Ship Sales & Purchase
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2011-05-12 11:08:52

Singapore's Keppel FELS Limited has secured contracts worth about US$393 million from returning customer Gulf Drilling International Ltd. of Qatar.
They cover the construction of two high-specification KFELS B Class Bigfoot jack-up rigs. These latest contracts follow closely after Keppel FELS was awarded a newbuild jack-up rig contract by one of GDI's Shareholders, Japan Drilling Company, in March this year.
Scheduled for delivery in the third quarters of 2013 and 2014, the two latest rigs mark GDI's first new orders in six years, and will increase the company's jackup fleet count to seven units.
Mr. Tong Chong Heong, Chief Executive Officer of Keppel Offshore & Marine Ltd (Keppel O&M) said, "We are pleased to work with GDI again, having successfully delivered two KFELS B Class jack-up rigs to them previously. On top of its newbuilding contracts with Keppel FELS, GDI is also upgrading and repairing its rigs at Nakilat-Keppel Offshore & Marine, our joint venture shipyard with Qatar Gas Transport Company.
Customized to GDI's requirements, the new jack-up rigs will be designed to operate in the higher ambient temperature of the Middle East. The KFELS B Class Bigfoot is equipped with larger spud cans for reduced bearing pressure and expands its operational coverage in more places, especially areas where soft soil is predominant. GDI's new rigs also feature an enhanced leg design for added robustness. Each rig will have a full 15,000 psi BOP system, 75-feet cantilever outreach and be able to accommodate 150 persons.

2011-05-12 10:59:19

South Korea's Sungdong Shipbuilding & Marine Engineering said today that it has recently won new orders for five post-panamax containerships and four kamsarmax bulkers from European shipowners, worth around $625m in total.
The 8,800-teu boxships were booked by Greece's Costamare for delivery from the first quarter of 2013.
The owner also ordered two same type ships at Sungdong in January this year.
The 82,000-dwt bulkers booked by an unnamed owner are to be delivered from 2013. With the latest contracts, Sungdong has won new orders for 32 ships (including six optional ships) worth around $2.09bn so far this year.
The yard expects new order intake to near $5bn by the end of this year.

2011-05-12 10:56:06

CSSC Guangzhou Longxue Shipbuilding has signed a contract with compatriot Shanghai NorthSea Shipping to build a new 115,000-dwt tanker.
Newbuilding price and delivery schedule are yet to be revealed.
The shipbuilder has intellectual property rights on the ship type.
It also has intellectual property rights on 308,000-dwt VLCC, 320,000-dwt VLCC and 76,000-dwt tanker.
With the rare tanker newbuilding order for its own-developed ship type, Guangzhou Longxue expects to win more new orders down the road.

2011-05-11 10:26:40

Greece's Costamare has returned to Sungdong Shipbuilding & Marine Engineering of South Korea with an order for five post-panamax containerships worth approximately $475m.
The New York-listed boxship owner says it expects the 8,800-teu newbuildings to hit the water in the first and third quarters of 2013.
Upon delivery, the vessels will serve long-term charters with affiliates of Taiwanese liner giant Evergreen Group.
Costamare says it is looking to bankroll the series with cash and new loan facilities backed by “major financial institutions” and does not expect to tap current credit lines which remain undrawn.
The company did not pin a price on the quintet or reveal charter rates in a note to investors but indicated the deals were nearly identical to a transaction sealed earlier in the year.
“Both the contract price and the daily charter rate are similar to those agreed in January 2011 regarding the three approximately 9,000-teu newbuild containerships contracted with China Shipbuilding Trading and Shanghai Jiangnan Changxing Heavy Industry,” it said in a statement Tuesday. The trio cost around $95m apiece and were booked against 10-year contracts with Mediterranean Shipping Company (MSC) with a day rate of $43,000.
At the same time the company said it has finalised financing for the two post-panamaxes to be built by Sungdong for 10-year charter to MSC. Sungdong signed the two 8,800-teu boxships for Costamare in January this year.

2011-05-11 10:21:51

Daewoo Shipbuilding and Marine Engineering (DSME) has bagged another drillship order worth $580m to $590m. Vantage Drilling has placed an order for an ultra-deepwater drillship at the South Korean yard, as well as an option for a second vessel. The Tungsten Explorer is due to be delivered at the end of May 2013 and will costs between $580m to $590m in total Vantage said.
DSME offered delivery of the drillship in just 24 months and preferential payment terms. "We are also very pleased that payment terms provide for an initial down payment of just slightly over $100m, with the balance of the contract price due at delivery in May 2013. We plan to debt finance the down payment in connection with our planned refinancing of some of our existing high cost debt,” said Paul Bragg, chairman and ceo of Vantage.

2011-05-11 09:52:45

Samsung Heavy Industries Co., South Korea's No. 3 shipbuilder, said Monday that it has received a 691 billion won (US$639 million) order to build a floating oil production and storage vessel.
Under the deal with Teekay Petrojarl of Norway, Samsung Heavy will deliver the so-called floating production, storage and offloading (FPSO) vessel by July 15, 2013, it said in a regulatory filing.

2011-05-10 11:07:28

Orient Overseas (International) Ltd (OOIL) is splashing out $544m on a further quartet of 13,000 teu boxships from Samsung Heavy Industries (SHI). The 13,000 teu containerships are due to be delivered in 2013 and 2014. OOIL said it was currently arranging bank finance for the vessels and about 70% of the $544m order price would be covered by financing.
The company said the new vessels would improve its operating efficiency and profitability. The Hong Kong company ordered six similar vessels in March this year for $816m, also from SHI.

2011-05-10 09:40:07

 S & P

Due to various holidays in the Far East, it has been a quieter week in the Sale and Purchase market, however despite depressed freight rates levels of enquiry remain relatively high and we anticipate a number of sales in the forthcoming weeks.   A resale Kamsarmax M/V TSUNEISHI FUKUYAMA 1454 (82.100 dwt July 2011 blt Tsuneishi) reported sold to Greek interests for US$ 42m. In the Panamax sector, the Greek controlled M/V GEOSAND (74,432 dwt 2005 blt Hudong Zhonghua) is acquired from clients of Globus Maritime for US$ 31.4m including a 2 year charter back to the Sellers at region US$ 18,000 per day. In the Supramax sector we understand that the Wah Kwong controlled Diamond 53 type M/V SHANGHAI VENTURE (53,410 dwt 2007 blt Shanghai Chengxi) has been sold to IPO interests at a firm price in the region of US$ 26m. Not much to report in the tanker S+P market; The M/T EAGLE HOPE (73,965 dwt 2008 blt Onomichi, coated, ice 1A) has been sold to undisclosed European buyers for US$ 38.7m by way of sealed tender at Judicial auction.  

  NEWBUILDING 

With Golden Week and National Holidays in both Japan and Korea this week - the market has been a little subdued in terms of activity in the Far East. Nevertheless - there continue to be reports of new business being concluded, with the container sector continuing to dominate the bulk of new orders in accordance with the broad trend of the year.

Whilst this interest in the container sector has been well received and assimilated by those yards with good Container experience - it has meant that shipyards have been forced to re-evaluate their existing position on Dry and Wet - and this has in turn lead to a more innovative drive to improve design concept and efficiency for both dry and wet sectors - in an attempt to re-invigorate interest in these sectors.

As a direct response, efficient ship designs have become an increasingly important factor in winning new business, especially in light of the continuing rise in bunker pricing and consequent operating costs. We continue to see the yards and design houses work to develop these new designs, in which improvements to Fuel consumption and efficiencies are being witnessed through new hull forms, utilising new engine types and many other innovations. As, or when, appetite returns to these sectors, it should be anticipated that the yards to have done the most in terms of developing these designs will be the ones best placed to benefit from any changes to the current demand cycle.

In terms or reported business; In Containers, Hanjin Subic are reported to have won an order from Zodiac Maritime for 4 option 2 vessels of their 6,600TEU container design with the vessels scheduled to deliver within 2013 and 2014. Zodiac are also reported to have signed a deal at Daewoo Mangalia for 4 option 4 vessels of 9,000TEU in size with the firm vessels again due for delivery within 2013 and 2014. SITC have also been busy and have increased their order for 1,100TEU containerships at Yangfan, originally 8 vessels signed last year to a total order of 10 + 6 units due for deliveries throughout 2013 and 2014 at a price in the region of USD18.1 Mill pre vessel.

In Dry, KC Maritime are reported to have signed 2 option 2 x 82,000dwt Kamsarmax Bulk carriers at Daewoo Mangalia set to deliver in 2013. Yangfan meanwhile have won more business, this time with Hongxiang for 2+2+2+2 x 205,000dwt Capesize bulkers to deliver from End 2012 and through 2013.

2011-05-09 10:40:20

South Korea's shipbuilders ranked No.1 in new order intake for three consecutive months, beating Chinese rivals last month.
According to Clarksons, South Korea's shipbuilders' new order intake reached 1,463,425cgt (40 ships) in April, accounting for 64% of the world's total new orders of 2,286,157cgt. They ranked No.1 in new order intake for three consecutive months, beating Chinese shipbuilders with new orders totaling 708,956cgt (42 ships).
Order values of the South Korean shipbuilders ($5.328bn), which acquired orders for high value added vessels such as large sized containerships and LNG carriers, was more than four times as much as those of the Chinese shipbuilders ($1.295bn).
South Korea's newbuilding orders totaling 4,906,495cgt (134 ships) as of April this year were well above the Chinese orders totaling 2,814,465cgt (148 ships). Therefore, South Korean shipbuilders have high chances of beating the Chinese rivals in new orders in the entire 2011.  
South Korean shipbuilders' accumulated new order intake accounted for 55% in the world's new order intake, outstripping the Chinese rivals (32%) during January-April. Also, South Korean shipbuilders' new order value, totaling $19.384bn, was well above Chinese rivals, totaling $5.185bn.      
In terms of order backlogs, gap between South Korea and China got narrow, too. In the beginning of this month, Korea accounted for 32.3% (43,321,019cgt, 1,467 ships) in the world's order backlogs, going up by 0.3% point, while China accounted for 38.4% (51,476,266cgt, 2,993 ships), going down by 0.1% point, compared with last month respectively.  
In terms of output, South Korea, which lost its No. 1 slot to the Chinese rival for the first time last year, rebounded a little last month. While Korea's ship deliveries accounted for 43.7% in the world ship deliveries, totaling 917,861cgt (26 ships) last month, China's ship deliveries only accounted for 25.7% with 538,744cgt (30 ships).
From January to April, in terms of accumulated ship deliveries, China's shipbuilders (5,075,121cgt, 310 ships) surpassed the Korean shipbuilders (4,674,027cgt, 154 ships).
"The number of new orders for vessels, Korean shipbuilders have competitive advantage in, such as large sized containerships, LNG carriers and offshore plants, are increasing.
This gives the Korean shipbuilders advantageous position in competing with Chinese rivals for orders which center on bulkers.", an official from the shipbuilding industry said.

2011-05-09 10:16:41

China's Yangfan Group has won capesize contracts from a sister company.  HongXiang Shipping, the shipping arm of Beijing Jianlong Heavy Industry Group has gone to Yangfan's Qingdao yard for up to eight capesize bulkers. It has booked two firm 205,000 dwt newbuildings at Yangfan Group for delivery at the end 2012 and early 2013 at prices of just over $50m a unit.  

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