Another 8 orders! Shipyards in China and South Korea split the spoils

2017-08-16 09:00

After six years, French shipowner Socatra has returned to the newbuilding market, signing letters of intent with shipyards in China and South Korea for a total of eight 50,000-dwt MR product tankers. oil tankers Letters of Intent.

According to South Korean media, industry sources said that Socatra will Jinling Shipyard and STX Offshore & Shipbuilding will respectively order 2+2 MR type product tankers . The new vessels will be built to International Maritime Organization (IMO) Tier III standards, with delivery expected in 2019. The specific price has not been disclosed.

Socatra last placed an order in 2011. At that time, Socatra ordered two MR product tankers from South Korea's SPP Shipbuilding, each costing approximately US\$38.5 million, with delivery scheduled for 2013. However, according to data from Socatra's official website, SPP Shipbuilding only delivered the 52,000-dwt Kirbora (built in 2013).

Currently, Socatra's fleet comprises 13 vessels, including six MR1 product tankers, two MR2 product tankers, three coastal tankers, and two ro-ro vessels.

If this order is officially signed, it will be the third newbuilding order received by Jinling Shipyard this year. Previously, Monaco shipowner Transocean Maritime ordered two 82,000-dwt Kamsarmax bulk carriers for delivery at the end of 2018 or the beginning of 2019. Danish shipowner DFDS ordered two ro-ro vessels worth US\$150.23 million, for delivery in early 2020. According to International Ship Network, Jinling Shipyard currently has 28 orders in hand, including 15 bulk carriers, container ships 4, car carriers 3, and 6 ro-ro vessels.

For STX Shipbuilding, this is expected to be its fourth newbuilding order this year. Previously, OceanGold Tankers ordered 2+2 50,000-dwt product tankers from STX Shipbuilding, built to IMO Tier II standards, each costing approximately US\$35 million, for delivery in 2019. In addition, STX Shipbuilding also received orders for a total of five 11,200-dwt product tankers from South Korean shipowners Woolim Shipping and Sambong Corp, for delivery in 2019.

In early July, the Seoul Central District Court announced the end of the receivership proceedings for STX Shipbuilding. STX Shipbuilding is currently managed by the Korea Development Bank. Observers say that the South Korean court allowed STX Shipbuilding to end receivership because of newbuilding orders from domestic and international shipping companies.

STX Shipbuilding currently focuses on building Panamax tankers and Handysize tankers. It is reported that STX Shipbuilding also signed a letter of intent with GoldenEnergy for four MR product tankers, which will be finalized after financing is secured.

Clarksons data shows that as of early August, 64 new product tanker orders (including chemical tankers) were signed in 2017, of which 32 were MR product tankers.

Global shipping market recovery officially confirmed!

New cycle for shipping industry after major reshuffle?

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