Bulker Runs Aground off San Jose, Philippines

A cargo ship loaded with cement ran aground near Tubigan Point lighthouse, San Jose, on September 3, the Philippine Coast Guard informed.
At the time of the incident, the M/V Star Liberty carried 22 crew members on board.
After receiving a radio call from M/V Queen of Charity, the country’s coast guard and local authorities headed to the site to provide the necessary assistance.
Upon their arrival, some of the crew had already jumped off the vessel. Twelve crewmembers were brought to a local hospital for medical treatment, while another ten seafarers were brought to the evacuation center for first aid assistance, according to the coast guard.
On August 25, the distressed vessel departed San Fernando, Cebu, heading for San Jose, Antique. The cargo ship arrived and anchored some 150 meters south of the abovementioned light station.
However, in the morning hours of September 3, the Star Liberty was dragged to the shallow portion of San Jose Port after encountering big waves and strong current prevailing in the area that led to the grounding.

BWMS Failures Caused by Yards Substituting Component Materials

Yard’s lack of proper installation of ballast water systems on board ships has been one of the causes of system operation failures, Debra DiCianna, Senior Compliance Engineer at Choice Ballast Systems, said while speaking today at a panel within SMM trade fair in Hamburg.
Preparing for Ballast Water Treatment panel, held as part of the Global Maritime Environmental Congress (gmec), addressed the state of play with respect to system installations one year after the IMO’s Ballast Water Management Convention came into force.
“We are finding that yards are substituting materials for some minor components of ballast water systems to non-marine grade during installations of ballast water systems on board vessels that have caused system operation failures,” she said, adding the materials in question were not covered by the type approval certificate
DiCianna added that investment in a BWMS depended on a myriad of factors including technical specifications of the ship, CAPEX cost, trade patterns and ballasting operations.
The key factor is understanding how a ballast water management system was impacting a ship owner’s operation of a vessel, she explained.
“Installation of a BWMS is going to impact normal ballasting in various aspects, so it is important to understand all the technical details of the ballasting system,” she pointed out.
Speaking on the type approval, DiCianna indicated that it is very important to understand what is covered by a type approval certificate since a ballasting system needs to be installed and operated as stated in the certificate.
Obtaining a system manual before system delivery in order to train the crew for its operation was another recommendation made by DiCianna.
“Too many times we found that shipowners got the manual after the delivery of the system and they were still trying to figure out how everything works,” she added.
The panelists agreed that there are still numerous operational and technical challenges owners face once the system is installed.
Tim Wilkins, Environment Director, Regional Manager, Asia-Pacific, Intertanko, said that owners, members of the association, do not face operational failures per se, but rather operational problems.
The issue again mainly comes back to the training of the crew, Wilkins added, saying the operational failure rate is being reduced with the greater training of the crew and their better understanding of how the system works.
“We recognize that there are some inoperable systems out there. But now it is the question of overcoming those challenges, looking at procedures and making sure you have that management change process in place,” he concluded.

Wilhemsen’s Smart Rope Steals the Show at SMM

Visitors at this year’s SMM trade show in Hamburg, Germany, have been challenged to walk a mile in seafarers shoes and test out Wilhelmsen Ships Service’s smart rope system.
The rope was put on display at the company’s stand and visitors were invited pull the rope and see what they are made of as the system provides real-time pull load results.
The system, dubbed Timm’s Smart Ropes, is constructed using the company’s Timm Acera range and an embedded load sensor. It provides real time information about usage, tension and overall health of the rope ushering in a new era for mooring practices that have been pretty outdated.

Wilhemsen said that the digital system reduces the chances of mismanagement prolonging the life of a mooring rope.
The system is accompanied by an interactive dashboard intended for the ship’s crew, called the Digital Mooring assistant, that provides the information on the state of each rope in real time.
Aside to the smart mooring rope for ships, that stole the show at the fair, Wilhelmsen Ships Service presented a host of digital products at SMM today.

LNG-Fueled 23,000 TEU Behemoth in the Making

Dalian Shipbuilding Industry Company Ltd. (DSIC) and classification society DNV GL have signed a joint development project (JDP) agreement to develop a new 23,000 TEU LNG fueled ultra large container vessel (ULCV).
The JDP is focused on delivering a design which is ready for construction and reflects upcoming market trends and incoming regulations.
“In developing this new 23,000 TEU LNG fuelled ULCV design, we will show that DSIC can deliver vessels at the cutting edge of the market after two 20,000 TEU container vessels were successfully delivered to COSCO SHIPPING Group this year,” said Mr. Yang Zhi Zhong, President of DSIC.
“We see a continuing strong market for ULCV vessels, with lower slot costs especially valued on the main trading routes. At the same time the expansion in bunkering infrastructure in both China and Europe means that LNG is becoming a viable solution for container vessels, lowering costs and ensuring compliance with incoming regulations.”

Silversea Orders 3rd Muse-Class Ship from Fincantieri

Italian shipbuilder Fincantieri has received an order for another ultra-luxury cruise ship from Silversea Cruises.
Under the contract, valued at over EUR 320 million (USD 381.3 million), the new cruise ship is scheduled for delivery in the fourth quarter of 2021. The unit is Silversea’s eleventh ship, and the third one in the Muse-class series.
Named Silver Dawn, the new vessel will be a sistership of Silversea’s flagship, Silver Muse, which was launched from the Fincantieri shipyard of Sestri Ponente (Genoa) in April 2017.
The order of Silver Dawn comes just months after the cruise line signed a contract with Fincantieri for the construction of Silver Moon, another sistership to Silver Muse, which is due to be delivered in 2020.
“Following the extraordinary success of Silver Muse, we are delighted to announce Silver Dawn as the eleventh ship to join the Silversea fleet,” Manfredi Lefebvre d’Ovidio, Silversea’s Chairman, said.

Robots to Build Ships at Hyundai Heavy

South Korean shipbuilder Hyundai Heavy Industries has unveiled its intention to start using robots to construct ships in an effort to improve efficiency and cut costs.
The move comes on the back of year-long testing of robotic systems which the company conducted at its Ulsan shipyard.
According to HHI, the robotic sistem, which is based on the Internet of Things and automation technologies, automatically shapes a vessel’s 3-D curved surface.
Equipped with a high-frequency inductive heating system and a multi-joint arm, the system is expected to increase productivity by three times, improve the quality of the end product, and result in cost savings of about KRW 10 billion per year.

K Line, Uyeno Group Join SEA\LNG

Japanese shipping company Kawasaki Kisen Kaisha (K Line) and compatriot Uyeno Group have joined SEA\LNG, a multi-sector industry coalition aiming at accelerating the adoption of LNG as a marine fuel.
As explained, SEA\LNG sees Japan as growing in importance as a location for LNG-fueled shipping and bunkering.
K Line and Uyeno Group, a group of organizations providing logistics solutions for the storage and transportation of petroleum and petro-chemical products, now stand alongside a number of Japanese organizations which have joined SEA\LNG to accelerate LNG adoption in the nation’s ports and waters, as well as globally. These include Yokohama-Kawasaki International Port Corporation (YKIP), Marubeni, Mitsubishi Corporation, Mitsui & Co., NYK Line, Toyota Tsusho Corporation, and Sumitomo Corporation.
“Collaboration, demonstration and communication on key areas such as safety, regulation, emissions and the economic case for LNG are essential to strengthening the increasing confidence and demand required for an effective and efficient global LNG value chain by 2020. Our members in Japan are doing important work, both in the region and across the world, which contributes significantly to helping us achieve our mission,” Peter Keller, SEA\LNG chairman and executive vice president of Tote, commented.
In April 2017, K Line launched a new business division devoted to the transportation of LNG and LPG.
“We expect long-term global demand for LNG to grow as a clean energy resource. In addition to conventional LNG transport operation, our new division will also spearhead efforts to enter new business fields, such as floating storage and regasification units (FSRUs),” Satoshi Kanamori, general manager of liquefied gas new business group at K Line, noted.
“Working with SEA\LNG, we hope to collaborate with organisations from across the LNG value chain to improve bunkering infrastructure and stimulate demand for LNG across the Asia-Pacific region, and beyond,” Kanamori added.
“As attitudes and regulations surrounding the marine and energy sectors transform with the times, Uyeno Group is diversifying its business offering into the clean energy business (….) We look forward to engaging with Japan’s growing LNG market (…) to further SEA\LNG’s global mission,” Kazutoshi Takao, executive managing officer of Uyeno Group, said.

Singapore Detains Pan Ocean Ship

An oil/chemical tanker has been arrested in Singapore waters, according to data provided by Supreme Court of Singapore.
The 2008-built Grand Ace 12 was detained in the evening hours of February 28, 2018.
The reason for the vessel’s detention was not disclosed.
Focal Investigation & Security Agency has been appointed for security and investigation purposes related to the arrest of the MR2 tanker which flies the flag of Panama.
Owned by South Korean shipping company Pan Ocean Shipping, Grand Ace 12 was en route from Dongguan, China to Singapore at the time of the detention, VesselsValue’s data show.
Following the arrest, the vessel was brought to Eastern Special Purpose Anchorage A.

Thorco Projects Adds Vessel Trio

Danish shipping company Thorco Projects has expanded its fleet with three 12,000 dwt tween deckers.
The ships in question are MV Daisy, Maple Lea and Maple Lotta.
With lifting capacities between 240-500 mt, the trio joined the company’s eight 10,000 – 12,500 dwt multipurpose vessels.
Following the recent additions, Thorco Projects’ fleet comprises around 40 ships.
Part of THORNICO conglomerate, Thorco Projects focuses on businesses including project cargo, heavy lift, renewables, offshore oil & gas, general cargo & steel, floating cargo and bulk.
In December 2017, the company decided to expand its line of core services with the launching of a new dry cargo division. The company established Thorco Projects Dry Cargo, moving into the segment from 20,000 to 35,000 dwt.

Putin: Northern Sea Route’s Traffic to Increase Tenfold by 2025

The volume of cargo traffic along the Northern Sea Route will increase tenfold to 80 million tonnes by 2025, the Russian President Vladimir Putin said in his address to the Federal Assembly on March 1.
Putin pointed out that the route will be the key to developing the Russian Arctic and Far East.
“Our goal is to make it a truly global and competitive transport route. Let me remind you that the Northern Sea Route was used more actively in Soviet times compared to how we have been using it so far. We will definitely develop this route and reach new horizons,” Putin said.
The Northern Sea Route, which is a much shorter alternative to the Suez Canal, is gaining on importance amid the reduction of ice in the Arctic and the design of new ice-breaking commercial vessels, which have made the transportation of abundant Arctic natural energy resources commercially viable.
“We will continue our proactive policy to attract investment and create social and economic growth centers in Russia’s Far East,” Putin added.
“A number of large-scale industrial projects have been launched in the Arctic. They comply with the highest environmental standards. We are strengthening the research, transport, navigation and military infrastructure, which is expected to guarantee Russia’s interests in this strategic region. Russia builds cutting-edge nuclear icebreakers. We have had the most powerful icebreaker fleet in the world, and this will remain so.”
The area is home to Yamal LNG Project, which is the world’s first large-scale energy project that exports cargoes through the Northern Sea Route. In addition, new projects are also being developed in the Arctic area, following in the steps of the Yamal LNG Project.

Finnlines Unveils LoI for Three New Ro-Ro Ships

Finland-based RoRo and passenger services operator Finnlines has signed a letter of intent for the construction of three new 7,300 lane metre ro-ro vessels.
The move was made in response to growing volumes and market demand, as the company continues to invest in its fleet.
Finnlines did not unveil any further details related to the shipbuilding order. The company revealed the letter of intent as part of its financial results for the fourth quarter of 2017.
During the three-month period ended December 31, 2017, Finnlines recorded a 17.1 percent rise in its revenue, which stood at EUR 131.8 million at the end of the quarter, compared to EUR 112.6 million reported in the same period a year earlier.
The company’s result for the reporting period was also up to EUR 14.9 million from EUR 7.3 million seen in the fourth quarter of 2016.
“Looking to 2018 and beyond, there are three strictly connected key elements in the way we are running our shipping business, worldwide in the Grimaldi Group, and also in Finnlines, that is – to grow together with the customers, to increase efficiency of capital employed on our fleet and to continue investing in sustainable development,” Emanuele Grimaldi, President and CEO, said.
Under Finnlines’ investment programme, launched in 2017, the company was to lengthen four of its Breeze series ro-ro vessels, built in 2012 and 2013. After the works are finalized, the ships’ capacy will increase by 30 percent to 4,200 lane metres of rolling cargo.

Carnival Orders Third LNG-Fuelled Ship for Its AIDA Brand

Carnival Corporation & plc has signed a shipbuilding contract for a third next-generation cruise ship for its Germany-based AIDA Cruises brand.
Scheduled for delivery in 2023, the new 180,000-ton ship, being built by German shipbuilder Meyer Werft GmbH at its shipyard in Papenburg, will feature Carnival’s “green cruising” design. The ship will also be fully powered at sea and in port by liquefied natural gas (LNG).
With today’s announcement, AIDA Cruises now has a total of three LNG ships on order.
AIDAnova is scheduled to join AIDA Cruises’ fleet in December as the first ship to feature LNG as fuel, and the first cruise ship in the world to be fully powered by LNG. The second ship of the series will be christened in the spring of 2021.
The three LNG ships for AIDA Cruises are part of Carnival Corporation’s ongoing fleet enhancement strategy with 20 new ships scheduled for delivery between 2018 and 2023.
“The interest in AIDAnova, the first ship of our new generation, is enormous, even before the commissioning later this year. With today’s new shipbuilding contract, we will ensure the further growth of the cruise market in the long term and will be able to provide excellent cruises for this steadily growing holiday segment in the future as well,” Felix Eichhorn, president of AIDA Cruises, said.
 “This is the 10th AIDA Cruises ship we are building in Papenburg, emphasizing a long-term partnership between AIDA Cruises and Meyer Werft. AIDAnova and the following two sister ships feature the latest technology focused on sustainability and energy efficiency,” Tim Meyer, managing director of Meyer Werft, said.
In total, Carnival Corporation has agreements in place with German and Finnish shipbuilders Meyer Werft and Meyer Turku to build nine LNG-powered cruise ships across four of its nine global cruise brands with delivery dates between 2018 and 2023.
These include three ships for AIDA Cruises, two for Costa Cruises with expected delivery dates in 2019 and 2021, two for P&O Cruises UK with expected delivery dates in 2020 and 2022 and two for Carnival Cruise Line with expected delivery dates in 2020 and 2022.

Update: Damaged Kiel Canal Lock-Gate to Be Removed Soon

Following the allision earlier this month, German authorities have appointed a firm to remove the partially destroyed lock-gate at Kiel-Holtenau in order to be repaired.
The goal is to remove the damaged gate from the passage and install the spare gate in an effort to resume vessel traffic, WSA Kiel-Holtenau said in a statement. Only one lock chamber is currently operational at Kiel-Holtenau, resulting in long waiting times for ships.
However, it has not been decided how to recover the damaged gate. It could be recovered in one or more pieces, according to WSA Kiel-Holtenau.
This will be decided after preserved parts are separated from the loose ones so that the gate can undergo repair works. The dismantling is expected to start on February 27. The loose parts will be moved onto a pontoon which already arrived at the site.
As explained, the decision on how to remove the gate will depend on an analysis to be undertaken by engineers and divers in order to examine its stability.
The damage occurred on February 19 when the 1,008 TEU Akacia rammed into the gate as it was unable to slow down in time. Two days later, the ship was brought to Kiel’s Nordhafen where it is still moored due to sailing prohibition.

Kea Trader’s Stern Partially Submerged in Cyclone Aftermath

The split hull of Lomar Shipping’s ill-fated Kea Trader has gotten further into trouble following the passage of a cyclone near New Caledonia in the South Pacific.
Based on the latest imagery released by the French High Commission in New Caledonia, the latest round of bad weather has pushed two hull pieces further apart and the stern section of the hull has been submerged deeper into the water.
The commission said that the operations have resumed on the Durand Reef. According to the initial findings, there have been no signs of pollution near the wreck.
“Overflights following the passage of cyclone Gita did not detect any traces of pollution,” the commission added.
As informed, measures taken before the cyclone limited the cyclone’s impact on the vessel, and the hull movements were minimal.
Tugs have returned to the site and helicopters are flying over the reef on a daily basis to ensure the absence of floating debris.
The latest developments are being reported in anticipation of the announcement of the tender winner for the removal of broken up containership from a rock reef in the south Pacific, where it has spent the last eight months.
A tender winner is expected to be named within the next few weeks, following the completion of contractual negotiations.
Based on the salvage plan, the hull sections will be lifted and then removed intact from the reef to protect the marine environment.
Ardent has led recovery work on the Kea Trader since its grounding last July, initially removing heavy fuel oil and other pollutants, before extracting all but 96 of the 756 containers and 26 flat-racks that were originally on board.
The 2,194-TEU containership ran aground six months after its delivery from Guangzhou Wenchong Shipyard in China.

MT Leopard Sun Attacked off Somalia

Singapore-flagged oil/chemical tanker MT Leopard Sun was attacked by pirates on February 22, some 165 km off the central coast of Somalia.
The tanker was approached by three skiffs and was fired upon by armed pirates. The armed security team onboard the vessel returned fire, scaring off the pirates and preventing them from boarding the ship, United Kingdom Maritime Trade Operations (UKMTO) said.
According to EUNAFOR, the vessel and the crew are reported to be safe.
EUNAVFOR has launched an investigation into the case together with partner agencies.
The fully-laden MT Leopard Sun is underway using engine heading for Port of Cape Town, South Africa, with an estimated time of arrival on March 5, according to its latest AIS data.
The 2013-built MR2 is owned by Leopard Tankers from Singapore, data from VesselsValue shows, and is managed by LSC Shipmanagement.

Nauticor Extends LNG Supply Network for Ships to Rotterdam Port

Hamburg-based supplier of LNG Nauticor has extended its LNG supply network for ships within the North Sea region by including the Port of Rotterdam.
The company has been awarded the contract for a bunker operation in Rotterdam for the first time.
The first bunker operation by Nauticor in the port saw the containership Wes Amelie receive the chilled fuel. In 2017, Wes Amelie became the world’s first boxship retrofitted to LNG.
In total, the vessel received six truck loads, which is equal to 120 tons of LNG, during the bunker operation that took place on February 20, 2018. As informed, Nauticor is currently in charge of organizing LNG supply for Wes Amelie, which is chartered to Unifeeder A/S and operates as a feeder vessel between Rotterdam and ports in the Baltic Sea region, throughout Germany, and to the Dutch Port of Moerdijk.
„We are continuously working on optimizing the LNG supply for ships and feel well-prepared for more bunker operations at this location. Another important milestone for the development of the LNG supply infrastructure in North & Baltic Seas will be our new LNG bunker vessel, which will be put into operation before the end of this year,“ Sonja Neßhöver, Director of the LNG Portfolio of Nauticor, commented.
During its first bunker operation in the Port of Rotterdam, Nauticor set a new record for the speed of a bunker operation with an unloading rate of up to 40 tons of LNG per hour. To achieve this, the Nauticor team used its bunkering technique where two LNG trucks are unloaded simultaneously.

US Trade Commission Opposes Wilhelmsen’s Acquisition of Drew Marine Group

The United States’ Federal Trade Commission (FTC) has filed a complaint opposing Wilhelmsen Group’s planned acquisition of Drew Marine Group.
The acquisition plan was announced in April 2017 when Wilhelmsen Maritime Services AS, part of Norwegian Wilhelmsen Group, said it had signed an agreement to acquire the technical solutions business from Drew Marine, subject to regulatory approval.
“Wilhelmsen Maritime Services’ proposed USD 400 million acquisition of Drew Marine Group would violate the antitrust laws by significantly reducing competition in an important market for marine water treatment chemicals and services used by global fleets,” FTC said.
Namely, as explained by FTC, the companies are each other’s closest competitors on numerous competitive dimensions including product scope, quality and consistency; technical service capability; and global distribution footprint.
According to the complaint, head-to-head competition between Wilhelmsen and Drew provides substantial benefits to global fleets in the form of lower prices and better service.
The FTC alleges that if consummated, the merger would result in a company controlling at least 60 percent of the global marine water treatment chemical and service market. The next closest competitor represents an inferior choice for global fleets, and would control less than 5 percent of the market according to the complaint.
The FTC also authorized staff to seek in federal court a temporary restraining order and a preliminary injunction to prevent the parties from consummating the merger, and to maintain the status quo pending the administrative proceeding.
Commenting on FTC’s move, Wilhelmsen said that it disagrees with the FTC’s evaluation and that it will continue to work towards a positive outcome.

KNOT Shuttle Tankers Adds Dropdown Duo, Inks USD 100 Mn Refinancing Deal

KNOT Offshore Partners has, through its subsidiary KNOT Shuttle Tankers AS, entered into a deal with its sponsor Knutsen NYK, a joint venture company of Nippon Yusen Kaisha and TS Shipping Invest AS, to acquire the shuttle tanker named Anna Knutsen.
The partnership expects the acquisition to close by March 1, 2018, subject to customary closing conditions.
The 2017-built vessel was bought for USD 120 million. The tanker is operating in Brazil under a time charter with Galp Sinopec Brazil Services B.V., which will expire in the second quarter of 2022.
The purchase follows the acquisition deal with Knutsen NYK of the entity that owns Brasil Knutsen.
The acquisition was agreed in December and amounted to USD 96 million.
The Brasil Knutsen is also operating in Brazil under a time charter with Sinopec until 2022. The charterer has options to extend the charter for two three-year periods for both ships.
Pursuant to the omnibus agreement with Knutsen NYK, the company has the option to buy shuttle tankers from the Knutsen NYK fleet that get chartered on five years or more.
In line with the deal, the company bought newbuilds Carmen Knutsen, Hilda Knutsen, Torill Knutsen, Dan Cisne, Dan Sabia, Ingrid Knutsen, Raquel Knutsen, Tordis Knutsen and Vigdis Knutsen.
The company added that there could be no assurances it would acquire any further ships from NYK Knutsen.
Separately, on January 30, 2018, the partnership’s subsidiary, KNOT Shuttle Tankers 15 AS, which owns the vessel Torill Knutsen, closed a USD 100 million loan with a consortium of banks.
The loan is repayable in 24 consecutive quarterly installments with a balloon payment of USD 60 million due in 2024. The facility will be used to refinance a USD 73.1 million loan for the Torill Knutsen which was due to be paid in full in November 2018.
For the fourth quarter of 2017 KNOT Offshore Partners reported revenues of USD 61.6 million, operating income of USD 25 million and net income of USD 18.6 million.
The company expects its earnings for the first quarter of 2018 to be higher than in the previous quarter, as there is no scheduled offhire for any vessel in the fleet.
In addition, the company forecasts to receive full quarterly earnings from Brasil Knutsen and approximately one month of earnings from the Anna Knutsen.
As of December 31, 2017, the partnership’s fleet of fifteen vessels had an average remaining fixed contract duration of 4.2 years.
“The board believes that demand for newbuild offshore shuttle tankers will continue to be driven over time based on the requirement to replace older tonnage in the North Sea and Brazil and further expansion into deep water offshore oil production areas such as in pre-salt Brazil and the Barents Sea. The board further believes that there will be and is significant growth in demand for new shuttle tankers as the availability of existing vessels has reduced and modern operational demands have increased. Consequently, there should be opportunities to further grow the partnership,” the company said in its outlook.

Navios Holdings Cuts Loss, Expands Fleet in 2017

Greek shipping firm Navios Maritime Holdings managed to decrease its net loss in 2017 to USD 165.9 million, against the net loss of USD 303.8 million seen in 2016.
Revenue from dry bulk vessel operations for the year ended December 31, 2017 was USD 250.4 million as compared to USD 199.5 million for the same period during 2016.
The increase was mainly attributable to the increase in the time charter equivalent (TCE) and an increase in available days.
The company’s net loss for the fourth quarter of 2017 was USD 51.6 million, shrinking from a net loss of USD 242.4 million reported in the same period a year earlier. Revenue for the quarter reached USD 78.6 million, as compared to USD 56.5 million for the fourth quarter of 2016.
“Rates for dry bulk vessels have improved materially, and in Q4 2017 we began to enjoy the effects of healthier charter markets,” Angeliki Frangou, Chairman and Chief Executive Officer, said.
Navios Holdings has agreed to charter-in eight Panamax vessels, five of which under long term time charters and three of which under bareboat charters with purchase options. In January 2018, Navios Holdings took delivery of the first ship from the batch. The remaining seven vessels are expected to be delivered at various dates though the first quarter of 2020.
In February 2018, Navios Holdings acquired Navios Equator Prosper, a 2000-built 171,191 dwt vessel, previously a chartered-in vessel, for a price of USD 10 million.
Following these transactions, Navios Holdings increased its fleet capacity by 11% and decreased the average fleet age, basis fully delivered fleet, by 11%. In addition, 70% of the chartered-in fleet has purchase options.
“We are expanding our fleet capacity and creating market exposure at an opportune time. During the past nine months, we added nine younger vessels (eight kamsarmaxes and one cape) and sold two older vessels, thereby increasing fleet capacity and improving the average age of our fleet by 11%,” Frangou said.
“We did this using modest capex, as we chartered in the kamsarmaxes, three with favorable purchase options. Also, our chartering strategy created market exposure for 73% of our 22,684 available days in 2018,” Frangou added.

Exmar’s Barge-Based FSRU Sailing to Singapore

Floating storage and regasification unit (FSRU), which was constructed for Belgium-based owner and operator Exmar, has left the Wison shipyard and is on its way to Singapore.
Once it arrives there, the barge-based unit will undergo site specific modifications before departing to its project destination to commence a long-term employment mid-2018 in line with its time charter commitments.
“This is an important step in the successful implementation of the barge-based regasification strategy of Exmar,” the company said.
Built by Wison Nantong shipyard, the FSRU barge was delivered to its owner in December 2017.
It features an LNG storage capacity of 25,000m³ and a re-gasification capacity of 600 MMSCFD. It is the first ever FSRU project undertaken by a Chinese company on EPC basis.
This barge-based FSRU serves as a flexible LNG receiving solution which makes considerable reductions in CapEx and lead time possible for project developers, Wison added describing the vessel.
The unit was chartered to an undisclosed company. Exmar informed that more details on the charterer and the FSRU’s working location will be released at a later stage.