Fednav Ltd News

It has been an active week in the shipbuilding market, especially in the dry bulk sector, according to Clarkson Hellas's 'Weekly S+P report'. Apart from a single Panamax order and declaration of some Capesize options, ordering has been primarily focussed on the smaller Handysize and Supramax sectors. Starting with the Capes and taking its total orderbook at the yard to 12 firm vessels, we understand that Clients of Frontline 2012 have declared four further options for 180,000 DWT bulk carriers at SWS. Delivery of these latest vessels is scheduled towards the end of 2015 and into the first half of 2016. It was also reported that Tai Chong Cheang S.S. has declared an option for the second in a series of 76,500 DWT Panamax bulkers at Imabari’s Marugame facility.

Fednav Ltd. orders ice-breaking bulk carrier from Sumitomo Corporation & Universal Shipbuilding Corporation, Japan. The new vessel has been ordered in order for Fednav to fulfil a long-term contract which provides for the transportation of nickel and copper concentrates from Canadian Royalties' Nunavik Nickel Project in northern Quebec to customers in Europe as well as the import from Europe of mine supplies and equipment. The Polar Class 4, 25,000 dot vessel,will be built at Universal's Tsu shipyard, and will be classed by Det Norske Veritas. The scheduled delivery date is December 2013.

Economic conditions and severe weather conditions have formed the perfect storm to slow some traditional trade at U.S. ports along the St. Lawrence Seaway System. The St. Lawrence Seaway reported that year-to-date total cargo shipments for the period March 22 to July 31 was 17.1 million metric tons, virtually flat over the same period in 2011. While July is usually a slow month on the System, not all the news was negative. “The Great Lakes Seaway system is an attractive market for breakbulk cargoes, and offers one of the most promising areas for growth,” said Craig H.