South Korea: HHI Hands Over 13.100TEU MSC Regulus

SinOceanic III AS (Sino III), a wholly owned subsidiary of SinOceanic Shipping ASA, took delivery of MSC Regulus (13.100TEU) from Hyundai Heavy Industries and placed her on a 15 years bareboat charter party with MSC SA, Geneva, the world’s second largest container line.

With the delivery of the MSC Regulus, the Company completes its present vessel acquisition program.

Vessel Particulars:

overall length / 366 m

overall beam / 48,2 m

maximum draught / 15,5 m

maximum speed / 24,7 knots

maximum TEU capacity / 13102

reefer containers (TEU) / 1.600

The Company now operates four container vessels with a total container carrying lifting capacity of 44.000 (TEU) containers consisting of YM Portland (4,440TEU), MSC Vega, MSC Altair and MSC Regulus, which are three Very Large Container Ships (VLCS) each of 13,100 TEU carrying capacity. The fleet makes the Company a top tier container ship provider in Europe.

Total aggregated fixed freight income from the vessels in the fleet is projected to approximately USD one billion over the charter party periods, and the annual EBITDA is estimated to be USD 60 million.

Hyundai Heavy (HHI), the world’s number one shipbuilder, leads the shipbuilding industry with a 15% share of the market. The Hyundai shipyard stretches over four kilometers along the coast of Mipo Bay in Ulsan, Korea. The Shipbuilding Division is capable of building all types of ships to meet various demands from its clients. It has nine large-scale dry docks with seven huge ‘Goliath Cranes’. Since the shipyard’s groundbreaking in 1972, Hyundai Heavy’s Shipbuilding Division has garnered many awards and set many records within the shipbuilding industry.

[mappress]

Shipbuilding Tribune Staff, May 21, 2012; Image: Er Ship