Greek owner invests in shuttle tankers; new head of Chevron Shipping

Bahri Chemicals in timecharter

Methanol producer Proman and Bahri Chemicals have agreed to timecharter Stena Provident and Stena Progressive, two methanol-powered ships, for global transport.

These state-of-the-art IMOIIMeMAX tankers, built in China, are part of a fleet commissioned by Proman and Stena Bulk. The vessels are highly efficient and equipped with Marineline coating to transport various cargo and chemicals.

The first vessel, Stena Pro Patria, has already exceeded emissions reduction targets, setting a new benchmark.

Proman aims to promote methanol as a cleaner marine fuel, with an increasing number of dual-fuel ships set for delivery.

Bahri has been investing in tankers and believes methanol is crucial for carbon reduction in the maritime industry.

Tanker orders increase

George Procopiou has invested more money in LR1 products carriers. His latest ordering spree ended with a hidden order revealed at New Times Shipbuilding, China who will construct six such vessels.

According to shipping data company BRL, the order was concluded a few months ago but no details were released. Like a number of Greek owners, Mr Procopiou prefers to adopt conventional fuel engines which saves an appreciable amount compared with dual-fuel vessels, said BRL in its newsletter.

The Greek owner now has 30 tankers on order in China with a value of more than US$2Bn. All will be conventionally fuelled.

Poten & Partners expects growth in VLCC orders

VLCC newbuilding orders are set for a significant increase in 2024, according to US shipbroker and research house Poten & Partners.

The partnership noted the VLCC orderbook is at its lowest level compared with other major tanker segments, standing at 2.6% of the existing fleet. This is in contrast to Suezmax tankers at 9.9% and Aframaxes and LR2 tankers at 12.7%.

It noted factors such as the decline in VLCC earnings after the pandemic spike in 2020 and the absence of trade flow disruptions, like those experienced by Suezmax tankers and Aframax tankers, have contributed to this situation.

However, with the economic advantages of VLCCs for long-distance crude oil transport and the recovery of rates in 2023, major VLCC owners are recognising the need for more VLCC deliveries. This has resulted in a doubling of Poten & Partners projections for the VLCC orderbook in 2024.

Chemfleet adds three ships to Berg energy-efficiency upgrade

Chemfleet, the specialised tanker manager, has reported a 10% fuel savings from an in-service Berg Propulsion upgrade on the tanker YM Miranda.

Successful trials with the installation of the Berg MPC800M control system on the 12,933 dwt IMO II chemical tanker have prompted Chemfleet to upgrade three additional 6,970-dwt sister ships.

These upgrades will integrate Berg’s Dynamic Drive Software.

Chemfleet is also assessing the control system requirements for six additional tankers under its management.

By incorporating Dynamic Drive, the Berg Propulsion’s MPC800M system can optimise pitch and rpm of the control pitch propeller to set upper limits for vessel speed or fuel consumption. If the speed limit is exceeded, Dynamic Drive automatically reduces thrust until meeting the limit. When fuel efficiency is prioritised, the algorithm selects the optimal rpm/pitch to optimise engine performance.

Concordia Maritime’s application for delisting has been approved

Concordia Maritime AB’s request for delisting its class B shares has received approval from Nasdaq Stockholm. The decision marks a significant development in the company’s corporate actions.

Following the approval, the last day for trading Concordia Maritime’s class B shares on Nasdaq Stockholm is set for 6 February 2024.

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