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.
Fos Tanker Queue Grows as Strike Impacts Refinery Ops
Nearly two dozen vessels were queued outside the French oil import terminal in Fos, southern France on Thursday, held up by a strike organised by the hardline CGT and FO unions over planned labour reforms. A spokeswoman for the port of Marseille told Reuters that yesterday 29 oil, LNG and chemicals vessels were waiting between the wharf and harbour on Wednesday. This morning, 21 vessels including 12 carrying oil, LNG or chemicals, were waiting. During normal busy operations, about 5 vessels would be waiting, the port authority said. CGT port workers and dockers joined the nationwide rolling strike on Thursday and Friday. The stoppages hitting the power, fuel and transport sectors is aimed at forcing the government to withdraw the planned labour reform bill.
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.
EDCIS Order: Transas to Supply Twenty-Eight Ships
Transas Marine Denmark contracted by A/S to supply & install 28 Navi-Sailor 4000 Multifunction Display Dual ECDIS units. Transas is also to upgrade another six Eitzen Chemical vessels to the latest hardware and software ECDIS standards over the next two years. The package for each vessel includes 2 x 26" Hatteland monitors, RS6B computers, radar overlay and Firewall enabling a direct connection between the vessel's satellite communication equipment and the Transas ECDIS. After the installations, all vessels will run the unique "Pay As You Sail" chart concept from Transas.
MISC, AET Fleets Merger
International energy logistics group MISC Berhad announced that it is to merge its chemical fleet with the clean petroleum products (CPP) fleet operated by its wholly owned petroleum subsidiary, AET. Under the new arrangement, AET will take over the 13 chemical vessels and one LPG tanker currently owned/operated by MISC and combine them with its own fleet of eight CPPs to create a new, single entity. Announcing the move, MISC President/Group CEO, Yee Yang Chien, said, “There are significant synergies to be gained from merging the two fleets and creating a consolidated products business.
FSL Trust Sells Vessel to Trim Debt
FSL Trust Management, as trusteemanager of First Ship Lease Trust (FSL Trust), announces that the Trust has sold its chemical tanker, FSL Tokyo, for a cash consideration of US$13.8 million. FSL Tokyo is a 2006, Japanese-built, 20,938 DWT chemical tanker that has been deployed in the spot market. The net proceeds from this Disposal will be applied in full to the outstanding loan facility in 1Q2018. FSL Trust will record a related impairment charge of approximately US$9.0 million in 4Q2017.
AET Buys Paramount Tankers
American Eagle Tankers (AET), a subsidiary of Malaysian shipping line MISC Bhd, said that it will acquire all the remaining shares of Paramount Tankers, making the latter its wholly owned subsidiary. AET will acquire Golden Energy Tanker Holdings’ 50% stake in Paramount Tankers, a joint venture between the two companies that owns and operates six aframax vessels. AET did not disclose the value of the deal, which is expected to be completed by September this year. AET President & CEO…
New Tank Coating from Hempel
Marine paints manufacturer Hempel announced the launch of a new pure epoxy tank coating, Hempadur 15460, to replace its Hempadur 15400 tank coating. Hempadur 15460 is designed specifically as a tank coating for chemical vessels and is based on amine adduct cured epoxy technology, which the manufacturer says delivers resistance to continuous immersion in a range of chemicals, including crude oil up to temperatures of 80ºC/176ºF. The coating uses no toxic products and can be used to coat all liquid cargo tanks. It is also suitable for grey and black water tanks, mud and brine tanks, refrigerated seawater fish tanks and other vessel tanks.
LISNAVE Stable Despite Workload Reduction
As expected, 2013 did not bring significant changes to the evolution of the world economy and consequently the rate of growth of world trade. With regard to the maritime freight market, the same situation of imbalance between supply and demand continued with a consequent reflection in value of freight rates, which resulted for the third consecutive year in general cost containment by the shipowners and consequently, a reduction in the volume of the maintenance works of existing fleets.
Essberger Fleet Moves to Marlink’s Sealink VSAT Service
The Hamburg headquartered John T. Essberger (JTE) Group will migrate the primary communication systems of its entire fleet to Sealink, Marlink’s global maritime broadband VSAT service. The Installation on 22 chemical tankers and nine dry cargo vessels is expected to be completed by the end of the year. Essberger was founded in 1924 as Atlantic Tank Reederei by tank ship pioneer John T. Essberger. The Essberger Tankers division fleet consists of chemical vessels, while JTE Dry Cargo operates a fleet of bulk carriers, multipurpose tonnage and container vessels, as well as cement tankers.
STX Targets $3b Sales in 2012 at Chinese Shipyard
South Korea's STX Shipbuilding Co., said that its shipyard to be built will post $3b in sales in 2012, similar to that of its shipyard in Jinhae, South Korea. During a ground-breaking ceremony for the shipyard, Kang Duck-soo, chairman of STX Group, said its $500 million project to build the first South Korean-owned shipyard in China by the end of 2008 will help the company emerge as a global shipbuilder. STX Shipbuilding and its affiliate, STX Corp., will build the yard that constructs bulk carriers and smaller-sized chemical vessels. So far, the shipbuilder has won $1.1 billion worth of deals to build bulk carriers and other ships here.
Crystal Nordic Sold to Essberger Tankers
Nordic Tankers and Embarcadero Maritime (a joint venture between Borealis Maritime and KKR) have signed and closed an agreement to sell the jointly held company Crystal Nordic to John T. Essberger in Hamburg, a leading owner and operator of chemical tankers in Europe. Crystal Nordic was established following the combination of Nordic Tankers’ inter-European stainless steel chemical tanker business with Crystal Pool in 2015. The parties have agreed not to disclose any financial information.
Concordia Maritime Charters Two More MR Vessels
Swedish tanker owner Concordia Maritime has chartered in two more MR (ECO) vessels, while also extending the contracts for two of the currently chartered MR (ECO) vessels by a further year. A contract to charter out the P-MAX tanker Stena Performance has also been signed. The contractual partner is a large global oil company and the vessel will be used primarily for niche traffic in the Middle East. As with previous charters, these latest contracts are joint charters with Stena Bulk, and Concordia Maritime’s share amounts to 50 percent.
Demand for Chemical Tanker Fleet Looks Up
Demand for methanol and vegoil will moderately support global seaborne trade causing the shipping fleet trading in chemicals and vegoils to expand, according to the latest edition of the Chemical Forecaster, published by global shipping consultancy Drewry. A press release from Drewry said that the orderbook contains 144 stainless steel vessels totalling 3.4 mdwt for delivery by 2020, almost 22% of the existing capacity for such vessels; 63 of these vessels are in the size range of 25…
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.
Triyards Loses Two Shipbuilding Contracts
Triyards Holdings, the offshore marine division of Ezra Holdings, has swung deep into the red following the termination of two shipbuilding contracts worth some $51 million. "The Board of Directors of Triyards Holdings wishes to announce that its wholly owned subsidiary, Saigon Offshore Fabrication and Engineering Limited, has received notices of termination of the two shipbuilding contracts dated 26 June 2015 and the addendum dated 10 May 2017 for the design and construction…
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.
Xantic and HSE Global Sign Software Cooperation Agreement
Xantic has announced the signing of a Software Cooperation Agreement with HSE Global. This mutually beneficial strategic alliance will provide the shipping industry with an invaluable tool for the efficient control of chemicals and hazardous materials onboard vessels. Maintenance systems for ships have been in existence for several decades, and in electronic format for the past 20 years or so. Chemicals are often used in relation to the maintenance and operation of ships. A typical cargo vessel will use 100 to 150 chemicals, while a passenger ship may carry over a thousand such products. All too often, however, these chemicals are not actively integrated into the vessel’s operational and maintenance planning processes.
PMM Dips Into Chemical Ship Management Sector
Principal Maritime Management LLC (PMM) of Southport, Connecticut, a shipping company owned by affiliates of Apollo Global Management LLC, informs of its new business in the stainless steel chemical shipping sector, through Princimar tankship acquisitions. PMM explain that Princimar Chemical Carriers (Princimar) acquired its initial three stainless steel chemical tankers, from existing owners. Princimar is focused primarily on acquiring stainless steel chemical tankers which operate in the global specialty and commodity chemical shipping trades. It has fully committed financing in place for additional acquisitions, and plans an initial fleet of 12 to 15 vessels.
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.
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.
Chemical Shipping Fortunes Lifted by Swing Ships
Chemical shipping faces another tough year, but prospects are improving thanks to the strength of the product tanker market which is attracting a growing number of swing ships out of chemicals into products, according to the latest edition of the Chemical Forecaster, published by global shipping consultancy Drewry. Drewry estimates that seaborne trade in chemicals (including vegetable oils and fats) was stagnant in 2014 and is forecast to grow at less than 2.5% pa over the next few years.
Odfjell Takes 50% Of Brazilian Shipper
Norwegian chemical tanker operator Odfjell last week acquired a 50 percent stake in Brazilian shipping company Flumar. Odfjell said the purchase would mean an investment of $10 million and would result in a strengthening of both companies' positions in the region. "Brazil has a considerable growth potential in production and handling of chemicals," Odfjell said. Flumar operates three chemical tankers and vessels for liquefied petroleum gases and sails mainly along the Brazilian coast. Odfjell operates more than 60 vessels in a global network.