Too many orders! This shipbuilding giant is expanding its overseas shipyards.
2024-03-25 09:00
Riding on breakthroughs in green shipping, Tsuneishi Shipbuilding, Japan's fourth-largest shipyard with a century-long history, is experiencing a resurgence, with a significant increase in order intake and plans for a fifth round of expansion into overseas shipyards.
In 2023, Tsuneishi Shipbuilding Group received a total of 62 new ship orders, a significant increase from 35 in 2022 and far exceeding the initial annual target of 40 orders. In addition to these 62 orders, Tsuneishi Shipbuilding Group also secured 24 optional ship orders.
These new vessels will be built at Tsuneishi Shipbuilding Japan, Zhoushan Tsuneishi Shipbuilding, and Tsuneishi Shipbuilding's Cebu shipyard in the Philippines. With the increased order intake last year, the group has secured a workload of orders until the end of 2027.
The new orders received by Tsuneishi Shipbuilding Group last year were mainly for its flagship product—the 82,000-deadweight-ton Kamsarmax bulk carrier. In addition to traditional fuel Kamsarmax vessels, there were also 20 methanol dual-fuel vessels.
Tsuneishi Shipbuilding's products center on 30,000-180,000-ton bulk carriers, with the Kamsarmax bulk carrier as its core product. Tsuneishi Shipbuilding was also the first to develop the Kamsarmax vessel, and holds the world's largest market share in the 82,000-deadweight-ton Kamsarmax bulk carrier segment.
In January last year, Cargill, a major commodity trading giant, and Mitsui & Co., a Japanese trading company, placed an order with Tsuneishi Shipbuilding for two 82,000-deadweight-ton Kamsarmax bulk carriers, marking the first methanol-powered vessel order in the bulk carrier sector. The new vessels are scheduled for delivery and operation in the first quarter of 2026, and will be subject to a long-term charter agreement with Mitsui & Co.
This order marked Tsuneishi Shipbuilding's first construction of dual-fuel bulk carriers. Starting with Cargill's order, Tsuneishi Shipbuilding has received orders for a total of 27 methanol dual-fuel vessels of three types, including 20 Kamsarmax vessels, 3 82,000-deadweight-ton Kamsarmax vessels, 2 66,000-deadweight-ton Ultramax bulk carriers, and 4 5,900-TEU container ships.
It is worth mentioning that in October last year, Tsuneishi Shipbuilding received its first order for four 5,900-TEU methanol dual-fuel container ships, setting a new record for the group's container ship construction. Until now, Tsuneishi Shipbuilding's main container ships have been 1,091-2,806 TEU feeder vessels.
According to Tsuneishi Shipbuilding, the use of green methanol and new vessel designs will reduce carbon dioxide emissions by 15%. It is expected that by 2035, all vessels built by Tsuneishi Shipbuilding will be converted from traditional powered vessels to dual-fuel vessels.
In January this year, Tsuneishi Shipbuilding achieved another milestone—the completion and delivery of its first LPG carrier. This new vessel is approximately 99 meters long, 17.6 meters wide, and 8 meters deep, with a cargo capacity of 5,000 cubic meters. The LPG cargo tanks on board were entirely built in-house by Tsuneishi Shipbuilding.
Meanwhile, Tsuneishi Shipbuilding is also promoting new energy and alternative fuels in the coastal shipping sector. Currently, Tsuneishi Shipbuilding is building an LNG and battery hybrid coastal limestone carrier for Japanese shipowner NS United, scheduled for delivery in March this year. Tsuneishi Shipbuilding is also building a hydrogen fuel cell hybrid tugboat.
A Tsuneishi Shipbuilding representative revealed that the group is conducting comprehensive research on all potential new and alternative marine fuels. In addition to the currently under-construction methanol and hydrogen fuels, the group also plans to research biofuels and nuclear propulsion, so that it can act quickly when future demand increases.
In addition to actively developing new vessels, Tsuneishi Shipbuilding Group has also decided to increase its shipbuilding capacity. It is understood that the group is preparing for a fifth round of expansion of its Cebu shipyard in the Philippines, including several major projects, such as a new wood pelletizing business and the construction of the world's first methanol dual-fuel container ships.
In its 29-year history, the Tsuneishi Shipbuilding Cebu shipyard has undergone four rounds of expansion, growing from an initial area of 25 hectares to its current 170 hectares, and its workforce has increased from 300 to 10,000 direct and subcontracted workers.
It is understood that Tsuneishi Shipbuilding Co., Ltd. (Tsuneishi Shipbuilding) is a shipbuilding company under Tsuneishi Holdings Corporation (Tsuneishi Holdings), established in 1917, with a history of 104 years. It is currently the fourth largest shipyard in Japan. In addition to its Tsuneishi factory in Japan, Tsuneishi Shipbuilding began expanding overseas in 1994, successively investing in and building overseas shipyards in Paraguay, Cebu, Philippines, and Zhoushan, China.
In 2021, Tsuneishi Shipbuilding signed a share transfer agreement with Mitsui E&S Holdings, involving the transfer of 49% of the outstanding shares of Mitsui E&S Shipbuilding's merchant ship business and some subsidiaries and related companies, including its subsidiaries Niigata Shipbuilding and Mitsui Yura Shipyard, and the joint venture shipyard Yangtze Mitsui Shipbuilding with Yangzijiang Shipbuilding Group.
In 2022, Tsuneishi Shipbuilding completed the acquisition of an additional 17% stake in Mitsui E&S Shipbuilding, increasing its stake to 66% and becoming the parent company and largest shareholder of Mitsui E&S Shipbuilding. Mitsui E&S Shipbuilding and its subsidiaries Niigata Shipbuilding and Mitsui Yura Shipyard also became consolidated subsidiaries of Tsuneishi Shipbuilding from October.
Clarkson's data shows that Tsuneishi Shipbuilding Group currently has a total backlog of 133 vessels with 9.01 million deadweight tons, including 119 bulk carriers, 8 container ships, 2 LPG carriers, 2 tugboats, 1 limestone carrier, and 1 fishing vessel, with delivery dates extending to 2028.
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