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Setaf News

28 Mar 2012

JACCAR Holdings Enters Into Gas and Dry Bulk Ownership

Greenship Holdings, a fully-owned Singapore subsidiary of JACCAR Holdings, has established two separate entities to expand into ship-owning and operating activities in the gas and dry bulk sectors. Greenship Holdings is aiming to own and operate advanced, fuel-efficient and environmentally-friendly vessels. Its original commitment, totaling 30 vessels in the gas and dry bulk sectors, with a total investment of around $900 million, has a secured financing structure and will go into operation in full within the next two years. Greenship Gas, a company fully owned by Greenship Holdings, has been established with the two-fold strategy of combining effective asset management with unparalleled in-house operations.

01 Mar 2012

Bureau Veritas Issues First EEDI Certificate

Leading international classification society Bureau Veritas has issued its first EEDI (Energy Efficiency Design Index) certificate to the ultramax geared bulk carrier JS Amazon, the lead ship in a new generation of ‘CROWN63’ vessels developed by China’s  Sinopacific Shipbuilding Group with bulk carrier expert Setaf-Saget. The 63,300 dwt vessel is designed for the carriage of bulk cargoes, including coal, iron ore, grain and cement, as well as a range of dangerous cargoes. Its GHG (Green House Gas) performance when measured in accordance with IMO’s Energy Efficiency Design Index is twenty per cent better than the requirement under MARPOL Annex VI and already reaches the Phase II requirement normally set for the years 2020/2024.

21 Feb 2012

Sinopacific's CROWN 63 Back from Successful Sea Trial

Three parties working together during sea trials (Photo: Jia Ming)

DY4001, lead ship of CROWN 63 - 63,500 DWT bulk carrier - successfully completed all sea trial items and began to make her return voyage on February 17. BV to issue its 1st EEDI certificate in Asia. The vessel’s speed trial has been proved to be beyond design prediction and met all the guarantee items specified in contract for delivery. Since DY4001 began sea trial on February 11, Dayang Shipyard’s Marine Dept., Outfit Dept. and Sinopacific Group Design have been implementing…

21 Feb 2012

First of Innovative Bulk Carrier Series Delivered

Sea trial was finished on Feb.18 evening. (Photo: Jia Ming)

DY4001 is the lead ship of the CROWN 63 series, a series of 63,500-DWT bulk carriers, which recently completed its sea trial items made its return voyage on February 17. According the shipyard, the vessel’s speed trial was proven beyond its design prediction and met all the guarantee. DY4001 was built by Dayang Shipyard, designed by Sinopacific Group Design, is owned by SETAF and is classed by Bureau Veritas. Compared to the CROWN 58 58,000 bulk carrier series, CROWN 63 has a 9% increased deadweight and reduced fuel consumption by 13% at the same service speed. Mr.

20 Oct 2010

Bourbon to Sell Bulk Freight Operations & Focus on Offshore

Bourbon has signed a letter of intent to sell its freight operator activity to a company which is 100% controlled by Jean-Louis Bottaro and his family. Bottaro founded and managed Setaf from 1968 to 2008. In this sale the cement carrier Endeavor remains the property of Bourbon, who continues to operate it within the framework of a service contract with the buyer. "The development of our Freight Operator activity requires investments that Bourbon would not be able to make for several years, due to the decisions announced in the Bourbon 2015 Leadership Strategy. This is why the sale to a professional in the Bulk field is the best solution for the development of this activity", said Jacques de Chateauvieux, CEO of Bourbon.

25 Aug 2010

Genco Takes Delivery of Two Drybulk Vessels

Genco Shipping & Trading Limited (NYSE:GNK) announced that it has taken delivery of the Genco Bourgogne, a 2010-built Supramax vessel, and the Genco Bay, a 2010-built Handysize vessel. The Genco Bourgogne is the ninth vessel to be delivered to the company under its agreement previously announced on June 25, 2010 to acquire 13 Supramax vessels from Setaf SAS, a wholly owned subsidiary of Bourbon SA. The Genco Bay is the is the second of five vessels to be delivered to the company under its agreement previously announced on June 9, 2010 to acquire five Handysize vessels from companies within the Metrostar group of companies. The company…

16 Aug 2010

Genco Takes Delivery of Two Supramax Vessels

Genco Shipping & Trading Limited (NYSE:GNK) announced that it has taken delivery of the Genco Pyrenees, a 2010-built Supramax vessel, and the Genco Normandy, a 2007-built Supramax vessel. The Genco Pyrenees and the Genco Normandy are the third and fourth vessels, respectively, to be delivered to the Company under Genco's agreement previously announced on June 25, 2010 to acquire 13 Supramax vessels from Setaf SAS, a wholly owned subsidiary of Bourbon SA. The Genco Pyrenees is expected to be delivered to its charterer, Setaf Saget SAS, on or about August 12, 2010 to commence a time charter for 11 to 13.5 months at a rate of $19,000 per day, less a 3.75% third-party brokerage commission.

30 Jul 2010

Genco Takes Delivery of Supramax Vessel

Genco Shipping & Trading Limited (NYSE:GNK) has taken delivery of the Genco Lorraine, a 2009-built Supramax vessel. The Genco Lorraine is the first of 13 vessels to be delivered to the company under Genco's agreement previously announced on June 25, 2010 to acquire 13 Supramax vessels from Setaf SAS, a wholly owned subsidiary of Bourbon SA. The company also announced that it has reached an agreement to enter into a time charter for the Genco Lorraine with Olam International Limited for 23 to 25 months at a rate of $18,500 per day, less a 5% third party brokerage commission. The time charter for the Genco Lorraine is expected to commence on or about July 31, 2010 and is subject to the completion of definitive documentation.

28 Jun 2010

Bourbon $545M Deal for 16 Supramax Carriers

Bourbon announced that its subsidiary Setaf SA has signed a $545m sale agreement for 16 bulk carriers with U.S. group Genco Shipping and Trading Ltd. The closing is expected by end of July 2010. “As a shipowner, we are a pragmatic company, and we seized an opportunity. Following the Group strategy for its Bulk Division, Setaf is actively managing its shipping activity as a freight operator as well as a ship owner, to offer customized services and dedicated advanced ships to its customers” said Jacques de Chateauvieux, Chairman & Chief Executive Officer of Bourbon. “The contemplated sales will contribute significantly to the financing of the new “Bourbon 2015’ Leadership Strategy“.

27 Jun 2010

Genco to Acquire 16 Supramax Vessels

Genco Shipping & Trading Limited (NYSE:GNK) announced that it has entered into an agreement with Bourbon SA to acquire 16 Supramax vessels, including two newbuildings, from Setaf SAS, a wholly owned subsidiary of Bourbon SA, for an aggregate purchase price of $545m. The acquisition is subject to the completion of customary documentation and closing conditions. Genco intends to retain 13 of the vessels, 12 of which are expected to be delivered to Genco in the third quarter of 2010, with the remaining vessel scheduled to be delivered in the first quarter of 2011. Six of these 13 vessels are secured on time charters with remaining durations between approximately one month and 54 months. The transfer of these time charters to Genco is subject to the charterers' consent.

21 Aug 2009

Drydocks World Delivers 5 Vessels

Drydocks World – Southeast Asia Pte. Limited (DDW-SEA), the Southeast Asian subsidiary of Drydocks World, announced the deliveries of vessels Endeavor, Greatship Ahalya, Mermaid Vision and Ark Dartmoor from their Drydocks World – Nanindah yard and Armada Tuah 104 from their Drydocks World – Pertama yard. The Endeavor, a fully pneumatic self discharge cement carrier designed by Shiptech Pte. Ltd. was delivered to Endeavor S.N.C., a subsidiary of Setaf Saget of France, a company of the Bourbon Group.

14 Feb 2008

Pipavav Shipyard Wins $1.06b Order

Pipavav Shipyard has won an order worth $1.06bn to build 26 Panamax bulk carriers, making it India's largest shipbuilding order to date. The orders are from Golden Ocean Group, Norway; SETAF, France; and AVGI Maritime, Greece. Source: Money Control