Navig8 Chemical Tankers Sees Income Rise
Navig8 Chemical Tankers Inc reported its net income at $9.6 million, against a net income of $2.9 million seen in the three months ended June 30, 2015. Continued growth of the company’s operating fleet with the delivery of Navig8 Turquoise, a 49,000 DWT IMO2 Interline-coated chemical tanker and Navig8 Sirius, a 25,000 DWT stainless steel chemical tanker, in the second quarter of 2016 and Navig8 Topaz, a -49,000 DWT IMO2 Interline-coated chemical tanker in July 2016. It has secured $286.2 million to finance the company’s newbuilding program.
Nantong Tongbao Bags Order for 8 Chemical Tankers
The delivery of tankers sized from 2,000dwt to 15,000dwt is scheduled from 2017. Zhu Jianhua, president of Tongbao Shipbuilding, said the order is a great opportunity for the shipyard to diverse its portfolio, as the shipbuilding market for offshore vessels is facing overcapacity amid the depression in the offshore market. Li Duozhu, chairman of Dingheng Shipping, subsidiary of investment firm Dingheng Group, believed that the chemical tanker shipping market has started to recover from its low. He added that in line with China’s growth, demand for chemical tankers will be in an uptrend.
Navig8 Chemical Adds New Tanker from Kitanihon
Chemical shipping company Navig8 Chemical Tankers Inc. has taken delivery of its first stainless steel chemical tanker, the Navig8 Sirius, from Japanese shipbuilder Kitanihon Shipbuilding Co. Ltd. Navig8 Sirius is a 25,000 DWT stainless steel chemical tanker. The Navig8 Sirius is the first of six vessels contracted at Kitanihon to be delivered to the Company and is the first vessel to be delivered under the secured loan facility with Credit Suisse AG announced on June 22, 2016. The Navig8 Sirius will be entered into and operated in Navig8 Group's Stainless8 commercial pool.
Tanker Charter Rates Under Pressure
Time charter rates in the smaller chemical tanker vessel sizes are expected to remain stable over the next two years, but rates for the larger sizes, especially MRs, will decline due to the impact of falling clean petroleum products (CPP) freight rates, according to the latest edition of the Chemical Forecaster, published by global shipping consultancy Drewry. Weakened chemical tanker freight rates in the second quarter of 2016 have resulted in softer time charter rates. Drewry anticipates a modest improvement in the CPP market in the next two quarters…
MISC Investing to Increase Fleet
MISC Bhd is investing to increase its fleet size by an additional 23 energy and chemical tankers and a containership, the company said The tankers include seven liquefied natural gas (LNG) tankers, eight chemical tankers, eight Aframax-class and very large crude carriers (VLCCs). The shipping company, which owns and operates the world’s largest LNG tanker fleet with 22 units, also has in its fleet 21 container vessels, 13 chemical tankers and 49 oil tankers. A company official said the expansion of the company’s fleet was for its business expansion. Source: Bizedge
Stolt-Nielsen, Vopak and Essberger Combine Chemical Tanker Fleets
Stolt-Nielsen Transportation Group Ltd., a wholly-owned subsidiary of Stolt-Nielsen S.A., Vopak Chemical Tankers B.V. and John T. respective European chemical tanker coastal fleets commencing December 1, 2001 under the name of Vopak Essberger Stolt ChemPool. Stolt-Nielsen Inter European Service (SNIES) and comprises 11 chemical tankers totaling 56,000 dwt. Chemical Tankers B.V. and John T. tankers totaling close to 96,000 dwt. with a total capacity of approximately 150,000 dwt. Germany and Dordrecht, the Netherlands. SNIES will transfer its marketing and operational personnel to Hamburg and Dordrecht.
Stolt-Nielsen Acquires Jo Tankers
Stolt-Nielsen Limited announced today that it has completed its previously announced acquisition of the chemical tanker operations of Jo Tankers, consisting of 13 chemical tankers and a 50% share in a joint venture with eight chemical tanker newbuildings, representing an enterprise value of $575.0 million.
Nordic Shipholding Sells Chemical Tanker Activities
Nordic Shipholding A/S completes sale of chemical tanker activities. In continuation of company announcement no. 1/2012 published via NASDAQ OMX on 27 March 2012, Nordic Shipholding A/S (formerly Nordic Tankers A/S) today has completed the sale of its chemical tanker activities to a company controlled by Triton, a European investment company. The acquiring company has today changed name to "Nordic Tankers A/S".
National Shipping to Buy More Tankers
National Shipping Co. of Saudi Arabia is buying as many as 17 very large crude carriers and chemical tankers. The company plans a five-year acquisition program under which it will buy at least nine VLCCs and eight chemical tankers. All vessels being acquired, whether new or used, will be double-hulled. National Shipping currently has nine double-hulled crude carriers, nine chemical tankers, and four multipurpose roll-on-roll-off ships in service. (Source: UPI)
MISC Orders Chemical Tankers
According to The Edge Daily, MISC Bhd ordered four new chemical tankers from South Korea's STX Shipbuilding Co, for delivery in 2009. MISC gave no value for the orders. MISC, which is 62%-owned by state energy firm Petronas, said the tankers would have a gross weight of 38,000 deadweight tonnes each. MISC currently has a fleet of 108 vessels, including 18 chemical tankers. (Source: The Edge Daily)
Videotel Works with Industry for Chemical Tanker Training
Chemical Tanker safety comes into sharp focus in a new training course from leading maritime training provider Videotel Marine International. The newly-launched Advanced Chemical Tanker Course has been developed in conjunction with the Chemical Distribution Institute (CDI), with the involvement of some of the biggest names in the chemical tanker industry. Nigel D. Cleave, Videotel CEO, explained the thinking behind the initiative, “Chemical companies employ some of the highest quality workforce and demand the highest quality training for that workforce.
Navig8, Ocean Yield in Chemical Tanker Deal
Norway’s Ocean Yield has bought eight chemical tanker newbuildings for $306.8m from Navig8 Chemical Tankers Inc, which will lease the vessels back on 15-year "hell and high" bareboat charters. Navig8 Chemical Tankers has options to buy the vessels during the charter period, with the first option exercisable after five years. The Oslo-listed ship-owner Ocean Yield will provide Navig8 Chemical Tankers with a pre-delivery loan matching the remaining yard installments for the STX vessels.
Stolt-Nielsen buys Jo Tanker's Chemical Tanker Ops
Stolt-Nielsen buys competitor's chemical tanker operations. Deal includes 13 chemical tankers and 50 pct in 8 newbuilds. Stolt-Nielsen agrees to acquire the chemical tanker operations of Jo Tankers. Stolt-Nielsen says total purchase price is approximately $575 million, including proportional share of newbuildings in joint venture. The transaction comprises 13 chemical tankers and a 50 pct share in a joint venture with eight chemical tanker newbuildings. Stolt-Nielsen says funding…
Safety Data Sheets for Chemical Tankers
Intertanko, the International Parcel Tankers Association (IPTA), the Chemical Distribution Institute (CDI), the European Chemical Industry Council (CEFIC) and the Dangerous Goods Advisory Council (DGAC) have completed a comprehensive information paper on the requirements for Safety Data Sheets (SDS) for Chemical Tankers. This information paper brings together the regulatory requirements and guidance governing the provision of SDS and outlines the key information that should be contained in a safety data sheet. This paper is intended to serve as a single point of reference for seafarers, owners and shippers. SDSs are documents which convey hazard information to anyone who may be involved in the preparation, handling, use and/or carriage of substances of mixtures that may be hazardous.
New Chemical Tanker Joins Hellespont Fleet
Hamburg-based Hellespont Tankers has taken delivery of the Hellespont Centurion, the first of a serious of eight 17,000 dwt IMO-2 chemical tankers. Hellespont Tankers will commercially manage the vessel, which has been entered into the Hamburg-based Seatramp Intermediate Tanker Pool. Technical management will be carried out by Hellespont Hammonia. Built at Korea's Sekwang Shipbuilding yard the vessel can load fifteen different grades in epoxy coated tanks. Hellespont Centurion is now on her maiden voyage to load her first cargo in Southeast Asia for Europe.
Odfjell Acquires Five Chemical Tankers
Odfjell SE informs it has signed a final agreement to acquire five chemical tanker newbuilds from Chemical Transportation Group, Inc (CTG) and form a pool of 15 chemical tankers. The transaction has been signed and completed, Odfjell said, after it announced on June 16 that it inked a term sheet with CTG to form the vessel pool and acquire CTG’s final five 25,000 dwt stainless steel newbuilds on order from Chinese shipyard AVIC Dingheng. Odfjell said it will pay $40 million per vessel upon delivery from shipyard.
BW acquires 10 chemical tankers from Stream Tankers
BW has signed a purchase agreement to acquire ten chemical tankers comprising two ships built in 2008 and 2010 and eight newbuildings to be delivered between 2015 and 2018 from Stream Tankers. The two chemical tankers are from Japanese shipyards Fukuoka Shipbuilding Co. Ltd. and Shitanoe Shipbuilding Co. Ltd. The newbuildings are being built with the same shipyards and when complete, they will be equipped with eco-design hulls and fuel efficient engines. Andreas Sohmen-Pao, CEO BW Group…
FSL Trust Takes Redelivery of Two Chemical Tankers
Singapore - FSL Trust Management Pte. Ltd. (“FSLTM ”), as trustee-manager of First Ship Lease Trust (“FSL Trust”) announced that, as of March 10, the remaining two 19,900 dwt stainless steel chemical tankers, previously leased to the subsidiaries of Berlian Laju Tanker Tbk, have been redelivered to FSL Trust. The chemical tankers - ‘Pujawati’ and ‘Prita Dewi’ - will be renamed ‘FSL London’ and ‘FSL Tokyo,’ respectively. FSLTM intends for all the three redelivered chemical tankers to be deployed on revenue service as soon as possible, and the tankers are expected to join the 'Nordic Siva' pool after an interim period of commercial management under Nordic Tankers Management A/S.
Navig8 to Acquire ECO Chemical Tankers
Navig8 Chemical Tankers Inc. is pleased to announce that it has signed resale purchase agreements with an agribusiness group to purchase two ECO 49,000 dwt chemical tankers currently under construction at Hyundai Vinashin Shipyard Co. Ltd. that were originally ordered by the Seller. Both Vessels are scheduled for delivery in Q1 2015. The Company has the option to take delivery of the Vessels upon scheduled delivery from Vinashin or take the Vessels under a bareboat charter from the Seller for up to 12 months after delivery from Vinashin…
Stolt-Nielsen Aims to Cut Debt
Chemical tanker firm Stolt-Nielsen aims to cut debt, CEO Niels G. Stolt-Nielsen said on Thursday.
New Stainless Steel Chemical Tanker Platform
Principal Maritime Management LLC of Southport, Connecticut, a shipping company owned by affiliates of Apollo Global Management LLC, has formed a new platform in the stainless steel chemical shipping sector. Additionally, Princimar Chemical Carriers has acquired its initial three stainless steel chemical tankers, all of which were purchased from existing owners and are currently in service. Princimar Chemical Carriers is focused primarily on acquiring stainless steel chemical tankers which operate in the global specialty and commodity chemical shipping trades. Princimar has fully committed financing in place for additional acquisitions, and plans an initial fleet of 12 to 15 vessels.
ICS Publishes Chemical Tanker Safety Guide
A fully updated edition of the definitive industry guidance on the safe operation of chemical tankers has just been published by the shipping industry’s global trade association, the International Chamber of Shipping (ICS). The new edition of the ICS Tanker Safety Guide (Chemicals) replaces the previous edition issued in 2002. ICS recommends that a copy is carried on board every tanker engaged in the carriage of chemical cargoes, and that copies are also held within shipping company technical departments.
MISC Sees Record Freight Rates
Business Lines report that MISC Bhd has experienced its best performance over the past 20 years in the chemical shipping market. Freight rates for shipping chemicals reached historical highs in the second half of 2004, exceeding previous peaks of 1991 and 1995. The firmer freight rates are the result of demand outstripping supply for the more sophisticated chemical vessels and the lack of shipyard space to build stainless steel chemical vessels. The demand for chemical vessels has also edged up as countries such as India and Pakistan restrict vessels which are more than 25 years from entering their ports. Taking advantage of this market situation the carrier has placed orders for additional four chemical tankers.