Donghua Energy Finalizes 5 VLEC Orders
2014-09-23 09:00
At the 25th international maritime exhibition (SMM) held in Hamburg, Germany at the beginning of the month, German shipowners Hartmann Schiffahrts Gmbh & Co. KG, Jaccar Holdings, HB Hunte Engineering and DNV GL signed a letter of intent for five 85,000 CBM class very large ethane carriers (VLEC) "ECO STAR 85K". Nantong Pacific ( Location Comment News )Offshore engineering is responsible for construction and long-term leasing to Dong Hua Energy Co., Ltd.
There has been new progress on this news. Dong Hua Energy's wholly-owned subsidiary, Dong Hua Energy (Singapore) International Trading Co., Ltd., recently signed a time charter agreement for large liquefied gas refrigerated carriers with "HARTMANN SCHIFFAHRTS GMBH & CO.KG," with the lessor HARTMANN SCHIFFAHRTS GMBH & CO.KG (OR ITS NOMINEE) leasing five newly built 84,600 cubic meter large Liquefied gas carriers ( Ship type Shipyard Trading ), leased to the lessee for operation; the newly built vessels are expected to be delivered between May 2017 and January 2018, with a lease term of 120 months (10 years) from the delivery date, with an option to renew the lease (5 years) upon expiry of the lease term; the annual rent for each vessel is expected to be no more than US$24 million, and the total annual rent for the five vessels is expected to be no more than US$120 million.
However, Dong Hua Energy did not disclose the specific ship price and manufacturer, but according to industry insiders, the new ship price of the relevant ships is about US$125 million to US$130 million.
It is understood that the guarantor for the fulfillment of the contract by the lessor HARTMANN SCHIFFAHRTS GMBH & CO.KG is GREENSHIP HOLDINGS TRUST, whose holding company is JACCAR HOLDINGS; JACCAR HOLDINGS is an investment company focusing on investment in the maritime industry, and is the world's largest Drilling platform ( Ship type Shipyard Trading )supporting vessel company BOURBON Group's controlling shareholder, and also Bulk carrier ( Ship type Shipyard Trading )companies GREENSHIP BULK and SETAF SA GE ( Ship machine library Location )T, GREENSHIP GAS and EVERGAS, as well as the fishing vessel company SAPMER's holding company, with a total fleet size of over 550 vessels. The company has entered the shipbuilding industry by holding shares in domestic private shipyards Pacific Shipbuilding ( Location Comment News Recruitment )Group's shares. Therefore, the five vessels are most likely to be built by Nantong Pacific Offshore Engineering, a subsidiary of Pacific Shipbuilding Group, which specializes in the construction of liquefied gas carriers.
In addition, Jaccar Holdings and the German Hartmann Group recently announced that the two companies will establish a joint venture (JV) for the commercial management of ethane carriers, named "United Ethan Carriers (UEC)", headquartered in Singapore, which will actively pursue ethane transportation projects. In particular, the company will focus on the international commercial activities of ethane carriers, such as active marketing and branding.
It is understood that the VLECs built this time will be the first in the world to be equipped with "Star-Tri-Lobe" tanks in the cargo hold, with a capacity increase of about 30% compared to cargo holds equipped with traditional tanks, which can save transportation costs and achieve "economies of scale".
At present, there are no large-scale multi-purpose liquefied gas carriers internationally. With the continuous growth of North American alkane resource exports, the seaborne demand for ethane, propane, butane and other products has been increasing year by year. In the next 10 years, large liquefied gas carriers will be scarce resources in the global logistics chain. Through this vessel lease, Dong Hua Energy will form a core competitive advantage in resource control and international logistics.
It is reported that under the influence of the prosperity of US shale gas, the supply of ethane has been increasing, and the demand in Asia has also been gradually increasing; this will obviously bring a large number of orders for very large ethane carriers (VLECs). It is estimated that shipowners will order more than 60 VLECs in the next three years.
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