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Large Crude Oil Carriers News

23 Feb 2024

Hanwha Ocean Secures $258M Order for Two VLCCs

(Credit: Hanwha Ocean)

South Korean shipbuilder Hanwha Ocean has received an order to construct two very large crude carriers (VLCCs) for a shipping company in Oceania.The order for VLCCs, worth $257.8 million (342 billion won), is the first such order for Hanwha Ocean in the last three years. This is also the highest price for the vessels in 16 years, since the 2008 global financial crisis, the company said.The ships will be built at the Geoje plant and delivered to the shipowner in the first and second half of 2026…

13 Feb 2024

Four Japanese Companies Form Consortium for Eco-Friendly VLCCs Concepts

Eco-Friendly VLCC Concept (Credit: NYK)

Idemitsu Tanker, IINO Kaiun Kaisha (IINO Lines), Nippon Yusen Kabushiki Kaisha (NYK), and Nihon Shipyard have established a consortium to conduct joint research and development of design concepts for Malacca Max-type very large crude oil carriers (VLCCs).The design concepts, including machinery and environment equipment, will be developed with a view of reducing greenhouse gas (GHG) emissions, the consortium that was initiated by Idemitsu Tanker said.Aiming to reduce emissions by 40% or more compared to previous levels…

13 Dec 2023

Why the Indian Ocean Could be China's Achilles' Heel in a Taiwan War

© Igor / Adobe Stock

Every day, nearly 60 fully loaded very large crude-oil carriers sail between the Persian Gulf and Chinese ports, carrying about half of the oil that powers the world's second-largest economy.As the vessels enter the South China Sea, they ply waters increasingly controlled by China's growing military, from the missile batteries and airfields at its bases on disputed islands to its stealthy Type 055 destroyers.But when crossing the Indian Ocean, joined by others headed to China from Africa and Brazil…

10 Sep 2020

Second Wave of Floating Storage Triggered by Ailing Oil Market

© Vladimir / Adobe Stock

A stalled global economic recovery from the coronavirus pandemic is leading to a fresh build-up of global oil supplies, pushing traders including Trafigura to book tankers to store millions of barrels of crude oil and refined fuels at sea again.The use of so-called floating storage onboard tankers comes as traditional onshore storage remains close to capacity as supplies outpace demand.Trading house Trafigura has chartered at least five of the largest tankers each capable of storing 2 million barrels of oil…

29 May 2020

WinGD’s Dual-fuel 12X92DF Engine Gains BV Type Approval

WinGD’s dual-fuelled X92DF engine, the first in a series that will power nine ULCS for CMA CGM Group (Photo: WinGD)

The biggest and most powerful liquefied natural gas (LNG)-fueled engine ever built has received type approval from classification society Bureau Veritas (BV), Switzerland-based engine manufacturer Winterthur Gas & Diesel (WinGD) said on Wednesday.BV awarded the approval for WinGD’s dual-fueled 12X92DF engines, the first series of which is currently being built by China State Shipbuilding Corp (CSSC) and will power nine ultra-large container ships (ULCS) -- the largest ever powered…

30 Mar 2020

Oil Tanker Rates Double

© Vladamir / Adobe Stock

Supertanker freight rates are on the rise for a second time this month as producers, refiners and traders scramble to secure ships to transport crude or store a fast-growing global glut of oil, industry sources said.Freight rates for very large crude-oil carriers (VLCC) along the Middle East Gulf to China route were assessed at about $180,000 a day on Monday, up from some $125,000 on Friday and a weekly low of about $90,000 a day on Wednesday, according to several ship broking sources.Its difficult to say whether or not the rates will be sustained…

05 Jan 2020

DSME Targets $6.8Bn in Deals for 2020

South Korean shipbuilder Daewoo Shipbuilding & Marine Engineering Co (DSME) is targeting deals worth more than $6.88 billion in 2020, said a report by Yonhap.DSME received an additional order of six container vessels worth 891.8 billion won (US$768 million) from an African client on Dec. 27. DSME will deliver the vessels to their owner by the end of October 2022.The world's second-largest shipbuilder by order backlog won orders worth $6.88 billion to build 39 vessels, achieving 82 percent of its annual order target of $8.37 billion in 2019.The 39 ships includes 10 LNG carriers, 10 super-large crude oil carriers, 11 container ships, two LPG carriers…

23 Apr 2019

MOL Installs AR Navigation on 21 VLCCs

Japanese shipping giant Mitsui O.S.K. Lines (MOL) announced its intention to install a navigation system using augmented reality (AR) technology jointly developed by Furuno Electric and MOL Techno-Trade on 21 MOL Group-operated very large crude oil carriers (VLCCs).The system displays information on other vessels sailing on a vessel's planned route and surrounding sea areas and other ocean conditions, such as shallow waters, on tablets and screens. It integrates information from the Automatic Identification System (AIS) and radar with real-time video images from the bridge camera in collaboration with Furuno Electric's cutting-edge Electric…

31 Aug 2017

HMM Orders New Carriers

South Korea’s largest ocean carrier Hyundai Merchant Marine (HMM) will invest USD 417.61 million in five new very large crude oil carriers (VLCCs), Reuters reported quoting company sources. "HMM will invest 470 billion South Korean won (U.S. $418 million) in new facilities for the construction of five, 300,000 deadweight ton (DWT) VLCCs with Daewoo Shipbuilding & Marine Engineering (DSME), with an option for five more," said company sources. HMM will acquire two 11,000-TEU containerships from Hanjin Heavy Industries & Construction’s Subic Shipyard. The contract price is approximately $162 million for the two vessels. HMM also confirmed expansion of its container fleet with two ships of 11,000 teu each to be built at a Hanjin yard in the Philippines.

19 Jul 2012

Wärtsilä to Supply Main Engines for Kuwait Oil Tanker

Wärtsilä's RT-flex common rail engine technology provides environmental benefits including low fuel consumption and reductions in exhaust emissions. The engine waste heat is utilized to produce onboard electricity. These features help maintaining and operating seaborne transportation in more economical and sustainable ways. Wärtsilä will supply the main engines for a series of vessels being built for Kuwait Oil Tanker Co. (KOTC), a Subsidiary of Kuwait Petroleum Corporation. Four VLCCs (Very Large Crude Oil Carriers), one Aframax tanker and four medium-range tankers are being built at the Daewoo Shipbuilding & Marine Engineering (DSME) shipyard in South Korea.

19 Jul 2012

Wärtsilä Main Engines Ordered for Nine Kuwait Oil Tankships

Wärtsilä RT-flex 82: Photo credit Wärtsilä

Wärtsilä to supply main engines for a series of 9 large vessels being built by Daewoo for Kuwait Oil Tanker Co. Four VLCCs (Very Large Crude Oil Carriers), one Aframax tanker and four medium-range tankers are being built at the Daewoo Shipbuilding & Marine Engineering (DSME) shipyard in South Korea. The VLCCs will be fitted with 7-cylinder Wärtsilä RT-flex 82T engines and a Waste Heat Recovery System, which utilizes exhaust gas energy  to generate steam which is used to operate a turbo generator that produces ship's electricity supply.

24 Apr 2012

Becker Mewis Duct: The Largest Ever Built

A Becker Mewis Duct being installed.

Becker delivered an eight-meter-diameter version of its prime energy saver for VLCC Becker Marine Systems has delivered the largest Becker Mewis Duct ever made with a diameter of 8.10 m for the construction of Very Large Crude Oil Carriers (VLCC) at Hyundai Samho Heavy Industries for Samco Shipholding, Singapore. Initial sea trials of the new VLCC with a length of 319.0 m have proven once more the excellent rate of power savings provided by the Becker Mewis Duct. Fuel savings of about 5% were measured, lowering operating costs for the lifetime of the ship.

19 Jun 2008

Daewoo Shipbuilding Wins $520m in Contracts

Daewoo Shipbuilding and Marine Engineering Co., said it won shipbuilding orders worth a total of $520m from .  Daewoo said in a filing to the Korea Exchange the orders were for two very large crude oil carriers (VLCCs) and two bulk carriers. Source:  Reuters

16 Jun 2008

Wärtsilä Books Orders for 820 mm-Bore Low-Speed Engines

The new 820 mm-bore low-speed marine engines developed by Wärtsilä Corporation are proving to be successful in the market. With the second engine passing its factory acceptance test, orders booked by Wärtsilä's licensed engine builders have amounted to 129 engines with an aggregate power of 4415 MW (6.0 million bhp). The engines are being installed in panamax-sized container ships, large tankers such as VLCCs (Very Large Crude Oil Carriers), and VLOCs (Very Large Ore Carriers) being constructed at shipyards in South Korea, China and Germany. The 129 engines so far ordered comprise 74 engines of the RT-flex82C type, 29 of the RT-flex82T type, 22 of the RTA82C type and four of the RTA82T type.

21 Jul 1999

Daewoo Heavy Wins $140M Greek Order

Daewoo Heavy Industries Co. Ltd. reportedly won a $140 million order from Greece's Kristen Navigation Inc. to build two very large crude oil carriers.

23 Nov 2005

Double Hull Tankers Gains 8 Percent

Boosted by bullish analyst comments, shares of Double Hull Tankers climbed 8 percent to regain the ground lost in the weeks following the company's spinoff from Overseas Shipholding Group Inc., according to a Forbes report. The oil tanker company owns seven vessels, including three very large crude oil carriers and four Aframaxes - all of which are chartered from five to six and a half years to former parent Overseas Shipholding. The contracts will insulate Double Hull from the increase in tanker capacity expected to hit the market prior to the mandatory phase-out of single-hull tankers in 2010, according to the report. The company, between dividends and stock value, is expected to provide a 39 percent total annual return in its first year. Source: Forbes

25 May 2006

Korean Shipbuilding Profits Surge

Korean shipbuilders are enjoying high financial times, powered by historically high ship prices and recent steel price reductions. Hyundai Heavy Industries Co., the world's largest shipbuilder, posted its fourth-consecutive quarterly profit on increased orders for more expensive ships. Net income totaled 22.9 billion won, or $24.4 million, in the three months ending March 31, compared with a loss of 88.95 billion won in the same period a year earlier, Hyundai Heavy said in a regulatory filing to the nation's financial watchdog, according to a report in the Korea Herald. Global ship prices for very large crude oil carriers rose 39 percent to $110 million per vessel at the end of 2004 from $79 million at the beginning of 2004, Hyundai Heavy said in a statement.

19 Jun 2001

Overseas Shipholding To Purchase Two VLCCs

Overseas Shipholding Group Inc. on Tuesday said it will buy two very large crude oil carriers (VLCCs) from Bergesen D.Y. ASA for a total of $156 million, through its joint venture with Frontline Ltd. and Euranov Luxumbourg SA. The purchase of the two additional vessels from Bergesen will bring the number of new vessels acquired from Bergesen by the joint venture to six. Overseas Shipholding said four of the ships will be delivered over the next two months and the remaining two will be delivered in February and July next year. The joint venture, known as Tankers International LLC, has acquired a total of seven modern vessels over the past year. Each company holds a one-third interest in the venture.

09 Jul 2001

Podded Propulsion Goes Beyond the Cruise Realm

Compelling design and operational arguments in favor of podded electric drives can be expected to transcend any negative impressions formed from the recent clutch of problems and complications experienced with such systems in certain cruise ship and ferry applications. Experience has shown that technical innovation in the maritime field has invariably been accompanied by early setbacks in some shape or form. In an industry where conservatism is the order of the day, and understandably so where assets are subjected to the rigors of the elements as well as the vicissitudes of the markets, those operators willing to be the standard bearers with new technology provide a beacon for the wider maritime community.

22 Dec 1999

Daewoo Wins $483M In Ship Orders

Daewoo Heavy Industries won $483 million in ship orders last week from companies in the U.S. and Greece. It will build four ultra large crude oil carriers for Majestic Shipping Co. of the U.S., and three very large crude oil carriers for Aeolos Management S.A. and Atlantic Bulk Carrier Ltd of Greece, a company statement said. Majestic ordered two 450,000-ton ultra crude oil carriers and took options on two more. Atlantic Bulk ordered two 75,000-ton bulk carriers and Aeolos Management bought one 300,000-ton very large crude oil carrier, Kim said. The ships are to be delivered by the end of 2002.