Hansa Heavy Lift Ships 13 Modules to Australia

German shipping company Hansa Heavy Lift has transported 13 modules measuring over 147,124 cbm from China to Australia, to help with the redevelopment of the Nyrstar Smelter in Port Pirie.

The cargo was loaded on four separate voyages at the Yanda Module Yard in Jiangsu, China, with the largest piece weighing 690 metric tonnes, and measuring 28 metres in length, 17 metres in width, and 26.7 metres in height.

“This was a particularly challenging project which required the use of three of our vessels on four separate trips operating at their full capacity, including HHL New York, HHL Lagos, and HHL Valparaiso,” Henry Woo, Head of AsiaPacific (APAC), Hansa Heavy Lift, said.

“Lifting and rigging were particularly challenging for this project due to the height of the modules combined with the offset centre of gravity, with up to five lifting beams required for a single lift,” Woo added.

The decks of each vessel were extended to the aft and in some cases even to the starboard side to accommodate up to five modules per trip. The over dimensional cargo required the installation of additional bow radars and the extra crew to double up bridge watches.

Modules had to be placed onto the self-propelled modular transporter with minimum clearance in between each vessel’s hull and the fixed structures on the wharf to overcome the limited space on the jetty in Port Pirie.

“We are proud to have completed the project with a smooth execution at every stage, resulting in a safe and on-time delivery of all modules,” Jens Grever, Head of Cargo Management, Asia, Hansa Heavy Lift, said.

The Port Pirie Redevelopment Project will convert the smelting facility operated by Nyrstar to a multi metals processing and recovery facility.

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OSG Earns Less amid Weakening Spot Markets

NYSE-listed Overseas Shipholding Group (OSG) has delivered lower earnings in the second quarter of 2017 mainly due to weakening spot markets.

The company’s net income was at USD 3.2 million for the quarter ended June 30, 2017, compared to USD 29.8 million for the quarter ended June 30, 2016.

Shipping revenues were USD 96.2 million for the current quarter, a decrease of 18.7% from USD 118.4 million seen in the prior year quarter. The decrease was also driven by lower charter rates.

Time charter equivalent (TCE) revenues for the second quarter 2017 were USD 91.1 million, down 20.6% compared to the same period in 2016.

“Increasing exposure to weakening spot markets during the just completed quarter weighed on top-line performance,” Sam Norton, OSG’s President and CEO, stated.

“However, cost discipline helped to mitigate the effects of these developments, and, together with earnings from our shuttle tanker and lightering operations, served to produce healthy cash flows. Progress continues strengthening our balance sheet and, with over USD 275 million of available liquidity, OSG remains favorably positioned to respond to opportunities in our markets,” Norton added.

For the first half of 2017, OSG reported a net income of USD 8.6 million, down from USD 80.6 million reported in the first six months of 2016.

Shipping revenues for the period were at USD 204.3 million, a decrease of USD 29.1 million compared to USD 233.4 million seen in the first half of 2016. TCE revenues for the first half of 2017 were USD 193.4 million, dropping by USD 33.6 million from USD 226.9 million reported in the first half of 2016.

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Report: Zeaborn Buys Heavy Lift Quintet from Rickmers Holding

Bremen-based shipping company Zeaborn Group has decided to buy five heavy lift vessels from Rickmers Holding, according to reports by several German media.

The ships in question are Rickmers Singapore, Rickmers Jakarta, Rickmers New Orleans, Rickmers Seoul, all of them built in 2003, and Rickmers Dalian, constructed in 2004. They will be delivered to Zeaborn in late September.

The price tag of the alleged deal has not been revealed.

However, each of the abovementioned ships currently has market values between USD 6 and USD 7 million, VesselsValue’s data shows.

The vessels will join the 2002-built Rickmers Hamburg, which Zeaborn acquired earlier this year as part of a deal to take over business operations of compatriot Rickmers-Linie. This included the entire operating business of Rickmers’ subsidiaries, MCC Marine Consulting & Contracting and NPC Projects.

In June, Rickmers Holding was forced to file for insolvency after HSH Nordbank AG rejected further negotiations of the restructuring.

World Maritime News contacted Rickmers Holding and Zeaborn for more details on the sale. Rickmers Holding declined to comment, while Zeaborn is yet to reply.

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NSRI Evacuates Crewman after Fall aboard Bulker

A 25-year-old crewman has been evacuated after he fell on board the cargo ship New Taizhou which was anchored some nine nautical miles off St Helena Bay, South Africa. 

The incident occurred on August 3, according to a report issued by the National Sea Rescue Institute (NSRI).

The crew member, a Chinese national, had suffered back pain and lacerations in the fall.

Morne Dettmer, NSRI Mykonos Deputy Station Commander, said that NSRI Mykonos duty crew were activated in the morning hours of August 4 by the Transnet National Ports Authority (TNPA) following a request for medical assistance from the 175,885 dwt bulk carrier.

“We were informed that the back pain had been relieved following medical assistance by the ships medical crew but arrangements had been made for the crewman to be seen to by a doctor on shore,” Dettmer explained.

The sea rescue craft was towed to St Helena Bay and launched. Upon its arrival, the injured crewman was transferred onto the sea rescue craft and brought to shore.

Later that day, the injured seamen was transported back to the ship following a medical treatment.

As of August 7, the 2010-built cargo ship, operated by ZOSCO, is still anchored in the area, New Taizhou’s AIS data shows.

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G E Shipping to Acquire LR2 Tanker

India-based Great Eastern Shipping (G E Shipping) is continuing with the fleet expansion as it has signed a contract to buy a secondhand LR2 product carrier.

G E Shipping has not disclosed the seller of the 105,000 dwt vessel.

As informed, the 2009-built tanker is expected to join the company’s fleet in Q2/Q3 FY2018.

In June, the company took delivery of Jag Pavitra, a secondhand medium range (MR) product tanker bought in April this year.

Currently, G E Shipping’s fleet stands at 46 vessels, comprising 30 tankers and 16 dry bulk carriers with an average age of 9.76 years aggregating 3.80 mn dwt.

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Ardmore Gets USD 12.3 Mn Boost

Bermuda-based tanker owner and operator Ardmore Shipping Corporation completed in 2Q 2017 a refinancing of two 47,000 dwt Eco-Mod product tankers under a Japanese sale and leaseback arrangement, releasing USD 12.3 million in cash. 

The transaction including the two 2008-built vessels, Ardmore Sealeader and Ardmore Sealifter, is said to be “a new and attractive source of financing for the company”.

This was announced in Ardmore’s financial report which shows that the company suffered a net loss of USD 1.9 million during the three months ended June 30, 2017, as compared to a net income of USD 55 million in the same period a year earlier.

The company reported EBITDA of USD 12.9 million in 2Q 2017, against USD 17.3 million seen in the same quarter last year. 

“As the oil market continues to work its way through elevated inventory levels, we are satisfied with our performance in the second quarter and encouraged that the highly compelling MR industry fundamentals remain firmly intact. Our fleet is performing well under soft market conditions and we continue to effectively manage our costs and execute on our strategy,” Anthony Gurnee, Ardmore’s Chief Executive Officer, commented.

During the quarter, Ardmore delivered a “satisfactory chartering performance” with spot and pool MR tankers earnings an average of USD 13,765 per day and Eco-Design chemical tankers an average of USD 10,736 per day.

“MR charter rates improved from the prior quarter, driven by increased activity in the Atlantic basin and product flows to Latin America. Meanwhile, despite refined product inventories declining in April and May, levels remain above historical averages and continue to curtail trading activity and tonne mile demand in the short term. Nonetheless, the underlying fundamentals for MR product tankers are very positive,” Gurnee added.

“Taken together, tonne mile demand growth is set to continue in the range of 4-5% annually. Meanwhile, supply growth for MR product tankers has declined significantly, with the MR orderbook at historical lows, scrapping continuing, and the pace of deliveries declining further over the remainder of 2017 and into 2018. As a result, we expect net fleet growth to be in the range of 1-2%, well below demand growth and creating a clear tension that should result in a sustained increase in charter rates,” Gurnee concluded.

Currently, Ardmore has 27 vessels in operation, comprising 21 Eco MR tankers ranging from 45,000 to 49,999 dwt and six Eco-Design IMO 2 product/chemical tankers ranging from 25,000 to 37,800 dwt.

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Teekay Tankers, TIL See The Light in Merger amid Q2 Losses

The announced merger between Teekay Tankers and Tanker Investments Limited (TIL) comes at a crucial point of the shipping cycle, the two companies stressed while announcing net losses for the second quarter of 2017.

Seasonal weakness and increasing tanker deliveries drove down tanker rates resulting in further headwinds to an already weak tanker market.

Tanker Investments reported a net loss of USD 5.8 million for the second quarter of 2017, against USD 12.6 million in 2016. The company’s half year results saw a plunge to USD 2.6 million net loss from a USD 31 million profit in the first half of 2016.

Teekay Tankers also swung to a loss in the second quarter posting GAAP net loss of USD 37.5 million, and adjusted net loss of USD 7.1 million in the second quarter of 2017. When compared to last year’s figures, the fall is considerable as Teekay Tankers had reported USD 31.6 million adjusted profit for the quarter.

For the first half of the year, Teekay posted USD 33 million in losses against last year’s USD 63 million in income.

Teekay Tankers has declared a cash dividend of USD 0.03 per share for the quarter ended June 30, 2017.

“The proposed merger with Tanker Investments Ltd. is strategically very important for Teekay Tankers,” said Kevin Mackay, Teekay Tankers’ President, and Chief Executive Officer.

“The 18-vessel Tanker Investments Ltd. fleet will provide Teekay Tankers with greater scale to continue servicing its customers, while also allowing us to renew our fleet on an opportunistic basis at the right point of the cycle. We believe this merger is in the best interests of Teekay Tankers’ shareholders as it is immediately accretive to the company’s earnings per share, reduces our average fleet age by one year, and reduces our cash break-even rate. Importantly, the merger is expected to increase Teekay Tankers’ liquidity and reduce our financial leverage.”

As explained by TIL’s CEO William Hung, with over 35 percent of Teekay’s fleet booked on fixed-rate charters and a strong balance sheet, along with USD 200 million of pro-forma liquidity, the combined company will be well positioned during the period of weaker tanker rates.

Both companies expect the tanker market to remain weak well into the third quarter before rebounding into stronger winter period. However, a strong improvement in tanker rates is not expected until the second half of 2018 following an expected slowdown in tanker fleet growth and better oil market fundamentals.

In May 2017, Teekay Tankers agreed to acquire TIL and its fleet of 18 mid-sized conventional tankers in a share-for-share merger. Closing of the merger, which remains subject to various conditions, including approval from both TIL shareholders and TNK Class A common shareholders, is expected to occur in the fourth quarter of 2017.

Teekay Tankers currently owns a fleet of 40 double-hull tankers, including 20 Suezmax tankers, 13 Aframax tankers, and seven Long Range 2 (LR2) product tankers, and has three contracted time charter-in vessels.

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