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K-Line received delivery of a bulk carrier “CAPE BROLGA” 

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K-Line received delivery of a bulk carrier "CAPE BROLGA" . Image: "K" Line
K-Line received delivery of a bulk carrier "CAPE BROLGA". Image: "K" Line
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The 210,000-dwt ton capesize bulker “CAPE BROLGA” which had been under construction at Tsu shipyard of Japan Marine United Co., Ltd., has been delivered to Kawasaki Kisen Kaisha, Ltd. -“K” LINE.

The vessel has been built by adopting the original energy-saving propulsion devices made by Japan Marine United Corporation and the vessel’s accommodation which has consequently reduced the resistance of drag caused by oncoming wind.

She is expected to reduce fuel consumption by these devices and low wind resistance accommodation, compared to conventional vessels and growing the obtainable deadweight. It is a state-of-the-art ship that gathers world-class technology among capesize bulk carriers.

Additionally, in order to improve the resistance towards corrosion of the cargo holds of the vessel “CAPE BROLGA”, a specific cargo hold corrosion-resistant steel for coal developed by JFE Steel Corporation has been adopted.

She will be engaged in the carrying of iron ore and coal transport for JFE Steel Corporation under a long-term consecutive voyage charter contract.

With plenty of vessels of various types and sizes, “K” Line offers its customers a unique range of transport services. “K” Line will remain agile in actively responding to the diversifying needs for shipments of both ore and other iron-bearing raw materials.

【Vessel Particulars】

Main Measure : LOA 299.99M × Width 50.00M ×Depth 25.00M × Draft 18.40M
Deadweight : 211,982 T
Gross Ton : 108,605
Main Engine : Hitz MAN-B&W 7S65ME-C-8.5-HPSCR
Speed : 14.3KTS
Class : NK
Flag : Japan
Builder : Japan Marine United Corporation

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Oboronlogistics vessels delivered more than 45 thousand tons of cargo

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Oboronlogistics vessels delivered more than 45 thousand tons of cargo. Image: Oboronlogistics LLC
Oboronlogistics vessels delivered more than 45 thousand tons of cargo. Image: Oboronlogistics LLC
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Due to the end of the summer navigation in 2021, the vessels of Oboronlogistics LLC have completed the delivery of goods in the Arctic region and, having received all the necessary permits, are starting to carry out international transportation in the interests of state and commercial customers.

In 2021, Oboronlogistics vessels delivered more than 45 thousand tons of cargo to the Arctic points for the Military Construction Complex of the Russian Defense Ministry, the oil and gas complex and other organizations involved in the development of the Arctic and the construction of industrial and social infrastructure facilities in the Arctic zone of the Russian Federation. In addition, the company’s vessels were regularly used to export scrap metal and used equipment as part of the Arctic cleanup program.

In the interests of the Military Construction Complex, 3 consecutive flights were carried out on the route Murmansk – Franz Josef Land Archipelago. About 24 thousand tons of construction cargo of various categories were delivered to Alexandra Island in the Franz Josef Land archipelago.

About 8 thousand tons of construction materials in the interests of contractors of the Military Construction Complex of the Ministry of Defense of Russia were delivered along the route Murmansk – Belushya Bay of the Novaya Zemlya archipelago.

11 thousand tons of cargo intended for the construction of infrastructure facilities in the oil and gas industry were transported from the port of Arkhangelsk to the port of Sabetta. Unloading of vessels in the port of Sabetta was carried out both at the berth and on the roadstead using ship cranes.

From the port of Arkhangelsk to the port point of Kharasaway on the Yamal Peninsula, the Oboronlogistics vessel delivered 4 thousand tons of construction cargo intended for the Kharasaway gas condensate field.

Universal bulk carriers of Oboronlogistics LLC with an unlimited navigation area can carry any type of cargo, have holds and cargo decks for rolling equipment and container placement. The presence of ship cranes with a lifting capacity of up to 350 tons allows you to carry out operational cargo handling on your own.

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Hafnia acquires a modern fleet of 32 fuel-efficient IMO II tankers

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Hafnia acquires a modern fleet of 32 fuel-efficient IMO II tankers. Image: Hafnia
Hafnia acquires a modern fleet of 32 fuel-efficient IMO II tankers. Image: Hafnia
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Hafnia Limited has entered into a share purchase agreement to acquire all outstanding shares in Chemical Tankers Inc, thereby taking over control of CTI’s fleet of 32 modern and fuel-efficient IMO II product/chemical tankers -the “CTI fleet”.

The CTI fleet consists exclusively of high specification ECO design vessels, constructed at leading shipyards, and is comprised of the following:

  • 6 x MR (49,000 dwt) IMO II coated tankers built in Korea between 2015 and 2016
  • 18 x Handy (38,000 dwt) IMO II coated tankers built in Korea between 2015 and 2016
  • 8 x Intermediate (25,000 dwt) IMO II Stainless Steel tankers built in Japan between 2016
    and 2017

In exchange for all outstanding shares in CTI, CTI’s shareholders will receive shares in Hafnia representing 21.5% of the outstanding shares in the combined entity. The Consideration has been determined through a NAV for NAV framework, based on broker values and Q1 2021 balance sheets adjusted for other assets and liabilities within each business. Following the Transaction, and based on the current shareholding in CTI, CTI’s major shareholder, funds managed by Oaktree Capital Management, L.P., will hold 20.4% of the shares in the combined entity.

Hafnia has long been an advocate of consolidation. The Transaction underscores Hafnia’s commitment to grow its platform to maximise stakeholder value. Consolidation enables Hafnia to achieve improved earnings capability through the shipping cycle. Most importantly, the Transaction will complement Hafnia’s existing commercial activities in the Handy and MR segments whilst enabling enhanced trading flexibility through the ability to carry both clean petroleum products and chemicals, limiting ballast time by optimising triangulation and offering material cost synergies.

“The addition of the CTI fleet will help enhance our resilience in the face of volatile markets and create a more sustainable and future-proof transportation business that will include the ability to transport methanol, in addition to many other cargoes. I am grateful to Oaktree and the deal teams on both sides for their hard work towards the completion of the Transaction.” said Hafnia CEO Mikael Skov.

For CTI’s shareholders, the Transaction represents an opportunity to enhance its returns through access to greater economies of scale, lower cost of debt and upside exposure to a recovering product tanker market.

“This merger is the culmination of a thorough strategic process. It will allow CTI shareholders to benefit from the scale and commercial capabilities of Hafnia, while enabling Hafnia to expand its platform with a sizeable and young ECO design IMO II product/chemical tanker fleet. The addition of the CTI fleet brings with it new trading capabilities which, combined with Hafnia’s existing fleet and platform, will enhance the combined group earnings generation. We believe we’ve identified a best-in-class partner in Hafnia and are excited to embark on a promising journey alongside the BW Group and other Hafnia shareholders.” said Guillaume Bayol, Managing Director at Oaktree.

The Transaction remains subject to consent or waivers from some of CTI’s existing financiers, and Hafnia expects the Transaction to close before the 1st of February 2022. Following the Transaction, Hafnia will operate a fleet of 233 product and chemical tankers, making it the world’s largest operator in the product and chemical tanker segment. Its owned and chartered-in fleet will grow to 133 product and chemical tankers ranging in size from 25,000 dwt to 115,000 dwt. The Transaction will reduce the average age of Hafnia’s fleet to 7 years and increase the proportion of ECO ships in the Hafnia fleet.

This Transaction marks a significant milestone on Hafnia’s journey towards more sustainable shipping, contributing to ongoing efforts to modernise the fleet and introduce operational efficiencies resulting in improved environmental performance. The Company continues to be on track to achieve the IMO’s 2030 goal of a 40% reduction in carbon intensity by 2028.

The Company has retained Gorrissen Federspiel and Advokatfirmaet Thommessen as legal advisors, while CTI has retained Fearnley Securities and PJT Partners as financial advisors, and Linklaters LLC and Advokatfirmaet Wiersholm as legal advisors in connection with the Transaction.

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Delivery of methanol-duel fueled methanol carrier “Capilano Sun”

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Delivery of methanol-duel fueled methanol carrier "Capilano Sun". Image: MOL
Delivery of methanol-duel fueled methanol carrier "Capilano Sun". Image: MOL
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Mitsui O.S.K. Lines, Ltd. -MOL; President & CEO: Takeshi Hashimoto; Headquarters: Minato-ku, Tokyo, announced that the methanol carrier “Capilano Sun”, which can run on either heavy oil or low-environmental impact methanol fuel, was delivered at Hyundai Mipo Dockyard -President: H.D. Shin; Headquarters: Ulsan, South Korea. The vessel will be chartered from Hisafuku Kisen K.K. -President: Chikashi Yamane; Headquarters: Onomichi-shi, Hiroshima, and Waterfront Shipping Company Limited -WFS; President: Paul Hexter; Headquarters: Vancouver, Canada will charter the vessel from MOL under a long-term contract.

MOL is one of the largest operators for methanol carriers, operating 18 vessels including “Capilano Sun”, and in 2016, started owning and operating dual-fuel vessels that can run on environment-friendly methanol fuel, continuously expanding the fleet. Currently, MOL operates 4 of the 13 methanol dual-fuel tankers in service around the world.

These methanol dual-fuel vessels can reduce emissions of sulfur oxide by up to 99%, particulate matter by up to 95%, nitrogen oxide by up to 80%, and carbon dioxide by up to 15%, compared to vessels using conventional fuel oil. The “Capilano Sun” is the most advanced low-emission vessel , which adopts advanced technology that adjusts the combustion temperature by mixing water into methanol fuel and can meet Tier 3 NOx regulations without a scrubber.

n the future, duel fuel methanol carriers can become an Environmental circulation-type business, by synthesizing the carbon dioxide from carbon capture methods, CO2 Carrries, with Hydrgen derived from renewable resource based electricity such as offshore wind power and wave power, which MOL looks into. The Methanol produced from the cycle can be used or provided as fuel, which will reduce the net CO2 emission.

MOL’s approach to environmental issues is guided by the “MOL Group Environmental Vision 2.1”, further expanding its methanol transport services by meeting a broad range of customer needs and leveraging its accumulated experience and know-how as the owner of one of the world’s largest methanol carrier fleets. MOL also takes a proactive approach to adopting various technologies that help reduce the environmental impact of its business activities.

Delivery of methanol-duel fueled methanol carrier "Capilano Sun". Image: MOL

Delivery of methanol-duel fueled methanol carrier “Capilano Sun”. Image: MOL

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