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Gas Carrier Market News

08 Jan 2017

Dryships to Expand into VLGC sector

DryShips Inc. announced today that, it has agreed to enter into a “zero cost” Option Agreement (“LPG Option Agreement”) with companies controlled by its Chairman and Chief Executive Officer, Mr. George Economou, to purchase up to four high specifications Very Large Gas Carriers (“VLGC(s)”) capable of carrying liquefied petroleum gas (“LPG”) that are currently under construction at Hyundai Heavy Industries (“HHI”) . Each of the four VLGCs are going to be employed on long term charters to major oil companies and oil traders. Under the terms of the LPG Option Agreement, the Company will have three months to exercise four separate options to purchase up to the four VLGCs at a price of $83.5 million per vessel.

05 Jan 2017

DryShips Expands to Gas Carrier Market with Four New VLGCs

DryShips Inc. has agreed to enter into a "zero cost" LPG Option Agreement with companies controlled by its Chairman and Chief Executive Officer,  George Economou, to purchase up to four high specifications Very Large Gas Carriers (VLGC) capable of carrying liquefied petroleum gas (LPG) that are currently under construction at Hyundai Heavy Industries (HHI). Each of the four VLGCs are going to be employed on long term charters to major oil companies and oil traders. Under the terms of the LPG Option Agreement, the Company will have three months to exercise four separate options to purchase up to the four VLGCs at a price of $83.5 million per vessel. If the Company exercises all four of its options, the total purchase price of the VLGC fleet will be $334.0 million.

17 May 2016

Bourbon Puts Gas Plans on Hold

Photo: Bourbon

Bourbon’s plan to diversify into the gas carrier market has run into financial obstacles. The company said in a statement that its board of directors acknowledged that the financing required for the acquisition of Jaccar Holdings’ gas activities would not be obtained within the originally stated timeframe. Consequently, the board has removed the resolution from the agenda of the annual shareholders meeting scheduled for May 26. “The diversification of Bourbon in this new activity remains a strategic objective for the company,” it said in a statement.

29 Jan 2016

Dorian LPG Post 3Q 2016 Profit

Dorian LPG Ltd. a leading owner and operator of modern very large gas carriers, today reported its financial results for the three months ended December 31, 2015. John Hadjipateras, Chairman, President and Chief Executive Officer, commented, "The third quarter was an extremely busy period for Dorian as we took the delivery of seven new Eco-design VLGCs. Our cash flow generated from operations has allowed us to repurchase an additional 480,231 shares of our common stock for $5.8 million over the quarter under the board's previously announced authorization to repurchase up to $100 million on or before December 31, 2016. Going forward, we anticipate higher profits and cash generated from operations as a result of our larger fleet, assuming continued favorable market conditions.

26 Oct 2015

Gas Carrier Concept Stems from Bulker Design

Intersection showing the cylindrical cargo tank in the Deltamarin and Brevik Technology multigas carrier design (copyright: Brevik Technology AS)

Deltamarin Ltd and Brevik Technology AS, a VARD affiliate, have joined forces to develop a novel multigas carrier design concept that combines the design of Deltamarin’s B.Delta and the new-generation patented cylindrical gas tanks by Brevik Technology. By combining the B.Delta design and separate cylindrical gas containment tanks, a cost-efficient and easy-to-build solution is now available to the gas carrier market, the developers explained. The design can be utilized for LNG, LPG, LEG and ethane carriers. “Up to now gas carriers have been complex and expensive to design and construct.

20 Jul 2015

LR, Penn Oak Energy Partner for LNG Retrofit Service

Lloyd’s Register North America, Inc. (LR) has teamed with Penn Oak Energy Corp to help companies raise capital and mitigate the technical risks associated with retrofitting ships fuelled by liquid natural gas (LNG), by providing a one-stop-shop solution to the industry. Ships that are fuelled by LNG can reduce operating costs while meeting stricter environmental regulations. LNG-fuelled ships have reduced emissions (nitrogen oxide, sulphur oxide and particulate matter) as compared with heavy bunker oil and even low-sulphur marine diesel. Historically, the leading expense for ship operators is fuel and personnel. The challenge to building these new ships has been that shipowners are unwilling to invest in LNG-fuelled ships if supplies of LNG bunker are difficult to obtain…

15 Jan 2015

Scrubbers Installed on Newbuild Gas Carrier

Corvette (Photo courtesy of Dorian LPG)

The ECO VLGC Corvette, delivered from Hyundai Heavy Industries on January 2, 2015, is fitted with a Class and Flag State approved exhaust gas cleaning system (EGCS) provided by Clean Marine. The measurements of exhaust gas emission and washwater criteria are well below the required limits stated in the MEPC guideline 184(59). This ensures vessel compliancy with the 0.1% sulphur limit in ECAs, which has been in place from January 1 this year. The vessel is also compliant with the stricter U.S. EPA requirements of a pH above 6 in washwater, measured at the outlet.

30 Oct 2014

Exmar Optimistic About Gas Carrier Market into 2015

Photo: Exmar

Belgian gas shipping group Exmar said on Thursday that the market for its very large and midsize gas carriers was at historically high levels in the third quarter and was expected to remain good in spite of new vessels being delivered in 2015. The group said its LNG business unit generated $8.5 million in operating profit in the third quarter, up from $7.8 million last year, while its LPG fleet saw an earnings spike to $15.6 million from $5.2 million last year mainly due to the sale of a vessel.

24 Jul 2014

Wilhelmsen Secures Inert Gas System Orders

Breakthrough order in Japanese shipbuilding market sees largest ever capacity Maritime Protection IG units delivered for leading domestic owners. Wilhelmsen Technical Solutions (WTS) has secured multiple orders to supply its Maritime Protection Dry Inert Gas Generator (DIGG) systems for installation on LNG carriers under construction at Japan Marine United’s Tsu shipyard. Two DIGG units will be installed on two gas carriers under construction for Japanese owners Tokyo LNG Tanker Co., Ltd./Mitsui O.S.K. Lines Ltd (first vessel) and Tokyo LNG Tanker Co., Ltd./NYK Line (second vessel). Maritime Protection Managing Director, Steinar Andersen said…

03 Aug 1999

Skaugen Seeks Gas Consolidation

I.M. Skaugen is reportedly working on consolidating its position in the gas carrier market after beating off a hostile takeover by Italy's Navigazione Montanari.