Category: finance

Week 44 at a glance

Week 43 at a glance

Week 42 at a glance

Week 41 at a glance

SCI to cancel 3,500 teu order at Rongsheng

The Shipping Corporation of India (SCI) is said to have canceled its single order for a 3,500 teu containership newbuilding at Rongcheng Shenfei Shipbuilding in China.

Ordered in July 2011, the ship was originally scheduled for delivery in August and SCI blamed delays at the yard for its decision to walk away from the contract.

SCI still has three 6,500 teu container ship newbuildings in the pipeline. The Indian company ordered these vessels in November 2010 at STX Dalian Shipyard. Ironically, these ships have also fallen behind schedule as a consequence of the STX group’s insolvency filing and the resulting uncertainty over the future of the group’s numerous affiliates and subsidiaries around the globe.

Originally slated for delivery in the first half of this year, the vessel trio is now expected to be ready in 2014.

Week 40 at a glance

Seaspan firms up five more 10,000 teu class ships

The Seaspan Corporation announced on Monday that it exercised options for the construction of five 10,000 teu containerships of its ‘Saver’ class, a design marketed by Seaspan for its high fuel efficiency. Scheduled for delivery in 2015, the vessels are to be built at China’s Jiangsu New Yangzi Shipbuilding and at Jiangsu Yangzi Xinfu Shipbuilding.

While the five ships have been ordered without the backing of firm charters, Seaspan does appear to be in negotiations with a carrier: The company stated that it expects to sign long-term charter deals with ‘one of the liner majors’ in the near term.

To be managed by Seaspan, the five ships will be owned by Greater China Intermodal Investments, a joint investment vehicle established by Seaspan, the Carlyle Group, and Blue Water Commerce.

Yesterday’s committment will bring the number of firm orders for ‘Saver 10000’ type vessels to 15 units, with at least six more options for sister ships in Seaspan’s books. Nine of these units will be financed through Greater China Intermodal. Units one to ten of the series have been chartered by Hanjin (six ships) and MOL (four ships).

The ‘Saver 10000’ class vessels are 337.00m long and 48.20m (19 rows) wide. They will be powered by an MAN B&W 10 S90-ME-C9 – CMD engine with an MCR of 58,100 KW. Unlike many of the recent twin-island designs, the ‘Saver’ 10,000 teu class features a conventional arrangement with the deck house in the three-quarters aft position, above the engine room.

Construction work is well underway and the lead vessel of the series has recently floated out at Jiangsu New Yangzi Shipbuilding for delivery in early 2014.