Chinese shipyard Taizhou Sanfu Ship Engineering Co., Ltd. held a naming and delivery ceremony for a fourth 64,000dwt bulk carrier built for Thailand-based shipowner Precious Shipping on July 7, 2016, according to the shipyard’s company website.
The vessel is expected to start its maiden voyage on July 10.
Shipping company Ilshin Shipping has placed an order for a 50,000dwt liquefied natural gas (LNG) fueled bulk carrier at South Korean shipbuilder Hyundai Mipo Dockyard.
The parties did not disclose the financial terms of the contract, however, they did reveal that the vessel is scheduled for delivery in late 2017.
The vessel's fuel tanks will be manufactured from high manganese steel, to be supplied by South Korea's steel company Posco, starting from the third quarter of the year.
'Featuring an energy-efficient, eco-friendly dual-fuel engine, the bulker will be deployed to transport limestone from Gangwon Province to Posco's facilities in Gwangyang City from 2018.
The high manganese steel contains about 20% manganese, and can therefore store LNG at extremely low temperatures.
Estonian shipping company Tallink Grupp names its new liquefied natural gas (LNG) driven fast ferry Megastar at the Finnish shipbuilder Meyer Turku on July 1.
The process of completing the ship is now almost half way done after 18 months of design and production works, according to the CEO of AS Tallink Grupp, Janek Stalmeister, who said that the "ship as such is coming together."
The new environmentally friendly ferry is expected to join its owner's fleet at the beginning of 2017.
Featuring a length of 212 meters, the ferry will be able to accommodate 2800 passengers.
The 49,000 gross ton Megastar will use LNG as fuel, but will also be able to run on diesel.
Designed for the Tallinn-Helsinki route, Megastar will comply with the current and future emission regulations for the ECAs (Emission Control Area), including the Baltic Sea.
Crude oil shipping company Gener8 Maritime has received another ECO VLCC, Gener8 Constantine, from South Korean shipbuilder Hyundai Samho Heavy Industries on June 27.
Gener8 Constantine is the 11th of 21 ECO VLCCs to be delivered to the company.
Upon delivery, the 299,019dwt Gener8 Constantine entered Navig8 Group's VL8 Pool.
Eight more VLCC newbuildings are scheduled for delivery in 2016 and two in 2017, according to the company's data.
As of June 28, Gener8 Maritime has a fleet of 45 wholly-owned vessels on a fully delivered basis. Gener8 Maritime's fleet is comprised of 28 VLCCs, including 10 newbuildings, 11 Suezmaxes, four Aframaxes and two Panamax tankers.
Australian shipbuilder Austal has secured a contract to design and construct a 109-meter vehicle passenger (RoPax) for Danish ferry operator Mols-Linien.
The awarded AU$100m (approx. US$74m) contract is Austal's fourth new commercial ferry contract in the past month.
The newbuild will be the largest commercial ferry built by Austal since 2011 and is proposed to be built at Austal Australia' Henderson shipyard, commencing first quarter of 2017, according to the company.
The vessel will feature two full vehicle decks for 425 cars, or 610 lane meters for trucks and up to 232 cars. With a speed of up to 40 knots, the ferry will be able to accommodate up to 1,006 passengers, according to Austal.
Taiwanse owner Sincere Industrial has ordered six 34,000dwt bulk carriers at Japan's Namura Shipbuilding, continuing expanding its fleet of handysizes.
An official at Sincere Industrial confirmed the order and said the company expects the ships to bring business opportunities from the ship chartering market. The ships will be delivered in 2017.
Cosco (Zhoushan) Shipyard, part of Singapore-listed Cosco Corporation, launched its fourth 64,000dwt bulk carrier in a series for UK-based shipowner Lomar Shipping on June 15, according to a domestic shipping news report.
The vessel measures 199.90m in length overall, 32.26m in breadth moulded, and 18.5m in depth moulded. It is classed by LR.
Russia-based shipbuilder Baltic Shipyard launched the largest nuclear-powered icebreaker Arktika on June 16 in Saint-Petersburg, according to the company.
As the first vessel in a series of three of the Project 22220, Arktika is set to replace nuclear ships of the previous generation.
The project, which was launched in November 2013, is estimated to be worth approximately RUB122bn (US$1.87bn).
Featuring a length of 173 meters and a width of 34 meters, Arktika is expected to start operations in 2017.
The nuclear-powered ship will be capable of breaking ice of up to 3 meters thick, making way for LNG carriers transporting Russian gas.
Equipped with a two-reactor power plant, the icebreaker would be deployed in the western region of the Arctic – the Barents, Pechora and Kara Seas, as well as the Yenisei and Ob Bay area.
The remaining two vessels of the series, namely, Siberia and Urals, will also be built at Baltic Shipyard's facilities.
After South Korea launched a KRW11 tn (US$9.5bn) worth of fund for state-run banks, the country's lenders could need more help to absorb the enormous shipbuilding losses, according to Bloomberg. According to data provided by Bloomberg, ten of South Korea's shipbuilders have together accumulated a debt of some US$38.2bn.
As the country's major shipbuilding and shipping companies embark on restructuring, the banks are forced to push the maturity of a number of unprofitable loans.
The banks targeted by South Korea's fund, which is expected to be operational by end of 2017, are Korea Development Bank (KDB) and the Export-Import Bank of Korea (KEXIM).
However, the shipbuilders might not be the only ones to blame for the situation, as the country's Board of Audit and Inspection released a report saying that Korea Development Bank and KEXIM also played a role in increasing the debts, the Korea Economic Daily reported.
Namely, KDB, the main creditor of the financially troubled Daewoo Shipbuilding & Marine Engineering (DSME), reportedly failed to conduct proper inspections on DSME's management, which contributed to an accounting fraud in the amount of some KRW1.5tn (US$1.28bn) during the 2013-2014 period.
What's more, KEXIM permitted Sungdong Shipbuilding to sign agreements on below-cost orders, crossing the legal limit, thereby delaying the company's financial recovery.
The country's Big Three shipbuilders, Hyundai Heavy Industries (HHI), Daewoo Shipbuilding and Marine Engineering and Samsung Heavy Industries (SHI), have all launched self-rescue plans that include massive asset sales and workforce cuts.
As a result, the government expects a 30 percent workforce drop in the shipbuilding industry by 2018 from 2015 once the restructuring process is completed. Additionally, it is anticipated that the country's shipbuilding capacity will be cut by 20 percent.
Chemical and product tanker Stenaweco Impulse, jointly owned by Swedish Stena Bulk and Danish Weco Shipping, was named on June 13 at Langelinie Pier in Copenhagen.
The 50,000dwt Stenaweco Impulse is the sixth in a series of 13 IMOIIMAX MR newbuild tankers.
Three of the 13 IMOIIMAX tankers are wholly owned by Stena Bulk, six together with GAR (Golden Agri Resources), two by Stena Bulk's sister company Concordia Maritime and two by Stena Weco, a joint venture between Stena Bulk and Weco Shipping.
"The Stenaweco Impulse, has given our collaboration with Stena Bulk a new dimension as we now also have a jointly owned vessel," said Johan Wedell-Wedellsborg, chairman of Weco Shipping.
The Stenaweco Impulse is 183 meters long and 32 meters wide. It will trade in Stena Weco's global logistic system.
The IMOIIMAX design was developed by Stena Teknik together with the Chinese shipyard Guanzhou Shipbuilding International (GSI).
The Stena Impression, Stena Image, Stena Imperial and Stena Important were delivered in 2015 and the Stena Imperative in January 2016.
The remaining seven vessels are expected to be delivered by 2018.