Carrier Newbuilding News

Mitsui O.S.K. Lines (MOL) has signed a long-term charter contract for a newbuilding LNG carrier with Tokyo LNG Tanker (TLT), a wholly-owned subsidiary of Tokyo Gas.This is the eighth contract, following a time charter contract for seven LNG carriers that were signed for TLT.The 174,000-cbm ship will be 294.9 meters long, with the bread of 46.4 meters.The vessel will be built at the Geoje Shipyard of Hanwha Ocean in South Korea, and is scheduled for delivery in 2026.It will be…

Chinese state media unveiled new images of China's most advanced aircraft carrier yet, including next generation launch tracks that can catapult a wider range of aircraft from its deck.First shown to the public in June 2022, the Fujian was entirely designed and built domestically.Yet to conduct its first sea trials, the aircraft carrier is larger and technologically more advanced than the Shandong, commissioned in 2019, and the Liaoning, which China bought second-hand from Ukraine in 1998 and refitted domestically.On state television late on Tuesday…

Classification society DNV said it awarded an approval in principle (AIP) certificate to Shanghai Merchant Ship Design and Research Institute (SDARI) for its ammonia-fueled 7,000 CEU car carrier design.Ammonia is emerging as a promising alternative fuel option for shipping to help reduce greenhouse gas emissions.SDARI's new ammonia-fueled pure car and truck carrier (PCTC) design is said to be the first from China. It design contains other clean features such as Shore Power, Battery/Hybrid, and NOx Tier III, to minimize emissions.

Fuel choice is the essential decision as shipping charts a generational path to decarbonization, says DNV GL in its latest maritime forecast report.The industry is at the beginning of a transition phase, with many potential options emerging alongside conventional fuels. This increasingly diverse fuel environment means that engine and fuel choice now represent potential risks that could lead to a stranded asset. Factoring in the impacts of availability, prices and policy, on different fuels…

Belships ASA, a bulk carrier operator and ship management company, has confirmed that it  entered into an agreement with Marti Shipping & Ship Management of Turkey for a bareboat charter and subsequent sale of BELEAST.The 50 000 dwt bulk carrier was built in 2006 and was the oldest ship in Belships fleet. BELEAST was delivered in December as planned and Belships realized a gain of USD 4.4m.The Charterer has an obligation to purchase the vessel within 24 months and the net cash flow during the period will be approximately USD 3.5m after repayment of outstanding loans.In October, Belships agreed a 7-year bareboat charter for a 61 000 dwt Ultramax bulk carrier newbuilding from Shin Kurushima, Japan.

Teekay LNG Partners, the liquefied natural gas (LNG) carrier owner and operator, has taken delivery of its newest Arc7 icebreaking LNG carrier.According to company sources, Teekay together with its joint venture partner China LNG Shipping took delivery of the fifth 50 percent-owned Arc7 LNG carrier newbuilding Georgiy Ushakov, which immediately commenced its 26-year charter contracts servicing the Yamal LNG project.The newbuild is currently on her way to Sabetta for her first loading and will soon embark on her golden voyage.Three months ago, the Partnership took delivery of the fourth Arc7 LNG carrier newbuilding namely Vladimir Voronin…

Panama-based Stiringaster Line has taken delivery of FJM Glory, a 61,000 dwt bulk carrier newbuilding.The delivery ceremony took place in China at the Dalian COSCO KHI Ship Engineering (DACKS) shipyard, jointly operated by Kawasaki Heavy Industries (KHI) and China COSCO Shipping.The 77,539 cbm vessel features a length of 199.9 meters, a width of 32.24 meters and can accommodate 25 people.The ship has a flush deck with a forecastle and five holds that are designed for optimum transport of grains, coal, ores and steel products. Four 30-ton deck cranes are installed along the center in between the hatch covers to enable cargo loading and unloading in ports that lack cargo handling facilities.The vessel employs various technologies to achieve maximum fuel economy…

Grindrod Shipping Holdings, a global provider of maritime transportation services in the drybulk and product tanker sectors, announced that it took delivery of the IVS Phoenix, a Japanese-built eco ultramax drybulk carrier newbuilding in June 2019. The vessel has been chartered-in from its owner for a minimum period of three years with options to extend for up to two additional years, at Grindrod Shipping’s election, it said.The Singapore-based company said that it sold the 2005-built Handysize vessel IVS Kawana for a gross price of $7.8 million with delivery to the buyers in April 2019."In June 2019, we completed a financing arrangement with a Japanese shipowner relating to the 2010-built Handysize vessel IVS Knot for a cash amount of $13.0 million…

Singapore-based Grindrod Shipping Holdings, a global provider of maritime transportation services in the drybulk and product tanker sectors, announced a number of transactions for the purpose of modernizing its fleet and increasing its financial flexibility and liquidity.The shipping services company said in a press note that it took delivery of the IVS Phoenix, a Japanese-built eco ultramax drybulk carrier newbuilding on June 3, 2019. As previously disclosed, the vessel has been chartered-in from its owner for a minimum period of three years with options to extend for up to two additional years, at Grindrod Shipping’s election.Meanwhile…

Despite the liquefied natural gas (LNG) demand in the first quarter of 2019 being negatively impacted by warmer than usual weather in the Northern Hemisphere winter, global LNG imports during the period totalled 88 million tonnes (mt), compared to 79 mt in the first quarter of 2018, or an increase of 11%, GasLog said quoting Poten.In particular, China’s LNG imports totalled 15.3 mt, 24% higher than the first quarter of 2018.Europe’s LNG imports in the first quarter more than doubled to 22 mt, compared to 10 mt in the first quarter of 2018, as lower LNG prices made gas fired power generation more competitive than coal, indigenous gas production declined and LNG gained market share from pipeline imports.

Finland based technology group Wärtsilä and South Korean shipbuilder Samsung Heavy Industries (SHI) will set out to develop more efficient solutions for liquefied natural gas (LNG) carriers and shuttle tanker vessels, under a new joint development project (JDP) agreement signed Wednesday at the LNG19 exhibition in Shanghai.According to Wärtsilä, who issued a press release announcing the agreement on Thursday, the JDP will build on shared knowledge and experience between the two companies. Overall cost optimization, including both CAPEX and OPEX, is among the project aims, it said.

South Korean shipbuilder Samsung Heavy Industries (SHI) has received an order to build two new liquefied natural gas (LNG) carriers worth a total of about 426 billion Korean won (USD 378 mln).The South Korean shipbuilding giant  did not reveal the company behind the newest order but said it is a North American shipper.SHI said in a stock exchange annoucement that it would deliver the vessel in Augsut 2021.It was four days ago that the shipbuilder won contract for LNG carrier newbuilding  from an undisclosed owner from Oceania is worth KRW 209 bn (USD 186 million). With this new order, SHI has won orders for six LNG carriers in December.SHI's new order total for 2018 now stands at 48 vessels and 6.1 billion USD.

South Korea's major shipbuilder Samsung Heavy Industries (SHI) announced yesterday (Thursday) that it has clinched a deal to build a liquefied natural gas (LNG) carrier.According to a press note from SHI, the contract from an undisclosed owner from Oceania is worth KRW 209 bn (USD 186 million). This is the fourth LNG carrier newbuilding order for the shipyard in December.SHI's new order total for 2018 now stands at 46 vessels and USD 5.7 billion, which include 15 LNG carriers, 13 Containerships, 15 tankers, and 3 special purpose ships.A day ago, Greek TMS Cardiff Gas said it was ordering two 174,000 cubic meter LNG carriers from Samsung.According to the company sources, the shipbuilder aims to secure $8.2 billion worth of orders for the year.

Dry bulk shipping firm Oldendorff Carriers said that the bulk carrier newbuilding MV “Christiane Oldendorff” (charter name “Midland Trader”) of 36,000 tdw will be delivered around the turn of the year. The ship is built at Samjin Shipbuilding Industries Co Ltd at Weihai, Shandong.The German company which ships and tranships over to 300 million tons of bulk cargo every year said in a note that  a sister ship, MV “Christopher Oldendorff” (charter name “Hansa Baltic”) is expected to start trading in April 2019."We originally ordered them in June 2012 at the then Korean controlled yard. In 2015, the Korean mother company got into trouble.

South Korean shipbuilder Samsung Heavy Industries (SHI) booked an order from Denmark’s  Celsius Tankers for two liquefied natural gas (LNG) carriers, securing an option for further two vessels.A press release said that SHI won a newbuilding contract for two 180,000㎥ LNG carriers from a European shipowner Celsius Tankers. The price is 187 million USD per vessel. The LNG carriers would be equipped with Mark-Ⅲ Flex type containment system with re-liquefaction to lower BOR. The vessels are equipped for environmental regulations such as SCR and BWTS. They are also loaded with fuel saving technologies including optimized hull design and propulsion…

Samsung Heavy Industries(SHI) revealed on March 5, 2018 that one 180K ㎥ LNG carrier newbuilding has been approved by the board of an overseas owner. The contract, is subject to agreement on the shipbuilding contract terms, which are scheduled to be agreed by March 9, 2018. SHI have granted an option for a further shipbuilding contract which remains subject to overseas owner board approval. SHI's 2018 orders so far include 8 containerships, 1 LNG carrier, and 2 tankers totaling 11 vessels worth 1.03 billion USD. The new LNGC contract would extend the order total to 12. Last year, SHI won 3.3 billion USD worth LNG related newbuild orders including 3 LNGC, 2 LNG-FSRU, and a FLNG, strongly reminding the industry of its competitive edge at work.

Samsung Heavy Industries(SHI) revealed on April 4th that a contract for two 174,000㎥ LNG carriers on BOD approval term. The price is 184 million USD per vessel(around KRW 195 billion). The latest LNGCs would be delivered in July and October 2020. The contract comes with option for two. The LNG carriers would be equipped with Mark-Ⅲ Flex type containment system with re-liquefaction to lower BOG. The vessels are loaded with fuel saving technologies customized for the owner's operational needs. The vessels are powered by X-DF, the trending duel-fuel engine that can use both natural gas and diesel as fuel. X-DF is highly efficient for it propels with its own power. The engine characterized by low pressure system assures safe operation for owners.

FLEX LNG announced that it has entered into a time-charter contract for the LNG carrier newbuilding, Flex Endeavour, to Uniper Global Commodities, a leading international energy company with operations in more than 40 countries, and headquarter in Germany. Flex Endeavour is a state-of-the-art 173,400 m3 cargo capacity LNG carrier equipped with the new high efficiency MEGI propulsion system. The Vessel is currently under construction at DSME, South Korea. The time charter period is for 15 to 18 months commencing immediately upon the delivery from the shipyard in January 2018. This charter formalizes the arrangement that was agreed for the extension of the chartered-in vessel from April 2018.

Teekay LNG Partners has reported GAAP net income attributable to the partners and preferred unitholders of $84.4 million and adjusted net income attributable to the partners and preferred unitholders of $29.0 million in the fourth quarter of 2016. “During the fourth quarter, the partnership continued to generate stable cash flows supported by a diversified portfolio of long-term contracts totaling approximately USD 12 billion in forward, contracted revenue and with a weighted average remaining contract length of 13 years,” Mark Kremin, President and CEO of Teekay Gas Group, noted. Generated GAAP income from vessel operations of $38.0 million and $153.2 million…

Greek owner of drybulk carriers DryShips Inc. has announced that it is re-entering the tanker shipping market as it agreed to purchase an Aframax tanker and a very large crude carrier (VLCC). -  One 113,644 DWT Aframax tanker currently under construction in South Korea. The Company expects to take delivery of this vessel sometime in the second quarter of 2017. The vessel is expected to be employed in the spot market. - One 320,105 DWT Very Large Crude Carrier built in 2011. The Company expects to take delivery of this vessel sometime in the second quarter of 2017. The vessel is expected to be employed in the spot market. The total gross price for the two vessels will be about $102.5 million.

DryShips has announced that it has successfully completed the previously announced $200.0 million common stock offering, in which the Company raised net proceeds of $198.0 million, pursuant to the Common Stock Purchase Agreement entered into by the Company on December 23, 2016. Following the completion of the offering, the Company has approximately 36,253,870 common shares outstanding. Mr. The Company is a diversified owner of ocean going cargo vessels that operate worldwide. The Company owns a fleet of 13 Panamax drybulk carriers with a combined deadweight tonnage of approximately 1.0 million tons, 1 Very Large Gas Carrier newbuilding and 6 offshore supply vessels, comprising 2 platform supply and 4 oil spill recovery vessels.

DryShips Inc., a diversified owner of ocean group cargo vessels, announced that it has acquired one Very Large Gas Carrier (VLGC) currently under construction at Hyundai Heavy Industries (HHI) for a purchase price of $83.5 million. The Company financed the closing price of $21.9 million by using part its undrawn liquidity under the $200.0 million New Sifnos Revolver, which now stands at $142.9 million. The $61.6 million balance of the purchase price for the VLGC will be payable in installments until the vessel's delivery from HHI. The VLGC will be employed on a fixed rate time charter with five years firm duration to an oil major. The charterer has options to extend the firm employment period by up to three years.

In trying to make sense of the global, mobile maritime industry, there is no better ‘go to’ than Shashi N. Kumar, Ph.D., Master Mariner, Fulbright Senior Specialist Fellow, Emeritus Professor of International Business & Logistics, Academic Dean, United States Merchant Marine Academy (USMMA). Last month we met with Dr. Kumar in his office to put emerging global maritime trends in perspective. “The views expressed in this article are Dr. Kumar’s own and not those of the U.S. The World: When you look at the global shipping market, what do you see and why?