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Vinashin News

03 Jun 2019

Eco Tankers Sells MR Tanker

Eco Tankers  has signed a memorandum of agreement for the sale of the MT High Sun, a 49,990 dwt MR product tanker vessel, built in 2014 by Hyundai MIPO, South Korea (Vinashin), for a consideration of US$ 28.7 million.Eco Tankers is a joint venture company with Venice Shipping and Logistics S.p.A., in which d’Amico International Shipping  (DIS) holds a 33% participation."This transaction will result in a profit on disposal and allows Eco Tankers to generate around US$ 12.8 million in cash, net of commissions and the reimbursement of the Vessel’s existing loan," said a press release from DIS, the international marine transportation company operating in the product.As of today…

10 Oct 2018

Star Bulk Carriers Adds MV Star Bright to its Fleet

Athens, Greece-based Star Bulk Carriers Corp took delivery of the first of the three firm dry bulk vessels, the ER Brighton, renamed to Star Bright, from an entity affiliated with E.R. Capital Holding GmbH & Cie. KG.The global shipping company focusing on the transportation of dry bulk cargoes announced that, the delivery is in pursuant to the previously announced transaction of August 28, 2018. The Vessel was acquired for a combination of cash and shares. Following this delivery, the Company has 92,355,927 common shares issued and outstanding.ER Brighton is a Bulk carrier built in 2010 by Hyundai Vinashin Shipyard - Ninh Phuoc, Vietnam.Star Bulk’s vessels transport major bulks…

29 May 2018

M/T Eco Palm Springs Delivered

M/T Eco Palm Springs (Photo: TOP Ships)

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.

04 Mar 2018

d’Amico Updates on its Fleet

d’Amico International Shipping said that  M/T High Challenge, an ‘Eco’ new-building MR product tanker built by Hyundai Mipo Dockyard – South Korea at their Hyundai Vinashin Shipyard  – Vietnam, was delivered to the Group last year. d’Amico Tankers  also agreed with Hyundai Mipo Dockyard Co. Ltd. – South Korea – to postpone the delivery of its first newbuilding LR1 from April 2017 to October 2017. This agreement follows a specific request of an oil major and a key customer of the Group, which will take the vessel on a 18 month TC contract upon her delivery from Hyundai Vinashin Shipyard Co. Ltd. – Vietnam. At the same time, the estimated delivery dates of the remaining 5 LR1s under construction at Hyundai Vinashin Shipyard Co. Ltd.

02 Feb 2018

Navig8 Chemical Tankers Still in Red

Despite a shift in demand in the chemical shipping sector, Navig8 Chemical Tankers ended the fourth quarter ended 31st December, 2017 with a widened net loss of USD 3.7mln. Revenue for 4Q17 was $43.3 mill, compared to $33.9 mill for 4Q16. “The chemical tanker market began to show signs of improvement in the fourth quarter led by stronger demand in the chemical sector and tightening in the MR product tanker market,” said CEO Nicolas Busch. “With our fleet fully delivered, we are pleased to have generated sequential increases in revenues and operating income and believe we are well positioned as fleet growth for larger vessels begins to slow and chemical tanker demand continues to increase,” Nicolas added.

31 Jan 2018

Vietnam Arrests Ex-chairman of State Shipbuilding Firm

Nguyen Ngoc Su (Photo: Vietnam’s Ministry of Public Security)

Vietnam has arrested a former chairman of state-owned Shipbuilding Industry Corporation (SBIC) for alleged abuse of power, police said on Friday, as the Southeast Asian nation cracks down on graft. A spate of high-profile arrests has shed light on graft, mismanagement and nepotism in state firms at a time of accelerating privatization, while spotlighting the ascendancy of a more conservative faction in the ruling Communist Party. Nguyen Ngoc Su of SBIC, formerly known as debt-laden and troubled Vinashin…

19 Oct 2017

Hyundai Vinashin Launches d'Amico LR1

d’Amico International Shipping (DIS) has launched the first three LR1 (long-range) vessels in its history, at the Hyundai Vinashin shipyard in Vietnam, ANSA reported. The company invested USD 131 million in the construction of the three 75,000-tonne ships. These vessels are ecologically friendly, can transport more cargo per voyage and are able to cross the expanded Panama Canal, DIS said. The Italian engineers of the D'Amico group have collaborated with the South Korean-Vietnamese shipyards to design a new generation of eco-ships, 228m long and 36m wide, able to transport bigger volumes, limiting consumption and CO2 emissions and maintaining a draught similar to smaller ships to exploit the new routes created by the widening of the Panama Canal.

15 Aug 2017

Navig8 to Acquire 32 Chemical Tankers

Navig8 Chemical Tankers Inc,  international  shipping company focused on the transportation of chemicals, has  entered  into  contracts  to  acquire  32  modern,  fuel-efficient  newbuilding  chemical  tankers. As of today, 31 of these vessels have been delivered and are in operation, the company said in a press release. The remaining vessel is scheduled to be delivered in the third quarter of 2017. Upon their respective deliveries, the Company’s vessels have and will be deployed in commercial pools managed by the Navig8  Group,  including  the  Chronos8,  Delta8  and  Stainless 8  pools. The Company’s newbuilding fleet is composed of eighteen IMO2 37…

28 Jul 2017

d'Amico Tankers Updates Ship Sales and Purchases

In January 2017, d’Amico Tankers sold MT High Endurance and MT High Endeavour, two 46,992 dwt medium-range product tanker vessels, built in 2004 by STX, South Korea, to Sea World Tankers a client of Sea World Management SAM, for a consideration of US$ 13.5 million each. At the same time, d’Amico Tankers will maintain the commercial employment of the Vessels having also concluded with the Buyer a 4 years’ time-charter agreement at an attractive rate. In May 2017, d’Amico Tankers d.a.c. signed a memorandum of agreement and bareboat charter contract for the sale and leaseback of the MT High Fidelity, a 49,990 dwt medium-range product tanker vessel, built in 2014 by Hyundai-Vinashin Shipyard Co. Ltd. for a consideration of US$ 27.0 million.

02 Mar 2017

d’Amico Delays Delivery of LR1 Tankers

Tanker shipping company d’Amico Tankers agreed with Hyundai Mipo Dockyard Co.Ltd. – South Korea to postpone the delivery of its first newbuilding LR1 (Long Range – 75,000 dwt)from April 2017 to October 2017. This agreement follows a specific request of an oil major and a key customer of the Company, which will take the vessel on a 18 month TC contract upon her delivery from Hyundai Vinashin Shipyard Co. Ltd. – Vietnam. At the same time, the estimated delivery dates of the remaining 5 LR1s under construction at Hyundai Vinashin Shipyard Co. Ltd. – Vietnam, have also been slightly delayed by approximately 2 months compared to the original schedule. Meanwhile,  M/T High Challenge, an ‘Eco’ new-building MR (Medium Range – 50,000 dwt) product tanker built by Hyundai Mipo Dockyard Co. Ltd.

07 Oct 2015

d'Amico Launches Two Tankers in Vietnam

Cielo di Ulsan, launched by DIS in Hyundai Vietnam Shipyard (PRNewsFoto/d'Amico International)

d'Amico International Shipping S.A. has launched two eco-ships at the shipyards of Hyundai Vinashin Shipyard Co. Ltd – Vietnam, bringing the fleet to more than 50 units. The vessels Cielo di Ulsan, a handysize Ice Class of 39,000 tons and High Trader, a medium range 50,000-ton product tanker showcase innovative design aimed at offering incredible versatility in type of transport, elevated performance in terms of energy efficiency and consumption and an impressive reduction of emissions, allowing them to already meet the international standards that will come into force in 2025.

01 Jun 2015

Vietnam to Build Research Ship Indegenously

Prime Minister Nguyen Tan Dung approved a decision to build specialized ships for maritime research and survey purposes only in local shipyards associated with Vietnam Shipbuilding Industry Corporation (SBIC). From now onwards only member companies of the Hanoi-based SBIC, previously known as Vinashin, are allowed to join those tenders to secure the rights to build such ships. Prime Minister Dung has assigned the Ministry of Natural Resources and Environment to actively work with the Ministry of Planning and Investment and the Ministry of Finance to allocate necessary capital for the project. The premier has also agreed to extend the…

28 Apr 2015

D'Amico Orders Two 'Eco' LR1 Product Tankers

D'Amico International Shipping has ordered two new long range one product tankers, to be built by Vietnam’s Vinashin Shipyard Co for about $44m each. The tankers are expected to be delivered mid-2017. The 75,000-dwt eco-LR1 product tankers will be built in Vietnam by Vinashin Shipyard; delivery is expected in mid-2017, parent company D’Amico International said today. The above two double‐hull new buildings are the latest ECO design vessels with the highest fuel efficiency. The vessels will have an attained Energy Design Index (EEDI) falling already well within the IMO phase-in 2 requirements due for vessels to be built before 31st December 2024, being of 25% lower than the current IMO reference line.

14 Jan 2015

Vietnam to Protect Domestic Fleet

Vietnam says no to foreign firms to provide container transportation service on domestic routes, says a report published in VietNamNet Bridge. The Vietnam Maritime Bureau (Vinamarine) has sent a dispatch to the Ministry of Transport (MOT) seeking to continue policies to protect its fleet in the domestic transportation market. The increase in the number of vessels and the unchanged volume of goods are the two reasons it cited as a basis for the proposal. Earlier in 2013, Vietnam imposed a ban on foreign firms. However, the decision did not specify whether the ban would be removed in the future, or if would be valid for an indefinite time. There have been reports that a foreign shipping firm has been lobbying for their return to the domestic market.

29 Sep 2014

Navig8 to Acquire ECO Chemical Tankers

Navig8 Chemical Tankers Inc. is pleased to announce that it has signed resale purchase agreements with an agribusiness group  to purchase two ECO 49,000 dwt chemical tankers currently under construction at Hyundai Vinashin Shipyard Co. Ltd. that were originally ordered by the Seller. Both Vessels are scheduled for delivery in Q1 2015. The Company has the option to take delivery of the Vessels upon scheduled delivery from Vinashin or take the Vessels under a bareboat charter from the Seller for up to 12 months after delivery from Vinashin, before taking ownership delivery of the Vessels from the Seller within the 12 months. Navig8 Chemical Tankers Inc now has a total of thirty two (32) ECO chemical newbuilds under construction in Korea…

01 Jun 2014

China, Vietnam, Shipyards Deliver Newbuilds to VSL

Investors in the shipping & logistics industries VSL, says that in just over a week its first two eco-newbuildings joined its fleet, with the delivery from Vietnam of the 'High Sun' product tanker (in partnership with d’Amico International Shipping – DIS) and the 'Giulia I' dry-bulk carrier from China. The MR Product Tanker High Sun, delivered byt the Hyundai-Vinashin Shipyard, has a length of 183 metres, a beam of 32 metres, and is of 50,000 dwt, while Giulia I was built at Yangfan in China, of 39,000 dwt, a length of 180 metres and a beam of 30 metres. Giulia l has been certified by the international classification society RINA. Additionally…

30 May 2014

VSL Invests in Eco-Ships

Giulia

VSL announced that in just over a week its first two eco-newbuildings joined its fleet, with the delivery of the High Sun product tanker in Vietnam (in partnership with d’Amico International Shipping – DIS) and the Giulia I dry-bulk carrier in China. Thanks to their unique design, the two vessels guarantee average fuel savings and resulting reduction in CO2 emissions of 20-25% (with vessels fully loaded and at a constant speed of 14 knots), the company said. VSL, which invests exclusively in the shipping and shipping logistics industries…

23 May 2014

Two Mr. ECO Tankships Launched for d'Amico

d’Amico International Shipping S.A. (DIS) an international marine transportation company operating in the product tanker market, inform of the launch of two additional MR “ECO” vessels built at Hyundai Vinashin Shipyard Co., Ltd. (Vietnam). The first vessel, the 50,000 dwt High Sun was launched and delivered  to Eco Tankers Ltd. (Malta), a JV with Venice Shipping and Logistics S.p.A., in which DIS has 33% interest. The second vessel, the 50,000 dwt High Fidelity was also launched and is expected to be delivered to d’Amico Tankers Limited (Ireland) in Q3 2014. DIS say that both vessels are already fixed in time charter to a leading Oil Refining Company for a period of respectively three and two years at very profitable levels.

24 Apr 2014

Damen Opens JV Yard in Vietnam

On March 20, 2014, Vietnamese Minister of Transport Nguyen Hong Truong, cut the ribbon for the latest addition to Damen Shipyard Group’s portfolio. Damen Song Cam is a new yard, and is one of the largest in the group and represents Damen’s first formal Joint Venture yard in Vietnam. Damen said Song Cam is considered state-of-the-art, bringing a western shipyard designed to meet European health, safety and environmental standards into a Vietnamese environment. The yard will produce around 40 ships per year in phase one.

24 Mar 2014

Damen Opens Joint Venture Yard in Vietnam

Photo: Damen

On March 20, Vietnamese Minister of Transport Nguyen Hong Truong, carried out the official Vietnamese ribbon-cutting ceremony for the latest addition to Damen Shipyard Group’s portfolio. Damen Song Cam, a brand new yard, is one of the largest in the group and represents Damen’s first formal Joint Venture yard in Vietnam. Damen said Song Cam is considered state-of-the-art, bringing a western shipyard designed to meet European health, safety and environmental standards into a Vietnamese environment. The yard will produce around 40 ships annually in the first phase.

22 Jul 2013

Vietnam Shipyard Delivers Bulk Carrier to Thai Owners

Dignitories at Thor Breeze delivery

The 53,000 dwt bulk carrier, 'Thor Breeze' has been delivered by Ha Long shipyard, Quang Ninh Province to Thailand ship-owners Thoresen Co. Mr. Do Van Thau – the Vice General Director of Vinashin and   representatives of the  ship-owner were present at the ceremony. The double-hulled bulk carrier is 190 m in length, 32.26 m in breadth, 17.50 m in depth and with a 12.60 m draught. The main engine is a MAN B&W 6S50 MC-C 9.480 kW rated at 118 rpm to give a speed of 14 knots. The design was by Denmark’s CarlBro’s and construction was under the supervision of DNV Classification.

04 Sep 2013

Latest Newbuildings: Ultra-large Boxship Orders Predominant

Image courtesy of Maersk Line

With the summer holidays slowly drawing to a conclusion the newbuilding market has remained relatively quiet this week, though Clarkson Hellas Weekly S+P anticipate activity to pick up again shortly. Somewhat reflective of this subdued activity is that Clarkson have seen no new orders reported in the dry bulk this week, which contrasts directly with the activity witnessed in this sector so far this year. That being said, the market has however witnessed further activity in the medium size tanker sector as well as in the larger sizes of both the gas and particularly containers markets.

12 Nov 2013

Vietnam Shipbuilders Vinashin Restructured & Renamed

Vietnam Shipbuilding Industry Group, the debt-ridden national shipbuilder, is being renamed and restructured as the government works to reform inefficient state-owned enterprises that are weighing down the economy, reports the country's Thanhnien News. Vinashin, as the company is known, will have its name changed to Shipbuilding Industry Corp., or SBIC, according to a Transport Ministry statement cited by Thanhnien News. SBIC will be state-owned with eight subsidiaries and registered capital of 9.52 trillion dong ($451 million). The shipbuilder, whose near-bankruptcy spurred sovereign credit downgrades, defaulted on a $600 million internationally syndicated loan in 2010. Vinashin had indicated it plans to cut 14,000 jobs, more than half its workforce. Source: Thanhnien News