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VEB.RF Group provides financing for Sovcomflot LNG-fuelled MR tankers

‘We welcome the plans of Russian shipbuilders to create modern large-tonnage LNG-fuelled vessels,’ says Sovcomflot.

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Sovcomflot and VEB.RF Group at the St. Petersburg International Economic Forum on Friday (7 June) announced the signing of agreements whereby VEB Leasing will finance the construction of three new LNG-fuelled MR tankers.

“Sovcomflot is one of the world leaders in the implementation of ‘green’ technologies in the transportation of energy by sea,” said Sergey Frank, President and CEO of Sovcomflot.

“The company already successfully operates six new-generation Aframax tankers, which are powered by LNG fuel. Five more LNG-powered vessels have been ordered by Sovcomflot from the Zvezda shipyard and will be built over the next few years.

“We welcome the plans of Russian shipbuilders to create modern large-tonnage LNG-fuelled vessels which, of course, represent the future of world shipping. We are pleased that our history of positive cooperation with VEB.RF Group has been further developed with this project.

“VEB Leasing previously participated in financing the construction of a number of Sovcomflot’s leading vessels in Russia, such as the Arctic shuttle tankers of the Mikhail Ulyanov series, as well as new-generation Aframax tankers being built at Zvezda.”

“Shipbuilding is one of the largest engineering industries, with a significant scientific and technical component.  Support for this industry is one of the priorities of VEB Leasing and VEB.RF, to assist the industrial development of Russia,” said Artem Dovlatov, CEO of VEB-Leasing.

Sovcomflot initially placed the order for these three tankers with the Zvezda Shipyard (Primorsky region) on 28 December 2018 and the delivery of the vessels is scheduled for 2022-2023.

Each tanker will have a deadweight of 51,000 tonnes, and they are intended to transport petroleum products and gas condensate, operating under 20-year time charter agreements with NOVATEK.

The vessels will have an Ice Class 1B classification, enabling them to provide safe and reliable year-round transportation for hydrocarbons in challenging ice conditions, in particular within the Baltic Sea.

The vessels' technical specifications have been designed to meet international regulations on emissions, which come into effect in 2020.

In comparison with conventional bunkers, the use of LNG fuel can significantly reduce the amount of vessel emissions, for example: sulphur oxides (SOx) reduced by 100%; nitrogen oxides (NOx) reduced by 76%; carbon dioxide (CO2) reduced by 27%; low-dispersed particles eliminated completely.

Related: Sovcomflot orders LNG fuelled newbuilding for Novatek charter
RelatedSovcomflot orders LNG-fuelled tankers from Zvezda Shipbuilding

Other relatedZvezda Shipyard to build LNG-fuelled Aframax vessels
Other relatedSovcomflot secures funding for LNG-fuelled oil tankers
Other relatedShell charters LNG-fuelled Aframax duo from SCF Group

Photo credit: Sovcomflot
Published: 10 June, 2019
 

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Winding up

Singapore: Liquidators of Nan Ho Maritime, Nan Xin Maritime issue notices of dividend

Nan Ho Maritime’s second interim dividend and Nan Xin Maritime’s second and final dividend are payable from 4 September, according to Government Gazette notices.

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Notices of dividend for Nan Ho Maritime Pte Ltd and Nan Xin Maritime Pte Ltd, which are currently in creditors’ voluntary liquidation, were published on the Government Gazette on Friday (4 September). 

The following are the details of the notice for Nan Ho Maritime:

Name of Company : Nan Ho Maritime (Pte.) Ltd. (In Creditors’ Voluntary Liquidation)
Unique Entity No. / Registration No. : 200814315C
Address of Former Registered Office : 21 Bukit Batok Crescent, #22-70 WCEGA Tower, Singapore 658065
Amount per centum : 2.305 per centum of all admitted ordinary claims
First and Final or otherwise : Second interim dividend
When Payable : 4 September 2026 onwards
Where Payable : c/o AAG Corporate Advisory Pte. Ltd., 11 Collyer Quay, #07-02 The Arcade, Singapore 049317

The following are the details of the notice for Nan Xin Maritime:

Name of Company : Nan Xin Maritime (Pte.) Ltd. (In Creditors’ Voluntary Liquidation)
Unique Entity No. / Registration No. : 201701966W
Address of Former Registered Office : 21 Bukit Batok Crescent, #22-70 WCEGA Tower, Singapore 658065
Amount per centum : 3.980 per centum of all admitted ordinary claims
First and Final or otherwise : Second and final dividend
When Payable : 4th day of September 2026 onwards
Where Payable : c/o AAG Corporate Advisory Pte. Ltd., 11 Collyer Quay, #07-02 The Arcade, Singapore 049317

 

Photo credit: Benjamin Child
Published: 7 September, 2026

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LNG Bunkering

Singapore-based EPS takes delivery of three LNG dual-fuel bulk carriers

Three vessels are the third, fourth and fifth in the company’s series of 14 Newcastlemaxes being built at the yard, and were delivered five months ahead of their contracted delivery dates.

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Singapore-based Eastern Pacific Shipping (EPS) on Friday (4 September) announced the naming and delivery of three new LNG dual-fuel Newcastlemax bulk carriers from China’s Qingdao Beihai Shipbuilding. 

Cyril Ducau, CEO of EPS, said the vessels were named Mount Victoria, Mount Yulong and Mount Wuyi

The three vessels are the third, fourth and fifth in the company’s series of 14 Newcastlemaxes being built at the yard, and were delivered five months ahead of their contracted delivery dates.

“A big thank you to CSSC Group and Qingdao Beihai Shipbuilding, working alongside our EPS team, for the tremendous collaboration and commitment behind this achievement,” Ducau said in a social media post.  

 

Photo credit: Eastern Pacific Shipping
Published: 7 September, 2026

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Port & Regulatory

ISWG-GHG 22: IMO working group aims to present NZF text at MEPC 85

The Chair expressed his observation of a genuine willingness within the Group to make concrete further progress at the next ISWG-GHG meeting and work towards presenting text to MEPC 85.

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The Intersessional Working Group on Reduction of Greenhouse Gas (GHG) Emissions from Ships (ISWG-GHG 22) met for its 22nd meeting from 1 to 4 September 2026, chaired by Mr. Sveinung Oftedal (Norway), according to the International Maritime Organization on Friday (4 September). 

According to a meeting summary by IMO, the meeting had a high level of participation, with nearly 1200 registered participants, in person and online.

During the meeting participants considered the following agenda items:

Consideration of proposals, including documents submitted to MEPC 84 and 85, previous sessions of ISWG-GHG, as well as documents submitted to ISWG-GHG 22, on how to address concerns with the draft amendments to MARPOL Annex VI on the Net-Zero Framework, in line with the 2023 IMO GHG Strategy

Following constructive discussions, the Chair expressed his observation of a genuine willingness within the Group to make concrete further progress at the next ISWG-GHG meeting and work towards presenting text to MEPC 85 that adequately addresses the noted progress made in the consideration of proposals on how to address concerns raised regarding the draft amendments to MARPOL Annex VI on the mid-term measure.

The Group invited interested delegations to continue to consult intersessionally to address remaining concerns with the draft amendments to MARPOL Annex VI, in line with the 2023 IMO GHG Strategy, taking into account views expressed at the Group’s session, with a view to submitting concrete proposals reflecting enhanced convergence allowing timely adoption and effective implementation.

Further consideration of the draft guidelines supporting the uniform and effective implementation of IMO’s mid-term measures.

The Group held a preliminary exchange of views on this agenda item, although time became a limiting factor and the Group and agreed to defer the consideration of all documents submitted to this session under this agenda item to ISWG-GHG 23 (23-27 November 2026).

Further consideration of the development of the IMO Life Cycle GHG Assessment (LCA) framework.

Due to time constraints, the Group was not able to consider the agenda item related to the IMO Life Cycle GHG Assessment (LCA) framework. The Group deferred the consideration of those documents to ISWG-GHG 23, in conjunction with the report of the fourth meeting of the GESAMP-LCA Working Group expected to be submitted to MEPC 85.

Next steps

The next meeting of the Intersessional Working Group on Reduction of Greenhouse Gas (GHG) Emissions from Ships (ISWG-GHG 23) is scheduled for 23 to 27 November 2026, ahead of MEPC 85 (30 November to 3 December).

The second extraordinary session of MEPC (adjourned last October) is scheduled to resume on 4 December, subject to discussions at MEPC 85.

 

Photo credit: International Maritime Organization
Published: 7 September, 2026

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