Norwegian maritime technology expert Kongsberg and its compatriot fertilizer producer Yara have teamed up on a project to build world’s first autonomous and zero emissions ship. Named Yara Birkeland, the vessel will be the world’s first fully electric container feeder, the duo claims, adding that th
Attractive newbuilding prices have pushed the order count for very large crude carriers (VLCC) to around 30 so far this year, which is more than double when compared to last year’s 13 orders for the entire year. What is more, a number of owners, not just VLCC owners, are considering investment in ne
Australian shipbuilder Incat has received a contract for the design and construction of a large vehicle-passenger ferry for the Canary Islands-based shipping company Naviera Armas. The contract price is EUR 74 million (USD 80.7 million) and the construction of the vessel is expected to commence in J
Belgian tanker owner and operator Euronav has placed an order for two high specification Ice Class Suezmax vessels with Hyundai Heavy Industries (HHI) shipyard in South Korea. The company said that the order has been prompted by the signing of an additional two long-term time charter contracts of se
German cruise line TUI Cruises celebrated the delivery of its new cruise ship Mein Schiff 6 on May 9, 2017. The ship was constructed by Finnish shipbuilder Meyer Turku. Featuring a length of around 294 meters, Mein Schiff 6 has 15 decks with around 1,267 staterooms and the capacity to carry approxim
Readers’ Picks of the Week (May 1-5, 2017)
Finland-based shipbuilder Meyer Turku has seen its net profit for 2016 reach EUR 25 million, jumping by some 66 percent from EUR 15 million reported in 2015, as the company witnessed “another profitable year.” The company’s revenue surged by 33 percent ending the year at EUR 792 million, compared to
Twenty-one new ships were ordered on a global level during the month of April, according to a monthly market report released by Vessels Value. When compared to April 2016, newbuilding orders have decreased by 27.6 percent. Out of 21 orders placed in April 2017, five were for bulkers and sixteen for
Reykjavik-based shipping company Eimskip has reached an agreement for the financing of the construction of two 2,150 TEU container vessels ordered in January 2017. The loan, secured by China Export & Credit Insurance Corporation (Sinosure), is for an 80% financing of the contract price of the vessel
John Fredriksen-controlled Flex LNG is looking to secure funds for the purchase of two MEGI LNG carriers currently under construction at South Korean Daewoo Shipbuilding and Marine Engineering (DSME). The funds would be secured through a private placement of over 89.4 million new shares at a subscri
GasChem Beluga, a new liquefied ethylene gas (LEG) carrier operated by German companies Hartmann Reederei and GasChem Services, was named on Teesside on April 27. The eco-friendly sea vessel will carry shipments of ethane gas from Houston in the US to SABIC’s Olefins Cracker at Wilton on Teesside, t
Norwegian Cruise Line today took delivery of Norwegian Joy, the brand’s fifteenth ship and the first custom-designed for the Chinese cruise market, from German shipbuilder Meyer Werft during an on board ceremony in Bremerhaven, Germany. At 167,725–gross-tons and accommodating 3,883 guests, Norwegian
Latvian Shipping Company’s (LSC) subsidiary LSC Shipmanagement added to its fleet Elandra Eagle, a 157,000 dwt oil tanker newbuilding, on April 19. LSC Shipmanagement will provide the technical management for the Suezmax vessel owned by Singapore’s Elandra. “LSCSM adds the next ship to the fleet und
Despite the strong rebound of freight rates in March this year that saw the Baltic Dry Index (BDI) pass 1,282 point mark on 27 March 2017, BIMCO expects the sector’s fully-fledged recovery to start taking shape in 2018 and 2019. The BDI going up brought earnings into profitable levels for a couple o
