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Veson Nautical: Majority of vessels on order in South Korea are being fitted with dual fuel engines 

Approximately 63% of the vessels on order in South Korea are being fitted with dual fuel capabilities, with a market value of USD 99.58 million, says Rebecca Galanopoulos Jones, Content Analyst.

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The following is an infographic analysis by Rebecca Galanopoulos Jones, Content Analyst at Veson Nautical, shared with Singapore-based bunkering publication Manifold Times on the vessels on order in South Korea including the share of dual fuel vessels being built:

South Korean Orderbook Analysis

To mark the start of the KOBC and Marine Money conferences in South Korea, we take a look at the South Korean orderbook, using VesselsValue data. The infographic analyses the breakdown of vessels on order in South Korea, the top ordering nations, the key companies investing in South Korean newbuildings, the most valuable vessels on order and the share of dual fuel vessels being built. 

South Korean Orderbook by Vessel Type

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Containers are the most popular vessel on order in South Korea, with a total of 263 vessels, followed by LNG carriers with 249 vessels, Tankers ranked third with a total of 135 and LPG carriers are in fourth place with 67 vessels.

LNG carriers are the most valuable sector on order, worth USD 34.2 bn. This sector has seen extraordinary increases in values over the last two years with values exceeding record highs at the end of Q3 2022 and continuing to rise since then. The contract price of a newbuild Large LNG vessel of 174,000 CBM, has risen by c. 26.37% since October 2021 from USD 203.83 mil to USD 257.74 mil. Since October 2021, there have been 285 LNG vessel orders globally, which equates to 27.4% of the live fleet. This is due to improved demand fundamentals that have resulted from the ongoing conflict between Ukraine and Russia. Despite a relatively small live fleet of 1,039 vessels, soaring global demand for LNG has sent the values sky high with the fleet value for LNG carriers currently at USD 190 bn. 

South Korean Orderbook by Top Owning Nations

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Of the top owning nations within the South Korean orderbook. Greece ranks first. This is both by number of vessels and total value, comprising of 124 vessels on order and a total value of USD 18.99 bn. Sea Traders have the largest orderbook in terms of volume, with 22 Panamax Bulkers on order, followed by Evalend Shipping with 21 vessels on order including VLGC LPGs, Handy Bulkers, Suezmax and LR1 Tankers and Large LNG vessels. Dynacom Tankers have 19 vessels on order ranging from VLCCs to LR2s. South Korea ranks second with 113 vessels on order and a market value of USD 17.1 Bn. Japan are in third place with 84 vessels on order, worth USD 15.58 Bn.

South Korean Orderbook by Top Five Owners

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NYK Line is ranked first within a list of the top five owners with vessels on order in South Korea, with an orderbook value of USD 7.62 Bn, consisting of 29 Large LNG vessels of 174,000 CBM. In addition to the vessels on order in South Korea, NYK Line has a further 32 vessels on order in Japanese and Chinese yards, this includes additional LNG vessel orders, Bulkers, Containers, LPG and Vehicle Carriers. Global Meridian Holdings are in second place with a total of USD 6.07 bn on order and a total of 23 vessels, all are Large LNG vessels of 174,000 CMB. With a total orderbook value of USD 5.9 Bn, Evergreen Marine Corp rank third.

The 34 vessels on order are all New Panamax Containers of 15,000 - 15,500 TEU. They are followed by MOL in fourth place, with an orderbook value of USD 5.56 Bn, a total of 21 vessels consisting mainly of Large LNG vessels of 174,000 CBM. Eastern Pacific Shipping are in fifth place with a total value of USD 4.85 Bn, the 18 vessels on order in South Korea consist of Containers and LPG carriers. 

It should be noted that CMG CGM have the highest number of vessels on order in South Korea, with a total of 38 Containers vessels, ranging from Sub Panamax vessels of 2,000 TEU to New Panamax Containers of 13,000 TEU and a market value of USD 3.83 mil.

South Korean Orderbook by Dual Fuel engines 

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Of the vessels on order in South Korea, approximately 63% are being fitted with dual fuel capabilities, with a market value of USD 99.58 mil. With the exception of LNG carriers which will always be dual fuel, all Vehicle Carriers on order in South Korea are dual fuel. Within the global orderbook almost all Vehicle Carriers are Dual Fuel spec comprising c.82% of total orders based on 133 ships. This is because the main cargo onboard Vehicle Carriers is factory new OEM (Original Equipment Manufacturer) light vehicles including EVs (Electric Vehicles), and OEMs prefer to transport their light & heavy new vehicles on clean vessels offering lower emission ratings. This has resulted in a higher number of DF ships being ordered by shipowners in the Vehicle Carrier sector relative to other sectors.

The second highest percentage is the LPG sector where 43 vessels dual fuel vessels have been contracted, equating to c.63% of the orderbook. Approximately 56% of the Container orderbook or 147 vessels will be built as dual fuel, with a market value of USD 24.39 mil.      

Summary

In summary, Container and LNG carriers account for the vast majority of vessels on order in South Korea both in terms of volume and market value. Greek owners have been very active in fleet renewal, currently accounting for c.19% of the South Korean orderbook. Thanks to the 29 LNG vessels on order NYK Line are the biggest spenders at South Korean yards but in terms of volume, they are overtaken by CMA CGM who have inked contracts for 38 Container ships. The majority of vessels on order are being fitted with dual fuel engines in a push to meet the latest targets set by the IMO. 

Photo credit: Venti Views on Unsplash / Veson Nautical
Published: 3 November, 2023

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Newbuilding

Singapore: Vitol Bunkers takes delivery of specialised biofuel bunker barge “Marine Future”

New vessel will uniquely make it possible to supply biofuel blends including B24, B30 and up to B100; can also be re-configured in future to supply methanol bunker fuel.

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Singapore: Vitol Bunkers takes delivery of specialised biofuel bunker barge “Marine Future”

Singapore-based marine fuel supplier Vitol Bunkers on Thursday (22 February) said it has taken delivery of the Marine Future, its first specialised bunker barge in Singapore, strengthening its position in Asia’s expanding biofuel bunker market.

The addition of this specialised IMO type 2 notation bunker tanker to the V-Bunkers fleet will uniquely make it possible to supply biofuel blends including B24, B30 and up to B100, depending on customer specifications.

Built in China, Marine Future is 102.6m in length and has the capacity to carry about 7,000 MT of biofuels.

“The current fleet of bunker tankers in Singapore are classified as ‘oil tankers’ and are therefore restricted to a maximum of 25% bio component in biofuel blends. This new bunker tanker has no such restriction, hence can deliver bunker fuels consisting of 100% bio component (B100),” the firm said in a statement.

“Biofuels are a key pathway for the hard-to-abate shipping sector to mitigate emissions. Biofuel sales in Singapore reached 520,000 tonnes in 2023 according to the Maritime and Port Authority of Singapore (MPA), representing a material increase on the prior year where volumes were 140,000 tonnes.”

“We are delighted to now be able to offer our maritime customers the option to take up to 100% bio component bunker fuel here in Singapore and play our part in advancing the port’s decarbonisation efforts. Should there be demand, this vessel can also be re-configured in future to supply methanol” said Mike Muller, head of Vitol Asia.

Related: Vitol targets Singapore for Asia biofuel growth with bunker barges arrival in 2024
Related: Vitol chooses ZeroNorth e-BDN solution in Singapore

 

Photo credit: Vitol
Published: 22 February, 2024

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Ammonia

CMB.TECH orders world’s first ammonia-powered container ship from Chinese shipyard

Firm partnered with Yara and North Sea Container Line for order; vessel to be named “Yara Eyde” is a 1.400 TEU ice-class container ship to be built at Qingdao Yangfan Shipbuilding.

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CMB.TECH orders world’s first ammonia-powered container ship from China shipyard

Cleantech maritime group CMB.TECH on Monday (12 February) announced the order of the world’s first ammonia-powered container vessel in partnership with Yara Clean Ammonia, North Sea Container Line and Yara International through a 15-year deal.

The vessel, to be named Yara Eyde, is a 1.400 TEU ice-class container ship to be built at Qingdao Yangfan Shipbuilding (Qingdao, China). Expected to be delivered by mid-2026, the Yara Eyde is set to become the world’s first ammonia-powered container vessel. It will run on clean ammonia, serving routes between Norway and Germany.

The vessel will be owned by Delphis, the container division of CMB.TECH and operated by NCL Oslofjord AS, a joint venture between North Sea Container Line and Yara Clean Ammonia. The commercial operations will be managed by NCL’s existing set-up while Yara Clean Ammonia will deliver ammonia fuel to the vessel. 

The joint venture has secured a long-term CoA with Yara International for the freight of containers between Yara’s fertiliser plant in Porsgrunn, Norway and Hamburg and Bremerhaven in Germany. It is their aim to become the world’s first line operator to focus exclusively on ammonia-powered ships.

NCL Oslofjord chose to partner with CMB.TECH for its expertise in hydrogen and ammonia engines. This innovative project is an important milestone for the decarbonisation of shipping and reducing greenhouse gas emissions in Europe, demonstrating that clean ammonia can provide cost-effective and environmentally friendly maritime transport.

Alexander Saverys, CEO of CMB.TECH, said: "We are delighted to partner up with Yara and NCL to build the world’s first ammonia-powered container ship.”

“Yara, NCL and CMB.TECH are walking the talk to decarbonise shipping by combining our knowhow on clean ammonia, operational excellence in the North Sea and state-of-the-art low-carbon ships. We want to prove to the world that we can decarbonise today to navigate tomorrow.”

Magnus Krogh Ankarstrand, President Yara Clean Ammonia, said: "Uniting forward-thinking entities, this project accelerates the development of a zero-emission supply chain for Scandinavia and Northwest Europe's container shipments.”

“It's the first of its kind globally, demonstrating clean ammonia's potential to decarbonise the maritime industry. We are excited about our joint partnership with CMB.TECH, a major player in shipping and a leader in developing new fuel technologies.”

Bente Hetland, CEO of NCL, said: "With their extensive experience with hydrogen-based fuels, CMB.TECH was the ideal partner for this unique project. We are extremely impressed with the innovative culture in CMB.TECH and their dedication to making an impact.”

“The project proves that decarbonisation is possible today, and we are confident that the project will pave the way for clean ammonia as a dominating fuel in the industry.”

Related: Euronav to fully acquire cleantech maritime group CMB.TECH 

 

Photo credit: CMB.TECH
Published: 22 February, 2024

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Methanol

Unifeeder Group to add methanol-capable container feeder duo to European network

Latest agreement is in partnership with German-based ship owning group Elbdeich Reederei and Norwegian shipowner MPC Container Ships, who are responsible for one vessel each.

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Unifeeder Group to add methanol-capable container feeder duo to European network

Unifeeder Group on Monday (19 February) said it successfully completed a long-term charter agreement for two additional methanol-capable container feeder vessels. 

This follows the agreement for two initial vessels announced in October 2023. 

The latest agreement is in partnership with German-based ship owning group Elbdeich Reederei and Norwegian shipowner MPC Container Ships (MPCC), who are responsible for one vessel each. The 1,250 twenty-foot equivalent unit (TEU) vessels, scheduled for delivery in 2026, will be deployed on Unifeeder’s European network.

The addition of these new vessels reinforces the group’s ongoing efforts to reduce emissions across its network. Simultaneously, Unifeeder is enhancing fuel efficiency throughout the fleet while increasing the utilisation of bio bunker fuels in its conventional vessels.

In alignment with its parent company, DP World, Unifeeder collaborates with industry partners to address the challenge of renewable methanol supply. This requires off-take commitments to establish production at the scale needed to replace conventional fossil fuels within the industry.

Jesper Kristensen, Group CEO of Unifeeder Group, said: “Building upon our commitment to methanol-powered vessels last year, this marks another significant stride towards the green transformation of our fleet and operations.”

“We anticipate the vessels to enter into operation in the next two years, advancing our steadfast commitment to sustainable solutions. We offer our customers alternatives that align with their sustainability journeys while making meaningful progress towards our own ambitious decarbonisation goals.”

The investment in the two new additional ships further supports Unifeeder Group’s decarbonisation plan. Surpassing the industry average, Unifeeder has committed to a 25% reduction of emissions by 2030 and to reach net-zero by 2050 with no new fossil greenhouse gas emissions. 

It aims to achieve this by emphasising fuel-efficient practices, regular maintenance and refitting processes of the existing fleet and fostering a culture of learning and collaboration, sharing best practices across markets to drive effective carbon reduction strategies.

Related: Unifeeder inks time-charter deal for up to four methanol powered vessels

 

Photo credit: Unifeeder Group
Published: 20 February, 2024

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