International Maritime Club Newsletter

UK-based Navig8 Chemical Tankers Inc. has declared the option to purchase the 2015-built chemical tanker Navig8 Aquamarine, Oslo-listed shipowner Ocean Yield said. Following the delivery of the 37,000 dwt IMO II chemical tanker to Ocean Yield from its Korean shipbuilder Hyundai Mipo Dockyard in June 2015, the vessel started a 15 years “hell and high water” bareboat charter with Navig8 Chemical Tankers Inc. The ship forms part of a series of total eight chemical carriers that were chartered to Navig8 Chemical Tankers Inc. The effective purchase date is 25th June 2020 with a price of USD 26.5 million. Navig8 Chemical Tankers Inc. was established in 2013 as a joint venture between Navig8 Group and funds managed b

y Oaktree Capital Management to capitalize on significant structural changes in the petrochemical industry and the continuing development of long-haul chemical trades. It has a fleet of 32 large, fuel-efficient vessels, according to the company’s website.(Credit: worldmaritimenews.com)

April 1st,2020 Edition
Issue No: 102

Hyundai Heavy Industries Group Clinches Deals for Six New Ships

Hyundai Heavy Industries (HHI) Group, the biggest shipbuilder in South Korea, has secured two new orders for a total of six vessels.On December 26, Hyundai Mipo Dockyard, a subsidiary of HHI Group, announced a construction contract for four 1,800 TEU containerships. The deal, signed with an undisclosed Asian company, is worth KRW 119.4 billion (USD 102.8 million). The ship quartet is slated for

delivery by the end of October 2021, Hyundai Mipo said in a stock exchange filing. Separately, Hyundai Samho Heavy Industries, also part of HHI, revealed a KRW 218.8 billion (USD 188.4 million) order for two very large crude carriers (VLCCs). The tankers were ordered by an unnamed Asian shipowner and are scheduled to be delivered by the end of June 2021. The latest orders follow the onesby HHI during the previous week which comprise eighteen new ships. As a result, the group has so far this year clinched orders for a total of 135 ships, amounting to USD 12 billion. The orders helped the shipbuilder reach 76 percent of its annual order target of USD 15.9 billion, according to Yonhap News Agency.(Credit: worldmaritimenews.com)