30
SHIPPING
NEWS BULLETIN
commissioned and due to be delivered before the end of September.
exmar.be
FIRST TO BUNKER LNG IN ROTTERDAM Terntank’s latest newbuilding, the 15,000-dwt product tanker Ternsund, arrived in Rotterdam in early August with a maiden cargo of naphtha and gasoil from Singapore for discharge to Vopak’s terminal in Botlek. Te dual-fuel ship then took on LNG bunkers at the former ECT terminal, supplied by truck from the Gate terminal on the Maasvlakte. Ternsund is the first seagoing vessel to bunker
LNG in Rotterdam but the port is keen to promote itself as a major European LNG hub. LNG is priced some 20 per cent lower than elsewhere in the region, the port claims, and it is also offering a 10 per cent reduction on port dues through the Environmental Ship Index and the LNG Bunkering Incentive. Construction of the new tanker, the first of
a series of four, at Avic Dingheng in China was supported by the EU co-funded project ‘Into the Future – Baltic SO2
is part of a cooperation between Terntank, HCB MONTHLY | SEPTEMBER 2016 lution’. Te project
marine solutions provider Wärtsilä, fuel and bio-products supplier North European Oil Trade (NEOT), which has chartered the tanker, and energy and environmental consultant Wega under the Zero Vision Tool.
www.terntank.com www.portofrotterdam.com
EXMAR HOLDS STEADY Exmar has reported consolidated revenues of $156.7m in its provisional figures for the first half of 2016, down slightly on last year’s $158.0m. EBITDA improved from $54.8m to $57.8m. EBITDA from Exmar’s LPG operations fell from $13.9m to $11.8m, largely on the back of weakening rates in the VLGC sector. Exmar says there are signs that freight rates may have bottomed out. Exmar’s LNG sector posted improved
returns, partly due to the termination fee paid by Pacific Exploration after cancelling its contract on the new Caribbean FLNG floating unit, which is currently being
VLGC GLUT HITS DORIAN Dorian LPG has reported revenues of $50.5m for the three months to end June, the first quarter of its 2017 fiscal year and the first quarterly result since the completion of its newbuilding programme. Te company made a net loss of $1.3m, compared to a net profit of $13.7m a year earlier, as the arrival of several VLGC newbuildings over the intervening period pushed up costs at a time when earnings were falling: average timecharter earnings in the latest period were around $26,400/day as against nearly $55,500/day in the three months to end June 2015. John Hadjipateras, chairman, president and CEO, comments: “Our results for the quarter, against the backdrop of an increasingly challenging freight market, reflect the benefits derived from the management of the Helios Pool and our balanced chartering strategy. Our utilisation rate and daily operating expenses are at competitive levels benefiting from focused management and a modern and homogeneous fleet. As we pursue our mission of customer service supported by our strong balance sheet, we are evaluating opportunities in the current market conditions.” LPG trade fundamentals continue to develop
favourably, Dorian says. Global seaborne trade volumes for the first half of 2016 were 48m tonnes, up from 45m tonnes last year, with strong activity in both the US Gulf and Middle East despite “a pronounced lack of arbitrage trades”. Price competition between
RECENT ARRIVALS IN THE TANKER FLEET INCLUDED NEW SHIPS FOR NAVIGATOR GAS (OPPOSITE) AND TERNTANK (ABOVE), THIS ALSO BEING THE FIRST SEAGOING SHIP TO TAKE ON LNG BUNKERS IN ROTTERDAM
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