New Times News

Himalaya Shipping announced it has taken delivery of the sixth in a series of 12 newbuild 210,000 dwt Newcastlemax dual fuel bulk carriers the company has on order from New Times Shipyard.The vessel, Mount Neblina, will commence a minimum 24-month time charter with an evergreen structure thereafter and will earn an index-linked rate, reflecting a significant premium to a standard Capesize vessel, Himalaya Shipping said. The time charter also includes a profit sharing of any economic benefit derived from operating the vessel's scrubber or running on liquefied natural gas (LNG)…

Dry bulk shipping company Himalaya Shipping announced it has taken delivery of the fifth in a series of 12 dual-fuel 210,000 dwt Newcastlemax bulk carriers being built by New Times Shipyard.The vessel, Mount Matterhorn, will commence a 32- to 38-month time charter plus an option for 11 to 13 months and will earn an index-linked rate, reflecting a significant premium to a standard Capesize vessel, Himalaya said. The time charter also includes a profit sharing of any economic benefit derived from operating the vessel's scrubber or running on liquefied natural gas (LNG)…

Bulk carrier company Himalaya Shipping has taken delivery of the second of the twelve 210,000 dwt Newcastlemax newbuildings the company has on order at New Times Shipyard. The vessel, named Mount Ita, will start a 32 - 38 month time charter plus option for 11- 13 months and will earn an index-linked rate, reflecting a significant premium to a standard Capesize vessel, Himalaya Shipping said.Himalaya Shipping further said that the time charters also included a profit sharing of any economic benefit derived from operating the vessel´s scrubber or running on LNG…

Pelagic Partners announced it has expanded its tanker fleet. The Cyprus-based investment fund said its Pelagic Yield Fund acquired the Summit Africa, a 73,500 dwt LR tanker built in 2009 at New Times Shipyard in Jingjiang, China. The vessel is currently trading within the HafniaPool.“Given the extreme low orderbook, we project that the market will enter into negative supply growth within next 24 months. This is accompanied by a strong increase in ton mile demand due to changing geopolitical circumstances,” said Atef Abou Merhi, Pelagic Partners managing director. “We furthermore believe the changes in market fundamentals will benefit the LR segment hence our diversification from our already existing MR fleet.

Himalaya Shipping on Monday announced it has entered into time charter agreements for four dry bulk vessels with Koch Shipping Pte Ltd.The bulk carrier newbuilds will commence a 24-month time charter with an evergreen structure upon delivery from China's New Times Shipyard in the second and third quarter of 2023, with certain options to roll two charters to 2024.Himalaya Shipping said the vessels will earn an index linked rate, reflecting a significant premium to the Baltic 5TC index…

Chinese shipyard New Times Shipbuilding has delivered what is said to be the first ammonia-fuel ready vessel in the world.The newly built Kriti Future, recently handed over to owner Avin International, is a 274-meter-long, 156,500 DWT Suezmax tanker classed by ABS and flying the Greek flag.The ship is currently conventionally fueled but complies with the ABS Ammonia Ready Level 1 requirements, indicating it is designed to be converted to run on ammonia in the future. The vessel…

ABB will deliver an equipment package for Himalaya Shipping's ultra-large bulk carriers that will feature innovative shaft generators with a Power-Take-Off (PTO) solution, comprising new drive systems and permanent magnet technology.The equipment will improve the energy efficiency of the ultra-large bulk carriers by up to four percent while enhancing operational flexibility, and save about 20 percent of space on board compared to a conventional solution.ABB will deliver an integrated scope of solutions with permanent magnet shaft generators at its core for twelve 210…

Singapore-based tonnage provider Eastern Pacific Shipping (EPS) said on Tuesday it has entered into an agreement with mining and metal producer Rio Tinto to charter three newly built liquefied natural gas (LNG) dual-fueled Newcastlemax bulk carriers, with an option for three more.The 210,000 DWT ships will be built in China at New Times Shipbuilding and are scheduled for delivery starting from the second half of 2023.EPS CEO, Cyril Ducau, said, “This partnership between EPS and Rio Tinto is another important step forward for industry-wide decarbonization.

An ABS-classed Suezmax tanker ordered by Avin International LTD, the first vessel of a potential order of three vessels, is to be the first ammonia-fuel ready vessel in the world.The landmark 274-meter-long vessel is now under construction at China's New Times Shipbuilding Co., Ltd (NTS), with options for two further vessels. Currently conventionally fueled, the vessel complies with the ABS Ammonia Ready Level 1 requirements, indicating it is designed to be converted to run on ammonia in the future.

Global ship deliveries have been hit as yards in China struggle to get fully back to work as a result of the coronavirus outbreak, with one shipbuilder saying it could not deliver two vessels.The coronavirus has caused chaos in Asia and beyond with flights suspended, businesses disrupted and entry restrictions imposed by governments trying to ward off its spread. The global shipping trade has also been hit.China's Jiangsu New Times Shipbuilding, which has an annual production capacity of 5 million deadweight tonnes (DWT)…

Norwegian shipowner and operator 2020 Bulkers has taken delivery of Bulk Shenzhen, the fifth of eight 208,000 dwt Newcastlemax newbuilds.One further vessel is expected to be delivered in January 2020, and the remaining two vessels are expected to be delivered by May 2020.The vessel will on January 9, 2020, commence a 11-13 month index-linked time charter with ST Shipping, a 100% owned subsidiary of Glencore. The index-linked rate reflects a significant premium to a standard Capesize as a function of higher cargo intake and lower fuel consumption.The vessel will also earn an additional premium related to the fuel cost saving from the scrubber.2020 Bulkers has five vessels in operation and three Newcastlemax drybulk vessels under construction at New Times Shipyard in China.

Norway-based dry bulk shipping company 2020 Bulkers has taken delivery of Bulk Shanghai, the fourth of eight 208,000 dwt Newcastlemax newbuilds.The 300-meter-long bulker, which commenced a 13-year bareboat charter with 2020 Bulkers, is owned by Norwegian shipping company Ocean Yield.Two further vessels are expected to be delivered by January 2020, and the remaining two vessels are expected to be delivered by May 2020.The vessel will on November 9, 2019, commence a 11-13 month index-linked timecharter with ST Shipping, a 100% owned subsidiary of Glencore.Starting January 1, 2020, the vessel will also earn an additional premium related…

Norway-based shipowner 2020 Bulkers  has entered into a time charter agreement for its newcastlemax newbuilding Bulk Shanghai with a subsidiary of Glencore.The vessel will commence a 11-13 month time charter upon delivery from New Times Shipyard in early November 2019 and will earn an index linked rate, reflecting a significant premium to the Baltic 5TC index, said a press note from Bermuda-based new bulk carrier company.The time charter also includes a profit sharing of any economic benefit derived from operating the vessel´s scrubber, said the release.2020 Bulkers has two Newcastlemax drybulk vessels in operation and six Newcastlemax drybulk vessels under construction at New Times Shipyard in China.

Shipping company Navig8 Product 2020 has taken delivery of a new scrubber-fitted MR tanker, the Navig8 Gauntlet.The  international shipping company focused on the transportation of  Clean Petroleum Products (CPP) said that the 49,000 dwt vessel was delivered from Japan’s New Times Shipbuilding and is the sixth unit in a series of eight such scrubber-fitted tankers in the company’s newbuilding program.The Navig8 Guantlet will be entered into and operated in Navig8 Group’s Chronos8 commercial pool, it said.Last month, the company took delivery of the Navig8 Goal. The scrubber-fitted MR tanker from New Times Shipbuilding has entered into and operated in Navig8 Group’s Chronos8 commercial pool.

Norwegian shipowner 2020 Bulkers has reached time charter agreements for three of its newbuildings with Koch Supply & Trading, a subsidiary of Koch Industries.Bulk Sandefjord has secured a new 36 months time-charter at an index-linked rate, reflecting a premium to the Baltic 5TC index.The time-charter also includes a profit-sharing of any economic benefit derived from operating the vessel´s scrubber. The 36 months time-charter replaces the previous 12-15 months time-charter at a TCE rate of USD 19,525 per day, gross.Bulk Santiago will serve the charter party originally entered into for Bulk Sandefjord for 12-15 months employment at a fixed rate of USD 19…

Navig8 Product 2020, an international shipping company,  has announced that it has taken delivery of the Navig8 Promise.Its the seventh 110,600 DWT scrubber-fitted LR2 tanker from New Times Shipbuilding.The Navig8 Promise will be entered into and operated in Navig8 Group’s Alpha8 commercial pool.The crude oil tanker built in 2019 will sail under the flag of Marshall Islands.Navig8 is a fully integrated provider of shipping management services and the world’s largest independent pool and commercial management company.

Norwegian shipping company Belships ASA has entered into an agreement to acquire a secondhand 63,000 dwt bulk carrier M/V Sofie Victory.The ultramax vessel was built at New Times Shipbuilding, China in 2016.Belships will acquire all shares in the single purpose company Sofie Victory AS, being the owner of M/V Sofie Victory. Sellers are the Bergen, Norway based company EGD Ultra Eco AS (holding 80 per cent of the shares in Sofie Victory AS) and Cyprus based Blossom Shipmanagement Ltd (holding 20 per cent of the shares in Sofie Victory AS).EGD Ultra Eco AS is ultimately controlled by investor Espen Galtung Døsvig.The agreed purchase price is USD 24.15 million, of which approximately USD 14 million is debt.

On April 2, No.13 and No.14 111,000 DWT Oil Tankers launched successively from NTS drydock, both of which are built for Frontline. New Times Shipbuilding's CEO Liu Haijin and the representatives from the owner and ABS attended the launching ceremony, the company said in its press release. It has updated about the other deliveries in this year. On January 26, 2018, the closing ceremony for No.26 157,500 DWT Crude Oil Tanker was held in Shanghai. "Our Executive General Manger  Zhang Yuyong and representatives from Owner Dong-A Tanker attended this ceremony. The delivery documents for this ship were successfully signed by both parties," said another press release.

Golden Ocean Group has  announced that it has entered into agreements to sell six Ultramax vessels built at Chengxi between 2015 and 2017 en bloc for USD 142.5 million to an unrelated third party. The net cash proceeds from the sale after the repayment of $39.2 million of associated debt will be slightly in excess of $100 million. All vessels are expected to be delivered to their new owner during the fourth quarter of 2017. Separately, the Company has agreed to take early delivery of the Golden Nimbus, a Capesize vessel under construction at New Times Shipbuilding. The Company will make a final payment of $29.4 million for the vessel at delivery and will draw $25 million from the related bank financing in early October 2017, resulting in a net cash outlay of $4.4 million.

Hunter Maritime Acquisition Corp. said it has entered into definitive agreements pursuant to which it has agreed to purchase, for an aggregate purchase price of $139.4 million in cash, five identified Capesize dry bulk carriers in an en-bloc transaction from five Cyprus-based companies affiliated with one or more members of the Oskar Wehr group of companies of Hamburg, Germany. The vessels were built by Chinese shipyard New Times Shipbuilding Co. Ltd. and consist of MV Charlotte Selmer (2011), MV Greta Selmer (2011), MV Tom Selmer (2011), MV Lene Selmer (2010) and MV Hugo Selmer (2010). The vessels have a combined cargo-carrying capacity of approximately 876,352 deadweight tons and an average fleet age of approximately 6.2 years.

International classification society Bureau Veritas is to grant GAS-PREPARED notation to six Suezmax tankers under construction for Dynacom Tankers Management. The 157,000 dwt tankers will measure 274.3 meters in length, with a beam of 48 meters and depth of 23.2 meters. They are being built at New Times Shipbuilding in China, with delivery expected in 2017 and 2018. The GAS-PREPARED notation sets out requirements for ships which are designed and fitted out for dual-fuel or LNG fuel propulsion, but which are not initially intended to use gas as a fuel. It provides owners with the flexibility to convert easily to dual fuel or LNG fuel propulsion in the future.

Despite the continuing global shipping crisis, Becker Marine Systems, producer of high-performance rudders and energy-saving solutions in the field of maneuvering technology, said it is appearing at SMM 2016 with a good order situation, announcing it has secured an order to equip some of the largest containerships in the world. The world’s largest containerships are continuing to operate using full spade rudders from Becker Marine Systems. “The Shanghai Waigaoqiao Shipbuilding shipyard in China has ordered our Becker Twist Rudder with a rudder surface of 100 square meters for six 21…

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 for transaction has been secured through some of Stolt-Nielsen limited's main banks with a combination of bridge financing, secured term loans and available corporate funds. Stolt-Nielsen ltd says transaction is subject to competition authority approval, with a decision expected before end of September 2016.