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GREEK SHIPOWNERS SEE ADVANTAGE OF FUEL-SHARING MODE.

MAN Diesel and Turbo has won the contract to supply the engines for two Greek LNG carriers (LNGCs). The installation of the MAN 51/60DF dual-fuel engines aboard the newbuildings represents an important first such reference for the company in the segment. The configuration for the new order covers 2 * 9L51/60DF + 2 * 8L51/60DF engines, a total of 34 MW installed power per vessel. All of the engines are IMO Tier II-compliant in diesel mode and will have lower exhaust-gas emissions in gas mode than IMO Tier III stipulates - fuel-sharing mode will be applied to each unit. The customer is Athens-based Alpha Tankers and Freighters International Ltd. Both newbuildings will be 160,000 m[greater than or equal to] carriers and are DFDE (dual-fuel diesel electrical)-driven. An option for further vessels and engines exists. Due for construction at STX Offshore and Shipping Co. Ltd. in South Korea, MAN Diesel and Turbo reports that engine delivery for both vessels is due in the fourth quarter of 2013 with vessel delivery to follow in 2014 and 2015.

The engines will be built at MAN Diesel and Turbo's Augsburg plant in Germany.

FUEL-SHARING MODE: The order is the first LNGC new build globally with fuel-sharing capability. This is a successful concept that was originally developed for MAN Diesel and Turbo's MAN B and W ME-GI type, a gas-injection two-stroke dual-fuel diesel engine. The company's LNG sales team, based in Augsburg, Germany has promoted this special feature since 2009 with a special focus on LNG carrier applications. To optimise the carriers' fuel flexibility in fuel-sharing mode, the dual-fuel engines can burn both gaseous and liquid fuels simultaneously. This will prove especially beneficial during ballast voyages where the volume of generated, natural boil-off gas is significantly lower than on a laden voyage.

MAERSK LINE REMAINS THE MOST RELIABLE CARRIER

With a score of 90.5%, Maersk Line maintains its status as the most reliable of the top 20 carriers across all trades. Every quarter Drewry releases its industry benchmark on reliability, the Drewry Schedule Reliability Insight. Every quarter Maersk Line is in the very top, and they have now had a 1st place ranking for six consecutive quarters. The score of 90.5% in Q3 is slightly lower than for Q2, but still high enough to make first place. None of the other carriers in the top 20 had a reliability score above 90%. Morten Engelstoft, Chief Operating Officer in Maersk Line, says: "We are proud to be number one and are committed to maintaining our ranking while lowering our costs, including bunker consumption." How do you become reliable?, What is Maersk Line doing to improve reliability? There are many options, explains Soren Toft, Head of Network Planning. One is designing a network that is actually capable of being reliable while not compromising the need to optimise for lowest cost.

"We need to have efficiency in mind while we build in flexibility for delays, volume variations, terminal productivity and weather conditions," says Soren.

DIANA CONTAINERSHIPS ACQUIRES NEW PANAMAX CONTAINERSHIP

Diana Containerships Inc., a global shipping company specializing in owning and operating containerships, announced that it has signed, through a separate wholly-owned subsidiary, a Memorandum of Agreement with Neptune Orient Lines Ltd. for the purchase of a 1995-built Panamax container vessel of approximately 4,750 TEU capacity, the m/v "APL Garnet", for a purchase price of US$30 million. The vessel is expected to be delivered to the Company from the sellers around the 19th of November, 2012. The vessel is to be chartered to NOL Liner (Pte.) Ltd. (or a guaranteed nominee or other entity of the NOL Group, subject to the Company's approval), for a period of thirty-four (34) months at a rate of US$27,000 per day, with 30 days more or less at the charterer's option. The time-charter party is to commence simultaneously upon delivery of the vessel to the Company, and is expected to generate approximately US$26.7 million of revenues for the minimum agreed period of the charter.

The vessel is anticipated to be purchased using the Company's existing cash.

KEPPEL'S OVERSEAS YARDS SECURE CONTRACTS WORTH S$160 MILLION

Keppel Offshore and Marine Ltd's subsidiaries, Keppel Subic Shipyard, Inc. in the Philippines and Keppel Verolme BV in the Netherlands, have secured contracts totalling S$160 million. Keppel Subic Shipyard has been awarded a contract from Shell Philippines Exploration BV (SPEX) to build a Depletion Compression Platform (DCP) to support the recovery of natural gas from the Malampaya gas field near Palawan Island, in the Philippines. When completed, the DCP will be deployed next to an existing shallow water production platform. The DCP is designed to maintain the current availability and deliverability of natural gas from the Malampaya field through regulating the gas export pressure and flow rates. Keppel Subic Shipyard will be responsible for the fabrication of the entire DCP, integration of the topside modules as well as the fabrication of the link bridge connecting the DCP to the shallow water platform.

The DCP comprises gas compression facilities mounted on a barge deck, supported by four tubular legs on base footings. Mr Michael Chia, Managing Director (Marine), Keppel O and M, said, "Over the years, Keppel Subic Shipyard has established a creditable track record in ship repair and major fabrication work. This DCP project is a good platform for us to further enhance our competencies for complex offshore work.

SHIPPING BOARD INQUIRE STATES TO SET UP MARITIME BOARDS SPEEDILY

The National Shipping Board (NSB) has asked Maritime States to speed up the process of setting up maritime boards. The 120th meeting of the NSB in Mangalore, Mr. P.V.K. Mohan, Chairman of NSB, said some maritime States have not yet formed Maritime Boards. The Gujarat Maritime Board has been there for 25 years. Maharashtra and Tamil Nadu have also set up Maritime Boards. "We want the other States to follow suit. It helps in faster development," he said. Stating that a meeting of the Maritime State Development Council (MSDC) will be held shortly, he said: "We will keep pushing the States to set up their maritime boards." To a query on Karnataka's progress in establishing a maritime board, he said NSB does not have any information in this regard. Asked if maritime States have shown interest in establishing more major ports, he said Kerala and Gujarat on the west coast have shown interest in setting up additional major ports.

"Earlier this year, we had written to all maritime States stating that the Central Government would be keen to set up one more major port in each maritime State. Some responses have come.

PORT OF LIVERPOOL TO TARGET MEGA SHIPS TO TAP WIDENING OF PANAMA CANAL

The UK Port of Liverpool is expected to become a logical and more direct call for large ships entering or passing through Europe, from Panama, especially, once the widened Canal is opened in 2014. The larger ships will then be able to pass from Asia through the Pacific Ocean into the Atlantic. Liverpool's new deep sea 'Liverpool 2' container facility will be capable of handling the large vessels serving this trade. The new will enable the handling of up to 1.5 million TEU when it is completed in 2015. In addition to being well placed to serve the heavily populated North England, Liverpool is a natural hub for Ireland and Scotland, and has good feeder links to northwest Europe. The Chinese export market is crucial to the UK, with the UK container market as a whole constituting 70 per cent of imports from the Far East. Traditionally most Far East container imports landed at ports in the southeast of England, but the supply chain is expected to shift in the future.

The Port of Liverpool is also a major and growing UK gateway for goods exported from India. With rising inland transportation costs and CO2 emissions will mean that Liverpool port will be a greener and much more cost-effective solution.

DRY BULK MARKET RETREATS AGAIN ON HIGHER SHIP SUPPLY

In further evidence of a latest round of dry bulk shipping misery, the industry's benchmark fell for the 11th straight session last week, as the influx of new building vessels continues to plague the market. The BDI (Baltic Dry Index) was down by 31 points to 916 points, with the Capesize market facing the biggest losses. The relative Baltic Capesize Index (BCI) was down by 4 percent to 2,098 points, while the average daily earnings were downy by $876 to $13,545. Additionally, the Panamax market was also down by 1.34 percent to 737 points. Panamax average earnings was down by $76 to $5,904 daily. Average daily earnings for handysize and supramax ships were down to $6,089 and $6,761, respectively. According to the latest weekly report from shipbroker Fearnleys, commenting on the Capesize market, "after a couple of weeks rally, rates have been dropping throughout this week. West Australia is presently at very low 9s, compared to close to 11 end of October.

Fronthaul which was excess USD 24 at the same time is presently around USD 20 (for December dates), with a lack of fixtures being concluded and some prompt/unfixed ships outside Brazil. There is a good demand for period ships, but rates are generally too low to attract owners' attention, as they keep the recent "mini-boom" fresh in mind" the shipbroker noted. Meanwhile, in the Panamax market, "the trend from last week continued into this week with little transatlantic business entering the market and plenty of ships looking for same. Some grain cargos for end November/beginning December destined for China are still being quoted, but at lower volumes than expected. Fhauls are now paying around mid 13k for Cont delivery or USD 14k + USD 400k bss APS USG. In the eastern hemisphere we still see a fairly active market with Indonesian coal still being shipped. The latter is however under pressure mid-week with plenty of ships competing for the same cargos. Pacific rounds are now being paid around USD 7k.

The period market is not too active at the moment but still some short period deals being done in the mid 7's for 4/8 months" said Fearnleys. In a separate report, shipbroker Shiptrade and Services noted on the Supramax markets that "Supramax market is steadily losing its pace, with the BSI Index closing at 669, a 30-point decrease compared to last week.
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Publication:Pakistan & Gulf Economist
Geographic Code:4EUUK
Date:Nov 18, 2012
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