SFL Acquires Three VLCC Newbuildings
The international ship owning and chartering company Ship Finance International (SFL) announced that it has agreed to acquire three 300,000 dwt crude oil carriers, or VLCCs, currently under construction at Daewoo Shipbuilding & Marine Engineering (DSME) in Korea.The Bermuda-headquartered company said that the net purchase price will be $180 million, or $60 million per vessel and they are expected to be delivered to SFL within the next two months.The vessels were ordered in 2018 by affiliates of the Norwegian listed company Hunter Group…
HHI Bags $390mln Order for 2 LNG Carriers
South Korean shipbuilding giant Hyundai Heavy Industries (HHI) said it received an order to build two liquefied natural gas (LNG) carriers for an unidentified European shipping company.Yonhap news agency quoted the shipbuilder saying that the order is valued at 463 billion South Korean won ($390 million), bringing its total number of orders to five so far this year.The 180,000 cbm vessels, ordered by an undisclosed European owner, are scheduled for delivery by the end of June 2022.According to the report…
MOL Installs AR Navigation on 21 VLCCs
Japanese shipping giant Mitsui O.S.K. Lines (MOL) announced its intention to install a navigation system using augmented reality (AR) technology jointly developed by Furuno Electric and MOL Techno-Trade on 21 MOL Group-operated very large crude oil carriers (VLCCs).The system displays information on other vessels sailing on a vessel's planned route and surrounding sea areas and other ocean conditions, such as shallow waters, on tablets and screens. It integrates information from…
Making the Case for LPG as a Marine Fuel
The sulfur emission control areas (SECAs) in place in North-America and Northern Europe, in combination with the upcoming global 0.5% limit on sulfur in 2020 (or 2025) and similar EU limits in 2020, call for alternative fuels as a means for compliance. Several alternative fuels are available and, at the same time, new fuel oil products with very low sulfur content have been introduced.In this respect, the ability of the new MAN ME-LGIP engine to run on LPG, which is a sulfur-free fuel…
Guangzhou Shipyard Bags Order for Seven Tankers from Cosco Shipping
Cosco Shipping Energy Transportation (CSET) has placed an order for seven more ships at compatriot Guangzhou Shipyard International Company Limited (GSI), owned by CSSC Offshore & Marine Engineering Company Limited. The order will include two 64,900 dwt crude oil tankers, two 109,900 dwt LR2 vessels and three 114,000 dwt crude tankers, totaling in an investment worth approximately USD 323 million (RMB 2.14 billion.). Expected delivery dates for the two 64,900 dwt panamax crude tankers are on or before 29 February 2020 and 31 May 2020, respectively.
HMM Orders New Carriers
South Korea’s largest ocean carrier Hyundai Merchant Marine (HMM) will invest USD 417.61 million in five new very large crude oil carriers (VLCCs), Reuters reported quoting company sources. "HMM will invest 470 billion South Korean won (U.S. $418 million) in new facilities for the construction of five, 300,000 deadweight ton (DWT) VLCCs with Daewoo Shipbuilding & Marine Engineering (DSME), with an option for five more," said company sources. HMM will acquire two 11,000-TEU containerships from Hanjin Heavy Industries & Construction’s Subic Shipyard.
Tsakos Orders Tankers at Sungdong
South Korean shipyard Sungdong Shipbuilding & Marine Engineering Co. (Sungdong) has won an order from Greece’s Tsakos Energy Navigation (TEN) for two 74,000 deadweight tonnage (DWT) crude-oil carriers with an option for two more. TEN has already ordered three tankers from Sungdong. The total value of the contract for the four LR1 tankers could reach up to USD 170 million. Delivery of the firm ship is due in the first half of 2018. Tsakos’s commitment is a massive boost for Sungdong after a tough period of instability and restructuring where the yard skirted with closure.
Tanker Shipping: Signs of Weakness are Appearing, But Still Money to be Made
Supported by slow fleet growth and ongoing positive refinery margins, VLCC earnings in Q1-2016 were up from a year ago, but down from Q4-2015 as we expected at $58,367 per day for VLCC (+5.7% year on year). For the minor crude oil carriers, rates were down from Q1-2015 and Q4-2015. Rates in Q1-2016 were $37,914 per day for suezmax (-25% year on year), $30,197 per day for aframax (-24% year on year). For the oil product tankers, Q3-2015 stands out as the peak quarter of the current cycle. Earnings in Q1-2016 were the lowest since Q3-2014 when the markets started to rise.
SFL Sells 1995-built Suezmax Tanker
Ship Finance International Limited (SFL), has agreed to sell the 1995-built Suezmax Front Glory to an unrelated third party. The company has simultaneously agreed to terminate the corresponding charter party for the 20-year old crude oil carrier with a subsidiary of Frontline Ltd. The vessel is expected to be delivered to its new owner at the end of the third quarter, 2015. Net sales price is agreed to approximately $16 million, and Ship Finance will receive a net amount of approximately $13.8 million, after compensation of approximately $2.2 million to Frontline for the termination of the current charter. The vessel is currently debt free.
BIMCO: Tanker Market is Full of Surprises
Some time ago, BIMCO expected the first signs of a solid recovery in the oil tanker industry to appear in the product tanker market. However, like other soon-to-arrive recoveries, the waiting time tends to increase as we approach the expected tipping point. This time around, global refinery throughput started the year strongly but entered a still running soft patch in May, high volumes but shorter hauls out of the U.S. Gulf, and the steady inflow of new ships were part of the cocktail that prevented freight rates from taking off big time.
SFL Announces Sale of Three Older VLCCs
Ship Finance International Limited (SFL) announced that it has agreed to sell the 1999 built VLCCs Front Opalia, Front Comanche and Front Commerce to an unrelated third party. The company has simultaneously agreed to terminate the corresponding charter parties with a subsidiary of Frontline Ltd. The vessels are expected to be delivered to the new owners in the fourth quarter of 2014 and SFL expects to receive cash proceeds of approximately $77.5 million, including approximately $10.5 million upfront payment from Frontline.
Crude Oil Carriers DHT Report Favourable Wind in Q4 2013
Oslo, Norway-based DHT Holdings, Inc. reports fourth quarter 2013 results and the acquisition of two VLCCs. EBITDA for the quarter of $18.9 million and net income for the quarter of $11.5 million ($0.48 per share) including $15.4 million in revenue related final settlement of sale of OSG claim. The Company will pay a dividend of $0.02 per common share for the quarter payable on February 13, 2014 for shareholders of record as of February 6, 2014. In line with the Company's communicated strategy, DHT has agreed to acquire two VLCCs built in 2006 and 2007 for a total of $99.0 million.
Aker Philadelphia Welcome Back Governor Corbett
Aker Philadelphia Shipyard, Inc. (APSI) has welcomed Governor Corbett back for an update on the state of the shipyard and a tour to view progress on the current tankers APSI is building for SeaRiver Maritime. The last time Governor Corbett visited APSI was in September 2011 for the contract signing of the very same tanker program. Since Governor Corbett’s initial visit, the yard has reached its steady state employment of over 1,000 employees and has a backlog secured out Q3 2016, with two tankers for SeaRiver Maritime, Inc. underway and four product tankers for Crowley behind them.
U.S. Shipyard Delivers Tankship to Crowley
Aker Philadelphia Shipyard delivers its first Veteran-class MT-46 product tanker to Crowley Maritime Corp. This is the thirteenth product tanker that the shipyard has completed and the seventeenth vessel overall. The product tankers are 600 feet long and have a cargo capacity of 46,000 dwt. The ship is named the Pennsylvania and is the first vessel that AKPS has delivered to Crowley. As stated in AKPS’s release on 21 August, 2012, Crowley will also take delivery of the next product tanker, Hull 018, when it is completed in February 2013.
Wärtsilä to Supply Main Engines for Kuwait Oil Tanker
Wärtsilä's RT-flex common rail engine technology provides environmental benefits including low fuel consumption and reductions in exhaust emissions. The engine waste heat is utilized to produce onboard electricity. These features help maintaining and operating seaborne transportation in more economical and sustainable ways. Wärtsilä will supply the main engines for a series of vessels being built for Kuwait Oil Tanker Co. (KOTC), a Subsidiary of Kuwait Petroleum Corporation. Four VLCCs (Very Large Crude Oil Carriers), one Aframax tanker and four medium-range tankers are being built at the Daewoo Shipbuilding & Marine Engineering (DSME) shipyard in South Korea.
Wärtsilä Main Engines Ordered for Nine Kuwait Oil Tankships
Wärtsilä to supply main engines for a series of 9 large vessels being built by Daewoo for Kuwait Oil Tanker Co. Four VLCCs (Very Large Crude Oil Carriers), one Aframax tanker and four medium-range tankers are being built at the Daewoo Shipbuilding & Marine Engineering (DSME) shipyard in South Korea. The VLCCs will be fitted with 7-cylinder Wärtsilä RT-flex 82T engines and a Waste Heat Recovery System, which utilizes exhaust gas energy to generate steam which is used to operate a turbo generator that produces ship's electricity supply.
Ocean Saver Wins Greek BWT Orders
The two 320,000 dwt vessels will join Almi’s fleet in July 2013 and November 2014 and are designed to meet highest environmental standards. Almi Tankers currently manages two Aframax LR2 vessels and three newly-built Suezmax crude oil carriers and is expecting the delivery of seven more Suezmaxes and two VLCCs by November 2014. The Greek company says it chose OceanSaver after a thorough evaluation of the company’s Mark I and Mark II BWT technology and competing suppliers. “OceanSaver BWT systems are backed by DNV’s Type Approval Program... (which) guarantees detailed evaluation of every aspect of vessel safety,” a spokesman said. The Almi VLCCs are being built to ABS class and will be fitted with a 2 x 3000m3/h type approved Mark II OceanSaver system.
Greek VLCC Ballast Water Treatment Contract Goes to OceanSaver
Greek oil tanker operator, Almi Tankers S.A. has chosen OceanSaver Ballast Water Treatment solutions for its VLCCs currently under construction at Korea’s Daewoo Shipbuilding & Marine Engineering Co. Ltd. The 320,000 dwt vessels will join Almi’s fleet in July 2013 and November 2014 and are designed to exceed high environmental standards, reflecting client demand for clean & green operation. Almi Tankers currently manages two Aframax LR2 vessels and three newly-built Suezmax Crude Oil Carriers and is expecting the delivery of seven more Suezmaxes and two VLCCs by November 2014. Almi confirms the decision to choose OceanSaver follows a thorough evaluation of the company’s Mark I and Mark II BWT technology and competing suppliers.
Becker Mewis Duct: The Largest Ever Built
Becker delivered an eight-meter-diameter version of its prime energy saver for VLCC Becker Marine Systems has delivered the largest Becker Mewis Duct ever made with a diameter of 8.10 m for the construction of Very Large Crude Oil Carriers (VLCC) at Hyundai Samho Heavy Industries for Samco Shipholding, Singapore. Initial sea trials of the new VLCC with a length of 319.0 m have proven once more the excellent rate of power savings provided by the Becker Mewis Duct. Fuel savings of about 5% were measured, lowering operating costs for the lifetime of the ship.
Metso Supplying Automation System for Fisheries Research Vessel
Metso has received an order for a Metso DNA automation system to a fisheries research vessel. The Fisheries Research Vessel is contracted at STX Finland Oy, Rauma shipyard, by the Namibian Ministry of Fisheries and Marine Resources. The vessel is 65m long with a beam of 14m. It is designed with special care about laboratory equipment, propulsion and power generating systems. High serviceability and low maintenance costs has got special attention. The vessel's task will include monitoring of fish stock, as well as sorting, processing, freezing and storage of fish.
Metso Wins Major Automation Contracts for Advanced Ships
Metso has been awarded major automation system contracts for 3 advanced vessels to be built in Finland. One contract is for 2 Multifunctional Icebreaking Supply Vessels (MIBSV) by Arctech Helsinki Shipyard Oy for Russian Sovcomflot. The second is a Multipurpose Deck Cargo Carrier by STX Finland Oy for Finnish Gaiamare Ltd. belonging to Turku based Meriaura Group. The MIBSV’s are designated for the Sakhalin-1 Arkutun-Dagi gas field and will be used as supply vessels for the Exxon Neftegas Ltd gas platform. They are designed for the harsh environmental conditions in the Sakhalin area with drifting ice and temperatures down to minus 35°C.
Daewoo Develops Gas Supply System
In May 2011, Daewoo Shipbuilding & Marine Engineering developed a new HP-FGS (High-Pressure Fueled Gas Supply) system for MAN-Diesel & Turbo’s ME-GI Engine. Though there are small and middle-size LNG fueled vessels already, this dual fuel engine was designed for large commercial vessels. This HP-FGS system supplies highly-pressurized (about 300 bar) natural gas fuel to an engine. To date, existing FGS systems compress gas to a high pressure. This process requires enormous amounts of electricity and large deck area to accommodate the size of this equipment.
LNG: DSME Unveils High-Pressure Fueled Gas Supply System
In May 2011, Daewoo Shipbuilding & Marine Engineering (www.dsme.co.kr) has developed a new HP-FGS(High-Pressure Fueled Gas Supply) system for MAN-Diesel & Turbo’s ME-GI (Gas Injection) Engine, and presented it to the market via a road show in Copenhagen, Denmark. Though there are small and middle size LNG fueled vessels already, this dual fuel engine for large commercial vessels which cover most of shipping industry is an original. This HP-FGS system effectively supplies highly-pressurized (about 300 bar) natural gas fuel to an engine.