TANKER SHIPPING
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the two export areas has kept fleet utilisation above 90 per cent, despite the delivery of more than 30 new VLGCs in the first half. Dorian makes the point that a number of cargoes from the US have reached Asia via the expanded Panama Canal, although at higher canal toll levels than had been expected. “As the remainder of the orderbook
delivers through the second half of 2016 and into 2017, the shipping market is expected to balance through a combination of increased LPG trade and more vessels slow steaming and performing storage functions or being scrapped,” says Dorian.
dorianlpg.com
NAVIGATOR FEELS THE CHILL Navigator Holdings has reported second quarter revenues of $72.5m, down 13.8 per cent on last year despite its larger fleet of LPG tankers. Net income dropped by nearly 60 per cent over the year to $11.1m. Navigator has witnessed a marked decline in fleet utilisation, from 97.7 per cent in second quarter 2015 to 86.0 per cent this year, with timecharter equivalent earnings falling from some $30,600/day to $27,233/day. “Since the end of the first quarter of 2016, the handysize LPG seaborne transportation
market has seen a significant weakening, and we have been experiencing a reduction in both our vessel charter rates and our vessel utilisation” says the company. Low product prices have shrunk arbitrage opportunities and put LPG into greater competition with other fuels. “Given the forward curve of hydrocarbon market pricing and the additional vessels coming to the global fleet, we expect market softness to continue for the remainder of 2016,” Navigator warns. “We do not anticipate declaring or paying
any cash dividends to holders of common stock in the near term,” the company adds. “Te Board continues to believe that retaining existing cash resources and future earnings is the correct strategy, particularly in the current business environment, to maintain a relatively strong balance sheet and flexibility to finance opportunistic acquisitions or selectively expand our business.” Navigator took delivery of its latest newbuilding, the 37,300-m3
ethylene carrier
Navigator Aurora, at the start of August. Te vessel has been secured on a ten-year timecharter. Navigator now has six vessels under construction for delivery by July 2017.
www.navigatorgas.com
ETHANE POWER FROM MES Mitsui Engineering & Shipbuilding has completed construction of the world’s first ethane-operated two-stroke diesel engine. Te engine is the first of three being built for a series of 36,000-m3
ethylene/ethane
carriers on order for Hartmann Schiffahrt at Sinopacific Offshore Engineering. Te high-pressure gas injection ME-GI engines will also be able to run on methane if the tankers are used to carry LNG. “Te ME-GI engine represents the culmination of many years’ work and gives shipowners and operators the option of utilising fuel or gas depending on relative price and availability, as well as environmental considerations,” says MAN Diesel & Turbo, which developed the concept. “Research indicates that the ME-GI engine delivers significant reductions in CO2
, NOx and
SOx emissions. Furthermore, the ME-GI engine’s negligible fuel slip makes it the most environmentally friendly technology available. An ME-LGI counterpart that uses LPG, methanol and other liquid gases is also available, and has already entered service operating on methane.”
www.mes.co.jp www.corporate.man.eu
WWW.HCBLIVE.COM
MORE SHIPS FOR NAVIG8 Navig8 Chemicals continues to build its fleet, having in late July taken delivery of its second 49,000-dwt IMO II tanker, Navig8 Topaz, from STX. Te Interline- coated chemical tanker, built under a sale and leaseback agreement with Ocean Yield, has joined the Chronos8 commercial pool. Navig8 Chemicals also took delivery
of Navig8 Sky, second in a series of six 25,000-dwt stainless steel chemical tankers from Kitanihon. Te first two were part- financed under a secured loan facility with Credit Suisse AG and are sailing in the Stainless8 commercial pool. Apart from owned tonnage, the 20,000-dwt sisters Icdas-09 and Icdas-11 (2010/11) have joined the Brizos8 pool and Ardmore’s latest newbuilding,Ardmore Chinook (25,000 dwt) has joined the Delta8 pool.
www.navig8group.com
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