Ocean Yield: The Pacific Ocean engineering company builds our ships
2016-07-14 09:00
Although it is widely believed that the troubled shipyard will only complete a small portion of its order for 18 new vessels, Norwegian shipowner Ocean Yield still plans to receive all of its ordered LNG carriers from the Pacific Ocean Engineering Company (SOE).
Lars Solbakken, CEO of Kjell Inge Rokke's Ocean Yield, said that the Nantong-based shipyard is in trouble, and the progress of shipbuilding for different shipowners varies greatly.
Three high-specification shipbuilding orders have made Ocean Yield a regular customer of Pacific Ocean Engineering (SOE). However, the specific supervision and follow-up work is handled by Alfred Hartmann's company, Hartmann Reederei, the charterer of the 36,000-cbm ethylene carrier after its completion.
However, Solbakken said that the first vessel is expected to be received as scheduled in October, and the other two vessels are expected to be received in the first quarter of next year.
The company ordered these vessels in May 2014, and each vessel is reportedly priced at US$81 million.
He said: "There is no indication that the delivery of the first vessel will be delayed."
Public information shows that the troubled Pacific Ocean Engineering (SOE) holds orders for 18 LPG and special LNG carriers. These vessels include five 22,000-cbm vessels from Eletson Gas, four 17,000-cbm and 22,000-cbm vessels from Odfjell, four 27,500-cbm multi-gas carriers from Jaccar's Evergas, and three 36,000-cbm vessels that Ocean Yield intends to lease to Hartmann.
Odfjell has indicated that it would not mind canceling its small portion of LNG carrier orders, which have exceeded the contractually stipulated delivery time.
TradeWinds previously reported that some people familiar with Liang Xiaolei's shipyard believe that two Jaccar vessels and one Ocean Yield vessel are expected to be delivered.
Solbakken is even more optimistic. He told TradeWinds: "You can't just look at one shipbuilding project and draw conclusions."
“Many shipowners have placed orders with Pacific Ocean Engineering (SOE), and the order situation varies greatly among different shipowners.”
“For us, there is no doubt that the shipyard prioritizes the construction of our vessels. I think the same is true for Jaccar's vessels. Currently, more than 300 employees are building our first vessel. Other shipowners' vessels have not yet been built.”
Solbakken attributes this to the follow-up work done by Hartmann and the refund guarantee from the Export-Import Bank of China (CExim).
He said: "We have a refund guarantee, and the company is not financially threatened if the vessels cannot be delivered. However, we are still very keen to lease the vessels."
“Captain Hartmann has other vessels in the consortium that can carry the required cargo, but those vessels are smaller and less cost-effective.”
Because the main engines and gas processing equipment have already been invested in, and the cabins are basically completed, it is expected that the second and third vessels will be completed.
Solbakken said: "There is no doubt that all parties are interested in delivering these vessels."
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