Singapore-based Sembcorp Marine, provider of LNG ship repair and life extension work, has set a new record in relation to the number of LNG vessel repair and upgrade projects in a single year. The company tops the list for the fourth year running, securing a total of 34 such projects in the global m
German lender KfW IPEX-Bank is financing the fourth and fifth Quantum-class cruise ships ordered by Royal Caribbean Cruises Ltd. from the Meyer Werft shipyard in Papenburg. KfW IPEX-Bank has taken on the structuring of the overall financing for Royal Caribbean and secured the order for the Meyer Wer
New York-headquartered tanker shipping company Gener8 Maritime, Inc. has entered into a senior secured credit facility for up to USD 259.6 million of debt financing for its Chinese VLCC newbuilding program to be drawn in connection with the deliveries of the first four of the company’s six Chinese n
South Korea’s STX Offshore & Shipbuilding started the construction of Shell Western LNG B.V.’s new LNG bunker vessel with a steel cutting ceremony on December 4. The LNG bunker vessel will be based at the port of Rotterdam in the Netherlands, and will load from the new LNG break bulk terminal curren
COSCO Shipyard Engineering Service (Dalian) (CSES), a 75%-held subsidiary of COSCO Shipyard Group (CSG), entered into a conditional sale and purchase agreements on 1 December 2015 to acquire the entire registered capital of COSCO (Tianjin) Shipyard Co., Ltd. Pursuant to the sale and purchase agreeme
Oslo-listed chemical tanker owner and operator Navig8 Chemical Tankers has exercised an option to acquire a 49,000 DWT IMO2 eco-design, Interline-coated chemical tanker from South Korea’s STX Offshore & Shipbuilding. The newbuilding contract is part of the previously secured deal with STX in October
California-based shipbuilder General Dynamics NASSCO has delivered the company’s first ECO Class tanker, the Lone Star State, to American Petroleum Tankers (APT). The ECO Class tanker is the first of five 50,000 deadweight-ton, LNG-conversion-ready product tankers with a 330,000 barrel cargo capacit
Grand Princess’ Engine Room Catches Fire Due to a fire which broke out in the engine room aboard the cruise ship Grand Princess the vessel lost power for a short period of time in the early hours on Monday a… Read More The World’s First Smart Ship About to Be Born The world’s first smart […]
China Merchants Energy Shipping (CMES) is planing to order up to ten Very Large Crude Carriers (VLCC) from three domestic shipyards. The company’s board approved the decision at its meeting held on December 3, CMES said in a stock exchange filing. CMES added that it would disclose more details on th
The Chinese shipbuilders seem to have been the preferred choice of global owners when it comes to ordering new ships in November, leaving South Korean competitors far behind. According to Clarksons data, cited by Yonhap news agency, the November order book of Chinese shipbuilders comprised of 1.46 m
Greece-based vessel operator TMS Cardiff Gas Ltd. has decided to exercise two options held with South Korean shipbuilder Hyundai Heavy Industries (HHI) for the construction of an additional two 78,700 cbm LPG carriers. Both vessels are scheduled for delivery in the fourth quarter of 2017, when they
Tanker shipping rates are set to decline from current highs in 2016 with the forecast decline in crude oil trade due to ample stocking, and expected fleet expansion, according to the latest edition of Drewry’s Tanker Forecaster. Tanker market enjoyed high freight rates due to the buoyant crude oil t
UK-based developer and producer of marine engines Rolls-Royce has received orders from two major shipbuilding companies, namely the Turkish shipbuilder Sanmar Shipyards and Shanghai’s Sinopacific Shipbuilding Group. As part of the contract with Sanmar, the company said it has signed a letter of inte
Dry bulk owners seem to be resisting the temptation of ordering new ships despite currently low newbuilding prices for dry bulk ships that have just passed the lows of 2012 and are now at the lowest level since 2003, according to BIMCO. “The fact that ship owners have refrained from ordering new dry
