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2017-02-22 13:05:51

The first steel has been cut for a new liquefied natural gas (LNG) -powered cruise ship ordered by German cruise line AIDA Cruises from compatriot shipyard Meyer Werft.

The steel-cutting ceremony was held at Meyer Werft shipyard in Papenburg on Feb. 21, 2017.

The newbuilding will be the world's first cruise ship that can be run completely on LNG, according to AIDA Cruises.

"With the 'Green Cruising' concept, AIDA Cruises will be the first cruise shipping company in the world with the capability to operate its new generation of ships using 100% LNG," said the company.

"We are very pleased that we can break completely new technological ground with AIDA in this way. AIDA and Carnival now lead the way for establishing LNG as the fuel of the future", Tim Meyer, CEO at Meyer Werft, stated.

The new cruise ship, which will be the 13th member in AIDA's fleet, will take passengers to the Canaries from December 2018.

AIDA Cruises cruises ordered the ship in summer 2015, as part of a deal for two next-generation cruise ships.

The two 180,000 gross ton vessels are scheduled to join AIDA's fleet in autumn 2018 and in spring 2021.

2017-02-20 16:23:12

Singapore-based Raffles Shipping Group has ordered 6 small chemical tankers from China's shipyard Jinhai Heavy Industry, according to VesselsValue's data.

The value of the order, which was placed on Jan. 16, 2017, was not disclosed.

The six 19,700dwt ships are expected to be completed in 2018.

Each of the six 12,000 gross ton ships will have a market value of approximately US$26m, showed data provided by VesselsValue.

The six new tankers will fly the flag of Hong Kong.

Raffles Shipping Group currently has a fleet of 57 vessels, comprising 15 bulkers, 41 tankers and one liquefied petroleum gas (LPG) carrier.

2017-02-20 16:17:55

Norwegian transporter of LPG and petrochemical gases Solvang Shipping has signed a Letter of Intent (LOI) for the construction of up to four ethylene carriers with South Korea's shipbuilder Hyundai Mipo Dockyard.

The deal includes firm orders for two ethylene carriers with a capacity of 21,000 cbm, and an option for two more vessels of the same capacity.

Under the agreement, signed on Feb. 17, the shipping firm said that the vessel are scheduled for delivery in the first and second quarters of 2019, respectively.

Solvang Shipping said that the final agreement is subject to satisfactory technical specification and contractual terms, with deadline set for late March 2017.

The ships will feature full exhaust gas cleaning and Tier III compliance, giving high flexibility with regards to existing and future environmental regulations, according to the company.

2017-02-20 15:59:42

John Fredriksen-controlled Flex LNG said it was contemplating the acquisition of shipbuilding contracts for two high-end MEGI LNGC newbuilds at South Korean shipyard Daewoo Shipbuilding and Marine Engineering (DSME).

The contracts are currently held by affiliates of Geveran Trading Co. Ltd. (Geveran), the company's largest shareholder.

With this move, Flex LNG will have a uniform fleet of four LNG MEGI carriers with expected delivery in early 2018, with "the most advanced propulsion and fuel efficiency technology compared to the existing LNG fleet."

"Furthermore, the transaction will consolidate all Geveran's LNG assets and activities in Flex, which will be positioned to capitalize on the expected tightening in the LNG shipping market, and on the expected strong growth in the markets for LNG shipping and FSRUs," the Norwegian-based company said.

The newbuilds will be partially financed by the issuance of 78 million new shares in the company to Geveran, while the rest will be settled by a seller's credit structured as a revolving credit facility.

2017-02-20 15:55:32

Iraq has set sights on creating a large fleet of modern oil tankers to transport the country's crude, Reuters reports quoting a statement from the country's Oil Minister.

"The ministry wants to restructure the company's mission to develop its operations by building and buying a large fleet of tankers to transport and market oil to all parts of the world," Minister Jabar al-Luaibi's Friday statement reads.

The fleet of Iraqi Oil Tankers Company (IOTC) had comprised of 24 vessels, however, during the Gulf War much of it was destroyed by the US-led forced in 1991.

Additionally, the ministry wants the IOTC to up its game with respect to its transportation standards and staff competence.

2017-02-20 15:43:17

Vietnamese bulker player has made its first move for 2017. It has bought Japanese-built 28,500dwt Atlantic Dream for US$6.5m.

2017-02-16 15:41:53

South Korea-based Samsung C&T has inked shipbuilding contracts with Hubei Offshore Engineering Equipment, a unit of Wuchang Shipbuilding Industry, for the construction of four 13,000dwt deck carriers. The four vessels will be used to transport large scale project cargoes.

Under the contract, Wuchang Shipbuilding will be responsible for the engineering, procurement and construction (EPC) of the vessels. Other contract details were not unveiled.

2017-02-16 14:00:47

Offshore driller Rowan Companies has sold jackup rigs Rowan Gorilla II and Rowan Gorilla III for scrap, retiring them from drilling services.

The company revealed the sales in its latest fleet status report, which also showed it has cold stacked 1983-built jack-up Rowan California after it came off a contract in the Middle East.

In the meantime, jackup rig Gilbert Rowe received a contract extension from Saudi Aramco at its current rate of US$69,000 per day until March 31 while Rowan Gorilla IV secured a contract extension in Gulf of Mexico for 10 months at a day rate of US$65,000 .

2017-02-13 13:28:37

Maersk Tankers, part of the Danish shipping conglomerate Maersk, has confirmed an order it placed earlier in 2016 for the construction of ten LR2 product tanker vessels at China's Dalian Shipyard.

Under the deal, the shipbuilder is scheduled to deliver the new tankers over a period of three years, with the first vessels entering the fleet in 2019, the company said in its 2016 annual financial report. The contracts for the newbuildings were signed in late November 2016.

"The newbuilding contract is part of a fleet renewal to sustain a competitive fleet and strong market position in the LR2 segment," Maersk Group said. Although the financial terms of the contract were not revealed, the company added that the contract reflects the decline in asset prices over the last 12 months.

Maersk Group also informed that the order has "a unique contractual structure," which makes it optional, while keeping prices fixed.

Maersk Tankers said that its profit for the full year 2016 dropped to US$62m from US$160m seen a year earlier.

The result was negatively impacted by declining rates, but partly offset by improved commercial performance, contract coverage and cost savings.

Maersk Tankers' average Time Charter Equivalent (TCE) earnings decreased by 17% compared to 2015, which was less than the general market rates decline, while its cash flow from operating activities was US$180m, down from US$291m for the respective periods.

The company's orderbook now totals 11 mid-range (MR) product tankers, five of which are scheduled to be delivered during 2017 and the last six in 2018, as well as an option for ten long range 2 (LR2) product tanker vessels.

2017-02-13 13:24:49

Norwegian shipowner Ocean Yield ASA has received MSC Rifaya, a 19,500teu container vessel, from South Korean shipbuilder Samsung Heavy Industries (SHI).

Following the delivery which took place on Feb. 9, 2017, the ultra large container vessel (ULCV) commenced a 15-year bareboat charter to Switzerland-based container shipping company Mediterranean Shipping Company (MSC).

The 202,000dwt MSC Rifaya features a length of 399.9 meters and a width of 58.8 meters.

This is the fifth vessel to be delivered in a series of mega boxships that Ocean Yield owns in a joint venture with private shipowner Quantum Pacific Shipping, part of Quantum Pacific Group.

Ocean Yield acquired a 49.5% equity interest in the newbuildings for a total of US$162m in June 2016.

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