Markets---a trickle of orders

Oct 03 2014

Brokers reported that China Merchants has ordered two VLCCs at DSIC and another two at SWS for 2016/2017 deliveries.

The cost per vessel was put at $97 mill.

Maran Tankers was also believed to have ordered four, option two, Suezmaxes at $62.5 mill each from DSME Mangalia for 2017 deliveries

Reports also indicated that Thenamaris has contracted two, plus two optional, LR2s at Sungdong for $55 mill each.

Scorpio was said to have ordered two LR2s from DSME for $57 mill each.

Remaining with newbuildings, Navig8 Product Tankers is to delay the delivery of a series of LR2s under construction in China, according to a report in TradeWinds this week.

The vessels involved were eight LR2s on order at Guangzhou Shipyard International (GSI).

The delays had been agreed following discussions with the Chinese shipbuilder, the newspaper said.

“The GSI vessels will now be expected to deliver between May 2016 and April 2017, which is adjusted from the original delivery period of October 2015 to December 2016,” Navig8 reportedly said.

However, it was believed that the shipbuilding contracts remained unchanged.

Navig8 Chemical Tankers has confirmed that it had signed resale purchase agreements with an agri-business group to purchase two ECO 49,000 dwt chemical tankers currently under construction at Hyundai Vinashin Shipyard.

Both Vessels are scheduled for delivery in 1Q15.

The company said that it had the option to take delivery of the vessels upon their scheduled delivery from Vinashin, or operate the vessels under a bareboat charter from the seller for up to 12 months after their delivery before taking over the ownership from the seller within the 12 months.

Japan's Astomos Energy Corp has confirmed an order for a third 83,000 cu m VLGC from Mitsubishi Heavy Industries.

This vessel will be identical to the two ships Astomos has on order at MHI's Nagasaki Shipyard.

The vessels will be built to transit the newly expanded Panama Canal upon their delivery scheduled for the second half of 2016.

In a rather convoluted sale, Independent Tankers Corp (ITCL) - California Petroleum Transport Corp- have confirmed the early termination of the charters of three Suezmaxes, full redemption of outstanding bonds and the sale of vessels pursuant to bareboat charter.

Under the early termination agreement, on 1st October, 2014, the existing bareboat charters for the 1993-1994-built Suezmaxes ‘Altair Voyager’, ‘Cygnus Voyager’ and ‘Sirius Voyager’ were terminated.

The charter hire payments made in connection with the early termination agreement were used to redeem the remaining outstanding 8.52% first preferred mortgage notes due 2015  and the vessels were sold to the charterer (believed to be Chevron) pursuant to the provisions of the bareboat charters for the vessels.

The three owners of the vessels are wholly-owned subsidiaries of (ITCL). 

In the charter market, two VLCCs were reported fixed to GS Caltaex of South Korea. The 2008-built ‘M Star’ and the 2009-built ‘New Creation’ were believed fixed for five years at $29,000 per day each. 

Heidmar was also said to have fixed the Aframax ‘Desh Mahima’ for 12 months at $16,000 per day.

The 2013-built LR2 ‘Odessa’ was thought taken by PDVSA for 12 months at a rather high $39,750 per day and the LR1 ‘Leader’ was reportedly fixed to Total for 12 months at $15,750 per day.

The 2011-built MR ‘Turmoil’ was reported fixed to BP for 12 months at $14,100 per day, while the US MSC was believed to have taken the 2003-built MR ‘E Pioneer’ for 90 days at $16,381 per day. 

Reported as leaving the fleet were the 1982-built Handysize ‘Mercur’ thought sold to Indian breakers for in excess of $800 per ldt, due to 1,600 tonnes of stainless steel content on board.

Finally, the 1989-built Panamax ‘Sino Grace’ was thought to have gone to Bangladesh breakers on private terms. 

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