Mingde News

The provider of marine transportation services Algoma Central Corporation announced that the recently completed Algoma Conveyor, the third Seawaymax Equinox Class 740’ self-unloading dry-bulk carrier, has begun its delivery voyage from China to Canada.The vessel began its two month journey home, departing the Yangzijiang shipyard on February 16, 2019.After taking fuel in the Philippines the vessel will cross the Pacific Ocean, travelling through the Panama Canal and from there will make its way to Canada. The vessel is expected to arrive in early April.“We are looking forward to the Algoma Conveyor joining our fleet for the 2019 navigation season as market demand and volumes are strong…

Algoma Central Corporation (TSX: ALC), a provider of marine transportation services, announced that it has received full refund of all instalment payments made in connection with the now-cancelled shipbuilding contracts with Uljanik d.d. and 3Maj Shipyard of Croatia.Algoma entered into five shipbuilding contracts with 3Maj Shipyard, an operating unit of Uljanik d.d of Croatia. According to a press release from Algoma, after considerable delay, the first of the five vessels was delivered in 2018; however, Algoma cancelled the remaining four contracts as the shipyard’s financial difficulties led to a much-publicized attempt to refinance the company and shipyard management was unable to put forward a credible plan that would lead to completion of the remaining hulls.

Algoma Central Corporation, a leading provider of marine transportation services, announced that the first Equinox Class self-unloader, the seaway-max size Algoma Niagara, arrived at the Canadian port of Sept Iles, Quebec on November 1st. The Algoma Niagara is the fifth Equinox Class vessel in Canada and she joins her four gearless sister ships in the Algoma fleet. The vessel is currently undergoing inspections and re-flagging as a Canadian vessel before beginning commercial operations. “We are very pleased to see the Algoma Niagara in her home waters” said Gregg Ruhl, Chief Operating Officer of Algoma. “The performance of the Equinox Class has met all our objectives for efficiency and reliability”, Mr. Ruhl continued.

Shipbuilders in China will continue facing rough weather. According to a report in Bloomberg, new orders received by Chinese shipbuilders fell by nearly half last year from 2014, suggesting more consolidation is in order as the country’s appetite for raw materials wanes and shipping rates languish at multiyear lows. Shipyards in China received new orders amounting to 31.3 million deadweight tons last year, a world-leading 34 percent share of the global market. Backlog orders fell 12 percent to 123 million deadweight tons, or 36 percent of global market share. The shipbuilding will lag behind their foreign rivals as cumbersome financing conditions and prolonged excess capacity continue to crimp industry profits and push smaller shipyards out, experts said.

China's  state-owned shipbuilder Zhoushan Wuzhou Ship Repairing & Building Co. Ltd (ZWSRB)  is first government-backed shipbuilder to go under since sector started having problems last year. Zhoushan Intermediate People's Court said it accepted a petition filed by Zhejiang Shipping Group regarding the bankruptcy of a subsidiary called ZWSRB, reports Caixin. The court said it had frozen the assets of Wuzhou Ship Repairing & Building, which was founded in 2001. The shipbuilder had debts of 911 million yuan and total assets of 534 million yuan as of September 30 this year, its financial report showed. Wuzhou Ship Repairing & Building started having financial difficulties last year, a person with knowledge of the matter said.

Shenzhen-listed shipbuilder Sainty Marine withheld news of 29 lost orders from said exchange, Caixin reported, citing data from industry research firms and information from a shipbuilding executive. The firm told the stock market that buyers had canceled four orders in May, but the remainder - worth RMB6 billion (US$966.3 million) - remained undisclosed. Data from industry research firms and information provided by a shipbuilding executive reveal that Sainty Marine Corp. Ltd., based in the eastern province of Jiangsu, lost 33 orders for ships that it had received from 2013 to March this year. Regulators had warned the company in April that it could be delisted at the end of the year if it did not address its financial problems.

Nantong’s Tongzhou District People’s Court has put an end to the restructuring appeal by debt-ridden Nantong Mingde Heavy Industry, and officially declared it bankrupt. A  a request by Mingde to extend the submission of its restructuring plan, after it lapsed on 25 June, was not successful. Hence, Mingde itself applied for bankruptcy. Mingde was a leading shipyard for chemical tankers. Due to its financial difficulties Mingde was unable to receive bank guarantees, and had to team up with Shenzhen-listed  Sainty Marine on new orders. Sainty Marine had applied to help restructure Mingde via a debt-for-equity rescue deal. But the rescue plan failed to make any progress as Sainty Marine is itself mired in financial troubles.

The chairman of Shenzhen-listed Sainty Marine, Wang Shuhua has delivered his resignation amid  the company's deteriorating financial situation, according to an exchange filing. According to a statement by Marine he  resigned for personal reasons. He previously worked as the administrative manager of state-owned Jiangsu Jiangsu Guoxin. The company’s board of directors subsequently elected Zhang Shunfu as the successor to Wang. The 53-year-old Zhang previously held senior positions at Jiangsu-based financial institutions. Sainty Marine is currently in the middle of a financial crisis, and it has been thrown out from the restructuring of Nantong Mingde Heavy Industry due to its own poor financial situation.

Nantong Mingde Heavy Industry (NMHI), a subsidiary of the financially troubled shipbuilder Jiangsu Sainty Marine Corporation, has missed the June 26 deadline to submit its restructuring plan to the Nantong People’s court. In other words, Sainty Marine has aborted its plan to help the restructuring of debt-ridden compatriot Nantong Mingde Heavy Industry. The court accepted Nantong’s application for the bankruptcy reorganization on December 26, 2014. NMHI has entered into court receivership since Sainty Marine applied for the bankruptcy restructuring. China’s bankruptcy law stipulates that administrators or debtors must submit a draft reorganization plan within six months of the court’s acceptance of the restructuring plan.

Scanjet Group has followed up its Tank Management order from Stolt-Nielsen with a series of contracts for its ITAMA Intelligent Tank Management concept including Tankcleaning, Tank monitoring, P/V valves and the Scanjet VRC (valve related control) system. New orders have been placed through New Times Shipyard in China to deliver the SCANJET “Surveyor” Tank Management System including valves and the VRC to eight 58.000 DWT bulk carriers, under construction for Cyprus-based owner Lemissoler. Meanwhile, Chinese shipyards Nantong Mingde and New Times in China have selected the complete ITAMA (Intelligent Tank Management) package of tank monitoring…

SCANJET Group has followed up its breakthrough Tank Management order from Stolt-Nielsen with a series of contracts for its ITAMA Intelligent Tank Management concept including Tankcleaning, Tank monitoring, P/V valves and the Scanjet VRC(valve related control) system. New orders have been placed through New Times Shipyard in China to deliver the SCANJET “Surveyor” Tank Management System including valves and the VRC to eight 58.000 DWT bulk carriers, under construction for Cyprus-based owner Lemissoler. Meanwhile, Chinese shipyards Nantong Mingde and New Times in China have selected the complete ITAMA (Intelligent Tank Management) package of Tank Monitoring…

JO Tankers has placed an order for eight 33.000 dwt stainless-steel chemical tankers at China’s New Times Shipbuilding, with deliveries scheduled for 2016 and 2017. The deal consists of firm and optional contracts. The new buildings will join Milestone Chemical Tankers – the jointly owned chartering and marketing arm of JO Tankers and Tokyo Marine. JO Tankers say that the new-buildings will be built to the highest specification. The combination of modern design and modern engines will reduce the fuel consumption by 25% compared to other designs.

Algoma Central Corporation's 'Algoma Equinox', the first in a series of eight Equinox-class ships, has set sail from the Nantong Mingde Heavy Industries shipyard in Nantong, China bound for Canada. The series consists of four gearless bulk carriers and four self-unloading bulk carriers. Algoma will own six of the series, consisting of two gearless bulkers and four self-unloading vessels. CWB Inc., formerly the Canadian Wheat Board, will own the other two gearless bulkers, which will be operated and managed by Algoma.

Mingde Heavy Industry has launched what it says is the biggest stainless steel inner-hulled chemical tanker ever built in Asia. The length of this vessel is 183m, 28.4m in breadth and 15.2m in depth, and a loaded draft of 10m. The vessel is powered by a low speed diesel engine driving a single propeller for unrestricted navigation, with a dead weight tonnage of 30,000T. This tanker can carry 28 parcels of chemicals, and all of its inner hull for cargo is 2205 duplex stainless steel.

The German navigation system manufacturer Raytheon Anschütz reported a number of contract awards for the delivery of integrated bridge systems to newbuilt vessels for offshore operations. Raytheon Anschütz Singapore, a wholly owned subsidiary of Raytheon Anschütz, will deliver the bridge navigation system and communication systems to a 4,500 dwt Platfrom Supply Vessel built at Keppel Singmarine Brasil shipyard. The navigation bridge will be equipped according to ABS class requirements with Synapsis Radar and Chart Radar…

China's Nantong Mingde Heavy Industry Co. reports car-carrier completes latest phase sea trials, but more work to be done. Car carrying vessel (MD087) built for the Gram Car Carrier company returns to the shipyard's COSCO steel structure dock having completed a 55-hour sea trial. The builders say that the ship's quality satisfied the ship owners and the classification society but that there remained one eighth of 150 requirements to be made good, which they say demonstrates they have reached a new breakthrough in building quality.

Two Pure Car/Truck Carriers (PCTC) for GCC named at the Nantong Mingde Shipyard. At the christening ceremony of the two vessels at the Nantong Mingde Heavy Industry shipyard, godmothers , Ms. Agnes Blystad from Norway and Mrs Shishido a director of MOL, Japan named the RoRo's Viking Ocean and Viking Sea respectively. Mr Ji Fenghua, the Board chairman of Mingde , Mr Shinobu Shishido ,the Board chairman of Japanese MOL, Mr Yao Bole, the Chairman DNV, Mainland China, were among the many notables present at the ceremony.

Algoma Central Corporation has chosen Wärtsilä to supply complete propulsion systems with integrated scrubbers for six Great Lakes vessels. The full propulsion system with integrated fresh water scrubber lowers operating costs while reducing the vessel's environmental footprint by allowing owners to use high sulphur fuels in Emission Control Area (ECA) Zones and meet sulphur emissions restrictions. This represents the first order for the new integrated Wärtsilä scrubber concept.

Deltamarin has signed an agreement with Tianjin Xingang Shipbuilding Heavy Industry Co., Ltd., part of CSIC Group for the design of four very low fuel consumption Handysize Bulk Carriers to be built for M.T. Maritime Management Group / Strategic Shipping Inc. Deltamarin will take care of the Basic and Detail designs of the vessels as well as of Technical Procurement handling. Deltamarin will also have a site team to take the design to production. This is the second order for the B.Delta37 standard bulk carriers, which have evoked the interest of the market with their improved deadweight, cubic capacity and especially the extremely low fuel consumption compared to other available designs. The overall vessel length will be below 180 x 30m, with a service speed at design draft of 14 knots.

Deltamarin has signed an agreement with Nantong Mingde Heavy Industry about the design of totally seven new Equinox Class Self Unloading and Gearless Bulk Carriers to be built for Algoma Central Corporation and the Canadian Wheat Board. Deltamarin will take care of the Basic and Detail design of the vessels as well as Procurement support. The vessels are derivatives of Deltamarin’s B.delta standard bulker designs, which have piqued the interest of the market with their improved cubic capacity and lower fuel consumption compared to competing designs.

Deltamarin signed an agreement with the Chinese Tianjin Xingang Shipbuilding Heavy Industry Co., Ltd. (http://shiprepair-xgsy.com) for the design of fourHandymax Bulk Carriers to be built for the French shipowners Louis Dreyfus Armateurs. Deltamarin will take care of the Basic and Detail design of the vessels as well as Technical Procurement handling and will also have a site team to take the design to production. This is the first order for the B.delta37 standard bulk carriers, which have evoked the interest of the market with their improved cubic capacity and especially the extremely low fuel consumption compared to other available designs. The overall vessel length will be below 180 m and the beam 30 m. The service speed at design draft is 14 knots.

At least seven Chinese shipbuilders are planning share offerings, underlining China's efforts to build up its domestic fleet and branch out into the construction of more advanced vessels. The largest of the anticipated initial public offerings is likely to come from state-owned China Shipbuilding Industry Corporation (CSIC), which wants to raise about $900m on the Chinese mainland A-share market, according to bankers familiar with the situation. The other major state-owned shipbuilder, China State Shipbuilding Corporation (CSSC), is considering a share sale in Hong Kong. Meanwhile, five privately owned shipbuilders - Jiangsu Rongsheng Heavy Industries…