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Jinse Shipbuilding to Build First Ships Using AVEVA

Jinse Shipbuilding Co., a recent addition to the Korean shipbuilding industry based in Busan, will use AVEVA Marine to build its first ships. Jinse received orders for 32,000-dwt and 180,000-dwt bulk carriers, with the former due to be delivered by early 2008. “The onus is on us to build high quality ships in the most efficient manner,” said Kim Tae Hyoung, Director of Jinse Shipbuilding Co. “We believe that AVEVA Marine will lead to higher production accuracy, savings in calendar time and less rework.”


TEN Buys 9 Tankers for $530M

TEN, the New York quoted Greek tanker company controlled by the Tsakos family, confirmed it has bought for nine ice class 1A tankers from Western Petroleum for $530 million. The fleet consists of six 53,000-dwt medium range chemical/products carriers delivered by Hyundai Mipo Dockyard last year and three 116,000-dwt coated aframax products carriers for delivery from Hyundai Heavy Industries in May August and October this year


Bergesen Orders Two More VLCCs From HZ

Bergesen d.y. Group ASA exercised an option to buy two more VLCCs from Japan's Hitachi Zosen Corp. The total option price for the 296,000 dwt vessels is about $131.7 million. The two vessels will be delivered in March and May, 2001. Bergesen also announced that it has bought oil/ore carrier Grand Phoenix for $23 million. The 291,000-dwt carrier, built in Japan in 1986, will be delivered by the end of March.


Sovcomflot Buys Nine PRISCO Tankers

Russia’s PAO Sovcomflot (SCF Group) subsidiary SCF Tankers Ltd. has won an auction for nine arctic-going tankers that belonged Primorsk International Shipping Ltd. (PRISCO), who filed for chapter 11 protection in January 2016. The purchase deal is worth $215 million, and the auction results have been approved by the U.S. Bankruptcy Court for the Southern District of New York, which is handling PRISCO’s bankruptcy case. SCF Tankers outbid Denmark’s Hafnia Tankers Ltd


Shortage in Supramax

Supramax bulk carrier (Pic: United Seven GmbH & Co)

 As tonnage in the East Coast South America (ECSA) region continued to outnumber fresh grain requirements, Supramax front-haul freight rates fell this week, reports Platts, quoting shipping sources.   The rate for carrying a 50,000 mt grain stem from ECSA to the Far East continued at that level until it fell to $9,500/d plus $95,000 ballast bonus Tuesday. It was $10,000/d plus $100,000 ballast bonus February 27.  


India Boosts Shipping Industry

Indian Shipping Minister Nitin Gadkari. Photo: Official Site of Nitin Gadkari

 The Expansion, modernization and upgradation of shipping infrastructure in India is an on-going process to keep the ports abreast with new technologies and also to promote trade and cargo.   The Government is committed to provide best possible infrastructure facilities to Indian shipping industry.    Cochin Shipyard Limited, a Central Public Sector Enterprise under the administrative control of Ministry of Shipping has a shipbuilding capacity of 1,10


Wijsmuller Granted Major SPM Job

Through its subsidiary, Cory Towage Limited, The Wijsmuller Group has been awarded a contract for marine services at the Ash Shihr oil export terminal in Yemen for Canadian Occidental Petroleum Yemen, which is familiarly known as CanOxy Yemen. The Ash Shihr terminal deals with crude originating inland, which is piped to the terminal storage tanks from where it is then pumped to loading tankers at the single point mooring buoy (SPM) - three miles offshore


FirstWave/Newpark Awarded Trio of Contracts

Providing ship repair, conversion, new construction and related services for barges and other vessels, FirstWave/Newpark Shipbuilding has garnered three new contracts. Pleiades Shipping Agents awarded the company for collision damage repair of 55,000-dwt vessel, MT Nestos. The ship, which sustained damage on its port side near the bow and just above the waterline, underwent repairs at the company's East Pelican Island facility.


Unitor Secures Significant Orders

Unitor, Norway's international ship supply specialist, has garnered its largest ever single order for ships equipment with a $6.8 million contract from Poland's Stocznia Szczecinska SA (Szczecin Shipyard) for nitrogen generator systems for eight 40,000-dwt chemical tankers under construction at the yard. The order encompasses the delivery of Unitor's 35-ton, hollow-fibre, air separation nitrogen generator system, to each tanker comprising four 360 kW compressors and nitrogen generators


New Ax-Bow to Increase Ships' Efficiency

Considerable effort, particularly following the oil embargo of the 1970s, has been placed on reducing the fuel oil consumption of ships, a task readily handled by a series of improvements in hull shapes, the fitting of energy savings devices, and improvements to the performance of main engines. A group of engineers from the Tsu Research Laboratories — Koichiro Matsumoto, Kazuyoshi Hirota and Kenji Takagishi - however, noted that while performance in still water was gaining, other factors


VLCC Outlook Brightens Slightly

file Image: CREDIT EuroNav

Rate correction likely after low S-Oil charter drags market.   Freight rates for very large crude carriers (VLCCs) could see a small respite next week, building on the slight improvement seen in the last two days although sentiment is likely to remain pessimistic of any real recovery


Asia Tankers-VLCC Rates Under Pressure on Oversupply

File Image: CREDIT EuroNav

Charterers set to split VLCC cargoes if owners push rates higher.   Freight rates for very large crude carriers (VLCCs) are coming under pressure from a build up in ships waiting for new charters and depressed rates in smaller tanker sizes, brokers said on Friday.  


Firmer MidEast, WAfrica Sentiment Supports VLCC Rates

File Image (CREDIT: AdobeStock / (c) Carabay)

Middle East rates helped by fewer old vessels; about 96 MidEast cargoes fixed, 25 to come.   Freight rates for very large crude carriers (VLCCs) could rise next week on firm sentiment in the Middle East and West Africa markets but higher oil prices and fewer floating storage opportunities


Yangzijiang Bags Newbuild Orders Worth $133 Mln

Image: Yangzijiang Shipbuilding

 China’s Yangzijiang Shipbuilding has won six shipbuilding contracts worth a total of $133m during the second quarter of this year, Business Times reported.   Three of these orders for 1,800 TEU (twenty-foot equivalent unit) containerships were exercised from options tied to


Asia Tankers-VLCC Rates Flat as Old and New Ships Compete

File Image (CREDIT: AdobeStock / (c) Carabay)

MidEast-Asia rates likely to remain flat until August; paper derivative trades show no uptick until October.   Freight rates for very large crude carriers (VLCCs) are likely to remain flat next week, a situation that could well last until August, brokers said on Friday.  


Asia Tankers-VLCC Rates Supported by Floating Storage

File Image: Credit Suez Canal Authority

Trafigura hires five VLCCs to store oil; short-term storage a profitable play.   Freight rates for very large crude carriers (VLCCs) could creep higher as more ships are chartered for floating storage and crude oil shipments increase ahead of the northern winter, brokers said.  


Asia Tankers-VLCC Rates Plateau, Could Edge Higher

File Image: CREDIT EuroNav

Floating storage, West Africa cargoes support rates; further storage charters may push rates to W60.   Freight rates for very large crude carriers (VLCCs), which were supported this week by a shift to using older vessels for floating oil storage


Asia Tankers-VLCC Rates Await Market Pointers

File Image (CREDIT: AdobeStock / (c) Carabay)

Gulf tensions fail to ignite VLCC market; owners waiting for July MidEast cargoes that could buoy rates.   Freight rates for very large crude carriers (VLCCs) face an uncertain week, possibly coming under pressure from a dearth of new Middle East cargoes but they could also find support


VLCC Rates Steady Ahead of Possible Rebound

© rob3rt82 / Adobe Stock

Five/six charterers are making storage inquiries; near-term pressure on tanker rates to continue - Frontline CEO.   Freight rates for very large crude carriers (VLCCs) are set to hold around the current levels ahead of a possible bounce later this month on renewed crude buying from China


VLCC Rates to Stabilise as Owners' Resolve Stiffens

File Image: CREDIT EuroNav

VLCC's likely to struggle to break even for next two months; three-tier VLCC market weighs on sentiment.   Freight rates for very large crude carriers (VLCCs) are likely to become steady around the current levels as owners resist charterers' attempts to pull down hire rates with the


VLCC Rates to Fall Further in Well-supplied Market

File photo: Maran Tankers Management

Freight rates for very large crude carriers (VLCCs) are set to slide further next week, falling below tanker break even costs on routes from the Middle East, as too many ships chase too few cargoes, brokers said on Friday.   "In today's market Middle East charter rates are around $15


Unithai to Operate Largest Floating Dock in Thailand

Photo: Unithai Shipyard

Thailand’s Unithai Shipyard and Engineering Limited continues to develop the shipyard’s capacity and capabilities in ship repair services in response to client needs.  Unithai Shipyard awarded a contract to China’s Huarun Dadong Dockyard to build a floating dock 984


Demand for Chemical Tanker Fleet Looks Up

Graph:  Drewry Shipping Consultants Limited

Demand for methanol and vegoil will moderately support global seaborne trade causing the shipping fleet trading in chemicals and vegoils to expand, according to the latest edition of the Chemical Forecaster, published by global shipping consultancy Drewry.


World Bank USD375 mln Loan for India's Waterway Project

Pic: Inland Waterways Authority of India (IWAI)

 In a major boost towards realising India's ambitious inland waterways project, the World Bank has approved a $375 million loan for capacity augmentation of National Waterway-1(River Ganga) under Jal Marg Vikas Project (JMVP).  


Asia Tankers-VLCC Rates to Climb as Asian Refiners Restock

File Image: A typical VLCC underway (EuroNav)

Rates to climb to around W65 from MidEast to Asia; W70 from West Africa.   Freight rates for very large crude carriers (VLCCs) are set to rise further as Asian refiners rebuild inventories after plants were reactivated following maintenance outages, brokers said on Friday.  






 
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