Odfjell Adds Navig8 Chemical Tankers
Navig8 Chemical Tankers, an international shipping company focused on the transportation of chemicals, has agreed to enter four of its 25,000-dwt chemical tankers into a pool operated by the Norwegian tanker owner and operator Odfjell.Following the delivery of the vessels, the 'Chempool25' will total 19 vessels with Odfjell contributing with ten vessels, CTG five vessels and N8CTI four vessels. Odfjell will continue to be the operator of all vessels in the pool.“We are pleased to welcome N8CTI as a partner.
CMBFL Sells and Lease Back 20 Tankers
CMB Financial Leasing (CMBFL) sign a $415.6 million sale and lease back transaction of 20 chemical tankers with Stolt Tankers, a UK-based provider of transportation and storage for liquids, notably specialty and bulk liquid chemicals, the proceeds of which were used to refinance certain debt secured on the vessels.Watson Farley & Williams (WFW), the international law firm based in London, has advised on this transaction. The leases were of a hybrid nature combining elements of both financial and operating leases.Founded in 2008…
FSL Trust Sheds Two Product Tankers
FSL Trust Management Pte. Ltd., as trustee-manager of First Ship Lease Trust has announced that wholly-owned subsidiaries of the Trust have executed Memorandum of Agreements to sell LR2 product tankers, FSL Piraeus and FSL Perth (“Disposal”), to an unaffiliated third party and has received an initial 10% deposit in escrow.Roger Woods, Chief Executive Officer of FSLTM, said, “The disposal of the two Product Tankers is part of our ongoing effort to refresh our fleet. Completion of the disposal is scheduled to take place before the end of January 2020, at which time, the net proceeds will be utilized forpartial repayment of the Trust’s outstanding bank debt.
Team Tankers Sells Two Ships
Bermuda-based global shipping company Team Tankers International finalized the sale of the last two of its five older medium range (MR) tankers.Team Tankers has managed to free up a funds for new investments after divesting MR tankers, said CEO Hans Feringa.Feringa said: “We finalized the sale of the last two of our five older MRs at attractive levels, concentrating our efforts on our younger, more sophisticated, deep sea assets. With the sale of the older MRs and certain intermediate ships…
Navios Acquisition Fleet Reaches 41
Navios Maritime Acquisition Corporation, the provider of transportation of petroleum products (clean and dirty) and bulk liquid chemicals, announced that its fleet consisted of a total of 41 vessels as of November 7, 2019.The owner and operator of tanker vessels said that out of 41 vessels, 13 are very large crude carriers (VLCCs) (including three bareboat chartered-in VLCCs expected to be delivered in the third and fourth quarters of 2020 and the third quarter of 2021), 26 are product tankers…
Seasonality Impacts Chemical Tanker Market
The chemical tanker earnings for the third quarter of 2019 was impacted by the usual seasonal slowdown in volumes while rates remained stable, said Odfjell Group.According to the company specializing in worldwide seaborne transportation and storage of chemicals and other specialty bulk liquids,spot rates were stable to slightly stronger on the front haul routes but strong competition and seasonally lower volumes on the back-haul routes had a negative impact on the overall market.A…
Panama Canal Reports Record FY 2019 Tonnage
The Panama Canal has closed the 2019 fiscal year (FY19) with a record tonnage of 469 million Panama Canal tons (PC/UMS), a 6.2 percent increase compared to FY2018.With this figure, the waterway exceeds the 450.7 million PC/UMS tons projection for FY2019, as well as the record tonnage of 442 million PC/UMS tons registered in the previous fiscal year. These record-setting results reflect the Canal workforce's commitment to efficiency and ongoing investments in infrastructure, which will allow the waterway to meet the growing demand and offer a reliable and safe service to customers.
"Green" Ammonia's Future as a Marine Fuel
Ammonia, the same pungent solution used in fertilizers and cleaning agents, may one day be the key to transporting renewable energy around the world. There are currently a number of government and corporate projects assessing the feasibility of converting excess renewable energy from sources like wind, solar, tidal and nuclear into ammonia and then back into usable energy.In its purist form, ammonia or NH3 is composed of one nitrogen and three hydrogen atoms making it an ideal candidate to chemically bind excess renewable energy.
HMD Delivers Newbuild Pair to OSG
Florida-based tanker shipping company Overseas Shipholding Group (OSG) has taken delivery of two 50,000 dwt class product and chemical tankers at Hyundai Mipo Dockyard in Ulsan, South Korea.The tankers, named the Overseas Gulf Coast and Overseas Sun Coast, were built to comply with MARPOL Annex VI Regulation 13 Tier III standards regarding nitrogen oxide emissions within emission control areas.In addition, each vessel is fitted with an exhaust gas cleaning system, often referred to as a “scrubber”…
Chart Wins Order for Marine LNG Fueling Tanks
Chart Industries, the maker of equipment for the liquefied natural gas and industrial gas industries, has been awarded a contract by LGM Engineering to supply four LNG fuel tanks.The fuel tanks, supplied by Chart, will power two 22 dead weight tonne (dwt) chemical tankers with clean burning natural gas. The ships will be built in Wuhu Shipyard, China and owned by Rederi AB Donsõtank from Sweden.Each of the 300m³ capacity cryogenic tanks comprises double stainless steel shells with vacuum & perlite insulation.The tanks will be designed and manufactured at Chart’s Changzhou…
Ramelia Begins Maiden Voyage
The LNG tanker Ramelia has been delivered to the chemical tankers in Northern Europe Rederi AB Älvtank, becoming the sixth of eight vessels ordered in the Gothia Tanker Alliance series.The vessels are built on a design where FKAB Marine design, in great cooperation with the owners Furetank, Älvtank and Thun Tankers and together with Avic Dingheng Shipbuilding Co. Ltd., have been involved from the first sketch all the way to Detail Design.This design is an ice class 1A environmental friendly tanker…
Chemical Tanker Market to Recover
The recovery of the chemical tanker market continued into the second quarter as main drivers were strong US exports and healthy volume development throughout the quarter on main trades, said Odfjell SE.The Clean Petroleum Products (CPP) market weakened which led to a net increase of 20 coated MR's trading chemical/veg-oils during the quarter, hereby increasing supply pressure for chemical tankers towards the end of the quarter, said the company specializing in worldwide seaborne…
McQuilling Mid-Year Tanker Market Outlook
McQuilling Services Announces the Release of the 2019 Mid-Year Tanker Market Outlook Update.The Mid-Year Tanker Market Outlook Update provides an outlook on the global tanker market in the context of global economic growth and oil fundamentals influencing tanker demand and vessel supply. The outlook includes a view on future asset values, time charter rates, market freight rates and TCE revenues for 24 major tanker trades and four triangulated routes across eight vessel segments for the second half of 2019 through the remaining four years of the forecast period 2019-2023.
Shipyard Focus: "Green Refits" Drive N-KOM
Since it was founded, Nakilat – Keppel Offshore & Marine Ltd. (N-KOM) has completed almost 1,000 marine and offshore projects, with a significant number of drydocking and repairs undertaken for various types of vessels including LNGc, LPGc, VLCCs, oil/chemical tankers, cargo ships, dredgers, offshore support vessels, to name a few.The shipyard’s facilities include three VLCC sized docks (two graving docks and one floating dock), berthing capacity of 3,150 meters, specialized workshops and cryogenic cleanrooms…
Navios Sells 2002-Built VLCC
Greek tanker vessel operator Navios Maritime Acquisition Corporation has entered into an agreement to sell the Nave Electron, a 2002-built very large crude carriers (VLCC) vessel of 305,178 dwt to an unaffiliated third party for a sale price of $25.3 million.The Pireas-headquartered said that the vessel is expected to be delivered to its new owners in September 2019.As of August 20, 2019, Navios Acquisition’s fleet consisted of a total of 41 vessels, of which 13 are VLCCs (excluding…
ICS Weighs in on Proposed Panama Canal Tolls
Global Shipping Industry Delivers Comments to Official Consultation on Proposed Modifications to Panama Canal Tolls.The Panama Canal Authority (ACP) is conducting a public consultation on a proposal to adjust the Panama Canal tolls for containerships, vehicle carriers, dry bulk carriers, tankers, chemical carriers, LPG and LNG vessels, passenger vessels and small vessels. The proposed new toll charges are anticipated to enter into effect on 1 January 2020, the same day as the IMO ‘Global Sulphur Cap’ regulation.
Panama Canal Hearing on Tolls Structure
The Panama Canal Authority (ACP) held Tuesday a public hearing on the proposed modifications of its toll structure which culminated the period for receiving inquiries from the industry.The agency of the government of Panama responsible for the operation and management of the Panama Canal recently published a proposal to modify its current tolls structure for the dry bulk, passenger, containership, vehicle carrier and RoRo segments, as well as tankers, chemical tankers, LPG and LNG vessels…
HMD Wins $138mln Order for 2 Car Carriers
South Korea-based company engaged in the production and sale of ships, Hyundai Mipo Dockyard Co (HMD) has won a 163 billion-won (US$138 million) order to build two car carrier ships.According to a stock exchange announcement from the Hyundai Heavy Industries (HHI) unit, HMD will build the vessels by March 2022 for a European shipper. It declined to identify the buyer.This is the first ro-ro order of this year for HMD.According to Yonhap, HMD posted sales of 705 billion won in the first quarter of the year, with its operating profit reaching 26.1 billion won.
Piracy: West Africa, World's Most Dangerous Seas
The seas off West Africa's coastline are now the most dangerous in the world for shipping, the International Maritime Bureau’s (IMB) latest report revealed.According to the report, of the 75 seafarers taken hostage onboard or kidnapped for ransom worldwide so far this year, 62 were captured in the Gulf of Guinea – off the coasts of Nigeria, Guinea, Togo, Benin and Cameroon.The IMB Piracy Reporting Center (IMB PRC) recorded 78 incidents of piracy worldwide and armed robbery against ships in the first half of 2019, compared with 107 incidents for the same period of 2018.
DESMI Ocean Guard wins Stolt Tanker Deal
Stolt Tankers B.V. and DESMI Ocean Guard A/S has announced that Stolt Tankers has selected the CompactClean Ballast Water Management System (BWMS) for installation on Stolt Tankers’ existing fleet.The agreement is to provide more than 60 chemical tankers with the CompactClean BMWS by the end of 2023. Most of the ships will be retrofitted with two CompactClean BWMS, one for each ballast pump. This has the advantage that the ships will maintain full redundancy on their ability to ballast and de-ballast…
CompactClean BWMS Gets USCG Type Approval
DESMI Ocean Guard A/S has announced that the CompactClean Ballast Water Management System (BWMS) has received amended US Coast Guard type approval certificate with just 2 hours minimum hold time restriction in US waters, demonstrating its superior performance. Furthermore, the amended certificate allows installation in hazardous areas.On July 1st, 2019 DESMI Ocean Guard’s CompactClean Ballast Water Management System (BWMS) received amended US Coast Guard (USCG) type approval certificate with just 2 hours minimum hold time restriction, as well as approval of installation in hazardous areas.
Odfjell Names Next-Gen Chemical Tankers
A milestone is reached in Odfjell’s history as the company officially names its next generation of chemical tankers on July 1st. When the ships are delivered to the fleet, these vessels will be the world’s largest stainless steel chemical tankers, taking Odfjell to a new level of capacity, efficiency, and eco-friendly operations.Odfjell has undertaken a major fleet renewal program through measures such as pool cooperation, redelivery of older tonnage and chartering of new ships…
Market in Focus: Tankers
NewbuildingSince the beginning of the year, 100 newbuild orders have been placed across the tanker sector. This is a considerable amount lower than the same period last year, when 140 vessels were placed. It is no surprise to see the Greeks lead the way with the highest number and largest vessels ordered, but hot on their heels are the likes of Eastern Pacific and Ocean Tankers, the Singaporean owners ordering the clean trading vessels.Norwegian companies Hunter Group and Knutsen NYK Offshore buy few but spend a lot.