Kyklades Maritime Corporation News

ABS said it has been selected to class two additional very large crude carriers (VLCC) being built for Greek shipping company Kyklades Maritime Corporation. The contract brings the number of Kyklades VLCC orders classed by ABS to four, with two already under construction.The 319,000-dwt vessels, each 330 meters long, are being built by Korean shipbuilder Hyundai Heavy Industries (HHI) and are expected to be delivered in 2020.ABS Vice President, Europe, Vasillios Kroustadis, said, “ABS is the number one class society in Greece and a global leader in the classification of tankers. Our selection for this project reflects our strong reputation in both areas.”ABS said it has a 29 percent share of the global tanker orderbook.

Ocean Yield has announced that 100% owned subsidiaries of the Company have agreed to acquire four VLCC crude tankers with 15-year bareboat charters to companies owned and guaranteed by Okeanis Marine Holdings. All four vessels are sub-chartered to the shipping arm of a large industrial conglomerate for a period of 5 years. The gross purchase price is USD 83.75 million per vessel and the net cash purchase price is USD 74.25 million after a seller's credit of USD 9.50 million. The vessels are scheduled for delivery by the yard, Hyundai Heavy Industries, South Korea, in Q2-Q3 2019. Okeanis Marine Holdings will have certain options to acquire the vessels during the charter period, with the first purchase option exercisable after seven years.

Since it started publishing in 1939, Maritime Reporter & Engineering News has recognized excellence in ship construction. Milos is the first vessel in a series of two Suezmax Crude Oil Tanker, built by SungDong Shipbuilding & Marine Engineering for Kyklades Maritime Corporation. The vessel is built under the survey of Lloyd’s Register and designed in accordance with IACS Common Structure Rule(CSR). The vessel features a double side skin and has a flush deck, bulbous bow, transom stern, open water type stern frame, semi-balanced rudder and single propeller driven by a slow speed diesel engine.

At the 150th Annual Meeting of the Members of ABS, three industry leaders were elected to the ABS Council. Following the Annual Meeting, the ABS Council met and elected industry leaders to both its Marine and Offshore Technical Committees. Individuals serving on the ABS Council and the Technical Committees help guide the class society in fulfilling its mission of promoting the security of life, property and the natural environment. “Classification represents the concept of self-regulation for the marine and offshore industry,” said ABS President and CEO Christopher J. Wiernicki.