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Seaspan announces more newbuild vessel orders

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Seaspan announces more newbuild vessel orders. Image: Wikimeida/ NZ Defence Force assistance
Seaspan announces more newbuild vessel orders. Image: Wikimeida/ NZ Defence Force assistance
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Seaspan Corporation, a wholly owned subsidiary of Atlas Corp have announced that it has entered into long-term charters with ZIM Integrated Shipping Services Ltd. relating to ten ultra-modern 7,000 TEU dual-fuel liquefied natural gas (LNG) containership newbuilds.

Seaspan will enter into agreements with a major shipyard to construct the LNG Containerships, which are anticipated to begin deliveries in the fourth quarter of 2023 and through 2024. The LNG Containerships are anticipated to be financed from existing liquidity, cash flow from operations, and additional borrowings.

Transaction Highlights

– Ten modern 7,000 TEU dual-fuel LNG vessels
– Aggregate purchase price of approximately $1.05 billion
– 12-year charters totaling approximately $1.8 billion of gross contracted cash flow

Bing Chen, Chairman, President and CEO of Seaspan, commented, “We are very pleased to collaborate with ZIM on this forward-thinking project which provides advanced designs, competitive pricing and valuable deliveries. We see these modern 7,000 TEUs to be the natural successor to the aging global pool of conventional vessels in the 4,000 to 9,000 TEU range, where relatively little fleet renewal has taken place. We are experiencing strong customer interest for this vessel size.”

Graham Talbot, CFO of Seaspan, added, “We continue to execute on our growth plan in a prudent manner. In line with all of our vessel investments, we have de-risked the $1.05 billion capital expenditure associated with the dual-fuel LNG Containerships by signing long-term charters with a leading global liner representing approximately $1.8 billion of contracted cash flow. We intend to maintain balance sheet and risk management integrity while continuing the growth track that we have established over Seaspan’s 20-year history. We remain diligent on our path toward an investment grade credit rating, and operational scale will play an important role in this pursuit.”

Since December 2020, and including this announcement, Seaspan has announced 55 newbuild vessel orders and the acquisition of four second-hand vessels, all four of which have since been delivered.

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Maritime

New LNG carrier Diamond Gas Victoria delivered

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New LNG carrier Diamond Gas Victoria delivered. Image: NYK Line
New LNG carrier Diamond Gas Victoria delivered. Image: NYK Line
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The liquefied natural gas (LNG) carrier Diamond Gas Victoria was delivered. The new ship will transport LNG from British Columbia for the LNG Canada project, as well as from other locations around the world, under a long-term time-charter contract with Diamond Gas International Pte. Ltd., a wholly owned subsidiary of Mitsubishi Corporation (MC), which has a stake in the LNG Canada project.

The vessel was built at Hyundai Samho Heavy Industries and is owned by NYK, Asia LNG Transport Dua Sdn. Bhd. (ALT Dua),* and MC through the joint venture Diamond LNG Shipping 6 Pte. Ltd.** The NYK Group will be responsible for ship management.

Diamond Gas Victoria is equipped with a state-of-the-art WinGD-made dual-fuel slow-speed diesel engine (i.e., X-DF diesel engine)*** that has superior fuel-consumption efficiency and can operate on marine gas oil or boil off gas stored in the cargo tank. The vessel will also feature a re-liquefaction system that can use re-liquefied excess boil-off gas and return it to the cargo tank.

The cargo tank will be a 174,000 cubic meter capacity membrane-type tank that will make use of advanced insulating materials**** to suppress the boil-off rate (percentage of gas volume that vaporizes during navigation) in the cargo tank and realize superior efficiency and economical LNG transportation.

 

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Maritime

Singapore Port establishes Global Centre for Maritime Decarbonisation

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Singapore port establishes Global Centre for Maritime Decarbonisation. Image: Unsplash
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The Singapore Maritime and Port Authority (MPA) today announced the establishment of the Global Offshore Carbonation Center (GCMD) in Singapore and appointed Lane Down as CEO.

BW Group, East Pacific Shipping, Det Norske Veritas Foundation, Ocean Network Express and Sembcorp Marine aim to lead the transport in the maritime sector with a total fund of $120 million.

Lynn Lou, director of Princeton University’s Center for Andlinger Energy and Environment, said: She is responsible for developing and implementing an overall strategy for the new center in collaboration with the GCMD committee.  She will also build partnerships with the shipping industry, government agencies, international organizations, and other regional and international offshore decarbonization hubs.

Andreas Suman Bao as CEO of BW Group and Singapore Shipping Company will be appointed as Chairman of the GCMD Board of Directors.  As per  Maritime and Port Authority of Singapore, 31 institutions, including transport companies, classification boards, research centers, traders, energy workers, tank operators, warehouses, engineering companies, financial institutions and industrial enterprises, have keen interest to collaborate with GCMD.

GCMD will facilitate decarbonisation technology development and test-bedding, including future marine fuel trials with the industry and research communities in Singapore. To this end, MPA is looking at developing waterfront facilities to support these activities. MPA is working with relevant agencies to study the viability of locating GCMD along with other maritime developments at Marina South.

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Container Shipping Lines

Yang Ming takes delivery of one more 11,000 TEU ship

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Yang Ming takes delivery of one more 11,000 TEU ship. Image: YML
Yang Ming takes delivery of one more 11,000 TEU ship. Image: YML
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Yang Ming Marine Transport Corp. (Yang Ming) has added one new 11,000 TEU container vessel, ‘YM Travel’ on 27th July, 2021. The vessel chartered from Shoei Kisen Kaisha, Ltd. and built by Imabari Shipbuilding Co., Ltd. was named at a ceremony held at Imabari Hiroshima Shipyard. Yang Ming’s attendees joined the ceremony remotely at their Taipei office. Mrs. Chen, Shi-Kuan, Chairman of SinoPac Holdings, had the honor to officially name the ship during the ceremony and wish the ship and its crew the best of luck on their future voyages.

To further strengthen Yang Ming’s mid- to long-term operational efficiency, the company ordered a total of fourteen 11,000 TEU newbuildings through long-term charter agreements with ship owners. YM Travel is the sixth delivered in the series. This type of vessels has a nominal capacity of 11,860 TEU and is equipped with 1,000 plugs for reefer containers. With a length of 333.9 meters, a width of 48.4 meters, a draft of 16 meters, these vessels are designed to cruise at a speed up to 23 knots. The containerships incorporate various environmental features including scrubbers, Water Ballast Treatment Plant and Alternative Marine Power system.

This type of vessels adopts the twin-island design to increase loading capacity and navigational visibility to ensure more efficiency and safety. The ship hull form optimization will further increase energy saving and reduce overall emissions. In addition, the ships are designed with shorter length and beam, which makes them easier to maneuver during berthing or departure. The new dimensions enable these ships to call at major ports worldwide and pass through new Panama Canal with no restriction, and facilitate greater flexibility in vessel deployment.

Yang Ming started taking delivery of these new vessels from 2020. These newbulidings will lower the average age of its global fleet, reduce unit cost and achieve energy efficiency. In addition, these ships will accelerate fleet optimization to proactively cope with the challenges and stricter environmental regulations faced by the fast-changing shipping industry. The container shipping market has seen a surge in demand. During the period, the deployment of these new vessels will enable Yang Ming to maximize capacity utilization, greatly enhance its service quality, and deliver more excellent service to global customers.

YM Travel will join THE Alliance’s trans-Pacific service PS6 on July 30th, the port rotation of PS6 is Qingdao – Ningbo – Pusan – Los Angeles – Oakland – Kobe – Qingdao.

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