G E Shipping Sells Supramax
India’s largest private sector shipping company Great Eastern Shipping Company Limited (G E Shipping) has contracted to sell its 2003 built Supramax Dry Bulk Carrier Jag Rahul of about 52,364 dwt. G E Shipping said that the vessel will be delivered to the new buyer in Q4 FY 2017-18. The Company’s current fleet (including Jag Rahul) stands at 48 vessels, comprising 32 tankers (12crude carriers, 17 product tankers, 3 LPG carrier) and 16 dry bulk carriers (1 Capesize, 8 Kamsarmax, 7 Supramax) with an average age of 10.24 years aggregating 3.93 mn dwt.
Helios LPG Pool to Start Operating
Dorian LPG Ltd. today announced the commencement of operations of Helios LPG Pool LLC on April 1st, 2015. Helios LPG is jointly run by Dorian LPG and Phoenix Tankers Pte. Ltd., a 100% subsidiary of Mitsui OSK Lines Ltd. Helios LPG will be operated out of offices in London and Singapore. Tim Hansen, Chartering Manager of Dorian LPG (UK) Ltd., will serve as the Managing Director of the London office and Harpal Cheema, General Manager of Phoenix Tankers' LPG division, will serve as the Managing Director of the Singapore office.
BW LPG Refinances Six Ex-Aurora Ships
BW LPG Limited has signed a Debt Facility Agreement of USD290 million for the re-financing of six 2016 built ex-Aurora ships. The re-financing has been raised from The Export-Import Bank of Korea (KEXIM) as ECA (Export Credit Agency) lender, with ABN AMRO Bank N.V., Singapore branch and Oversea-Chinese Banking Corporation Limited as Mandated Lead Arrangers. ABN AMRO Bank N.V., Singapore branch also acted as coordinator and facility agent. The all-in cost for this financing is LIBOR plus 1.88%, with a 16-year amortization profile.
BW LPG Establishes a JV in India
BW LPG Limited and Global United Shipping India Private Limited, have agreed to establish a joint venture in India in which the parties will own 50% each. The purpose of the new joint venture, named BW Global United LPG India Private Limited, is to own and operate Gas Carriers for the transportation of LPG within Indian waters. As part of the establishment, BW LPG will sell two of its vessels, BW Boss and BW Energy, to the joint venture company and to that end BW LPG has entered into binding vessel sales contracts.
Dorian LPG Appoints Tim Hansen Chartering Manager
Dorian LPG announce that Tim Truels Hansen will join the Company as Chartering Manager, with effect from September 1st, 2014. Dorian explians that Hansen comes to them from AP Moeller Maersk where he began his career at sea, rising to the rank of captain of various sized LPG carriers. He came ashore in 1999, joining the Maersk team with responsibilities in several sectors. In 2002 he began to focus on the LPG sector and from 2004 until Maersk's exit from the LPG sector in 2013 was Senior Charterer responsible for the daily employment of a large fleet of LPG carriers worldwide.
Astomos and Elgas to Study LPG as Shipping Fuel
Tokyo-based Astomos Energy Corporation and , Australia’s leading LPG marketer and distributor have signed a Memorandum of Understanding(MOU) for the further study of LPG as a ship bunker fuel(LPG bunkering). LPG bunkering is a possible solution to meet the International Maritime Organization (IMO) shipping fuels SOx limit of 0.5% from 2020. This MOU will enhance cooperation between Astomos and Elgas across all aspects of LPG bunkering including the sharing of information, research and development and collaboration in securing global supply sites for LPG bunkering within the Asia Pacific.
MOL, Gulf LPG Transport Start VLGC Pool
Mitsui O.S.K. Lines, Ltd. (MOL) announced on Jan. 27, the formation of a very large gas carrier (VLGC) pool called LPG Global Transport, along with Gulf LPG Transport Company W.L.L. of Qatar (Gulf LPG). The pool will begin operations immediately. Gulf LPG Transport Company W.L.L. is a limited liability joint venture company established by Qatar Gas Transport Company (Nakilat) and Qatar Shipping Company. MOL and Gulf LPG have jointly incorporated LPG Global Transport Management Inc. to manage the pool’s business operations.
GE Signs MOU to Develop COGES LPG-Fueled Ferry Design
GE Aviation’s marine gas turbine business signed a multilateral memorandum of understanding (MOU) to cooperate in the joint development of LPG-fueled ferry design. The ferry will feature GE’s compact and lightweight Combined Gas Turbine, Electric and Steam (COGES) system for all ship power, including propulsion. Participating in the MOU signing were Youngsung Global CEO Bumsu Ku, DINTEC Director Hunsoo Ha, Korea LPG Industry Association Chairman Joonseok Hong, GE Aviation MSO Korea Leader Kirby Luke, Far East Ship Design & Engineering Co (FESDEC) CEO Jungkang In, and Cryos CEO Daesung Kim.
Dorian Delivers the Cobra
Dorian LPG Ltd., a leading owner and operator of modern Very Large Gas Carriers reported today that it took delivery of the ECO VLGC Cobra from Hyundai Samho Heavy Industries. As previously announced, Cobra, Dorian LPG's sixth newbuilding delivery, will enter into a one year time charter with an oil major through the Helios LPG Pool. Dorian LPG has 13 ECO VLGC newbuildings under construction. Dorian LPG has offices in Connecticut, USA, London, United Kingdom and Athens, Greece.
MAN B&W Gas New Liquid ME-GI Engine
MAN Diesel & Turbo introduced its Liquid ME-GI (Liquid Gas Injection) engine. The Liquid ME-GI is powered by LPG (Liquid Petroleum Gas), a smaller market than LNG but of significance in certain segments such as the small tankers that ply river traffic and coastal shipping routes. The Liquid ME-GI is a variant of MAN Diesel & Turbo‘s ME-GI engine, whose control and safety system is based on the experience gathered since the mid-1990s at working gas plants, including a 12K80MC-GI-S in Japan, and the development of a VOC (Volatile Organic Compound) engine in the late 1990s.
Dorian LPG took Delivery of the Cougar
US-headquartered owner and operator of modern Very Large Gas Carriers (VLGC) Dorian LPG took delivery of the ECO VLGC Cougar from Hyundai Samho Heavy Industries. Cougar, Dorian LPG's fourth newbuilding delivery, will initially trade in the spot market through the Helios Pool. Cougar (84,000 cbm, built 2015) is the fourth in a series of nineteen VLGCs on order from Hyundai Samho Heavy Industries. The Company has entered into a three-year time charter for the Corsair and, through the Helios LPG Pool, a one-year time charter for the Cobra, which is expected to deliver at the end of this month.
Dorian Acquires ECO VLGC Challenger
Dorian LPG Ltd., a leading owner and operator of modern Very Large Gas Carriers ("VLGCs"), reported today that it took delivery of the ECO VLGC Challenger from Hyundai Samho Heavy Industries. The Challenger is Dorian LPG's 18th newbuilding delivery. The Challenger will trade in the Helios LPG Pool. With the acquistion of this newly-delivered Challenger, Dorian LPG currently owns and operates 21 modern VLGCs and one pressurized LPG vessel. In addition, Dorian LPG has one ECO VLGC newbuilding under construction.
Banking on US Shale Gas Boom, Asia Petrochemical Firms Switch to LPG
Asia petrochemicals firms are building tanks and retooling plants to store and process liquefied petroleum gas imported from the United States, counting on a flood of supply from the shale boom to replace costlier naphtha as a raw material. Samsung Total Petrochemical, LG Chem and Royal Vopak are among a number of companies in Asia expanding import terminals or retrofitting plants over the next one to two years as they buy more LPG. The gas is used by petrochemicals firms to make a broad range of consumer and industrial plastics. Asian petrochemicals firms have traditionally used naphtha as a raw material. They are now switching to LPG because rising U.S. supplies have pushed prices below those of both naphtha and LPG from their main supplier, the Middle East.
Amid Commodity Crisis, LPG Emerges as Accidental Bright-spot
Liquefied Petroleum Gas, long a niche product used by the poor to cook and the rich to barbecue, has become a rare bright spot amid a broad commodities rout, riding on the wave of strong economic growth in India and parts of Southeast Asia. LPG is best known to consumers as propane or butane used in heating appliances and vehicles. But it is also used in the petrochemicals industry and the electricity sector, acting as a replacement for diesel in generators and power stations. While tumbling prices for oil, gas, coal and industrial metals have seen energy companies and miners slash capital expenditure, investment is flowing into the LPG sector to feed burgeoning demand from the world's poorer nations.
Newcomer Gas Carrier Firm Closes Share Placement
Dorian LPG Ltd. has successfully closed the private placement of 68.8 million shares at US $2.44/share raising approximately US $168 million. Dorian LPG is a pure-play LPG shipping company, combining the LPG shipping activities of Dorian (Hellas) S.A. ("Dorian") and SEACOR, and is set to be a leading owner and operator of modern fuel-efficient Very Large Gas Carriers ("VLGCs"). The compamy owns and operates three modern VLGCs and one pressurized LPG vessel. In addition, Dorian LPG has ordered three fuel-efficient VLGC newbuildings from Hyundai Heavy Industries Co., Ltd. with deliveries in July and August 2014 and January 2015. Dorian LPG also holds fixed price options for an additional four VLGCs, giving the company opportunity for advantageous growth.
Oversupply Pressure on LPG Shipping Rates
The LPG shipping trade will continue to grow at a healthy pace on the back of strong Asian demand, but fleet growth will outpace it, keeping rates under pressure in 2017, according to the latest edition of the LPG Forecaster, published by global shipping consultancy Drewry. 2016 was a tough year for LPG shipping with rates coming under pressure across all size segments. 2017 is expected to be no different with the fleet set to grow by another 16%, on top of the 17% expansion seen last year.
Dorian LPG, ABS Plotting 2020 Compliance Plan
ABS said it has been selected by Dorian LPG to provide an in-depth techno-economic analysis, laying out compliance options for impending global sulfur cap requirements. Dorian LPG owns and operates a fleet of very large gas carriers (VLGCs), transporting liquefied petroleum gas around the world. “It is important for owners and operators to assess their fleets and evaluate their options so that they can develop the most efficient compliance strategies as new requirements come into place,” said ABS Chairman, President and CEO Christopher J. Wiernicki.
StealthGas Announces Newbuilds, New Vessel Contracts
StealthGas Inc., a ship-owning company primarily serving the liquefied petroleum gas (LPG) sector of the international shipping industry, announced today as part of its fleet expansion program the acquisition of two newbuilding LPG vessels. The company exercised the acquisition options with a Korean yard and the additions to the fleet consist of two 22,000 cbm semi refrigerated eco LPG carriers scheduled to be delivered in the second and third quarter of 2017, respectively. The company expects that the acquisition of these larger semi refrigerated eco LPG carriers that can load LPG with high ethane content, will complement well its already leading position in pressurized vessels.
Pertamina Looks to U.S. for LPG
Indonesia expected to import 70 pct of LPG in 2017. Country seen shipping in around 5 mln T of LPG this year. Indonesian state energy company Pertamina expects to import liquefied petroleum gas from the United States to meet growing demand, with U.S shipments to Asia set to climb following transport developments like the extension of the Panama Canal. That comes as Southeast Asia's largest economy is expected to look overseas to meet at least 70 percent of its demand for LPG in 2017, said Daniel Purba, senior vice president of Pertamina's integrated supply chain unit. "In 2017, as we know with the commencement of operation of canals that can accommodate larger vessels…
Iran Halts LPG Exports to Japan
Iran said on Wednesday it had stopped exports of liquefied petroleum gas (LPG) to Japan, but there were other customers available to buy the Islamic republic's LPG, the semi-official Mehr news agency reported. The report did not give a reason but difficulties for shippers in obtaining insurance have continued to hamper Iranian LPG exports despite the lifting of international sanctions. "Our LPG exports to Japan have stopped ... At the present, insurance issues and supplying of LPG carriers have been almost resolved," Mehr quoted the head of the Association of Petrochemical Industry Corporations (APIC) Ahmad Mahdavi as saying. "There are no limitations for the exports of the LPG in the post-sanction era ... Mahdavi did not elaborate.
Cosco Shipping Energy Joins Bid for LPG Carrier
Cosco Shipping Energy Transportation (CSET) has announced that the board has approved it subsidiary, Shenzhen Cosco LPG Shipping, to join the bidding for a second hand LPG vessel. Shenzhen Cosco LPG is the energy shipping unit of Chinese shipping conglomerate China Cosco Shipping. The price quoted for the LPG tanker would be $ 5.21mln. The LPG carrier is the China-flagged, 2011-built Hua Nan 3 of 3,218-dwt in capacity and classed by China Classification Society (CCS). It is owned by Shenzhen Southern China LPG. CSET operates through Oil Shipment and Dry Bulk Shipment segments.
Another Mammoth Gas Ship Ordered for MHI
The U.S. Shale Gas Revolution continues to drive orders for some of the world’s largest, most sophisticated tonnage. Mitsubishi Heavy Industries, Ltd. (MHI) received an order from Astomos Energy Corporation for a very large liquefied petroleum gas (LPG) carrier. The LPG carrier on order is identical to a vessel ordered to MHI by Astomos Energy late last year. Completion and delivery of the ship are scheduled for the first half of 2016. The newly ordered LPG carrier will measure 230.0 meters (m) in length overall (LOA)…
Dorian LPG Gets Finance for Scorpio Tankers Deal
US-based Dorian LPG has successfully placed 80,405,405 shares to Norwegian and international institutional investors to raise approximately $250 million intended to part pay for Dorian's recent acquistion of Scorpio Tankers' fleet of 11 Very Large Gas Carrier ("VLGC") newbuildings and an option to build two additional VLGCs. The Private Placement is expected to close on November 14, 2013, subject to satisfaction of certain customary closing conditions and the completion of the Transaction. Upon closing of the Private Placement, the Company will have 213,579,150 shares issued and outstanding. The Company plans to use the proceeds from the Private Placement to part finance a series of VLGC newbuildings and for general corporate purposes.