Bermuda News

21 Oct 2019

Golar Power Wins Brazil Plant Gig

 Pic: Golar LNG

Golar LNG, a liquefied natural gas shipping company registered in Bermuda, said that its joint venture with Stonepeak Infrastructure Partners, Golar Power Limited has been awarded a 25 year power purchase agreement (PPA) for the construction of a 605MW combined cycle thermal power plant.The LNG-to-power Project will be developed by CELBA (Centrais Eletricas Barcarena S/A), a special purpose company 50% controlled by Golar Power.Located in the Brazilian city of Barcarena, State of Pará…

14 Oct 2019

2020 Bulkers Fixes with Glencore

Image: 2020 Bulkers

Norway-based shipowner 2020 Bulkers  has entered into a time charter agreement for its newcastlemax newbuilding Bulk Shanghai with a subsidiary of Glencore.The vessel will commence a 11-13 month time charter upon delivery from New Times Shipyard in early November 2019 and will earn an index linked rate, reflecting a significant premium to the Baltic 5TC index, said a press note from Bermuda-based new bulk carrier company.The time charter also includes a profit sharing of any economic benefit derived from operating the vessel´s scrubber…

08 Oct 2019

NAT Bullish on Tanker Market

Picture courtesy: NAT

Bermuda-headquartered Nordic American Tankers (NAT) said that its tanker segment is on upswing mode following he strong market improvement for its Suezmax tankers."However, seeing is believing and if anyone had doubts, last week, the international shipbroking firm of Clarkson Platou Research reported the largest week-on-week increase in the history of their freight index,"pointed out the company.From Thursday to Friday last week, reported Suezmax rates jumped 60% on the day and 400% on the month…

18 Sep 2019

Frontline Says No to Tankers Options from Trafigura

Image: Trafigura

The world's largest oil tanker shipping company Frontline Ltd has declined options to buy four more tankers from Trafigura Marine Logistics (TML) and said that it will keep to buying only 10 tankers.Last month, the Bermuda based company announced an agreement with TML  to acquire ten Suezmax tankers, with two separate options to acquire two plus two additional Suezmax tankers.The options were part of a deal reached between the two companies last month to acquire ten Suezmax tankers…

16 Sep 2019

GOGL Ups Investment in Singapore Marine

Image: Golden Ocean Group

Norway based dry bulk shipping company Golden Ocean Group (GOGL) is planning to make a further investment in Singapore Marine Pte Ltd in connection with the acquisition of the majority of assets and operations of Swiss Marine by the latter.Swiss Marine is a privately owned freight operator founded in 2001 that transported over 120 million metric tons of cargo in 2018.The Bermuda registered GOGL said in a press note that including new commitments from Golden Ocean of $9.5 million in equity and $0.7 million in the form of a shareholder loan…

10 Sep 2019

SFI Acquires Three VLCCs From Hunter Group

Bermuda-based ship-owning and ship chartering firm Ship Finance International Limited (SFL) has agreed to purchase three very large crude carriers (VLCCs) from Norwegian investment company Hunter Group. The 300,000 dwt oil tankers are currently being constructed by South Korean shipbuilder Daewoo Shipbuilding & Marine Engineering (DSME). Hunter Group placed the order for the VLCCs last year. SFI will pay almost $60 million for each tanker and a total of $180 million for all three. The vessels are scheduled to be delivered within the next two months.The tankers will be fitted with exhaust gas cleaning systems to reduce the emissions of sulfur oxides (SOx) and other pollutants, and to meet IMO regulations.

06 Sep 2019

SFL Acquires Three VLCC Newbuildings

Pic: SFL

The international ship owning and chartering company Ship Finance International (SFL) announced that it has agreed to acquire three 300,000 dwt crude oil carriers, or VLCCs, currently under construction at Daewoo Shipbuilding & Marine Engineering (DSME) in Korea.The Bermuda-headquartered company said that the net purchase price will be $180 million, or $60 million per vessel and they are expected to be delivered to SFL within the next two months.The vessels were ordered in 2018 by affiliates of the Norwegian listed company Hunter Group…

04 Sep 2019

GTT Wins Tank Design Order for 8 LNG Carriers

A typical GTT LNG tank design. File Image / CREDIT: Conrad  Shipyard & GTT

GTT has received several orders concerning the tank design of eight new LNG carriers.Seven of the LNGCs will be built by the Korean Shipyard Samsung Heavy Industries (SHI) on behalf of three ship-owners based in America, Oceania and Bermuda.GTT’s Mark III Flex technology has been selected to equip the LNG tanks of six LNGCs ordered by SHI and the Mark III Flex+ technology to equip the seventh. Each unit will offer a 174,000 m3 capacity. The delivery of the vessels is scheduled…

01 Sep 2019

100% Uptime for FLNG Hilli Episeyo

Pic courtesy: Golar LNG

Bermuda-registered liquefied natural gas (LNG) shipping company Golar LNG said that its floating LNG (FLNG) Hilli Episeyo continues to achieve 100% commercial uptime. The vessel recently exported its 25th cargo."Discussions continue with field operator Perenco with respect to increasing the vessel's utilization and potentially increasing the overall duration of the contract term," the NASDAQ-listed company said. The initial focus of these discussions remains on utilization of…

16 Aug 2019

Teekay Adds 4th Arc 7 Icebreaking LNG Carrier

Image: Teekay

Bermuda-headquartered Teekay has taken delivery of Vladimir Voronin, the fourth in a series of six Arc 7 icebreaking liquefied natural gas (LNG) carriers intended for Yamal LNG project."Named after the famous Soviet sea captain, we have recently taken final delivery of Vladimir Voronin HN 2431, the fourth in the series of our six Arc 7 ice breaking LNG newbuilds," said a press statement from Teekay, which has developed from a regional shipping company into one of the world's largest marine energy transportation…

13 Aug 2019

DHT Holdings Bags 3-Year Time Charter

Pic: DHT Holdings

Bermuda-based crude oil tanker company announced that  it has entered into a three year time charter with a leading refining company for one of its 2012 built very large crude carriers (VLCC).The charter will commence after the vessel completes a scrubber retrofit in the fourth quarter of this year, said the New York-traded company.The time charter has a base rate of $30,000 per day with all earnings up to $37,500 to DHT following a profit sharing structure that includes scrubber…

24 Jul 2019

Caribbean to Enhance Maritime Capacity

Pic: International Maritime Organization (IMO)

International Maritime Organization (IMO) has signed a new Memorandum of Understanding (MoU) with the Republic of Chile, to extend Chile's technical assistance to countries in the Caribbean region, in addition to Latin America.According to the UN body, the MoU on Technical Cooperation, signed by the Directorate General of Maritime Territory and Merchant Marine (DIRECTEMAR) of the Republic of Chile, replaces earlier MoUs (signed in 2002 and 2005) and strengthens the collaboration…

07 Jul 2019

NAT to Pass on Scrubbers

Pic: Nordic American Tankers Limited

Bermuda-based international tanker company Nordic American Tankers Limited (NAT) has reiterated that it believes scrubbers are not a solution for the company based upon a conservative financial policy."NAT does not take on risk it does not have to," it said.An increased number of ports now prohibit or impose strict requirements on the use of scrubbers, which purify emissions from large ships.The scrubber cleans the exhaust from vessels for Sulfur and emit impure water into the sea, and that is what the ports now will put an end to.

02 Jul 2019

Shipping Firms Drop UK Flag as Brexit Looms

Photo: CMA CGM

Companies are leaving Britain's shipping registry due to uncertainty over Britain's departure from the European Union and future commercial arrangements with the bloc, industry officials say.All commercial ships have to be registered, or flagged, with a particular country partly to comply with safety and environmental regulations. Shipping companies in many so-called "flag states" pay corporation tax based on vessel tonnage rather than profit.Britain's ship registry forms part…

12 Jun 2019

NAT Closes Busiest Year!

Pic: Nordic American Tankers Limited

Bermuda-based Nordic American Tankers Limited (NAT) said in a press release that the last 12 months have been the busiest period for the international tanker company.Sale of 10 suezmax vessels and delivery of 3 new suezmax units took place in the last six months of 2018 and ensured a renewal of its fleet which count suezmaxes only. The operating costs for the NAT fleet came down further, a release said."Maximizing dividend is our strategy. We also aim at reducing the debt level and thereby lowering the cash break even further…

07 Jun 2019

SHI Wins Order for 2 LNG Carriers

Pic: Samsung Heavy Industries (SHI)

South Korean shipbuilder Samsung Heavy Industries (SHI) has received an order for the construction of two liquefied natural gas (LNG) carriers.The shipbuilder said in a stock exchange annoucement that it had secured a deal worth KRW 450bn ($381m) with a Bermuda-registered client.The newbuilds are planned to be delivered by the end of June 2022. With the addition of the latest order, SHI has seen its orders for LNG carriers reach 10 units. SHI revealed that its orderbook for 2019 now stands at eleven vessels…

30 May 2019

NAT Extends TC for Suezmax Vessel

Pic: Nordic American Tankers Limited

Nordic American Tankers Limited (NAT) has fixed a one year or more time charter (TC) for one of the NAT suezmax vessels.NAT's Samsung built suezmax, the Nordic Zenith, has obtained a term contract. The new contract is expected to commence on expiration of the present spot employment and it could last 12 to 15 months.The contract was entered into with the first-class charterer, Equinor, an energy company headquartered in Norway. Equinor is a major stocklisted company and one of…

22 May 2019

Dry Bulk Fleet Utilization Falls 3.7% in Q1

Pic: Golden Ocean

Global dry bulk fleet utilization (calculated as total demand in tonne miles transported divided by total available fleet capacity) dropped by 3.7% in the first quarter of 2019, reflecting the trend observed in the rate environment, said Golden Ocean Group (GOGL),  Bermuda registered, Norway based dry bulk shipping company.According to Maritime Analytics, global fleet utilization was 82.1% in the first quarter of 2019, down from 85.8% in the fourth quarter of 2018 and 85.1% in the first quarter of 2018.According to the same source…

21 May 2019

LNG Shipping Market Declines in Q1: Golar

Pic: Golar LNG

The 1Q liquefied natural gas (LNG) shipping market declined from strong 4Q levels in line with historic seasonality, said Golar LNG, a LNG shipping company registered in Bermuda.LNG demand growth in China and other SE Asian countries was largely offset by declines in Japan and Korea due to a combination of a milder than expected winter and the re-start of several nuclear facilities. Chinese 1Q demand was up 20% up on 1Q 2018. During the quarter LNG prices reached 3-year lows, which eliminated inter-basin trading opportunities.

12 Apr 2019

SOE Shipyard Bags Avenir LNG Newbuild Order

File Photo: Sinopacific Offshore & Engineering Co., LTD

Bermuda registered Avenir LNG Limited has signed contracts with Nantong CIMC Sinopacific Offshore & Engineering (SOE) for the construction of two 7,500 cbm LNG carriers, at its Nantong, China shipyard, with options to build two more.Delivery of the two LNGC new buildings is scheduled for May and August 2021. The ships are designed to include ice class 1B, full bunker functionality, double hull and dual fuel electric twin azimuth propulsion. The order for the 7,500 cbm LNG ships…

14 Apr 2019

Avance Gas Names Ulrik Andersen as CEO

Pic: Avance Gas

Avance Gas Holding, a Bermuda-based company engaged in the transportation of liquefied petroleum gas, announced the appointment of Ulrik Andersen as Chief Executive Officer of Avance Gas AS, the management company of the Avance Gas group.Ulrik Andersen is appointed as Chief Executive Officer effective August 2019, a press note said.Ulrik has extensive experience from VLGC ship owning, most recently as Commercial Head of Shipping for Petredec. Prior to working with Petredec, Ulrik served as Managing Director for Neu Gas Shipping…

14 Apr 2019

Avenir Cancels Newbuild Order with Keppel

Pic: Keppel Singmarine

Bermuda registered Avenir LNG Limited announced that it has agreed with Keppel Singmarine to cancel the options to build its 3rd and 4th 7,500 cbm LNG carriers at Keppel Nantong.Avenir is scheduled to receive delivery of two 7,500 cbm LNGC’s, already on order, from Keppel Singmarine in December 2019 and March 2020.Avenir LNG Limited is a Bermuda registered company established for the purpose of developing the small scale global LNG market by sourcing, shipping, storing and distributing LNG to the end customer in areas of stranded demand.As reported two days ago…

12 Apr 2019

CLIA: 28.5 Million Cruised in 2018

Graphics: Cruise Lines International Association

The global cruise passenger continues at a paced growth around the world with an almost seven percent increase from 2017 to 2018, totaling 28.5 million passengers.According to Cruise Lines International Association (CLIA)'s latest global cruise passenger statistics, the average age for a cruise passenger is 47 years.Research also shows North American travelers continue to embrace cruising with an annual passenger increase of nine percent (14.2 million passengers) in 2018.While the cruise sector represents two percent of the overall global travel industry…

Maritime Reporter Magazine Cover Oct 2019 - Marine Design Annual

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