Product Chemical Tanker News

The international owner and operator of modern, fuel efficient "ECO" tanker vessels Top Ships announced that it took delivery of the 50,000 dwt scrubber fitted newbuilding M/T Eco Los Angeles.The product/chemical tanker constructed at the Hyundai Mipo shipyard in South Korea.Meanwhile, the Greek tanker owner has recently entered into agreements to dispose of an MR2 tanker pair.The ships, Stenaweco Elegance and Eco Palm Desert, have been sold to unaffiliated third parties.

Danish Shipowner Nordic Shipholding entered a new sale and purchase memorandum of agreement to dispose Nordic Ruth vessel, which the company didn't manage to sell, in the past.Nordic Ruth is a 2000-built handysize product/chemical tanker. It tanker would be sold for USD 5.8 million.Nordic Shipholding A/S does not expect the sale to have any significant impact on the outlook for 2019 as provided in the Q1 2019 Report on 22 May 2019.The vessel was built in 2005, and is a 35,800 dwt vessel that features a length of 183 meters and a width of 27 meters.Nordic Shipholding  owns six product tanker vessels, which include five handysize tankers and one LR1 vessel.

Tsuneishi Shipbuilding Co, ship repair and manufacturing company in Japan, has delivered its first long-range-one (LRI) (77,000 DWT) Product/Chemical Tanker."This first ship was constructed at Tsuineishi Group (Zhoushan) Shipbuilding, Inc., the Group’s shipbuilding site in China," said a press statement.The new LRI Product/Chemical Tanker was built to address the rising global demand for petroleum and chemical products.It fulfills the requirements of MR Product/Chemical Tankers that are used mainly to transport such products, but features a significantly increased load capacity.The key feature of this LRI Product/Chemical Tanker is that…

Top Ships Inc, which owns and operates tanker vessels worldwide, said that it took delivery of the 50,000 dwt newbuilding product/chemical tanker M/T Eco Marina Del Ray.According to the international owner and operator of modern, fuel efficient "ECO" tanker vessels currently focusing on the transportation of petroleum products, Eco Marina Del Ray is constructed at the Hyundai Mipo shipyard in South Korea.The Greece-based company also said that the vessel is scheduled to commence its five-year charter employment with Cargill on March 18, 2019.The ship-owning company has recently concluded Financing Agreements with a major Chinese leasing company…

Greece-based ship-owning company TOP Ships announced that it has agreed a new time charter employment contract for 2 years with BP Shipping Ltd for its product/chemical tanker M/T Eco Revolution.The international owner and operator of modern, fuel efficient “ECO” tanker vessels currently focusing on the transportation of crude oil and petroleum products, said in a press release that the new time charter will commence in January 2019 immediately after the expiry of the present time charter employment contract.The revenue backlog expected to be generated by this fixture is about $10 million.The release quoted Evangelos Pistiolis, the President…

Tanker vessel owner and operator TOP Ships Inc. announced that it took delivery of its 50 percent owned 49,703 dwt newbuilding product/chemical tanker M/T Eco Palm Springs on May 23, 2018. The vessel was constructed at the Hyundai Mipo Vinashin shipyard in South Korea.On May 26, M/T Eco Palm Springs commenced its three year time charter employment with Clearlake Shipping Pte Ltd.

TOP Ships has acquired all of the outstanding shares of PCH77 Shipping Company Limited, a Marshall Islands company that owns a new building contract for M/T Eco California from an entity affiliated with the Company’s Chairman and Chief Executive Officer, Evangelos Pistiolis. Eco California is a high specification 50,000 dwt Medium Range (MR) product/chemical tanker under construction at Hyundai Mipo Dockyard Co., Ltd. in Korea. The Republic of The Marshall Islands incorporated Company paid $3.6 million for the outstanding shares and the vessel is scheduled for delivery during January 2019. Upon its delivery, the vessel will be employed under a time charter with an oil major for a firm duration of two years with a charterer’s option to extend for one additional year.

Ship owner TOP Ships Inc. said it will purchase for $6.5 million an additional 41 percent interest in Eco Seven Inc., a Marshall Islands company that owns M/T Stenaweco Elegance, a 50,188 dwt medium range (MR) product tanker, which is operating under a three year time charter at a rate of $16,500 per day expiring in March 2020. 49 percent ownership interest in M/T ECO Holmby Hills, a 50,000 dwt newbuilding product/chemical tanker scheduled for delivery from Hyundai Mipo Dockyard Co. Ltd. 100 percent ownership interest in M/T ECO Palm Desert, a 50,000 dwt newbuilding product/chemical tanker scheduled for delivery from Hyundai in July 2018.

PPG Protective and Marine Coatings has unveiled Phenguard Pro, a tank coating system that is intended to offer benefits for both shipyards and ship-owners. For shipyards and at installation, the coating system provides potential efficiency gains of over 20 percent compared to three-layer coating systems, PPG said. For owners it provides the wide chemical resistance and long carriage time of more than 3,400 cargoes, delivering maximum flexibility to the product tanker trades, according to the manufacturer.

Ardmore Shipping Corporation says it has taken delivery of the newbuilding product & chemical tanker 'Ardmore Seavantage' and also of the 2006-built 'Ardmore Seamariner' as it continues its fleet expansion programme. Cork, Ireland-based Ardmore informs it has taken delivery of the Ardmore Seavantage, a 49,999 Dwt IMO 3 Eco-design MR product and chemical tanker built at SPP Shipbuilding Co., Ltd. in South Korea. Following delivery, the Ardmore Seavantage commenced operating under an existing charter arrangement with the Vitol Group.

BAE Systems joined with Mid Ocean Tanker Company (MOTC), Mid Ocean Marine and Alterna Captial Partners earlier this year to commission the American Phoenix, a U.S. Flag/Jones Act-qualified product-chemical tanker. Measuring 616 x 105 ft. with a laden draft of 36 ft. and a cargo capacity of 49,000 dwt, American Phoenix is the largest vessel ever built and launched in the State of Alabama. BAE Systems was contracted to complete construction of the American Phoenix and prepare it for use. The vessel is owned by MOTC, a joint venture between Mid Ocean Marine and private equity firm Alterna Capital Partners. The vessel will conduct trade initially in the Gulf of Mexico.

BAE Systems has begun construction on the first of two dump scows for Great Lakes Dredge & Dock Company. Employees and executives from both companies gathered yesterday for a ceremony to mark the start of construction for the first module, which will weigh approximately 87 tons. When complete, the entire first vessel will weigh about 1,600 tons and measure 295 feet long and 62 feet wide, with a draft of 17 feet. The second vessel, which is scheduled to start in January, will be of the same dimensions and capacity. Both 7,500-cubic-yard, split bottom dump scows will be used to support U.S.

BAE Systems has begun construction on the MV Magdalen, an 8,500 cubic yard capacity trailing suction hopper dredge for Weeks Marine, Inc. Executives from the two companies gathered this week at the BAE Systems Mobile shipyard to oversee the initial cutting of steel for the vessel’s first module, which will weigh 130 tons. When complete in 2014, the entire vessel will measure 340 feet long and 79 feet wide, with a draft of 27 feet. “A tremendous amount of effort has led us to this point,” said Vic Rhoades, director and general manager at BAE Systems Southeast Shipyards Alabama.

Mid Ocean Tanker Company, a joint venture of private equity firm Alterna Capital Partners and Mid Ocean Marine, has contracted with BAE Systems Southeast Shipyards in Mobile, Ala. for work required to launch MOTC’s 49,000dwt US Flag/Jones Act product-chemical tanker MV American Phoenix. MOTC acquired the vessel from the estate of American Heavy Lift in February of this year, and intends to complete it for service in US coastwise trade by late 2011 or early 2012. MOTC has worked closely with BAE Systems Southeast Shipyards…

Omega Navigation Enterprises, Inc., a provider of global marine transportation services focusing on product tankers, announced its financial and operational results for the second quarter and six months ended June 30, 2010. For the quarter ended June 30, 2010, Omega Navigation reported total revenues of $19.0 million and Net Income of $2.4 million, or $0.15 per basic share, excluding losses on interest rate derivative instruments, incentive compensation grants expense and a one-time settlement fee for the termination of a purchase agreement. Including these items, the Company reported Net Loss of $0.9 million or $0.05 per basic share. Adjusted EBITDA for the second quarter of 2010 was $6.1 million. Please see below for a reconciliation of Adjusted EBITDA to Cash from Operating Activities.

Wärtsilä, power system integrator, has signed a design and propulsion system order with Taiwan's Jong Shyn Shipbuilding for a product chemical tanker. The 6500 dwt vessel, due for delivery in 2011, is for CPC Corporation (CPC), a Taiwanese state-owned oil company. This is the first order through the Wärtsilä network for a design developed by Conan Wu Associates (CWA), a Wärtsilä Ship Design company, since it was acquired in September 2008. In addition to the design, Wärtsilä will deliver the entire propulsion system…

Wärtsilä Corporation received a contract to supply main diesel generating sets for a 19,500 dwt product/chemical tanker being built at Shanghai Edward Shipbuilding in the People's Republic of China. Delivery of the ship is scheduled in August 2005. Ordered by Sweden’s Rederi AB Donsötank, the newbuilding is a double-acting tanker (DAT) which is optimized for efficient ice-breaking when going astern and for efficient sailing in open water when going ahead. Propulsion is by a single electrically-driven azimuthing propeller drive.

OMI Corporation announced that it had taken delivery of the Ohio, a new 37,000 dwt product/chemical tanker. The vessel has entered into a previously announced three year time charter. Craig H. Stevenson, chairman, CEO and president of OMI commented that “we are pleased that the company’s fleet and its secure revenues continue to grow. This brings to fourteen the number of vessel on long term time charter, with three more new product tankers to be added during the first quarter of 2002. We continue to grow stronger, as evidenced by the recently arranged financing for this vessel and one of the vessels being delivered to us in the first quarter next year having a slightly lower interest rate margin than our other borrowings.”

According to reports, Abu Dhabi Commercial Bank (ADCB ) has granted a loan of $100m to Gulf Energy Maritime (GEM) PJSC, a Product / Chemical tanker Company. The Loan agreements were signed yesterday at GEM Offices between Yusr Sultan, CEO of GEM and Shafqat Ali Rana, Head of ADCB's Dubai Corporate Div. and P.P.Saradhi, Vice-President of ADCB in the presence of Hassan Jarrar, Head of Commercial Banking, ADCB. GEM signed this loan with ADCB for their recently ordered vessels Gulf Castle and Gulf Cobalt. These hulls of 75000 dwt each are two out of four Panamaxes ordered in January this year and are the high specification double hulled product tankers, being built at Hyundai Mipo Dockyard. Gulf Castle & Gulf Cobalt are scheduled for delivery in 2009.

The reinvention of the Spanish shipbuilding industry under the moniker IZAR as of earlier this year is apparently an immediate success, as news emanating from the organization show the group is winning a number of lucrative, and diverse, shipbuilding projects. IZAR has won a contract to construct a 22,700 cu. m. oil product chemical tanker for a Chilean shipowner. The tanker will be built at Gijon shipyard, northern Spain, where it will be equipped with 28 duplex stainless steel tanks able to carry over 800 IMO I and IMO II chemical cargoes as well as refined oil products. The vessel has been designed with double hull and double bottom in the way of the cargo tanks.

Deltamarin Ltd, the Finnish engineering company, is supplying the design for the tanker newbuildings for Fortum, the leading energy company in the Nordic countries, both at Jinling Shipyard in China and at Estaleiros Navais de Viano do Castelo (ENVC) shipyard in Portugal. The project at Jinling is a product/chemical tanker with ice class 1 A Super and with following main dimensions: length (overall) 556 ft. (169.5 m), breadth 78 ft. (23.8 m), deadweight 25,000 tons and speed 16 knots; total cargo tank volume is 28,000-cu.-m. Deltamarin will prepare for the yard the complete basic design, model test coordination as well as 3D coordination models for the detail design.