Ray Car Carriers forks out $520m on four VLCC newbuilds - Splash247 Ray Car Carriers, renowned for its vehicle carrier tonnage, has made a strategic move into the supertanker segment with the signing of a significant construction agreement in South Korea. The Israeli owner has reportedly secured a deal worth $520 million at HD Korea Shipbuilding & Offshore Engineering for the construction of four Very Large Crude Carriers (VLCCs). According to industry sources, the 320,000 deadweight ton (dwt) vessels will be built at Hyundai Samho Heavy Industries and are scheduled for delivery by December 2027. Each VLCC is estimated to cost approximately $130 million, aligning closely with market rates for similar tonnage. Ray Car Carriers' decision to venture into the VLCC market comes amidst a surge in demand for supertanker tonnage, driven by factors such as limited orderbooks and increasing shipping requirements. The company joins a cadre of high-profile shipowners, including DHT, Evangelos Marinakis, John Fredriksen, and Tor Olav Trøim, who have capitalized on available newbuilding slots to bolster their fleets. This latest order represents Ray Car Carriers' second newbuilding project this year, following its recent booking of two car carriers at Hyundai Mipo Dockyard, slated for delivery by May 2028. With a diverse portfolio spanning vehicle and crude oil transportation, the company demonstrates its commitment to strategic expansion and fleet modernization in response to evolving market dynamics.

Nantong Xiangyu wins order for eight methanol-ready ultramaxes - Splash247 the Chinese shipbuilding industry, Nantong Xiangyu Shipbuilding & Offshore Engineering has inked a construction agreement with Xiamen Jinxian and COSCO Shipping Bulk for the production of eight 64,000 deadweight ton (dwt) methanol-ready bulk carriers. The deal, which underscores China's growing presence in the maritime sector, aims to enhance vessel efficiency and environmental sustainability. According to Nantong Xiangyu Shipbuilding, the newly commissioned vessels are set to feature increased load capacity and reduced fuel consumption compared to their counterparts both domestically and internationally. These advancements align with the industry's ongoing efforts to adopt greener technologies and mitigate environmental impact. However, specific financial terms of the agreement remain undisclosed. With this latest contract, Nantong Xiangyu Shipbuilding further solidifies its position as a key player in the construction of ultramax ships, surpassing a total order volume of 100 units. This milestone underscores the shipyard's continued commitment to innovation and excellence in vessel manufacturing.   The construction of methanol-ready bulk carriers signifies a strategic shift towards alternative fuels in the maritime industry, reflecting China's broader initiatives to promote sustainability and reduce carbon emissions. As demand for eco-friendly shipping solutions grows, such partnerships and construction deals are expected to drive further advancements in vessel technology and operational efficiency.

Performance Shipping locks away LR2 newbuilds in $170m deal with Clearlake - Splash247 Performance Shipping, a Greek tanker owner listed on Nasdaq, has finalized charter agreements with Clearlake Shipping, a subsidiary of Gunvor Group, for three of its LNG-ready, scrubber-fitted LR2 newbuildings. The contracts span five years each, with a daily rate of $31,000. These agreements, along with two one-year extension options offering a base rate plus profit share, are expected to commence upon the delivery of the vessels from Shanghai Waigaoqiao Shipbuilding, affiliated with CSSC. The deliveries are scheduled for the fourth quarter of 2025, first quarter of 2026, and second quarter of 2026. Andreas Michalopoulos, CEO of Performance Shipping, emphasized the strategic significance of these contracts, stating that they reflect the company’s commitment to securing long-term fixed revenue at profitable charter rates. This move enhances cash flow visibility during the initial operational years of the newbuild sister ships.   The firm deal, valued at approximately $169.8 million, covers around 88% of the aggregate construction costs of the vessels. With this agreement, Performance Shipping has substantially fortified its fleet-wide fixed revenue backlog to at least $211.4 million.  

Union Maritime Adds Wind-Assisted Propulsion to New LR2 Tankers Union Maritime, a UK-based shipping company, is pioneering the use of wind-assisted technology in the larger tanker sector by ordering the installation of rigid wing sails on two of its new LR2 tankers. This move places Union Maritime at the forefront of efforts to decarbonize the shipping industry. The LR2 tankers, currently under construction at the Shanghai Waigaoqiao Shipbuilding (SWS) yard in China, will each be equipped with three WindWings developed by BAR Technologies. These sails are expected to make the tankers among the "greenest and most efficient" in the industry, with potential fuel and CO2 savings of up to 1.5 tonnes and 5 tonnes per wing per day, respectively, on typical global routes. Scheduled for delivery in July and November 2025, the LR2 tankers are part of Union Maritime's shipbuilding program, which includes a total of six LR2 tankers and two MRs (49,000 dwt). BAR's WindWings will operate in conjunction with a route optimization system to adjust the sails based on wind conditions, vessel speed, and course, without compromising speed. The move towards wind-assisted propulsion reflects the shipping industry's increasing focus on adopting technologies to reduce emissions. Companies are exploring various options, including route optimization, retrofitting ships with new technologies, and now, wind-assisted propulsion.   BAR's previous installations of rigid sails on bulkers Pyxis Ocean and Berge Olympus, along with its partnership with CM Energy Tech, indicate a growing trend towards integrating wind-assisted propulsion into the maritime sector. With Union Maritime leading the charge, the industry may see further advancements in sustainable shipping practices in the near future.  

Bulk carrier boarded off Somalia - Splash247 In a concerning development, a Bangladeshi-owned bulker, operated by SK Shipping Lines, has reportedly fallen prey to suspected Somali pirates. The vessel, identified as the Abdullah and weighing 58,000 deadweight tons (dwt), was commandeered by pirates while en route from Mozambique to the UAE. The incident occurred approximately 500 nautical miles east of Mogadishu, Somalia, an area previously deemed low risk by the shipping company. The bulker, Abdullah, acquired by SK Shipping Lines from Japanese owners in late 2023, recently resumed sailing after routine maintenance. Crew distress signals, including a plea for assistance and video footage of the pirate's approach, were received by the Maritime Academy in Bangladesh from a former cadet onboard.   With a crew of 23 members onboard, the vessel's fate remains uncertain as it is steered towards Somalia by the pirates. The crew, possibly confined to the citadel or cabins, faces an alarming situation. Reports suggest that the pirates, potentially linked to Houthi factions in Yemen, have expanded their operational reach, heightening concerns for maritime security in the region.   Efforts to rescue the hijacked crew and regain control of the vessel are underway, with authorities closely monitoring the situation. The incident underscores the persistent threat of piracy in these waters and highlights the vulnerability of commercial vessels to such attacks. UKMTO WARNING INCIDENT 049 – BOARDING #MarSec pic.twitter.com/GT1gWfyx1U — United Kingdom Maritime Trade Operations (UKMTO) (@UK_MTO) March 12, 2024

Cargo Ship Sinks Near Vietnam, All Crewmembers Rescued In a swift response operation, all 11 crew members of the Vietnam-flagged cargo vessel HUNG PHAT 89 (HP89), MMSI: 574012359, were safely rescued after the vessel sank in the Singapore maritime search and rescue region. The Maritime and Port Authority of Singapore (MPA) confirmed the successful rescue, following a distress alert received by the Maritime Rescue Coordination Centre (MRCC) Singapore. The incident occurred approximately 380 nautical miles east of Vung Tau, Vietnam. Despite the vessel's unfortunate sinking, prompt coordination between MRCC Singapore and MRCC Vietnam ensured the timely rescue of the crew members by the Vietnam Coast Guard. The MPA issued navigational broadcasts to nearby vessels, emphasizing vigilance and reporting of any sightings of the distressed vessel.  

Exmar LPG, a joint venture between Belgian-based Exmar and Stonepeak’s Seapeak, has made significant additions to its midsize gas carrier orderbook with the acquisition of two new vessels from South Korea's Hyundai Mipo Dockyard. Valued at approximately $80.5 million each, these 46,000 cubic meter ships are scheduled for delivery in October and December 2026. Notably, Exmar LPG's existing order at Hyundai Mipo includes four similar units, two of which are set to become the first-ever oceangoing vessels equipped with dual-fuel ammonia engines upon their delivery in early 2026. Originally intended to operate on liquefied petroleum gas (LPG), all four vessels in this order are now classified as LPG-fueled. The recent acquisitions bring Exmar LPG's total orderbook to 10 ships, showcasing the company's commitment to expanding its presence in the gas carrier segment. Meanwhile, Greece’s Latsco Shipping has secured a deal for four LR2 tankers at Hyundai Mipo Dockyard. The order, which amounts to approximately $69.6 million per unit, will see the vessels equipped with scrubbers and delivered by subsidiary Hyundai Vietnam Shipbuilding between the fourth quarter of 2026 and the second quarter of 2027. With this latest acquisition, Latsco Shipping continues to bolster its LR2 fleet, which currently comprises seven vessels. Additionally, the company maintains seven other newbuilding projects across the dry bulk and Very Large Gas Carrier (VLGC) segments, signaling its ongoing commitment to fleet expansion and modernization.

The Hafnia Seine, an oil tanker en route from Sikka port in Western India to the United States, collided with Bharat Petroleum Corp's (BPCL) crude import facility on Sunday night. The vessel was carrying a significant cargo of alkylate for Reliance Industries' U.S. unit, raising concerns in India's energy sector. The collision occurred at the single point mooring (SPM) of BPCL's facility, crucial for crude imports to its Bina refinery in central India. Despite no scheduled vessel discharges at the SPM during the incident, the extent of damage remains uncertain. Both BPCL and Reliance Industries have refrained from making formal comments, leading to speculation and concern among stakeholders.  

Hyundai Mipo Dockyard christens ship set for self-sailing test | Yonhap News Agency Hyundai Mipo Dockyard Co. in Ulsan, South Korea, marked a significant milestone with the christening of the Pos Singapore, a pioneering container ship designed for autonomous navigation. Scheduled for delivery to Pan Ocean Co. by March's end, this vessel represents a breakthrough in maritime technology, showcasing South Korea's dedication to innovation and progress in autonomous sailing. The Pos Singapore stands out as a 1,800 twenty-foot equivalent unit (TEU) vessel equipped with cutting-edge smart navigation technology, a first of its kind in the country. Constructed under the guidance of Hyundai Mipo Dockyard, a unit of HD Korea Shipbuilding & Offshore Engineering Co., this ship measures 172 meters in length, 27.4 meters in width, and 14.3 meters in height, highlighting South Korea's shipbuilding capabilities. A collaborative effort between civilian and government sectors aims to achieve "third level" autonomy, allowing ships to operate remotely without onboard crew. Established in 2000, a government task force will conduct tests on the Pos Singapore to refine autonomous sailing systems, emphasizing safety and efficiency in maritime operations while reducing human error. The Pos Singapore's introduction underscores South Korea's aspirations to lead in global shipbuilding and maritime shipping. Hyundai Mipo Dockyard anticipates this vessel will drive the development of indigenous auto-sailing technologies, enhancing the nation's competitiveness globally. HD Korea Shipbuilding & Offshore Engineering's commitment reaffirms its role in fostering industry innovation.   As the Pos Singapore embarks on its historic journey, it signifies a transformative shift in maritime travel and commerce. Beyond technological achievement, its launch paves the way for the future of global maritime operations, emphasizing innovation, efficiency, and environmental responsibility.  

New Korean engine brand unveiled - Splash247 Hanwha Ocean, previously known as Daewoo Shipbuilding & Marine Engineering, has announced the establishment of a new subsidiary called Hanwha Engine after successfully acquiring compatriot HSD Engine. This move comes as part of the company's strategic expansion plans. The newly formed Hanwha Engine will focus on developing various products, including engines powered by ammonia, showcasing Hanwha's commitment to innovation and sustainability in the maritime industry. In a recent press release, the group emphasized that the addition of Hanwha Engine to its portfolio of affiliates, following the acquisition of Hanwha Ocean last year, strengthens its ability to offer comprehensive shipbuilding solutions. With in-house manufacturing and technological capabilities, Hanwha aims to provide end-to-end solutions to its clients. This development underscores Hanwha's dedication to advancing shipbuilding technology and contributing to the adoption of eco-friendly propulsion systems in the maritime sector.  

dship Carriers signs for up to eight MPP newbuilds in China - Splash247 German MPP specialist dship Carriers is set to bolster its fleet through a substantial expansion initiative in China. The company, headquartered in Hamburg, has inked a deal with China Merchants Jinling Shipyard in Nanjing for the construction of up to eight heavylift multipurpose newbuilds. The agreement encompasses four confirmed 15,000 dwt units, along with an option for two additional vessels, part of the D500 series. This series marks dship Carriers' inaugural venture into newbuild construction and will also stand as the largest ships in its existing fleet. These vessels are designed to deliver notable improvements, including a significant reduction in fuel consumption and a remarkable 50% increase in cargo hold and deck capacity. Established in 2014 by Thomas Press, dship Carriers presently operates a fleet comprising approximately 20 ships. Led by Lars Feller, the independent arm of the deugro group anticipates the commencement of deliveries from the newbuild program in 2025.  

Merchant Vessel Damaged Off Yemen, Following Recent Houthi Attack in Red Sea A Barbados-flagged, U.S.-owned bulk carrier, the True Confidence, suffered damage in an attack 54 nautical miles southwest of Aden. International coalition forces rushed to its aid after an explosion, reportedly caused by individuals claiming to be the Yemeni Navy, resulted in visible smoke and damage. The incident follows the Rubymar sinking, another vessel previously attacked by Houthi forces, underscoring the ongoing threat to maritime security posed by the Iran-backed group. Three crew members are missing, and four others sustained serious burns. The vessel appeared to have been abandoned, according to a shipping source. The United Kingdom Maritime Trade Operations (UKMTO) reported the attack and confirmed coalition support for the damaged merchant vessel off Yemen's coast.     UKMTO WARNING INCIDENT 046 UPDATE 003 ATTACK Warnings - 2024 ( #MarSec pic.twitter.com/IOQ232ho1y — United Kingdom Maritime Trade Operations (UKMTO) (@UK_MTO) March 6, 2024

TEN books shuttle tanker newbuild in South Korea - Splash247 Greek shipping company Tsakos Energy Navigation (TEN) has placed an order for a new shuttle tanker at Samsung Heavy Industries, marking its return to the South Korean shipyard. The order, valued at $149 million, was revealed in a regulatory filing on Monday. The 154,400 deadweight tonnage (dwt) vessel comes with an option for a second one and is supported by a long-term charter agreement with ExxonMobil. This move follows an earlier commitment by the US supermajor to reserve up to four slots for shuttle tanker newbuilds at Samsung Heavy Industries. The first pair of 150,000 dwt vessels from this reservation is scheduled for delivery in June and December 2027.   TEN's latest order adds to its growing list of newbuilding projects, bringing the total to seven. The vessel from Samsung Heavy Industries is expected to be delivered by the end of August 2026, adding to two other shuttle tankers set for delivery in 2025.  

Höegh Autoliners gets $14m injection for ammonia-fuelled newbuildings | Environment news | Shipping Telegraph Norwegian roro company Höegh Autoliners announced yesterday a major milestone in its sustainability efforts, securing substantial Enova funding to propel its transition to ammonia-powered vessels. With nearly $14 million (NOK 146 million) in funding, the company aims to power two of its vessels with this alternative, eco-friendly fuel. This funding signifies significant progress towards Höegh's vision of making its Aurora Class the world's first PCTC vessel to operate on ammonia. Höegh Autoliners has already ordered 12 Aurora Class vessels, designed to transport rolling cargo and general solo cargo. Each vessel is equipped with engines capable of running on liquefied natural gas (LNG) and low-sulfur oil, and certified as ammonia-ready by DNV. The Enova funding, allocated to two of Höegh's planned ammonia vessels, underscores the company's commitment to environmental leadership and collaboration with key industry stakeholders. Andreas Enger, Höegh Autoliners' CEO, emphasized the importance of demonstrating the viability of clean ammonia as a zero-emission shipping fuel and signaling demand for carbon-neutral alternatives. Enger expressed gratitude for Enova's support, noting its instrumental role in derisking the decision to adopt zero-carbon vessels. With most Höegh Autoliners vessels sailing under the Norwegian flag and boasting significant Norwegian content, Enger highlighted the company's close ties to Norway's maritime cluster.   The Enova funding injection, coupled with Höegh Autoliners' innovative vessel design, marks a crucial step towards a sustainable shipping future, aligning with global efforts to combat climate change and reduce maritime emissions.  

George Procopiou reveals plans for Skaramangas shipyard - Shipping Herald