After it acquired five container ships, German company Ernst Russ said that it is looking to expand its fleet with more vessels.
The company informed that the market environment is currently “very attractive, with historically low asset prices and a positive supply and demand ratio.”
Therefore, the company took advantage of this to acquire five feeder class vessels. Two ships were acquired as proprietary investments, while ElbFeeder, an investment vehicle established with a joint venture partner, acquired an additional three ships.
“The plan to expand the fleet through the acquisition of additional ships is currently being put into action,” Ernst Russ said.
The plans were unveiled as part of the company’s financial report, in which Ernst Russ informed that it continued to deliver positive business performance.
The company’s revenue increased 10 percent year-on-year to EUR 44 million. Consolidated net earnings before tax (EBT) came to EUR 9.3 million, following what was also a good result in the previous year of over EUR 10 million.
“On the whole, we built a good basis in 2017 for continued economic success in the future,” Jens Mahnke, CEO of Ernst Russ AG, said, summarising the stable performance of the Ernst Russ Group.
Algerian shipping company ENTMV Algérie Ferries has ordered a new roll-on/roll-off passenger (RoPax) ferry in China.
The company signed the final contract for the construction of the newbuilding with China’s Guangzhou Shipyard International (GSI) last month.
As informed, Danish OSK-ShipTech A/S will design the vessel and is currently working on the approval design.
The new RoPax will be 200 meters long, 30 meters wide and will be able to accommodate 1,800 passengers, 180 crewmembers and more than 600 cars. It will be propelled by four main engines with a service speed of 24 knots.
The new ferry will sail between Algeria and a series of larger cities in Southern Europa such as Marseille and Barcelona.
Currently, Algérie Ferries’ fleet comprises a total of six vessels.
One year on from its incorporation, Hong Kong-based Tianyuan Logistics Shipping seems to have moved forward with its newbuilding program which includes an order for ten bulk carriers.
The ten 120,000 dwt vessels have been ordered from three yards belonging to China Shipbuilding Industry Corporation (CSIC), Fearnleys said in its weekly report.
Under the USD 380 million deal, the construction of the ten ships will be divided between Shanhaiguan Shipbuilding, Tianjin Xingang Shipbuilding and Qingdao Beihai Shipbuilding.
The vessel deliveries will be spread across 2019 and 2020, the report said.
Tianyuan Logistics Shipping was set up on April 18, 2017 by its parent Ningxia Tianyuan Manganese Industry Co Ltd, based in Ningxia, China. The company was launched as an in-house chartering arm for vessels intended for transporting cargo from the company's mines.
StealthGas, a Greek owner of LPG vessels, has taken delivery of the last LPG vessel from its newbuilding program.
The delivered ship is a 22,000 cbm ice class semi-refrigerated hybrid scrubber fitted eco LPG carrier, the Eco Freeze, the fourth in the series.
“This acquisition concludes the company’s expansion phase which commenced in 2011 and totaled the acquisition of 26 newbuilding LPG vessels. Twenty ships were delivered from Japanese yards and six from South Korean yards,” StealthGas said.
The company’s fleet is made up of 56 vessels, comprising 52 LPG carriers with a total capacity of 329,149 cbm , three M.R. product tankers and one Aframax oil tanker with a total capacity of 255,804 dwt.
Canadian shipping company Desgagnés christened and launched on April 17 the M/T Mia Desgagnés, the world’s first polar-class dual-fuel oil/chemical tanker.
“Desgagnés is very proud to have achieved another world first in only a few short months,” Louis-Marie Beaulieu, the company’s president and CEO, stated, recalling that last May, Desgagnés named the M/T Damia Desgagnés, the very first dual-fuel asphalt-bitumen-chemical tanker.
The 135-meter-long Mia Desgagnés is the second in a series of four new product carriers ordered by the company at Besiktas shipyard in Turkey.
As informed, the vessel represents an investment of over CAD 50 million, including nearly CAD 9 million for the addition of dual-fuel/LNG motorization.
“This is a very significant investment in line with our commitment to reduce our environmental footprint,” Beaulieu added, thanking the Quebec government for its financial contribution of CAD 700,000 under its program to improve transportation efficiency and reduce greenhouse gas emissions (PETMAF).
The Mia Desgagnés has several sustainable development certifications, including “CLEANSHIPSUPER” and “GREEN PASSPORT”. The tanker is able to run on three different types of fuel, including liquefied natural gas (LNG).
With a deadweight capacity of nearly 15,000 tons and tanks with a capacity exceeding 17,000 cubic meters, the Mia Desgagnés will be transporting refined petroleum products or chemicals.
The ship, with its double hull and Polar 7 certification, can navigate in ice-laden waters. It is equipped with a variable pitch propeller as well as bow and stern thrusters. Its generators’ power output of over 3 megawatts allows the vessel, through its generator/motor integrated in the propulsion shaft, to reach a cruising speed of up to 7 knots without using the main engine.
Crowley Alaska Tankers, part of the Crowley Maritime Corporation, has completed the purchase of three tankers from SeaRiver Maritime.
The company is now chartering the units back to SeaRiver, ExxonMobil’s U.S. subsidiary, under varying multi-year terms.
The tankers Liberty Bay and Eagle Bay, which have been renamed to Washington and California, respectively, each have a capacity of 760,000 barrels and transport crude from Alaska to West Coast refineries. The tanker SR American Progress, now named Oregon, has a capacity of 342,000 barrels and transports refined petroleum between the U.S. Gulf and East Coast ports.
“With the regulatory approvals in place and the sale officially complete, we are now focused on operating these tankers in the safest, most reliable manner possible,” Tom Crowley, chairman and CEO of Crowley Maritime Corp, said.
With the acquisition of these three tankers, the company now operates 40 Jones Act-qualified large petroleum transportation vessels in the United States with a combined capacity of more than 12 million barrels. Among this tank vessel fleet is a tanker and an articulated tug-barge (ATB) already on charter to SeaRiver.
The giant containerships ordered by Mediterranean Shipping Company (MSC) at Korean yards last year will feature 23,000 TEU, based on the details released by German engine builder MAN Diesel and Turbo.
Under the deal announced in September 2017, Samsung Heavy Industries (SHI) will construct six of the vessels while Daewoo Shipping Marine Engineering (DSME) will construct the remaining five.
The eleven mega-ships will be powered by G95ME-C9.5 main engines, MAN Diesel & Turbo said earlier today. The ‘G’ prefix stands for an ultra-long stroke engine design that reduces engine speed, enabling ships to achieve high-efficiency.
“G-type engines’ longer stroke results in a lower rpm for the engine driving the propeller. This lower optimum engine speed allows the use of a larger propeller and is, ultimately, significantly more efficient in terms of engine propulsion. Together with an optimized engine design, this means that the MSC newbuildings will enjoy a reduced fuel consumption and reduced CO2 emissions,” MAN explained.
As informed, Hyundai Heavy Industries (HHI-EMD) will construct the ME-C engines for SHI, while Doosan Engine will construct those for DSME.
MAN Diesel & Turbo has also won the order to supply the GenSets for each vessel in the form of 3 × MAN 9L32/40 + 2 × MAN 6L32/40 units, to be constructed by STX Engine in Korea.
Bjarne Foldager, Vice President of Sales & Promotion, Two-Stroke Business, at MAN Diesel & Turbo, said the order cements the company’s strong position within the large containership segment “where the G-type is the market’s preferred engine.”
Back in September, DSME said that the five ships were contracted for KRW 926.6 billion (USD 817 million), while SHI, announcing the contract for the sextet said the deal was worth KRW 1.118 trillion (USD 982.6 million). Hence, the total value of the 11 ships would be around USD 1.8 billion.
However, the duo noted that the final value of the orders would depend on the company’s propulsion choice for the newbuildings.
The handover of the boxships is expected to start in 2019 from SHI, with the final vessel from the series due for delivery by March 15, 2020 from DSME.
China LNG Shipping, a subsidiary of China Merchants Energy Shipping Co, is interested in adding ethane carriers to its gas carrying fleet.
Namely, the company has signed a Memorandum of Understanding (MoU) with compatriot Hudong-Zhonghua Shipbuilding for the construction of Very Large Ethane Carriers (VLEC), according to the data from Asiasis.
Details on the numbers of ships to be ordered and potential price have not been disclosed.
The company has five LNG carriers in its fleet.
Hudong-Zhonghua Shipbuilding has been active in developing very large ethane carrier designs amid an anticipated increase in demand for different types of liquefied gases.
In December 2017, the shipbuilder won Approval in Principle from the U.S. classification society ABS for a novel VLEC concept.
The VLEC is equipped with a specialized membrane cargo containment system suited to carry liquid gas cargoes such as ethane and propane. Designed with a minimum cargo temperature of -94℃, the concept supports a low cargo boil-off rate.
Distinct features of the design include multiple cargo re-liquefaction lines to liquefy vapor gas, a powerful cargo handling system that maintains a stable tank pressure and a Selective Catalytic Reduction (SCR) system that supports compliance with MARPOL Tier III and USCG requirements for non-US Flag vessels operating in the U.S.
Singapore-based Samudera Shipping Line is pushing forward with fleet renewal plans and disposal of Indonesia-flagged ships.
Namely, in its latest update, the company said that it has added three more ships to its sale list.
The ships in question are 1994-built Sinar Labuan of 3,519 dwt, 2006-built Sinar Agra of 11,244 dwt and 2006-built Sinar Busan of 10,600 dwt.
All three ships are Indonesia-flagged chemical tankers.
The trio joins two more ships earmarked for disposal in April 2017 as part of a batch of six vessels.
The remaining ships yet to be sold are 378 TEU containership Sinar Jepara and 287 TEU containership Sinar Ambon.
The disposal mandate approved by the shareholders last year needs to be renewed at this year’s extraordinary general meeting, at which the disposal of the three additional chemical tankers should be approved as well.
The meeting is scheduled to be held on April 25, 2018.
Samudera Shipping said the proceeds from the sale would be used for working capital and business expansion of the group.
Under the current Indonesian shipping law, the company is restricted from owning and registering new Indonesia-flagged vessels. Therefore, the company decided to gradually sell or scrap Indonesia-flagged vessel.
Once these vessels are disposed of, the group plans to stop providing shipping services for domestic route within Indonesia.
South Korean shipping company Hyundai Merchant Marine (HMM) has embarked on ordering mega containerships.
HMM plans to order a total of 20 mega-vessels, including twelve above 20,000 TEU and eight 14,000 TEU vessels which are considered to deploy in the Asia-North Europe and US East coast trades respectively.
The long-awaited order for the 22,000 TEU newbuildings first surfaced in December last year.
“Considering the factors including the recent increase in new shipbuilding price and dock availability, HMM will start a selection of shipyards by sending out its Request for Proposal (RFP) to shipbuilding companies on April 10,” the company said.
In order to make the ships compliant with the IMO’s Sulfur Cap, HMM said it would consider fitting the ships with scrubbers or LNG-fuelled engines. The decision would be made following discussions with shipbuilders in the race to build the ships.
“If the shipbuilding process proceeds smoothly followed by the selection of the shipbuilder, signing of a Letter of Intent (LOI) and finalizing its contract, all the new vessels will be sequentially delivered in the right time to prepare for the 2020 environmental regulations,” HMM added.
The fleet investment push is aimed at boosting the shipping line’s competitiveness and it is part of South Korean government’s 5 Year Plan for Rebuilding Korean Shipping.
The plan will see the construction of about 200 ships in the next three years, including up to 140 bulkers and 60 containerships.
One of the key features of the plan is to provide financing to shipping companies which had limited access to ship investment funds, under the umbrella of a maritime powerhouse to be launched in July, named the Korea Maritime Promotion Corporation.
Aside to fleet renewal, HMM intends to set a new mid-long term plan under which its organizational capability would be boosted. The company has also set sights on digitizing its business and expanding global networks.
Since its restructuring in 2013, HMM has focused on securing financial liquidity through KRW 4 billion restructuring plan including sales of controlling stake in affiliates and other property.
The South Korean shipping company aims to double its vessel capacity by 2022 as part of its long-term plan.