New Marine Terminal Commissioned in Houston
Vopak Moda Houston, LLC announced that its marine terminal in the Port of Houston is fully operational. Formed in 2016, Vopak Moda Houston is a joint venture between Royal Vopak and Moda Midstream. Located in Houston’s refining and petrochemical corridor and in close proximity to multiple ammonia, hydrogen and nitrogen pipelines, Vopak Moda Houston is the first greenfield terminal development in the Port of Houston in more than a decade.Designed to handle very large gas carriers (VLGC)…
Epic Gas Buys 11,000 CBM Vessel
Epic Gas Shipping Company, which owns and operates a fleet of fully pressurized gas carriers, has announced the acquisition of 2015-built 11,000 cbm LPG carrier Epic Sicily.The Singapore-based LPG carrier operator said that the vessel, Epic Sicily, is built by the Sasaki Shipbuilding Co. Ltd. of Japan in 2015.The vessel has been on bareboat charter-in since Feb 2015 and Epic Gas is now exercising the purchase option under the charter contract. Finance of 60% of the acquisition cost comes from Epic Gas’s recently closed refinancing, with the balance paid from cash.This acquisition will generate savings in debt service of $1.4m p.a. (this figure was included in the $2.8m savings announced at the time of the refinancing)…
Epic Gas Refinances Two LPG Tankers
Singapore-based gas carrier owner and operator Epic Gas has completed the refinancing of two 2010-built liquefied petroleum gas (LPG) tankers.The two ships – the Epic Bali and Epic Borneo (each 2010 built, 7200 cbm) - were both in a finance lease structure and Epic Gas exercised a purchase option to refinance the vessels through a sale and lease back transaction with a Japanese ship owner, a press release from the fully pressurized gas carriers providing seaborne services for the transportation of LPG and petrochemicals.The bareboat charter back term is 10 years, with a purchase option from year five, it said.This transaction has reduced Epic Gas’s interest and amortization by US$1.3m p.a.
Dorian Delivers Caravelle Sells Grendon
Dorian LPG Ltd. reported today that it took delivery of the ECO VLGC Caravelle from Hyundai Samho Heavy Industries.  The Caravelle is Dorian LPG's 19th and final scheduled newbuilding delivery. The Caravelle will trade in the Helios LPG Pool. In addition, Dorian LPG announced that it recently completed the sale of the Grendon, its 5,000 cubic meter pressurized gas carrier, to unrelated Asian interests. CEO and Chairman John Hadjipateras commented, "With the delivery of the Caravelle and the sale of the Grendon, our fleet is comprised solely of VLGCs and firmly positions us as a leading operator of modern Eco VLGCs focused on providing safe, reliable and trouble-free transportation."
Mitsui Shipbuilding Acquires TGE Marine
Japanese shipbuilder Mitsui Engineering and Shipbuilding (MES) has bought 99.36% of the outstanding ordinary shares in German designer and manufacturer of gas tanks and gas handling systems TGE Marine AG to expand its foothold within the market for medium sized multi-gas carriers. MES acquired 1,209,489 ordinary shares in TGE from Caledonia Investments plc, Gasfin Investment S.A. and Dr. Küver GbR, the partnership belonging to the CEO of TGE, for a total consideration of approximately around JPY 22 billion (EUR 164 million). The shipbuilder will acquire the TGE ordinary shares listed above via a special purpose vehicle which will be incorporated by MES for the sole purpose of acquiring these TGE ordinary shares.
Singapore's Epic Gas Order Two Big LPG Carriers
Epic Gas Ltd. says it has contracted Kyokuyo Shipyard Corporation in Japan to build two 11,000 cbm fully-pressurised gas carriers to be delivered in 2016. This latest order brings the total newbuild contracts for the year to eight fully-pressurised vessels. In addition Epic Gas has taken delivery of three bareboat vessels during the year. The company says it is also actively looking at opportunities to purchase high quality secondhand tonnage. “Our decision to move into the largest segment of the fully-pressurised fleet underlines our clear expectations of change and growth in the fully-pressurised LPG market.” states Chris Buttery, Chairman of the Board.
Daewoo Develops Gas Supply System
In May 2011, Daewoo Shipbuilding & Marine Engineering developed a new HP-FGS (High-Pressure Fueled Gas Supply) system for MAN-Diesel & Turbo’s ME-GI Engine. Though there are small and middle-size LNG fueled vessels already, this dual fuel engine was designed for large commercial vessels. This HP-FGS system supplies highly-pressurized (about 300 bar) natural gas fuel to an engine. To date, existing FGS systems compress gas to a high pressure. This process requires enormous amounts of electricity and large deck area to accommodate the size of this equipment.
LNG: DSME Unveils High-Pressure Fueled Gas Supply System
In May 2011, Daewoo Shipbuilding & Marine Engineering (www.dsme.co.kr) has developed a new HP-FGS(High-Pressure Fueled Gas Supply) system for MAN-Diesel & Turbo’s ME-GI (Gas Injection) Engine, and presented it to the market via a road show in Copenhagen, Denmark. Though there are small and middle size LNG fueled vessels already, this dual fuel engine for large commercial vessels which cover most of shipping industry is an original. This HP-FGS system effectively supplies highly-pressurized (about 300 bar) natural gas fuel to an engine.
