Ardmore Shipping Refinances Three Vessels
Bermuda-based product and chemical tankers owner Ardmore Shipping Corporation announced that it has signed binding agreements for the refinancing of three vessels.The provider of seaborne transportation of petroleum products and chemicals worldwide to oil majors has signed agreements for the sale and leaseback, under a finance lease arrangement, of the Ardmore Exporter and Ardmore Seavanguard, two 2014-built 50,000 Dwt Eco-design MR tankers, with a high-quality financier in China.The lease agreements are for a period of seven years…
Shipbuilding: ST Engineering Wins $311m in Contracts
ST Engineering reports that its marine sector won $311m worth of shipbuilding/repair contracts in the third quarter alone, including options for its shipbuilding business, as well as the ship and rig repair segments for progressive deliveries at its yards in Singapore and the US. In the US, the Naval Sea Systems Command (NAVSEA) awarded its US shipyard a contract, including options worth $244m for the detailed design and construction (DD&C) of two firm and up to four optional Auxiliary Personnel Lighter Small APL Class Berthing Barges. The anticipated delivery periods of the two firm vessels are in the second and third quarter of 2020, respectively.
Ocean Yield Adds Tankers to its Fleet
Ocean Yield has agreed to acquire two 2015 built 37,000 dwt IMO II chemical tankers with 12-year bareboat charters to companies owned and guaranteed by Ardmore Shipping Corporation. The aggregate purchase price is approximately USD 51 million net of pre-paid charter-hire.The ship owning company with investments in vessels on long -term charters also announced that it has today taken delivery of the newbuilding suezmax crude tanker Nordic Tellus from Samsung Heavy Industries' shipyard…
Ardmore Shipping Refinances Four Vessels
Ardmore Shipping Corporation has announced that it has signed agreements for the refinancing of four vessels.Two of Ardmore's subsidiaries have signed agreements for a sale and leaseback of the Ardmore Dauntless and Ardmore Defender, two 2015 built 37,000 Dwt Eco-design IMO 2 products and chemical tankers, with Ocean Yield ASA (Ocean Yield). The lease agreements are for a period of 12 years and the Company has options to repurchase each vessel at various stages prior to maturity.
New Chemical Tankers Guidance from ABS
ABS released new guidance and software to assist chemical tanker owners, operators and shipyards: the ABS Guide for Materials and Welding for Stainless Steels and ABS CHEM software.The ABS Guide for Materials and Welding for Stainless Steels provides minimum requirements for properties, manufacturing processes and fabrication techniques applicable to common types of stainless steels used in the marine and offshore industries. This new guidance is particularly relevant to construction…
Panama Canal Sets Record Annual Cargo Tonnage
The Panama Canal closed its 2018 fiscal year with a record tonnage of 442.1 million Panama Canal tons (PC/UMS), which represents a 9.5 percent increase from the previous year, the Panama Canal Authority reports.With this tonnage, the Panama Canal surpasses the cargo projections of 429.4 million PC/UMS tons for FY 2018, as well as the 403.8 million PC/UMS tons registered in FY 2017."The Panama Canal continues to exceed our expectations, reinforcing every day the importance of the waterway's expansion and its impact on global maritime trade," said Panama Canal Administrator Jorge L. Quijano.
Stena Bulk Forms Chemical Tanker JV with Bay Crest Management
Golden-Agri Stena, a joint venture between Sweden based tanker shipping company Stena Bulk and Indonesia’s largest palm oil producer Golden Agri-Resources, has started a new joint venture with Japan's Bay Crest Management for the the operation and commercial management of chemical tankers.The new joint venture, GSB Tankers, will commence operation on January 1, 2019, managing 18 chemical tankers to start, with the aim of managing 30 vessels within the next two years.The joint venture will operate out of the existing premises of Golden-Agri Stena.
Borealis to Invest in Port of Antwerp
The Austrian petrochemical company Borealis has announced that it is to build a new production plant on its existing site in Kallo, in the Antwerp port area.According to a press release, the propane dehydrogenation (PDH) plant will use the very latest technology in terms of sustainable production and energy efficiency. With this initiative the port of Antwerp confirms and reinforces its role as the largest chemical cluster in Europe.The intention to build a new PDH plant to convert propane into propylene has been known for some time.
BW LPG: Proposal to Combine with Dorian Withdrawn
BW LPG Limited (BW LPG) announced that it has withdrawn its proposal to combine with Dorian LPG Ltd. (Dorian). BW LPG will also withdraw the candidates it previously intended to nominate to stand for election to the Dorian board at Dorian’s 2018 Annual Meeting of Shareholders.BW LPG also announced that the following letter has been sent on October 8, 2018 to the Chairman, President and Chief Executive Officer of Dorian:Mr. John HadjipaterasChairman, President and Chief Executive OfficerDorian LPG Ltd.c/o Dorian LPG (USA) LLC27 Signal RoadStamford…
How Refiners Plan to Grapple With Fuel Oil Output After 2020
High-sulphur fuel oil (HSFO), essentially the leftovers of an oil refiner's output, will still flow from refineries around the world even after new rules start up in 2020 curtailing its use in the global shipping fleet, a Reuters survey showed.Sixty percent of the 33 refineries contacted by Reuters in a global survey will still produce HSFO in 2020 although the supply will tighten as 70 percent of these refiners plan to reduce their output.Starting that year, ships will have to use marine fuel…
CompactClean BWMS Receives IMO Type Approval
DESMI Ocean Guard A/S has announced that the CompactClean Ballast Water Management System (BWMS) has received International Maritime Organization (IMO) Type Approval according to the revised IMO BWMS code.This approval means that the CompactClean BWMS becomes one of only two systems worldwide approved for installation on vessels also after October 28, 2020.On September 21, 2018 DESMI Ocean Guard’s CompactClean Ballast Water Management System (BWMS) received IMO Type Approval according to the IMO Code for Approval of Ballast Water Management Systems (resolution MEPC.300(72)), also often referred to as the revised G8. The approval was…
KVH Industries Bullish on AgilePlans
The provider of mobile connectivity and inertial navigation systems KVH Industries said that it innovative Connectivity as a Service (CaaS) program, 'AgilePlans', is fast-growing choice of global maritime fleets."Increased demand for the AgilePlans subscription-based Connectivity as a Service (CaaS) program from KVH Industries has been the driving force behind the company’s unprecedented growth in VSAT unit deployments during the first six months of 2018, a timeframe when the maritime industry has been increasing its drive toward digitalization…
Marine Low Sulphur Fuel: Organizing the Switch
The International Maritime Organization’s (IMO) decision to implement a 0.50 percent cap on sulphur emissions has created uncertainty among vessel operators. Questions are already being asked about how to comply with the changing emissions target, what types of fuels will be available and where. However, ensuring compliance isn’t just about fuel selection; the actual switchover process from heavy fuel oil (HFO) to new, low-sulphur alternatives needs careful management. There are…
Mol Chemical Tankers, SEA-Invest to Build Tank Storage Farm
The Japanese group MOL Chemical Tankers is coming to the port of Antwerp. Together with the port group SEA-Invest it is to invest some 300 to 400 million euros in construction of a tank storage terminal for liquid chemicals. This is yet more confirmation of the port's power of attraction for big investors.Mol Chemical Tankers, a member of the Japanese group Mitsui O.S.K. Lines, will team up with SEA-Invest to build a tank storage terminal in the port of Antwerp. The Sea-Mol joint venture has been set up for this purpose, for which it will invest some 300 to 400 million euros.
Shipping Executive Focus: Art Regan, Executive Chairman, Genco Shipping & Trading
Art Regan, who has been the Executive Chairman at Genco Shipping and Trading (NYSE: GNK) since October 2016, personifies the new type of shipping executive, savvy on all things maritime (he is a graduate of SUNY Maritime College at Fort Schuyler) coupled with a keen understanding of market dynamics. Regan commenced his maritime industry career at sea, rising through the shipboard officer ranks completing as a Master Mariner during a more than ten-year period sailing on oil tankers and dry bulk vessels.
FSL Trust Pact with Heidmar’s Sigma Pool for Two Vessels
Singapore-based FSL Trust Management (FSLTM), as trustee-manager of First Ship Lease Trust announced a new pool agreement for the two LR2 vessels, 2006 built and each 109,672 DWT, FSL Piraeus (ex-Torm Margrethe) and FSL Perth (ex-Torm Marie), which have recently returned from their bareboat charters and have now been renamed.The Trust has established a new business relationship with Heidmar as these vessels enter into the Sigma Pool.Heidmar Inc, founded in 1984, is one of the world’s leading commercial tanker operators with a fleet of approximately 80 ships…
OSG Orders Tank Barge from Gunderson Marine
Portland, Ore. shipbuilder Gunderson Marine announced today that it has secured an order from Tampa. Fla. based energy transportation firm Overseas Shipholding Group, Inc. (OSG) for the construction of a 204,000 barrel capacity tank barge for delivery in the second quarter of 2020. The agreement also includes an option to build a second sister barge which would have a scheduled delivery date during the fourth quarter of 2020.The state-of-the-art 581' oil and chemical tank barge will be constructed to pair with existing tugs within OSG's current fleet for operation as an articulated tug barge (ATB) unit. OSG intends to register the barge under the U.S. Flag with a coastwise endorsement, allowing it to be employed in Jones Act trades.The tank barge for dual mode ITB service pursuant to U.S.
CR Ocean Engineering Wins Multi-Scrubber Deal
Glasgow based Songa Shipmanagement Ltd. selected CR Ocean Engineering, LLC, as the supplier of exhaust gas cleaning systems for its oil/chemical tankers and Heavy lift vessels, with options for more. The Scrubbing Systems will enter commercial operations commencing in the late summer 2018 and go on throughout the beginning of 2020. In addition to the existing 0.1 percent sulfur fuel Emission Control Areas (ECAs) in Europe and North America, starting January 1, 2020, the rest of…
Chemical Tankers Market to Grow at a CAGR of 4.5% by 2022
The chemical tankers market is projected to grow from USD 26.63 billion in 2017 to USD 33.11 billion by 2022, at a CAGR of 4.5% between 2017 and 2022, said a research report. The flourishing chemical industry and increasing use of water transportation for transferring chemicals from one place to another across the globe are the major driving factors for the growth of the chemical tankers market, said Report Linker. Chemical tankers market includes revenues earned through shipping of chemicals and related products.
Triyards Loses Shipbuilding Contract
Cash-strapped shipbuilder Triyards Holdings Limited has received a termination notice for a chemical tanker design and construction deal. The Singapore-based yard group said after Thursday trading hours that its subsidiary Saigon offshore Fabrication and Engineering has received notice of termination for the design and construction of a chemical tanker at a contract value of US$25.5 million. "Pursuant to the Notice, the Buyer will claim for the reimbursement of all sums paid by the Buyer in advance on account of the Contract in an amount of US$5.1 million," said a statement.
First Ship Lease Trust Narrows Q4 Loss
First Ship Lease Trust, Singapore-based business trust which owns a fleet of vessels across major shipping sub-sectors, narrowed its fourth-quarter loss to US$33.87 million, down 19.9 per cent, despite lower revenue posted for the period. FSL Trust Management (FSLTM),, as trusteemanager of First Ship Lease Trust, said that the revenue for the three months ended Dec 31 was S$19.90 million, 14.2 per cent lower compared to a year ago as contributions from vessel charters fell.
Yildirim Promoted to Marine Manager at APC
Advanced Polymer Coatings (APC), based here, has elevated Captain Onur Yildirim to the newly created position of Marine Manager. In his new role, Captain Yildirim will manage the company’s marine coatings operation globally including sales, technical, and after-sales service, working closely with APC senior management. Prior to this role, he held a number of positions at APC, most recently from 2012 to 2018 as Global Technical Manager, overseeing the global technical team including after-sales service.
Ardmore Shipping Reports Net Loss of $12.5 Mln
Tanker owner Ardmore Shipping Corporation reported a net loss of $12.5 million for the twelve months ended December 31, 2017, or $0.37 basic and diluted loss per share, as compared to a net profit of $3.7 million, or $0.12 basic and diluted earnings per share, for the twelve months ended December 31, 2016. The company acquired the Ardmore Sealancer, a high-quality 47,500 Dwt MR product tanker constructed at Onomichi Dockyard Co. Ltd. in Japan in 2008. Ardmore took delivery of the vessel on January 23, 2018.