Scorpio has ordered up to 10 VLGCs in South Korea

2013-07-05 09:24

Daewoo Shipbuilding & Marine Engineering and Hyundai Mipo Dockyard in South Korea have received an order for up to 10 very large gas carriers (VLGCs) from Scorpio Tankers, a New York Stock Exchange-listed tanker owner.

Scorpio announced on the 2nd (local time) that it had signed shipbuilding contracts for the 84,000 CBM VLGC series with Daewoo Shipbuilding & Marine Engineering and Hyundai Mipo Dockyard at approximately US\$74 million per vessel.

While the owner did not specify the number of vessels ordered from each shipyard, it stated that the total number of vessels ordered is between 5 and 10. Of the 5 VLGCs, 2 will be delivered in the second quarter of 2015, 1 in the third quarter, and the remaining 2 in the fourth quarter of the same year.

Scorpio also stated that the order for up to 10 VLGCs replaces a previous order for 4 114,000 DWT LR2 product tankers from Samsung Heavy Industries in South Korea.

Emanuele Lauro, President of Scorpio, stated that this newbuilding order marks a happy entry into the LPG sector as part of their existing product carrier (PC) program.

On May 30 (local time), Scorpio announced a large order of high-efficiency product carriers from five South Korean shipyards.

Of the 16 new product carriers, Samsung Heavy Industries, Hyundai Mipo Dockyard, and Daewoo Shipbuilding & Marine Engineering received orders for 4, 2, and 2 114,000 DWT LR2 PC vessels respectively, at a price of approximately US\$52 million per vessel.

SPP Shipbuilding received an order for 4 52,000 DWT MR PC vessels at approximately US\$32.5 million per vessel; Hyundai Mipo Dockyard received an order for 4 37,000 DWT Handysize PC vessels at approximately US\$31.6 million per vessel.

In addition, Monaco-based Scorpio Group is planning a newbuilding project for up to 30 eco-friendly bulk carriers through a newly established company (tentatively named "Scorpio Bulkers") listed on the Oslo Stock Exchange.

According to industry forecasts, the company is placing a large order for the latest eco-friendly ultramax or handymax bulk carriers at shipyards in Japan and China.

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