Hanwha Ocean Secures $258M Order for Two VLCCs
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…
Four Japanese Companies Form Consortium for Eco-Friendly VLCCs Concepts
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…
Why the Indian Ocean Could be China's Achilles' Heel in a Taiwan War
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…
Interview: Mike Complita, Elliott Bay Design Group
Mike Complita is going on 30 years in the maritime industry. Complita started work at Elliott Bay Design Group (EBDG) as an intern while attending the University of Washington in his hometown, Seattle. “And since that time, I've served in pretty much every role, from a technical and project management standpoint, all the way up to principal of our organization,” he said. Today, as Principal in Charge and VP of Strategic Expansion, Complita works alongside EBDG’s other principals to help guide the firm’s project managers…
LPG: Dual-Fuel Engines Prove Their Worth
BW LPG has demonstrated the value of dual-fuel LPG operations beyond the company’s initial aim of meeting IMO 2020 Sulphur Cap regulations.In October 2020, the LPG carrier BW Gemini became the first very large gas carrier (VLGC) to have its low-speed main engine converted to an LPG dual-fuel engine. The project started several years earlier, sparked by Oslo-listed BW LPG’s preparations for the IMO’s 2020 Sulphur Cap regulations.Compared to heavy fuel oil, LPG reduces Sox emissions by approximately 97%…
Secondhand Prices Put a Damper on Tanker Demolitions -BIMCO
The year 2021 has been tough on crude oil tanker freight rates across the board so far. Consequently, the industry buzz has been all about largescale scrapping of tankers, but so far, it has been all talk and very little walk, as the secondhand market has proved a much-preferred alternative, says industry group BIMCO.Although demolitions are up from the start of last year, only two shuttle tankers and two Aframax crude oil carriers (450,000 DWT) have been confirmed demolished in the first two months of 2021, according to data from Clarksons.
ABS Awards Smart Notation to AET’s Eagle Passos
Classification society ABS said it has awarded AET the SMART (INF) Notation for the 152,700 DWT DP2 shuttle tanker Eagle Passos, which was built and delivered by South Korean shipbuilder Samsung Heavy Industries Co., Ltd. (SHI).The first shuttle tanker to be granted an ABS Smart Notation, which recognizes the vessel’s data communication and network infrastructure, Eagle Passos will also be granted the Operational Performance Management (OPM) and Crew Assistance and Augmentation (CAA) class record comments in recognition of the optimization…
ABS Updates Its Shuttle Tanker Advisory
Classification society ABS announced Tuesday it has updated its Shuttle Tanker Advisory, offering insights on shuttle tanker design and operation all over the globe, with particular focus on Brazil, the North Sea and the Gulf of Mexico.The Advisory explains how ABS optional notations complement class and statutory requirements to fulfill varying regional and operational requirements. As well as exploring new technologies having an impact on the sector, the Advisory identifies…
Second Wave of Floating Storage Triggered by Ailing Oil Market
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…
WinGD’s Dual-fuel 12X92DF Engine Gains BV Type Approval
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…
Hyundai Heavy Sheds More Light on Tanker Order
South Korean shipbuilder Hyundai Heavy Industries has shared more details on its newly secured contract to build two crude oil carriers.The company had on Thursday issued a brief statement on the Korea Exchange sharing it had won contracts to build two tankers for a European client. The order value is 149,8 billion South Korean Won, or $122,2 million.In a subsequent release issued on Friday on its website, Hyundai Heavy said the orders were secured for two 158,000-ton crude carriers."This contract includes two option contracts…
Hyundai Heavy Bags $122M Order for Two Oil Carriers
South Korean shipbuilder Hyundai Heavy Industries has said it has won an order to build two crude oil carriers.In a brief statement on the Korea Exchange, Hyundai said the order was worth 149,8 billion South Korean Won, or $122,2 million.Hyundai Heavy Industries said it would build the two crude oil carriers for a European client. It did not provide further details on the client.The deliveries are to be made by mid-February 2022.
Oil Tanker Rates Double
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…
BIMCO Revises 2020 Forecast
The coronavirus pandemic is impacting global shipping demand for 2020 negatively. The speed of the virus spread makes it difficult to assess the full consequences. Nevertheless, we see a need to update our 2020 forecast to make some of this massive uncertainty tangible.What is going on in addition to the coronavirus pandemic?Geopolitical tensions that made the OPEC+ alliance break down, has subsequently made the crude oil tanker spot freight market erupt. The events that followed the breakdown - and those that are likely to follow…
BMA Appoints Hutchinson as MD, CEO
The Bahamas Maritime Authority (BMA) announces the appointment of Captain Dwain E. Hutchinson as its Managing Director and Chief Executive Officer. Captain Hutchinson succeeds Commodore Davy F. Rolle, who stepped down as Director last year.Captain Hutchinson is a proud Bahamian from Nassau, New Providence island, where he completed his tertiary education before commencing his maritime studies in Scotland at Glasgow College of Nautical Studies. Qualified with a UK Master Mariner (Unlimited) STCW Certificate of Competency…
Making the Case for LPG as a Marine Fuel
The sulfur emission control areas (SECAs) in place in North-America and Northern Europe, in combination with the upcoming global 0.5% limit on sulfur in 2020 (or 2025) and similar EU limits in 2020, call for alternative fuels as a means for compliance. Several alternative fuels are available and, at the same time, new fuel oil products with very low sulfur content have been introduced.In this respect, the ability of the new MAN ME-LGIP engine to run on LPG, which is a sulfur-free fuel…
SFL Acquires Three VLCC Newbuildings
The international ship owning and chartering company Ship Finance International (SFL) announced that it has agreed to acquire three 300,000 dwt crude oil carriers, or VLCCs, currently under construction at Daewoo Shipbuilding & Marine Engineering (DSME) in Korea.The Bermuda-headquartered company said that the net purchase price will be $180 million, or $60 million per vessel and they are expected to be delivered to SFL within the next two months.The vessels were ordered in 2018 by affiliates of the Norwegian listed company Hunter Group, and have all the latest eco-design features, including exhaust gas cleaning systems. After delivery…
HHI Bags $390mln Order for 2 LNG Carriers
South Korean shipbuilding giant Hyundai Heavy Industries (HHI) said it received an order to build two liquefied natural gas (LNG) carriers for an unidentified European shipping company.Yonhap news agency quoted the shipbuilder saying that the order is valued at 463 billion South Korean won ($390 million), bringing its total number of orders to five so far this year.The 180,000 cbm vessels, ordered by an undisclosed European owner, are scheduled for delivery by the end of June 2022.According to the report, the vessels will be equipped with Mark III Flex Plus technology that has a vaporization rate of 0.07 percent, reducing the daily evaporation of fuels.
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…
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…
Liquefaction and Lost Bulk Carriers: Is a Design Change Warranted?
A shocking number of bulk carriers (as well as a few OBOs – ore/bulk/oil carriers) have been suddenly and catastrophically lost at sea in the last 30 years. Following are the names of some of those vessels, in alphabetical order:- Asian Forest (2009); - Black Rose(2009); - Bulk Jupiter (2015); - Derbyshire (1980); - Emerald Star (2017); - Harita Bauxite (2013); - Hong Wei (2010); - Hui Long (2005); - Jian Fu Star (2010); - Nasco Diamond (2010); - Stella Daisy (2017); - Sun Spirits (2012); - Trans Summer (2013); and - Vinalines Queen (2011).
DSME Wins $771M Order for 6 Box Ships
South Korean shipbuilding and offshore contractor Daewoo Shipbuilding & Marine Engineering Co., Ltd. (DSME) has secured a 891.8 billion-won (US$771 million) order to build six container ships.According to Yonhap, the world’s second-largest shipbuilder by order backlog will deliver the ships to an unidentified client in Africa by October 2022 under the deal.With the latest deal, Daewoo Shipbuilding has won orders worth $6.88 billion for 39 vessels so far this year, achieving 82 percent of its annual order target of $8.37 billion.The 39 vessels include 10 LNG carriers, 10 super crude oil carriers, 11 container ships, 2 super LPG carriers, 5 submarines, and 1 offshore plant.
Guangzhou Shipyard Bags Order for Seven Tankers from Cosco Shipping
Cosco Shipping Energy Transportation (CSET) has placed an order for seven more ships at compatriot Guangzhou Shipyard International Company Limited (GSI), owned by CSSC Offshore & Marine Engineering Company Limited. The order will include two 64,900 dwt crude oil tankers, two 109,900 dwt LR2 vessels and three 114,000 dwt crude tankers, totaling in an investment worth approximately USD 323 million (RMB 2.14 billion.). Expected delivery dates for the two 64,900 dwt panamax crude tankers are on or before 29 February 2020 and 31 May 2020, respectively. The two 109,900 dwt LR2/Aframax clean products/crude oil carriers of 109,900 dead have expected delivery dates of on or before 31 October 2020 and 31 January 2021, respectively.
