Aker Philadelphia Shipyard delivered its fifth product tanker to American Shipping Company.
The tanker is the fifth in a series of twelve that will be delivered to American Shipping Company and in turn, chartered to OSG America. In the coming days the vessel will take to the sea for use in transporting petroleum products for BP, and is the third vessel in the series to be utilized by BP. On Thursday, September 18, a traditional naming ceremony was held at the yard and attended by representatives from Aker Philadelphia Shipyard, American Shipping Company, OSG America and BP. The Overseas Texas City is the first vessel built at the yard to comply with the Environmental Protection Agency’s latest Tier II requirements. The vessel was modified to incorporate three improved diesel powered electrical generating sets to run the vessel’s electrical system, which will result in lower levels of pollutants while in operation. Three other vessels are currently under construction at the yard, all of which will include these modifications. Aker Philadelphia Shipyard is a leading U.S. commercial shipyard constructing vessels for operation in the Jones Act market. It possesses a state-of-the-art shipbuilding facility and has earned a reputation as the preferred provider of oceangoing merchant vessels with a track record of delivering quality ships.
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Saturday, September 20, 2008
Sarawak to Netherlands
A Dutch owner has taken delivery of the Venture G, the second in a pair of sisterships from the Sealink Shipyard in Miri, Sarawak, East Malaysia.
Like the first vessel, the Mare Verde, the second vessel, the Venture G is 53.8 by 13.8-meters with a molded depth of 4.5 meters. Designed by Conan Wu and Associates of Singapore the vessel has an engine room mounted well aft with large tankage capacity forward. The bunker tankage includes 913 cubic meters of IFO 380, 220 cubic meters of MDO and 208 cubic meters of fresh water. The vessel is fitted with a Thermal fluid heater and three cargo pumps ---- two for the IFO 380 and one for MDO. Main engines are a pair of Cummins KTA50-M2 diesels each generating 1700 HP at 1800 RPM and turning four blade 2000 by 2080 m/m propellers through Twin Disc MG5506 gears with 6:1 ratios. A 5 ton-bow tunnel type bow thruster is also fitted. Auxiliaries are three Cat-powered 245 kW 50 hz sets. The emergency gen set is a Cummins powered 30 Kw set. On deck a pair of five-ton capstans supplements a 10-ton tugger winch.
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Like the first vessel, the Mare Verde, the second vessel, the Venture G is 53.8 by 13.8-meters with a molded depth of 4.5 meters. Designed by Conan Wu and Associates of Singapore the vessel has an engine room mounted well aft with large tankage capacity forward. The bunker tankage includes 913 cubic meters of IFO 380, 220 cubic meters of MDO and 208 cubic meters of fresh water. The vessel is fitted with a Thermal fluid heater and three cargo pumps ---- two for the IFO 380 and one for MDO. Main engines are a pair of Cummins KTA50-M2 diesels each generating 1700 HP at 1800 RPM and turning four blade 2000 by 2080 m/m propellers through Twin Disc MG5506 gears with 6:1 ratios. A 5 ton-bow tunnel type bow thruster is also fitted. Auxiliaries are three Cat-powered 245 kW 50 hz sets. The emergency gen set is a Cummins powered 30 Kw set. On deck a pair of five-ton capstans supplements a 10-ton tugger winch.
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Dry sector decline halted
London: The Baltic’s Dry Index climbed more than 100 points yesterday, halting the steep decline of recent days.
Better Panamax rates, particularly on Pacific round voyages, saw that index climb 6.3% to 5243 and the Baltic Dry Index finished 102 points higher overall, at 4,958. Modest gains were also posted in the Capesize and Supramax indices although the Baltic Handysize Index shed a further seven points. Although Capesize rates are dramatically down on levels prevailing a couple of weeks ago, they are still underpinned to some extent by solid Chinese demand, experts point out. Long-term charters are still being fixed at healthy levels and average earnings, admittedly down, are still firm in historical terms, at more than $60,000 a day, according to Clarkson. However, the implications for shipping of recent global financial turmoil are only now coming to light. A significant volume of the record orderbook still has to be financed and some new shipyards were already running into funding difficulties, even before the events of this week.
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Better Panamax rates, particularly on Pacific round voyages, saw that index climb 6.3% to 5243 and the Baltic Dry Index finished 102 points higher overall, at 4,958. Modest gains were also posted in the Capesize and Supramax indices although the Baltic Handysize Index shed a further seven points. Although Capesize rates are dramatically down on levels prevailing a couple of weeks ago, they are still underpinned to some extent by solid Chinese demand, experts point out. Long-term charters are still being fixed at healthy levels and average earnings, admittedly down, are still firm in historical terms, at more than $60,000 a day, according to Clarkson. However, the implications for shipping of recent global financial turmoil are only now coming to light. A significant volume of the record orderbook still has to be financed and some new shipyards were already running into funding difficulties, even before the events of this week.
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Stocks bounce back but stormy water lies ahead
Hong Kong: Bourses in Asia were the first to open after yesterday’s dramatic move by US financial authorities to create a government-sponsored vehicle to acquire the so-called “toxic assets” which lie at the root of recent global financial turmoil.
Asian stock markets set a trend that was to be reflected across the world as exchanges opened later in other time zones. Chinese stocks reversed this week’s downward spiral, surging 9.5% overall, with many of the country’s banking shares well up in double digits. Hong Kong shares soared by a similar figure whilst the Nikkei climbed 3.8%, Australian stocks rose 4.3% and South Korean stocks shot up by 4.6%. Financial shares were in heavy demand across the world, following their heavy beating in recent days. Despite widespread relief that the global run on shares had been brought to a halt, at least for the moment, macroeconomists are in little doubt that there will be some very stormy weeks ahead. For shipping too the outlook is more uncertain than at any time recently. As the credit squeeze has taken hold over the last 12 months, access to capital has become increasingly limited for shipyards and their owner customers. But the repercussions are likely to spread further.
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Asian stock markets set a trend that was to be reflected across the world as exchanges opened later in other time zones. Chinese stocks reversed this week’s downward spiral, surging 9.5% overall, with many of the country’s banking shares well up in double digits. Hong Kong shares soared by a similar figure whilst the Nikkei climbed 3.8%, Australian stocks rose 4.3% and South Korean stocks shot up by 4.6%. Financial shares were in heavy demand across the world, following their heavy beating in recent days. Despite widespread relief that the global run on shares had been brought to a halt, at least for the moment, macroeconomists are in little doubt that there will be some very stormy weeks ahead. For shipping too the outlook is more uncertain than at any time recently. As the credit squeeze has taken hold over the last 12 months, access to capital has become increasingly limited for shipyards and their owner customers. But the repercussions are likely to spread further.
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China Shipping Development to build four more oil tankers
China Shipping Development announced that its subsidiary, China Shipping Development (Hong Kong) Shipping has agreed with Dalian Shipbuilding Industry to have four more 76,000DWT product oil / crude oil tankers built, valuing, in total, US$ 228 million.
Based on the shipbuilding progress, individual payments will be settled in five installments with 20 percent each. 20 percent of the funds are to be raised independently while the remaining 80 percent will be sought through bank loans. It is reported that the four new tankers will be delivered in July, October, November and December 2011. As is indicated in a company statement issued at the end of the financial year in June this year, CSD had in possession a total of 56 oil tankers at 3.58 millionDWT, of which 31 were crude oil tankers with 2,583,587 tonnes of capacity; while capacity for the other 25 product oil tankers amounted to 996,052 tonnes.
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Based on the shipbuilding progress, individual payments will be settled in five installments with 20 percent each. 20 percent of the funds are to be raised independently while the remaining 80 percent will be sought through bank loans. It is reported that the four new tankers will be delivered in July, October, November and December 2011. As is indicated in a company statement issued at the end of the financial year in June this year, CSD had in possession a total of 56 oil tankers at 3.58 millionDWT, of which 31 were crude oil tankers with 2,583,587 tonnes of capacity; while capacity for the other 25 product oil tankers amounted to 996,052 tonnes.
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COSCO becomes highest profit-making shipping company in Global 500
COSCO Group stands firmly at 405th place for its outstanding performance in 2007, with annual revenue of US$20.84 billion and profit of US$3.678 billion in Fortune Global 500.
Among the listed four shipping companies, COSCO is the best profit-making shipping company in the Global 500. Also, COSCO achieved impressive performance in five Top 50 rankings: thirteenth in Top 50 fastest profit growth,15th in Top 50 high profit growth, 31st in Top 50 high return to investors, 43rd in Top 50 high earnings per share (EPS) growth, and 46th in Top 50 high revenue growth. COSCO Group's great-leap-forward development in its robot growth, brand building and shareholder return has been extensively recognized in Global 500 rankings, and well recognized by the shipping industry.
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Among the listed four shipping companies, COSCO is the best profit-making shipping company in the Global 500. Also, COSCO achieved impressive performance in five Top 50 rankings: thirteenth in Top 50 fastest profit growth,15th in Top 50 high profit growth, 31st in Top 50 high return to investors, 43rd in Top 50 high earnings per share (EPS) growth, and 46th in Top 50 high revenue growth. COSCO Group's great-leap-forward development in its robot growth, brand building and shareholder return has been extensively recognized in Global 500 rankings, and well recognized by the shipping industry.
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