Friday, August 10, 2012

Yards competition "by EEDI"

Starting from 2013, ships will be determined the ranking by fuel efficiency, which will affect chartering. This will change shipping market spectrum and shipowners would invest more in newly-developed newbuildings.Yards competition "by EEDI"

Park Mu-Hyun, an analyst from Korea's E*Trade Securities, said, "At the IMO MEPC 62nd session in July 2011, the Energy Efficiency Design Index (EEDI) and Ship Energy Efficiency Management Plan (SEEMP) were adopted mandatory."

He said, "Development of shipbuilding technical skills, starting with UK's 'Rivet', Japan's 'Welding' and Korea's 'Floating Dock', will go on with 'EEDI'."

The EEDI requires a minimum energy efficiency level per capacity mile to reduce CO2 emission and ships with lower EEDI are better ones, Park said.

Adoption of the EEDI means that ships built after 2013 will have to meet a minimum standard of energy efficiency. The standards will be strengthened over time, with the aim of a 10% improvement of ships built in 2015-2019.

15% or 20% for 2020-24 and 30% for ships delivered after 2025, therefore, according to Park, those newbuildings contracted from after 2013 should have fuel efficiency improved by over 10% and lower the speed.

He added, "Theoretically, if the speed slows down by one knot, EEDI improves by 14-17%. When EEDI takes effect, small-to-medium size commercial ship segment, which faces more deterioration on average, and EEDI will become one of technical indicators and speed up shipbuilding industries' restructuring."


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Speculation causes more breakings


Speculation causes more breakings

More ships were sold for demolition last week, but cash buyers and brokers warned that the trend is speculative amid fluctuating steel prices and an unstable rupee.

UK broker EA Gibson noted that while buyers have returned to the market, fundamental weaknesses persist. Delhi is considering whether to mandate toxic-free ships for demolition, while Chittagong yards are still filling up with ships.

Average prices remain unchanged. Major cash buyer, Dubai-based Global Marketing Systems, assesses Bangladeshi prices at $385/ldt for bulkers and $415/ldt for tankers; Indian prices at $380/ldt for bulkers and $410/ldt for tankers; Pakistani prices at $375/ldt for bulkers and $405/ldt for tankers and Chinese prices at $310/ldt for bulkers and $330/ldt for tankers.


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Newbuild price to fall further by 15%


Newbuild price to fall further by 15%


Greek owner Safe Bulkers is still looking to add more fuel-efficient newbuildings to its fleet but management says the Greek shipowner isn’t in a hurry, as prices could fall by another 15% or even more by year-end.

Sources said that given ample liquidity on its undrawn facilities ($224m), Safe Bulkers is expected to continue to add strategic newbuild tonnage as shipyards look to build their backlogs.

Safe's chief executive Polys Hajioannou said, "Shipyards are in a very difficult situation as a result of the market downturn and is confident that prices could fall by another 15% or even more by year-end."

Meanwhile, The executive blamed large, speculative orders for disruptions to the supply and demand balance and insisted that Safe’s strategy of building “two or three” fuel-efficient shallow draft ships a year will not have an impact on underlying issues with market fundamentals.


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KOTC to order LNGC & PC


KOTC to order LNGC & PC

Kuwait Oil Tanker Co (KOTC) is planning to order five more products carriers and three LNG carriers as the company’s fleet-expansion and replacement program gathers pace.

KOTC chairman Bader al-Khashti disclosed the fourth phase of KOTC’s newbuilding program and said that once delivered, the latest newbuildings will increase its fleet to 31 tankers by 2017/2018.

KOTC already inked four 317,000-dwt VLCCs and one aframax product carrier of 110,000 dwt at Daewoo Shipbuilding & Marine Engineering back in January 2012, and penned additional four 46,500-dwt MR product chemical tankers at Hyundai Mipo Dockyard in the following month.

These nine tankers had been ordered as phase three. Daewoo's orders total around $560m and HMD's stand at $250m.

Phases three and four of the company’s fleet expansion will cost in total around $1.75bn, according to al-Khashti.

Hence, the fourth phase orders for five products carriers and three LNG carriers are expected to cost around $940m.
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Laskaridis takes Pax. newbuilds


Laskaridis takes Pax. newbuilds

Laskaridis has agreed to take two 75,200 dwt newbuilds from another Chinese builder, Penglai Zhongbai Jinglu Ship Industry.

The panamax vessels are described as for prompt delivery and the price could be as low as $23m apiece, according to shipping sources.

With delivery next month of a final vessel in Laskaridis’ initial newbuilding programme of panamax, kamsarmax and post-panamax bulkers, the company will have a dozen brand-new bulkers, plus a further four on order, alongside its fleet of reefers, fish factory vessels and tankers.

Meanwhile, the Greek owner has recently added additional orders for a pair of ultramax bulkers at China's Jinhai Heavy Industry and the series has been expanded to four firm vessels plus another two recently-added options.
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China’s new bulk shipping company


China’s new bulk shipping company

China Shipping Bulk Carrier Co, a subsidiary of China Shipping Development Co, was established in Guangzhou on August 8.

The company will gradually integrate all the bulk shipping business of China Shipping Group, and will operate and manage more than 180 of China Shipping’s bulk carriers with a total capacity of 11m dwt, to become the largest bulk shipping company in China and the fifth largest in the world.

CSBC said, “We have already had strategic cooperations with a lot of big names like Baosteel, Wuhan Steel, Shougang Steel, Shenhua, State Power and so on, the company is expected to have a total capacity of more than 20m dwt by the end of 2015.”
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Bunker oil price rises again


Bunker oil price rises again

Prices of fuel oil for ships set off to rise, again.

Bunker price of Singapore fuel oil 380CST recorded $655 per ton on August 7, exceeding $650 level in around mid-May, 2012.

Bunker fuel cost takes most of running costs, which means ship owners' profits are highly pressured by increase in fuel prices.

Bunker fuel price has sharply grown to early $700, the most, in 2012, but amid decrease in fuel prices, it has been cut to mid $500 after May.
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BiFab pens jacket supply deal


BiFab pens jacket supply deal

Burntisland Fabrications Ltd (BiFab) has announced that it has secured a contract for the £1.4 billion Cygnus Project which will develop the sixth largest gas field in the UK Southern North Sea.

The Scottish fabrication company is one of a number of UK companies to benefit from initial contracts worth £375 million.

The BiFab contract covers the award of the design, procurement and construction of four jackets, complete with piles, with a total weight of approximately 8,000 tonne and an estimated value of £47 million.


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Russian to name rig builder


Russian to name rig builder

MOSCOW, Aug 7 (PRIME) -- Russian oil major Rosneft and the U.S.’ ExxonMobil plan to announce the results of a tender to choose a designer and builder of an arctic gravity-based platform in early September.

The initiative is a part of the companies’ strategic cooperation to explore the Arctic shelf.

Earlier, the companies said that the platform is to be manufactured using the most advanced technologies and comply with environmental and security requirements on facilities operated in ecologically sensitive and complicated Arctic conditions.

The parties also said earlier this year that they planned to make a final investment decision on the development of shelf fields in the Kara Sea in 2016–2017.
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BAE inks PSV pair


BAE inks PSV pair

GulfMark Offshore has firmed up an order to build a pair of platform-supply vessels (PSVs) at BAE Systems' Mobile shipyard in Alabama, the US.

The New York-listed shipowner says the vessels will cost $48m per ship and are due for delivery in 2014 and 2015 to be operated in the US Gulf.

In a statement, BAE Systems said the contract includes options to construct another two.

GulfMark’s newbuilding programme also includes two PSVs on order at Thoma-Sea in the US at a cost of around $72m in total.
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Two remained for Abadi project



The race to participate in front-end engineering and design studies for Inpex’s Abadi floating liquefied natural gas unit is understood to be down to two consortia.

A third group is said to have bowed out during the tender process.

Meanwhile, Abadi FLNG is placed in the Masela Block off Indonesia.
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Subsea 7 ups Q2 profit


Subsea 7 ups Q2 profit

Subsea 7 has well over tripled its second quarter income following the sale of its stake in a joint venture, having pocketed $220m for its 49% holding in pipelaying outfit NKT flexibles.

It took net profit for the period to $411m from $126m a year earlier.

Subsea 7 posted an operating profit of $246m versus $210m during the second quarter of 2011, due to one-off gain.

Revenue for the quarter tipped the scales at just under $1.5bn compared to $1.33bn a year earlier, driven by high activity levels in the North and Norwegian Seas and good performance in Asia Pacific and the Middle East (APME).

Revenue was also pushed up by vessel utilisation climbing to 87% from 80% in the second quarter of last year.
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CSSC names first chairman


CSSC names first chairman

Hu Wenming has been appointed as the first chairman of China State Shipbuilding Corp the company said.

The decision was made together with the establishment of its first board of directors, to “promote a modern enterprise system in CSSC”, according to the statement.

It was unclear, though, who would be the other directors.

Mr Hu joined CSSC in 2010 as vice-president. He has been interim president since May, after Tan Zuojun left the top job in a government-led reshuffle. Prior to CSSC, Mr Hu was vice-president of Norinco Group, China’s leading, state-owned, ordnance maker.
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