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Star Bulk secures $70m in green loan financing for scrubber retrofits

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New York-listed dry bulk shipowner Star Bulk Carriers has secured $70m in green loan financing for its scrubber retrofits as part of a $310m loan agreement.

The $310m loan with DNB Bank, as the Mandated Lead Arranger, Facility Agent and Coordinator, along with ABN AMRO, BNP Paribas, Danish Ship Finance, and Skandinaviska Enskilda Banken, as Mandated Lead Arrangers, includes a $70m green tranche which will be used to finance the retrofitting of 50 scrubbers onto vessels in Star Bulk's fleet. The green loan tranche has been certified by DNV GL Business Assurance Services to be aligned with green loan principles.

While scrubbers have become popular with large vessel owners financing these multi-million retrofits has remained something of question mark as they cannot be financed by standard ship mortgage finance.

"The completion of this financing is an important milestone for Star Bulk and its lending partners, who are pioneering sustainable green loans for dry bulk shipping investments, which aim to promote maritime emission reductions and compliance with the 2020 IMO regulations,” Star Bulk said.

The green loan tranche has a margin of 280 basis points over LIBOR and an amortisation profile of 4.5 years.

Source:seatrade-maritime

Subsea 7 wins ‘sizeable’ Tullow EPCI contract offshore Ghana

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Tullow Ghana has awarded Subsea 7 an engineering, procurement, construction and installation (EPCI) contract in the Jubilee field offshore Ghana.

No value was given for the deal, but Subsea 7 described it as “sizeable”, meaning it is between US$50M and US$150M. The contract was awarded under a consortium comprising Subsea 7 Volta Contractors and NOV Oil & Gas Services Ghana.

The scope of work includes installation of a buoy turret loading system and associated suction piles, along with offloading lines and an additional hang-off platform and skid for a floating production, storage and offloading vessel.

The offshore installation will take place in 2020, with a significant part of the fabrication to be completed in Ghana.

Subsea 7 vice president for the Africa region Gilles Lafaye said: “This project builds upon our presence in the Ghanaian market and our long-term relationship with Tullow.”

Source:osjonline

Keppel to build another two LNG carriers for Stolt-Nielsen worth around S$105 million

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Keppel Offshore & Marine (Keppel O&M) through its wholly-owned subsidiary Keppel Singmarine, has signed two additional contracts with Stolt-Nielsen Gas B.V. (Stolt-Nielsen Gas), a subsidiary of Stolt-Nielsen Limited, following the exercise by Stolt-Nielsen Gas of its options to build two additional small-scale LNG carriers worth a total of around S$105 million.

Three options were granted to Stolt-Nielsen Gas as part of the original contract signed in May 2017 between Keppel Singmarine and Stolt-Nielsen Gas to build two LNG carriers. The first option lapsed in November 2017, while the second and third options have now been exercised by Stolt-Nielsen Gas.

Mr Abu Bakar, Managing Director (Gas & Specialised Vessels), Keppel O&M, said, “We are pleased that Stolt-Nielsen Gas has exercised their options to build two additional LNG carriers. It reflects the partnership that we have built over the past year, and Keppel O&M’s ability to leverage our newbuild and LNG expertise to provide customised solutions.”

“These LNG carriers will be the 4th and 5th vessels capable of LNG bunkering as well as the 11th and 12th LNG powered vessels that Keppel will be building. We look forward to furthering this track record as the industry increasingly adopts LNG as a marine fuel.”

Similar to its preceding two units, the two LNG carriers will each have a capacity of 7,500m3, and come equipped with engines that can run on both diesel and LNG. To be completed in 4Q 2020 and 1Q 2021 respectively, the carriers will have a class notation for bunkering which enables the provision of LNG bunkering services if required.

With the tightening of global emissions standards, the marine industry is increasingly adopting LNG as a marine fuel. Economical and quick to market, small-scale LNG projects are a means to reaching end users located in remote areas not served by pipelines.

The abovementioned contracts are not expected to have a material impact on the net tangible assets or earnings per share of Keppel Corporation Limited for the current financial year.

Source:Keppel Corporation

Port of Rotterdam to create new space for polymer storage

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The Port of Rotterdam Authority and Rotterdam Polymer Hub (RPH) signed an allocation agreement regarding a site for two halls for the storage and distribution of polymers.

The project is a joint initiative of the Port of Rotterdam Authority, Euro-Rhine Group and entrepreneur Geert Van De Ven.

The two halls will have a combined floor area of 35,000 m² and will be built at Maasvlakte. The selected sites are suited to polymer storage as they are near various deep-sea container terminals, modern infrastructure and good connections with the European hinterland.

RPH expects to take the halls into use in the third quarter of 2019.

As Emile Hoogsteden, the Port of Rotterdam Authority’s Director of Containers, Breakbulk and Logistics informed, the Port decided to build this site in response to growing import flows from the Middle East and the US.

Over the next few months, the partners will be introducing RPH at the EPCA in Vienna, the GPCA annual meeting in Dubai and the Petrochemical Supply Chain & Logistics Conference in Houston.

Source:safety4sea

World’s first LNG cruise ship starts its first voyage

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On October 8, AIDA Cruises’ newest ship AIDAnova departed the Meyer shipyard in Papenburg, Germany. The ship will now be transferred on the river Ems to Eemshaven, Netherlands.

AIDAnova passed the dock gate in Papenburg, the Friesen-bridge near Weener and then the Jann-Berghaus-bridge in Leer.

The cruise ship is planned to arrive in Emden and moor in Eemshaven on October 10 morning, as Meyer Werft informed.

When AIDAnova arrives in Eemshaven, it will undergo the final sea trials.

AIDAnova is the world’s first cruise ship that will run on LNG and was christened in August this year. In fact, as NABU said, AIDAnova is the only newly built cruise ship that uses LNG.

The gigantic cruise ship will start its maiden season with voyages around the Canary Islands. However, before going to the Canary Islands, the ship will go to Hamburg, as on December 2, it will visit the Hanseatic City on the Elbe.

AIDA will take over the new ship from the Meyer Werft shipyard on 15 November 2018, in Bremerhaven. AIDAnova is 337 meters long and 42 meters wide, while it will be able to accommodate 6,600 passengers.

Source:safety4sea

Port of Long Beach Moves 8 Million TEUs in Fiscal Year

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The Port of Long Beach closed out the 2018 fiscal year having handled 8,000,929 twenty-foot equivalent units (TEUs) during the previous 12 months, the most ever, representing a 10.7 percent increase over fiscal year 2017.

The Port's fiscal year is Oct. 1 to Sept. 30.

“We are poised to break our calendar year record at the end of December,” said Port of Long Beach Executive Director Mario Cordero. “Despite the tariffs imposed by redsvc Washington and Beijing, international trade is showing resilience, and at our Port we are providing a conduit for commerce that’s efficient for our customers and getting their cargo to destinations faster, saving them money.”

“The Port of Long Beach moved 701,204 TEUs last month, the second-busiest September in our 107-year history,” said Long Beach Harbor Commission President Tracy Egoscue. “That's a good thing for our economy. Trade flowing through the Port of Long Beach supports 1.4 million jobs across the United States, including more than 300,000 jobs in Southern California.”

September’s total volume was flat, with a slight decrease of 0.1 percent compared to September 2017. Imports decreased 2.5 percent to 357,301 TEUs compared to the previous year. Exports were down 3 percent to 121,561 TEUs, while empties increased 5.9 percent, to 222,343 TEUs.

The Port of Long Beach is one of the world’s premier seaports, a gateway for trans-Pacific trade and a trailblazer in goods movement and environmental stewardship. With 175 shipping lines connecting Long Beach to 217 seaports, the Port handles $194 billion in trade annually, supporting hundreds of thousands of Southern California jobs.

Source:Port of long beach

Maersk Invests in Freight-Booking Startup Loadsmart

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A.P. Moeller-Maersk A/S is investing in U.S. freight-booking startup Loadsmart Inc. as the container shipping giant builds up its efforts to extend its services beyond maritime transportation.

Maersk Growth, the shipping company's venture investment arm, is leading a $21.6 million Series A funding round in New York City-based Loadsmart, together with Connor Capital SB and Chromo Invest. Maersk said its stake in Loadsmart provides "huge potential" for integrating its ocean-shipping services with the startup's trucking technology.

Loadsmart, which focuses on booking full-truckload shipments for shippers that include Daimler AG, Anheuser-Busch InBev SA and Electrolux AB, says it will use the funds primarily to reach new customers.

"It's not just about moving shipments, but how can we add technology — collecting data and launching products that make [shippers'] lives easier," said Loadsmart Chief Executive Ricardo Salgado.

Loadsmart is in a growing lineup of companies that are bringing new technology to the shipping business and seeking to upgrade often-antiquated systems by making booking easier and providing greater visibility on the movement of goods through supply chains. By gathering and connecting shipment data in the cloud, the new technologies seek to provide live status updates, auto-populate paperwork and reduce wait times for pickups and drop-offs at warehouses, ports, rail yards and other freight hubs.

"We want to deliver end-to-end solutions to our customers," said Sune Stilling of Maersk Growth. "Being able to leverage Loadsmart is a great fit for our longer-term vision…We think of it as pieces of the puzzle." Maersk Growth also has invested in supply chain tech startups SensorTransport, Ripe.io and TeleSense Inc., according to a company spokesman.

Natan Reddy, an analyst with CB Insights, said the Maersk-Loadsmart partnership comes as other large shipping companies are investing more in supply chain technology startups. French container line CMA CGM SA this year opened what it calls an incubator for digital startups looking to bring technology to shipping.

Maersk is "trying to get in on this rising tide of supply chain technology we're seeing coming up," Mr. Reddy said.

"Maersk has control over a huge number of containers…so it would make sense to position yourself as somebody who's enabling them or leveraging them to yourself," Mr. Reddy said. "The players that I see as having the most runway into the future…are focused more on connecting with existing players in the system rather than those looking to replace existing players."

Source:news.morningstar

Maersk Container Industry secures historically large reefer order from Hapag-Lloyd

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Hamburg-based global container line Hapag-Lloyd has recently announced new reefer bookings of 11,100 units and awarded Maersk Container Industry (MCI) a huge order totalling 8,600 units, of which 2,000 will be Controlled Atmosphere (CA) reefers. The company has already commenced production of the 8,600 Star Cool Integrated™ reefers at their Qingdao site in China.

Committed to ambitious carbon emissions reduction

All 8,600 reefers are ready to switch over to R513A, a low Global Warming Potential (GWP) R513A refrigerant blend introduced to Hapag-Lloyd last year in 1,000 Star Cool units. The alternative refrigerant offers a 56% GWP reduction. The operational experience gained so far by Hapag-Lloyd with the environmentally friendly refrigerants has been ‘eventless’ and without any obstacles. The use of the R513A refrigerant with Star Cool addresses the environmental protection legislation for existing technology platforms introduced under the EU’s F-gas regulations.

“It is reassuring to know that we have the ability to fully convert a large part of our reefer fleet to a lower GWP refrigerant solution, without having to make any modifications to the machines or compromise on performance,” commented Niklas Ohling, Senior Director at Hapag-Lloyd.

“We deeply value the trust shown in us by Hapag-Lloyd, which is founded on 18 years of experience in supplying reefer containers to them. This close cooperation led Hapag-Lloyd to order their first batch of Star Cool units in 2012, since when the proportion of these cutting-edge reefers in the Hapag-Lloyd fleet has steadily grown over the years. The 8,600-reefer order from Hapag-Lloyd obviously marks a further milestone for MCI and Star Cool,” said Søren Leth Johannsen, Chief Commercial Officer at MCI.

All Star Cool units produced since July 2017 provide operators with total freedom to decide whether it makes economic sense to charge with R513A or R134a, without restriction. All Star Cool units produced prior to July can also be adapted to run on R513A with only minor modifications.

The successful launch of Hapag-Lloyd’s ExtraFresh and ExtraFresh Plus services has led to further expansion of the CA technology for 2,000 Star Cool Integrated containers. This brings the total number of Star Cool CA systems up to 5,000 machines within Hapag-Lloyd’s growing ExtraFresh fleet.

The energy efficiency of Star Cool can now be proved in real time thanks to the built-in energy meter, which is a first in this industry. “Our aim is to cut Hapag-Lloyd’s total carbon footprint by a further 20% by 2020 and efficient reefer containers will play a significant role in achieving this goal,” Niklas Ohling concluded.

Source:MaerskContainerIndustry

Building The World’s First LNG-Powered ConRo

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El Coquí, the Commitment-class ship named after a tiny Puerto Rican frog, was delivered to Crowley Maritime Corporation (Crowley) from VT Halter Marine’s Mississippi yard on 20 July 2018. Hailed “the cargo ship of the future”, the vessel has been flying the flag as one of the world’s most technologically advanced and eco-friendly Combination Container Roll-on/Roll off (ConRo) ships.

The El Coquí is, in fact, the first of two liquefied natural gas (LNG)-powered ConRo ships commissioned for Crowley’s shipping and logistics services between Jacksonville, Fla. and San Juan, Puerto Rico. Like her sister ship Taíno, El Coquí was constructed under the US Jones Act federal statute and is able to transport up to 2,400 twenty-foot-equivalent container units (TEUs) and a mix of nearly 400 cars and larger vehicles in its enclosed, ventilated and weather-tight Roll-on/Roll-off decks.

Buck Younger, Vice President of Engineering at VT Halter Marine, has been working on the ConRo programme since joining the company in 2013. “As functional design manager and programme engineer on the programme, I worked closely with the naval architects, mechanical engineers, electrical engineers and designers responsible for the vessel. Given the technological breakthroughs we hoped to achieve with the El Coquí, the programme was definitely an exciting challenge right from the onset,” Buck recalled.

An important consideration in the development of El Coquí was the requirement to use LNG fuel – a move aligned to impending International Maritime Organisation (IMO) regulations on lowering shipboard emissions. Buck explained, “The slow speed main engine, which runs on a high press diesel cycle, was specially selected for its ability to offer the lowest levels of methane slip, which accounts for cleaner methane emissions. Care was also taken in the design of the fuel gas system to trap and reuse any methane discharge associated with system purging. The customer brief was to achieve zero methane discharge!”

Another key consideration was the requirement to locate the LNG storage tanks and LNG pump room below the main deck. In the absence of an international safety code governing LNG-powered ship designs at the time, the team adopted the IMO Interim Guidelines MSC 285(86) and United States Coast Guard (USCG) Policy Letter 01-12 instead. This required close collaboration with DNV GL and USCG. “I can tell you that El Coquí was the first LNG ConRo to be approved by the USCG!” Buck revealed with a chuckle.

Efforts were also invested to insulate the vessel’s steel plates against potential LNG spillage on board. Besides locating the LNG storage and pump room in a stainless steel room below deck, the team insisted on the use of IMO Type C double-wall vacuum-insulated LNG storage tanks, which were built for high resistance to cracks and fractures. These tanks offered a 58-day hold-time compared to the Class requirement of 21 days, thereby prolonging the efficient storage of LNG while eliminating the risk of unlikely leaks in the inner tank.

Other green ship innovations incorporated on board the El Coquí included two ballast water treatment units that comply with regulations on the discharge of ballast water; an oily water separator that prevents the discharge of oil and gasoline overboard; and the use of double-wall vacuum-insulated stainless-steel gas pipes for the safe conveyance of LNG.

All in all, the successful delivery of El Coquí marked an important milestone in shipbuilding and engineering for VT Halter Marine – one that was driven by environmental stewardship. For all of us working on the El Coquí, this has been the result of clear focus, strong discipline and good teamwork in meeting customer requirements. On many occasions, the team had risen to the challenges of working across cultures with designers in Germany, Denmark, Poland and Norway, establishing new weld procedures and participating in workforce re-training to integrate various vessel components so that the functionality, producibility and maintainability of the ship can be optimised throughout the design phase.

“We held regular face-to-face meetings, conducted weekly teleconferences and utilised 3D product modelling to review design adjustments with all parties online in real time. To ensure service responsiveness, we even stationed one of our engineers in Poland, where the facilities of a key subcontractor is based!” he elaborated.

Last but not least, the development process and experience have been deeply satisfying for Buck on a personal level. “For me, the greatest reward was seeing the ship come to life and operating in the customer’s fleet. That’s what all the hard work and sacrifices were ultimately for,” he said with a broad smile.

Source:hellenicshippingnews

Johan Sverdrup’s Power

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The Norwegian Minister of Petroleum and Energy, Kjell-Børge Freiberg, has officially opened the power-from-shore solution which will provide the Johan Sverdrup field in the North Sea with electricity for more than 50 years. 

Today Johan Sverdrup’s power from shore was officially switched on about a year before production start-up.

“This is an important day for Equinor and the Johan Sverdrup partners, so it is a great honour to get help from none other than the Minister with this final task to fully operationalize the power-from-shore solution,” said Jez Averty, senior vice president for operations in the south of the North Sea.

“With estimated resources of up to 3,2 billion barrels, and a production horizon of more than 50 years, it is key that Johan Sverdrup production is as effective as possible with the lowest possible emissions. Low carbon production is a key element of the company’s strategy and fully aligned with our roadmaps for climate and for the Norwegian continental shelf.”

Johan Sverdrup full-field production is estimated to reach 660,000 barrels of oil per day at plateau, with a break-even of less than 20 dollars per barrel, and with CO2 emissions of only 0.67 kg per barrel. Power from shore to Johan Sverdrup will help reduce emissions by an estimated 460,000 tonnes of CO2 per year, equivalent to the emissions of 230,000 private cars each year.

Working closely with partners and suppliers, Equinor has taken initiatives to enable the supply of power from shore already in the commissioning phase offshore. With several energy intensive operations planned prior to production start-up – including the tieback of the eight pre-drilled production wells – the early supply of electricity from shore helps further reduce the carbon footprint of the project, the company said.

The Johan Sverdrup partnership has also, in collaboration with the supplier Master Marine, taken steps to ensure that the temporary accommodation rig Haven – where most of the offshore workers currently live – is also supplied with power from shore during the remainder of the project finalization stage.

In Phase 1 of the Johan Sverdrup development the power-from-shore solution has a capacity of 100 MW, based on a production capacity of up to 440,000 barrels per day.

Several suppliers across several countries, both onshore and offshore, have been involved in developing and delivering the chosen solution for power from shore to Johan Sverdrup Phase 1.

ABB delivered the HVDC equipment for the two converter stations, onshore at Haugsneset close to Kårstø and offshore at the Johan Sverdrup field centre. First, at Haugsneset, the electric current is converted from alternating current (AC) to direct current (DC), enabling the transmission of electricity for 200 km offshore, while minimizing loss. Then, offshore, the electric current is converted back to the alternating current needed to run the field centre equipment.

Aibel was responsible for all construction related to the onshore converter station at Haugsneset. Aker Solutions was responsible for the engineering and Samsung Heavy Industries built the riser platform including the converter module where the HVDC equipment is placed offshore. And NKT was responsible for fabrication and installation of the 200 km power cables from Haugsneset out to the Johan Sverdrup field centre offshore.

In Johan Sverdrup Phase 2, with start-up expected in Q4 2022, the power from shore capacity will be expanded with 200 MW, giving a total capacity of 300 MW. This enables Johan Sverdrup to facilitate access to power from shore to the other fields at Utsira High – Edvard Grieg, Gina Krog og Ivar Aasen.

The expanded power capacity will also be needed for the added Johan Sverdrup production capacity of 220,000 barrels per day, and the total full field production capacity of 660,000 barrels daily.

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