Lomar Shipping wraps up $1 billion newbuilding investment program

UK-based shipowner Lomar Shipping has completed its newbuilding investment program with the latest delivery of the containership Bremen Trader.

Illustration; Source: PxHere under CC0 Creative Commons license

The program comprises the purchase of 43 ships including containerships and dry bulk carriers. The latest vessel delivery includes a 1,800 TEU boxship from the Cosco Guangdong Shipyard in China.

The 172-meter long eco-vessel is equipped with a ballast water treatment system (BWTS) and a Winterthur Gas & Diesel’s (WinGD) low-speed, electronically-controlled engine.

The program kicked off with a letter of intent signed for a series of eight 64,000 dwt Ultramax bulk carriers. 

In February 2012, Lomar inked an order with Cosco for up to six Ultramaxes of the ‘Dolphin’ design introduced by Chinese design institute Shanghai Merchant Ship Design and Research Institute (SDARI).

This was followed by investing in a fleet of 35 container vessels ranging from 1,100 – 2,700 TEU capacity.

The vessels were all delivered between 2014 and 2021.

“In recent years we have invested more than $2 billion in orders for over 25 modern, fuel-efficient new container ships and ‘ultramax’ bulk carriers from Chinese shipyards, as well as high-quality and modern second-hand vessels,” the company claims.

“Today our diversified fleet numbers over 80 container vessels, bulk carriers, and chemical and product tankers, with an average age of about seven years.”

The major commitment to new building vessels represents Lomar’s strategic renewal and modernization of its fleet.

All the new ships are “well-suited” to current and anticipated customer requirements and designed to meet the highest standards for fuel efficiency and environmental compliance, according to the company.