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Thursday, January 18, 2018

Newbuild Contract News

Ardmore Expands Fleet, Newbuild And Charters

Ardmore Shipping Ltd, the specialist tanker company, today announced that it has taken over the contracts for two newbuild vessels from Hellespont Group and, in a separate deal, has agreed to charter in two vessels from Hellespont. Ardmore, based in Cork, Ireland, has agreed to take over the newbuild contracts on two 17,000 deadweight tonnes (dwt) IMO II chemical tankers from Hellespont. The two as-yet unnamed vessels are currently being built by Sekwang Shipbuilding in South Korea and delivery is expected in April and July 2012 respectively.

Dry Bulk, Tanker Newbuilds on the Rise -BIMCO

© Nightman1965 / Adobe Stock

Tanker and dry bulk vessel newbuild contracts have been signed at an increasing pace so far in 2017, with newbuild activity for the first half of 2017 surpassing the same period last year by 20 percent. According to BIMCO, 5.9 million DWT was contracted in May 2017 and 3.1 million DWT so far in June 2017, which brings the total amount of newbuild orders up to 19.6 million DWT for 2017. So far for June 2017, 22 tankers have been contracted amounting to a total of 2.6 million DWT. For the crude oil tanker segment, this has been entirely for suezmax ships with 1.9 million DWT ordered.

Euronav NV Implements Tanklog Transaction

Euronav NV completed the first tranche of the implementation of the Tanklog transaction. Five newbuilding contracts and two bareboat time charter contracts were novated to Euronav in exchange for a cash payment and a capital increase by means of a contribution in kind by which a total of 1,534,310 new shares were issued to companies related to Tanklog Shipholdings Ltd. The new shares will be listed on Euronext as from June 30, 2005. The five newbuild contracts are for the construction of five ice-class Suezmax tankers to be built by Samsung Heavy Industries in Korea for delivery in 2006 and 2007. currently under long term contractual arrangements with major independent U.S. refiners.

Singapore's Epic Gas Order Two Big LPG Carriers

Epic Gas Ltd. says it has contracted Kyokuyo Shipyard Corporation in Japan to build two 11,000 cbm fully-pressurised gas carriers to be delivered in 2016. This latest order brings the total newbuild contracts for the year to eight fully-pressurised vessels. In addition Epic Gas has taken delivery of three bareboat vessels during the year. The company says it is also actively looking at opportunities to purchase high quality secondhand tonnage. “Our decision to move into the largest segment of the fully-pressurised fleet underlines our clear expectations of change and growth in the fully-pressurised LPG market.” states Chris Buttery, Chairman of the Board.

Hajioannou Takes on Safe Bulkers Newbuilds

Courtesy Safebulkers

Safe Bulkers, Inc. announced today that the Company has agreed to novate an existing newbuild contract for Hull No. S835, a Japanese Panamax class vessel, and sell, upon delivery, Hull No. 1551, a Japanese Kamsarmax class vessel, in each case, to entities owned by Mr. Polys Hajioannou, the Chairman of the Board and the Chief Executive Officer of the Company. Each vessel is scheduled to be delivered in the first quarter of 2017. The two transactions were evaluated and approved by a Special Committee of the Company’s Board of Directors…

Odfjell Cancels Newbuild Contracts

In 2004, Odfjell placed contracts with the Russian Sevmash shipyard, located near Archangelsk, for up to twelve45,000 tdw IMO type II coated product/chemical carriers. $500 million, later increased to $544 million. Following serious delays in the construction process, combined with demands for further price increases from the yard, continuous cooperation problems as well as protracted negotiations, Odfjell announced that it has decided to serve formal notice of cancellation to Sevmash. The instalments already paid are covered by standard refund guarantees from international banks. Odfjell will further claim full compensation for its costs and losses caused, as it claims willful misconduct and massive contract breaches by the yard.

$126M Newbuild Contract Now Effective

Keppel FELS Limited announced that its rigbuilding contract with the Skeie Group AS has come into effect on February 16, 2004. The $126 million contract, announced on January 20, 2004, also includes an option for an additional unit within the next six months. Developed by Keppel FELS’ sister company, Offshore Technology & Development, the rig will be an enhanced KFELS B class jackup, capable of operating in water depths of up to 350 ft. and high pressure high temperature (HPHT) deep drilling of down to 35,000 ft. The rig is due for delivery in the second quarter of 2006.

TMS Cardiff Gas Places Order at HHI

(Photo: TMS Cardiff Gas)

TMS Cardiff Gas said it signed a contract with South Korean shipbuilder Hyundai Heavy Industries (HHI) for the construction of one 174,000 cubic meter liquefied natural gas (LNG) carrier, with an option for a second vessel.   The newbuild is scheduled for delivery in 2020, when she will enter into a seven year time charter contract with TOTAL Gas & Power Chartering, Limited.   This order is the first in the company’s X Carrier Series, which expands the TMS Cardiff Gas fleet of managed vessels to 10 (six LNG carriers and four VLGCs).

Conrad Snags Several Key Newbuild Contracts

Conrad Industries, Inc.'s President and CEO, Kenneth G. "Jerry" Myers, Jr., said recently that the company was the recipient of several newbuild programs. Myers reported that the company was awarded contracts for two 75-ft. tug boats with four options for a total of a six boat program. This new class of tugs will be ABS classed and include double bottoms in the fuel tanks. Myers said, "Work on the initial tug will begin immediately with delivery of the first vessel scheduled for December 2002. This program fits well with our strategic direction of making the Company's Orange Shipbuilding group, located in Orange, Texas, the premier tug boat builder. Orange Shipbuilding has a long history of building tug boats dating back to the beginning of the Company in 1974.

Bahrain: ASRY Moves into New Vessel Construction

ASRY

One of the world's premiere ship repair facilities, ASRY based in Bahrain, unveils its move into new vessel construction. ASRY signed an agreement with the Bahrain Coast Guard to design and construct a new Landing Craft for the transport of vehicles, potable water, and fuel. The craft, potentially the first of two, will be delivered in 2016. The contract, worth approximately $2.8m, marks ASRY’s first newbuild contract since launching the New Construction & Engineering division, which is tasked with growing the new construction program at the yard.

Marco Polo Terminates Rig Contract with Sembmarine

Pic: Sembcorp Marine Ltd

Marco Polo Marine has unilaterally terminated a rig building order worth US$214.3 million from a subsidiary of Sembcorp Marine. Sembcorp Marine on early Wednesday morning said its subsidiary, PPL Shipyard, will regard the termination by Marco Polo Drilling (I) of the US$214.3 million newbuild contract as "repudiatory breach of the contract". The response comes after Marco Polo Marine, of which Marco Polo Drilling is an indirect wholly-owned subsidiary, on Tuesday said in a filing to the Singapore Exchange that it will terminate the contract for a jack-up rig under construction at PPL Shipyard.

Pioneer Scratches Orders for Five Newbuildings

Pic: Pioneer Marine

Singapore-based bulker player Pioneer Marine has terminated five handysize newbuild contracts at Yangzhou Guoyu Shipyard. The leading shipowner and global drybulk handysize transportation service provider announced the following developments regarding its newbuilding program: "Termination of five newbuilding contracts for Green Dolphin 38,400 dwt Handysize vessels following mutual agreement with Yangzhou Guoyu Shipyard. The Company's CEO, Pankaj Khanna, further elaborated by stating…

Triyards Extends Product Range to Escort Tugs

Courtesy Triyards

TRIYARDS Holdings Limited has extended its product range to escort tugs for new client Greenbay Marine Pte Ltd, a Singapore-based international specialist marine craft group, demonstrating the Group’s established versatile engineering capabilities which have driven its continued diversification beyond the oil & gas industry. Worth some US$12.8 million, the contract is for four RAstar 3400 Azimuth Stern Drive Tugs (excluding owner-furnished equipment), and expected to be delivered by early 2017.

Russian PSV Icebreaker Named, Yards to Build More

President Putin Aboard Icebreaker: Photo credit Presidential News Service

President Vladimir Putin names icebreaking platform supply vessel 'Vitus Bering' & Russian shipbuilders sign newbuild contracts. Modern multipurpose vessels of the Vitus Bering series will conduct year-round deliveries of personnel, goods and expendable supplies to oil production platforms. In particular, it is planned to use this type of icebreaker to ensure the smooth operation of Sakhalin-1 oil platforms in the Arkutun-Dagi field in the Sea of Okhotsk. The lead ship of the series was named after Vitus Bering, an explorer and officer in the Russian Navy.

Chinese Shipyards: Tough Times Navigating Economic Turmoil

While China has spent more than a decade building the world's largest capacity, it is today faced with an economic downturn that proves to be the first true test of how it will navigate a serious downturn in new ship orders. Accroding to Reuters report, several smaller shipyards are on the brink of bankruptcy as orders dry up. New orders toChina's more than 2,000 shipyards plunged 43 percent to 29 million deadweight tonnes (dwt) in the first nine months of this year, Reuters reported, citing the China Association of the National Shipbuilding Industry (CANSI) said. And worse still, approximately one-third of Chinese shipbuilders received no new orders in the period.

Grandweld Delivers Third of Six Hybrid Seismic Support Vessels

Grandweld Shipyards has completed the delivery of Bourbon Gannet, the third Hybrid Seismic Support Vessel in a series of six for Bourbon Offshore. The vessel was handed over in a delivery ceremony held on Saturday November 23, 2013 at Grandweld facilities at Dubai Maritime City. The 54-meter , 50 tons bollard pull vessel will be operated by CGG to assist in seismic operations such as chasing, towing, storage and transport of offshore supplies and crew. Bourbon Petrel and Bourbon Fulmar, sister vessels of Bourbon Gannet and previously delivered by Grandweld as part of the same newbuild contract with Bourbon, are fully operational and already in service and are operating in Europe.

HK's COSCO International Reports Strong Profit Growth

For the  six months ended 30th June 2014, shipping services provider COSCO International has announced that its 2014 Interim Results show strong profit growth with Net Profit up 45% YOY. Strong profit growth: profit attributable to the equity holders surged by 45% to HK$190 million. Rebound of 374% YOY in profit contribution from the Group's joint venture, Jotun COSCO. Dividend: the Board has declared an interim dividend of 3 HK cents per share, increased by 50% YOY. Strong cash position: the Group had net cash of HK$6 billion as at 30th June 2014, which will support business expansion in the future. Mr. "With the advantages of strong cash position…

Huangpu Wenchong Bags Contract for Two Vessels

Image: CSSC Huangpu Wenchong Shipbuilding Company

Huangpu Wenchong Shipbuilding has secured newbuild contracts for a 17,000dwt asphalt carrier and a 38,800dwt bulk carrier. The eco-friendly bulk carrier is scheduled to be delivered from the shipyard by end-2017. Financial details of the deal were not disclosed. The asphalt carrier, ordered by Tianjin Southwest Marine, is scheduled for delivery in 2017. The bulk carrier was ordered by CSSC Shipping (Hong Kong), the shipowning division of CSSC. Delivery is scheduled at the end of 2017.

ASRY Active in Bahrain Coast Guard Newbuilds

(Image: ASRY)

ASRY holds keel-laying ceremony as it starts landing craft construction. ASRY marked the commencement of erection of a new Landing Craft being constructed for the Bahrain Coast Guard (BCG) with a keel-laying ceremony. The event was attended by the yard’s Chairman Shaikh Daij Bin Salman Al Khalifa, Alternate ASRY Board Director Hassan Ali Al-Majid, ASRY Chief Executive Nils Kristian Berge and BCG Brigadier Ala Abdulla Seyadi. “As we lay this keel, we are seeing progress on the project continuing on schedule…

Dry Bulk Shipping: Troubled Waters Get Rougher

Pic: AlixPartners, LLP.

According to AlixPartners’ inaugural study of industry performance based on an analysis of the major dry bulk shipping companies, industry revenues for the global group fell 18% from 2014 to 2015. Even more troubling was the collapse in earnings before interest, taxes, depreciation, and amortization (EBITDA) within this group, dropping from $169 million to minus $115 million: a staggering, 168% decline. Conditions are likely to worsen in 2016. China’s economic slowdown continues to depress demand for basic materials; coal imports alone declined 30% from 2014 to 2015.

Mingde Heavy Restructuring Plan in Doubt

Image: Nantong Mingde Heavy Industry

Nantong Mingde Heavy Industry (NMHI), a subsidiary of the financially troubled shipbuilder Jiangsu Sainty Marine Corporation, has missed the June 26 deadline to submit its restructuring plan to the Nantong People’s court. In other words, Sainty Marine has aborted its plan to help the restructuring of debt-ridden compatriot Nantong Mingde Heavy Industry. The court accepted Nantong’s application for the bankruptcy reorganization on December 26, 2014. NMHI has entered into court receivership since Sainty Marine applied for the bankruptcy restructuring.

Bollinger Wins Major Newbuild Contract

Bollinger Gretna, L.L.C., Harvey, La., and K-Sea Transportation Corp. of New York have signed a contract for the construction of four double hull, ocean service, OPA '90 oil barges. The barges will have capacities of 80,000 to 100,000 barrels - terms were not disclosed. The barges will be built primarily for oil service on the Northeast U. S. coast. They will be coupled with existing K-Sea tugs using a connection system designed and delivered by Acomarin Engineering. The system will provide increased operating efficiency and will enhance the safety and reliability of the units. The new barges will feature double block cargo segregation, segregated ballast, cargo monitoring and vapor recovery systems as well as advanced electrical and hydraulic systems.

Shipbuilding: Keppel Wins $113m in Brazilian Contracts

Keppel Singmarine Brasil (KSM Brasil), Keppel Offshore & Marine Ltd (Keppel O&M)'s new 7.6-ha shipbuilding facility in the state of Santa Catarina, has secured two newbuild contracts worth about $113 million from fleet operators in Brazil. The first contract entails building a series of six 45-tonne bollard pull twin-screw Azimuth Stern Drive (ASD) harbour tugboats, for REBRAS - Rebocadores do Brasil S.A. (SMIT Rebras). In the second contract, the yard will construct a large-sized 4500dwt Platform Supply Vessel (PSV) based on its proprietary MTD 9045P-DE design for Keppel O&M's Brazilian ship-owning arm, Guanabara Navegacao Ltda (GNL).This is the first vessel constructed under the business model to build Offshore Support Vessels in anticipation of demand in Brazil…

Maritime Reporter Magazine Cover Dec 2017 - The Great Ships of 2017

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