of difficulty…

PPG Protective and Marine Coatings has unveiled Phenguard Pro, a tank coating system that is intended to offer benefits for both shipyards and ship-owners. For shipyards and at installation, the coating system provides potential efficiency gains of over 20 percent compared to three-layer coating systems, PPG said. For owners it provides the wide chemical resistance and long carriage time of more than 3,400 cargoes, delivering maximum flexibility to the product tanker trades, according to the manufacturer.

State-owned Oman Shipping Company SAOC (OSC) is projecting to expand its current fleet of 43 ships to 50 by 2018, the Oman Daily Observer reported. According to the report, the expansion is in line with a ramp-up in hydrocarbon, petrochemical and industrial investment throughout Oman. As the Omani economy grows, OSC looks to provide the tonnage required to meet the maritime shipping needs of expanding production capacity, a company representative told the Observer. The current fleet includes a mix of LNG carriers…

U.K. based Solar Solve Marine received two orders to supply SOLASOLV class approved roller screens from Stenships KS, a subsidiary of Rederiet Stenersen AS, headquartered in Bergen, Norway. Rederiet Stenersen transports liquid products with 17 chemical/product tankers ranging from 17-19,000 DWT deployed in North West European Trade. In December and January the company placed two orders for the M/T Sten Suomi and M/T Sten Bothnia. SOLASOLV antiglare screens are installed at the windows of all types of ships, rigs and cranes worldwide.

Starting with the larger sizes Hyundai Merchant Marine (HMM) are understood by Clarkson Hellas to have placed an order for two firm 210,000 dwt Newcastlemax at Bohai, with delivery of both vessels due in early 2017. The majority of ordering this week has been focussed on the Kamsarmax market; Weihai Samjin (Korean owned yard with facility based in China) has taken two separate orders for 82,000 dwt Kamsarmax from NK Shipping for four firm plus two options, and two further firm vessels from another Korean buyer, although yet unknown.

There has been a significant volume of shipbuilding business reported in the week according to Clarkson Hellas. The dry bulk fleet has seen a number of new additions this week. It was reported that SWS signed an additional order with Clients of Thenamaris for 1+1 180,000 DWT Capesize vessels, with the firm vessel lined up for delivery in 2015. Clients of Nordic Bulk Carriers placed an order for two firm 75,000 DWT Ice Class 1A bulk carriers at Oshima for delivery in 2015. Although pricing was not officially revealed, it is believed the contracts will be priced just over USD 30 Mill and include options for additional sister vessels. Oshima Shipbuilding are additionally reported to have signed a single 38,000 DWT bulk carrier for Clients of Ultrabulk with delivery in 2014.

Capital Product Partners L.P. (the "Partnership" or CPLP) (NASDAQ: CPLP) has reached a conditional agreement with Overseas Shipholding Group Inc. (OSG) and certain of OSG's subsidiaries regarding the long term bareboat charters of three of its product tanker vessels. On November 14, 2012, OSG made a voluntary filing for relief under Chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the District of Delaware, and it is currently subject to bankruptcy proceedings. CPLP had three IMO II/III Chemical/Product tankers (M/T Alexandros II, M/T Aristotelis II and M/T Aris II, all built in 2008 by STX Offshore & Shipbuilding Co. Ltd.) with long term bareboat charters to subsidiaries of OSG.

Omega Navigation Enterprises, Inc., a provider of global marine transportation services focusing on product tankers, announced its financial and operational results for the second quarter and six months ended June 30, 2010. For the quarter ended June 30, 2010, Omega Navigation reported total revenues of $19.0 million and Net Income of $2.4 million, or $0.15 per basic share, excluding losses on interest rate derivative instruments, incentive compensation grants expense and a one-time settlement fee for the termination of a purchase agreement. Including these items, the Company reported Net Loss of $0.9 million or $0.05 per basic share. Adjusted EBITDA for the second quarter of 2010 was $6.1 million. Please see below for a reconciliation of Adjusted EBITDA to Cash from Operating Activities.

Omega Navigation Enterprises, Inc. (NASDAQ:ONAV), a provider of Marine Transportation services specializing in product tankers, announced that Megacore Shipping Ltd., its previously announced joint venture with a wholly owned subsidiary of Glencore International AG, has taken delivery from Hyundai Mipo Dockyard in S. Korea of the Megacore Philomena during the fourth quarter of 2010 and of the Megacore Pacifica and the Megacore Philothea during January 2011, each a 74,000 dwt. coated Panamax product carrier. Megacore Shipping Ltd. has contracted to acquire two Handysize double hull chemical / product tankers and seven Panamax double hull product tankers to be constructed at Hyundai Mipo Dockyard in South Korea. The two handysize vessels, the 37,000 dwt.

Navios Maritime Acquisition Corporation, an owner and operator of tanker vessels, announced  that it has agreed to acquire two newbuilding chemical tankers and has also exercised the options to acquire two MR2 product tankers for an aggregate purchase price of $130.2 million. Navios Acquisition has agreed to acquire two newbuilding chemical/product tankers for approximately $33.6 million each. The vessels are 45,000 dwt each, with estimated deliveries in the third quarter of 2013. Upon delivery, these vessels will be named the Nave Universe and the Nave Constellation. Each vessel has been chartered out to a quality counterparty for two years at a rate of $14,869 net per day, plus 50% profit sharing based on a formula.

The focus this week being on the Ultramax and Handysize sectors. It was reported this week that that d’Amico Ireland Ltd have placed an order for four firm 64,000 DWT Ultramax at Yangfan, with delivery of all vessels in 2016 and pricing in the region USD 25 Mill. Also in China, Clarkson Hellas understands that Cyprus owners FrontMarine have placed an order for four firm 58,500 DWT Supramax at New Times. Pricing for these vessels is understood to be in the high USD 25 Mill, with delivery in 2015. At Tsuneishi’s Cebu facility in the Philippines, it was reported that Uni-Asia Shipping have contracted two firm 58,000 DWT Supramax. Although pricing for this deal was undisclosed, delivery of both vessel is understood to be due in 2015.

Gulf Energy Maritime (GEM), the Middle East's largest independent commercial product tanker operator, has awarded South Korea’s Samsung Heavy Industries Co. Ltd (SHI) a $160m contract for building of two high specification double-hulled Aframax tankers – the first in GEM’s growing fleet. These Aframax tankers to be delivered before end of 2011 are to be named as Gulf Vision and Gulf Valour. The two fully coated vessels with a capacity of 114,700 DWT each are of Long Range 2 (LR2) specification – capable of carrying both clean petroleum products and dirty products such as crude and fuel oil.

L-3 Westwood has contracted AETI to develop custom-built, commercially oriented marine switchgear for the two separate projects totaling slightly more than $5 million. The end customers are VT Halter Marine, a domestic ship engineering and construction company in the , and affiliates of AHL Shipping Company, a petroleum product transportation company that provides double hull tankers to the domestic petroleum industry. L-3 will provide twin shaft line electric propulsion systems to affiliates of AHL Shipping Company for the building of three, shallow-draft, 49,000 deadweight ton Jones Act and OPA90-compliant chemical product tankers in connection with a charter agreement with Shell Trading (U.S.) Company (Shell Trading). The vessels will have a cargo capacity of 330,000 barrels.

Hamburg-based Hellespont has launched a pool for modern IMO 2 chemical/product tankers. The Seatramp Intermediate Tanker Pool will initially consist of three KG-financed and Hellespont-operated 13,000 dwt vessels, and Hellespont has committed a further eight 17,000 dwt newbuildings due between now and 2011 to the pool. Talks with other owners are at an advanced stage and the aim is to bring the pool to around thirty vessels by the end of 2010. Christian van Oldershausen, managing director of Hellespont AG, said, “In the current market consolidation of fleets into pools makes a lot of sense. It smoothes earnings, allows the pool to develop long term relationships with large charterers and balance tonnage against cargo commitments and overall increases returns as tonnage utilization rises.

A.P. Moller - Maersk Group announced that the naming of the newest vessel, a chemical/product tanker of 16,500 tons, took place. The vessel was built at the Jiangnan shipyard for the A.P. Moller - Maersk Group. Elizabeth Bjerregaard, accompanied by her husband Peter Bjerregaard, Executive Vice President of the Danish Shipowners’ Association, delighted A.P. Moller - Maersk and the shipyard by naming the vessel NORDBY MÆRSK. The vessel is the third in a series of six vessels that the Chinese shipyard has delivered to A.P. Moller - Maersk. Representatives from the Danish Shipowners’ Association and A.P. Moller - Maersk participated in the naming ceremony. In line with the environmental policy of A.P.

Hamburg-based TB Marine-Hamburg GmbH. Shipbuilding Co for delivery 2011. up Seaarland Shipmanagement (Hamburg) GmbH & Co. KG. our German ships and other ships owned by TB's partners. 2008. German tonnage. Singapore and Indian companies. market. investment group via Aquarius Marine Consulting, Hamburg. approval and newbuilding supervision for TB's projects. Ice Class 1A chemical/product tankers fixed with long term employment.

Genoa Design International Ltd. has won a contract to provide production design and lofting for two196.8 ft Offshore Support Vessels for the Iraqi Navy. The ships, which will play a central role in rebuilding Iraq’s maritime security capability, will support and defend the country’s offshore oil terminals. Two U.S. based companies are leading the project: RiverHawk Fast Sea Frames in Florida, as primary contractor and Gulf Island Marine Fabricators, L.L.C. in Louisiana, as construction sub-contractor. The project falls under the U.S. Foreign Military Sales program, with Naval Sea Systems Command, Washington, D.C., as contracting entity for the Iraqi Government. Vessel completion is expected by December 2011.Genoa Design International Ltd.