Russian shipping giant Sovcomflot (SCF Group) has signed a set of agreements with Rosneft, Zvezda Shipbuilding Complex and VEB Group, placing orders with Zvezda for a series of two next generation large-capacity Aframax tankers.
One of the largest leasing companies in Russia, VEB-Leasing, will finance the construction of the tankers, while a subsequent 20-year time-charter for them has been agreed with compatriot petroleum company Rosneft.
The vessels will feature 114,000dwt and a 1A/1B ice class, which makes them able to operate all year round in areas with difficult ice conditions, including sub-Arctic seas and Russian ports of the Baltic region.
"The technical specification of the tankers reflects the regulatory limits on sulphur, nitrogen and greenhouse gas emissions, which will come into effect for the Baltic and North Seas in 2020,” Sovcomflot said.
These next generation tankers are designed to operate on LNG fuel, providing for a low level of human impact on the environment as they reduce emissions of harmful substances.
"We welcome the plans of the Russian shipbuilders, from Zvezda Shipbuilding Complex, to create modern large-capacity vessels using natural gas-based bunkers (LNG) as their primary fuel. I'm sure that it is with such vessels that the future of merchant shipping lies,” Sergey Frank, President and CEO of PAO Sovcomflot, said.
The keel laying ceremony for Dream Cruises' Global Class flagship, featuring 204,000 gross ton, took place at MV Werften's Rostock shipyard yesterday.
The first section, with a length of 22 meters, width of 26 meters and weighing 410 tons, about half of the full keel, marks the start of construction of the largest cruise ship ever built in Germany.
"The Global Class is designed from the keel upwards for the Asian sourced market, which requires more exciting public areas and larger cabins than traditional cruise ships and, supported by the world's leading technology and digital systems for Asians, who are more used to digital technology,”said Genting Hong Kong's Executive Chairman Tan Sri Lim Kok Thay.
"We are creating something truly great. After an intensive engineering and design phase, yesterday's keel laying marks the next stage of the manufacturing process of MV's first giant, its dock assembly,”added Peter Fetten, managing director at MV Werften.
Production of the 204,000 gross ton ship, which will be 342 meters long and over 46 meters wide, will take place in parallel in Wismar and Rostock.
The 220-meter-long midship will be manufactured in Rostock. It will be moved to Wismar in 2019, where the bow and stern, as well as the superstructures, will be mounted.
The Global Class ships, capable of accommodating up to 5,000 passengers, were designed for the rapidly growing Asian cruise market.
Newly formed Klaveness Combination Carrier is launching a contemplated private placement of shares with total gross proceeds of approximately USD 45-70 million as part of its fleet growth initiative.
As disclosed, current investors, management and previous CABU investors will subscribe for USD25 million.
The company was launched in April 2018 to own and operate modern combination carriers by providing environmentally friendly transportation system with the lowest carbon emissions in the industry, as explained then by Klaveness.
To do so, the company is building a new generation of green vessels compliant with the latest ballast water management and sulphur reduction regulations. Namely, the combination carrier owner and operator has nine CABU vessels in operation and five CLEANBU vessels on order.
Klaveness Combination Carriers holds several options for CLEANBU vessels at Jiangsu New Yangzi Shipbuilding Co. in China, which are "attractively priced".
"KCC intends to use the proceeds from the contemplated private placement to declare one or more options for the construction of further CLEANBUs,” the company announced.
"The additions of the CLEANBUs to the fleet will further strengthen KCC's competitive position in the Caustic soda market and facilitate the expansion into the CPP market. Our unique service offering will give potential CPP customers substantial freight savings, high quality operation and a far more environmentally friendly transportation solutions than standard tankers,” says Engebret Dahm, Managing Director of KCC, said.
The additional ships have scheduled deliveries between 3Q 2020 and 1Q 2021.
"KCC has several attractive growth opportunities and we are happy to invite new investors to join the growth and development of this company. With its superior customer value and investor return, we believe this is a unique opportunity to capitalize on a solid business platform perfectly positioned for increasing fuel costs and increasing environmental awareness,” Lasse Kristoffersen, CEO of Torvald Klaveness and Chairman of KCC, added.
The application period for the private placement is expected to on September 21, 2018. Once the transaction is completed, Klaveness Ship Holding AS (KSH) will own above 50% of the share in KCC, remaining the controlling owner.
Japanese shipbuilder Mitsui E&S Shipbuilding Co has won orders for three Post Panamax bulkers pertaining to its new 'neo 87BC' eco ship design.
The company behind the order has not been revealed nor the price details of the contract.
Mitsui said that its 87,000dwt neo series vessels comply with IACS Harmonized Common Structural Rules (H-CSR).
Other environmentally-friendly features of the design include an electronic control type main engine which is compliant with the IMO NOx Tier III Regulation.
The vessels are designed for the use of low sulphur fuel oil and can be fitted with SOx scrubbers as an optional solution.
The newly ordered trio will be delivered from the second half of 2020, the company said.
Ocean Network Express (ONE) has taken delivery of its third magenta coloured containership, the 14,000teu ONE Aquila.
The vessel was built by Kure Shipyard of Japan Marine United Corporation. The ship's sublet owner is Nippon Yusen Kaisha (NYK), one of the three founders of ONE, the other two being K Line and MOL.
"The vessel employs a hull form that allows improved cargo-loading efficiency achieved by minimized engine-room space," ONE said announcing the delivery.
"Moreover, the vessel applies the duel system in its main engine which is capable to choose two other output ranges (high and low) that allows flexible operation and improved fuel-consumption rate, resulting in a significant reduction of carbon dioxide emissions. The navigation bridge has adopted the Integrated Navigation System (INS) which consolidates functions of vessel systems.”
The vessel joins 14,000 TEU-class vessel ONE Minato and the 8,542teu ONE Commitment, which were handed over to their owner in July and May 2018, respectively.
ONE Minato was built by Imabari shipbuilding while ONE Commitment, previously known as MOL's Postpanamax containership MOL Commitment, underwent a makeover in Singapore, becoming the first boxship of the brand to boast the color.
ONE Aquila will phase in THE Alliance's Asia to North America (West Coast) PN3 service with its port rotation Hong Kong, Yantian, Ningbo, Shanghai, Pusan, Prince Rupert, Vancouver, Seattle, Pusan, Kwangyang, and Hong Kong.
Dalian Shipbuilding Industry Company Ltd. (DSIC) and classification society DNV GL have signed a joint development project (JDP) agreement to develop a new 23,000 TEU LNG fueled ultra large container vessel (ULCV).
The JDP is focused on delivering a design which is ready for construction and reflects upcoming market trends and incoming regulations.
"In developing this new 23,000 TEU LNG fuelled ULCV design, we will show that DSIC can deliver vessels at the cutting edge of the market after two 20,000 TEU container vessels were successfully delivered to COSCO SHIPPING Group this year,” said Mr. Yang Zhi Zhong, President of DSIC.
"We see a continuing strong market for ULCV vessels, with lower slot costs especially valued on the main trading routes. At the same time the expansion in bunkering infrastructure in both China and Europe means that LNG is becoming a viable solution for container vessels, lowering costs and ensuring compliance with incoming regulations."
Russian shipping company Sovcomflot has exercised an option for the construction of a 174,000 cubic metre LNG carrier, the company said.
The order was placed at the end of July and the vessel is scheduled for delivery in September 2020.
Further details of the order had not been disclosed.
The likely builder of the LNG carrier is Hyundai Heavy Industries, which is already bulding a large LNG carrier for Sovcomflot. The 174,000 cbm ship was ordered in January 2018, based on the data from VesselsValue.
At the end of H1, the group had eight vessels under construction, scheduled for delivery from July 2018 to February 2020, comprising six ice-class LNG fuelled Aframax tankers, one Arctic shuttle tanker and one LNG carrier. All newbuilding ships are taking shape in Korea at three separate yards, HHI, Hyundai Samho and Samsung Heavy Industries.
Commenting on the subsequent events, Sovcomflot said it took delivery of the ice-class LNG-Fueled Aframax tanker M/V Gagarin Prospect from South Korean shipbuilder Hyundai Samho Heavy Industries at the end of July.
The company has also secured a seven-year USD interest swap transaction with an undisclosed financial institution aimed at hedging exposure to interest rate fluctuations on USD42 million loan previously signed for the vessel's financing.
The order is being revealed as SCF plunged to a net loss of USD57.8 million in the first half of 2018 amid historically low tanker freight rates.
The company said the loss was party due to a non-cash vessel value impairment provision of USD42.2 million in relation to a number of older crude oil and oil product tankers, reflecting a reassessment of their longer-term value in use.
The Russian shipping major further added that during the period the conventional tanker freight rates were still well below the average levels seen over the last quarter of a century. Spot tanker earnings in H1 2018 saw a substantial decline and, for some market segments, remained more than 50 per cent below the levels of H1 2017.
"During the first half of 2018, our gas transportation and offshore services returned double digit growth in revenues and operating profits, fully in line with the group's development strategy. Fixed income from these industrial shipping businesses grew to account for 59.1 per cent of Sovcomflot's total TCE revenue compared to 48.5 per cent share in 1H 2017.
"The group continues to pursue its strategic vision of industrializing its business-portfolio, its fleet and developing new fixed revenue streams to sidestep the cyclical nature of the conventional tanker markets, which have hit new lows in 2018 after an already testing 2017,” said Sergey Frank, President and CEO of PAO Sovcomflot.
Azamara Pursuit, the latest fleet addition of the Azamara Club Cruises, a brand of Royal Caribbean Cruises, has been christened in Southampton, U.K., marking its official debut.
“Since the announcement of Azamara Pursuit in September 2017, we have eagerly awaited this special moment to celebrate the ship's debut,” said Larry Pimentel, President & CEO of Azamara Club Cruises.
"Azamara Pursuit's two godmothers both have a fearless dedication to adventure, and we could not be more pleased for them to lead us in this ceremony.”
Namely, Azamara Pursuit's two Godmothers are Ellen Asmodeo-Giglio and Lucy Huxley.
Azamara Pursuit will now journey from Southampton, U.K. to Barcelona, Spain on a 13-Night Wine & Romance Voyage.
The ship is one of the four new cruise ships joining Royal Caribbean Cruises this year aside to Symphony of the Seas, Mein Schiff 1, which have already been delivered, and Celebrity Edge, to be delivered later this year.
It is the third ship in Azamara Club Cruises's fleet, joining Azamara Journey and Azamara Quest, which are designed for approximately 700 guests. The 180-meter ship was built in 2011 for Renaissance Cruises. It was acquired by Azamara Club Cruises back in September 2017, and following an extensive refurbishment, has joined the brand, boosting its fleet capacity by over 50 pct.
The world's first cruise ship that can be powered by low-emission liquefied natural gas (LNG) both at sea and in port, AIDAnova, was christened on Aug. 31 at Meyer Werft shipyard in Papenburg.
The 180,000-ton vessel was floated out from Meyer Werft's building dock on Aug. 21. Featuring a length of 337 meters and a width of 42 meters, AIDAnova will be able to accommodate 6,600 passengers.
"We are delighted that we were able to stage the AIDA Open Air in Papenburg at the Meyer Werft shipyard, so that we could share our enthusiasm about our new ship with so many people. At the same time, this event was a thank-you to our partners, to the Meyer Werft shipyard, and to the many thousands of people who have helped make AIDAnova what is already the eighth AIDA cruise ship to be built on the Ems," said AIDA President Felix Eichhorn.
For the first time, it was not just one godmother who named the ship but rather an entire family: Sonja (31), Asad (33) Mirza, and their children Sophia (2) and Adrian (3) from Hanau.
At the end of September, AIDAnova will be going on its first short trip, setting sail for Eemshaven in the Netherlands for final fit-out and sea trials. AIDA will take over the new ship from the Meyer Werft shipyard on Nov. 15, 2018, in Bremerhaven.
Two further AIDA ships of this new generation will be built by 2023 by the Meyer Werft shipyard.
Australian shipbuilding company Austal has rolled out Molslinjen's next-generation catamaran ferry from its Henderson yard.
After the hull and superstructure left the construction halls, the superstructure was lifted and joined to the hull.
The 109-meter-long Express 4 is now undergoing final fit out and will commence sea trials shortly, according to Austal.
The Auto Express high-speed vehicle/passenger catamaran commenced construction in April 2017. It has been designed and built at Austal's Henderson shipyard in Western Australia.
Featuring a design with optimized hull form to minimize fuel consumption and Austal's Ride Control System for superior sea-keeping and comfort, the vessel supports over 1,000 passengers, 425 cars, and will operate at speeds up to 40 knots.
Austal has also commenced construction of an Auto Express 109 for Fjord Line of Norway, and the first of two 117-meter trimarans for Canary Islands-based Fred.Olsen S.A.