Vale cuts nickel output but is positive on long-term demand

Brazilian miner Vale SA dialed back its nickel output forecasts for the next five years on Wednesday, although the world’s top producer of the metal praised its longer term prospects on likely soaring demand for electric cars. Vale cut its nickel output estimate by 15 percent to 263,000 tonnes next year and said it was still seeking an investor for its New Caledonia nickel mine. (Reuters)


Canadian farmers reap surprisingly big canola, wheat harvests

Canadian farmers harvested larger crops than expected this autumn, reaping record-large canola output and a surprisingly big wheat crop, a Statistics Canada report showed on Wednesday. A late harvest in Western Canada made the size of crops in the world’s biggest canola exporter uncertain, but autumn weather was generally dry and beneficial for big yields. (Reuters)


Australian North Queensland coal exports slide to 6-month low in November

Shipped volumes of coal from Australia’s North Queensland fell for the third consecutive month in November to a six-month low, data from the North Queensland Bulk Ports Corporation showed Thursday.

The region, which is home to the Dalrymple Bay, Hay Point and Abbott Point coal terminals, shipped 11.31 million mt during the month, which is down 2% year on year from 11.53 million mt, and 5% from 11.90 million mt in October, the NQBP data shows.

For the year to November, monthly exports from North Queensland peaked in August at 13.44 million mt, and have slid since then.

Exports from the Dalrymple Bay Coal Terminal were the lowest since May, totalling 5.18 million mt in November, up 1% year on year from 5.11 million mt but down 22% from 6.64 million mt in October, the data shows.

DBCT has recently been experiencing vessel queues at the highest levels since 2010, with around 45 ships waiting. From 2011 to June 2017, the monthly daily average queue only exceeded 30 ships twice, according to DBCT Management data.

One of DBCT’s users Stanmore Coal, said Thursday that the port congestion has caused it to defer two planned December semi-soft coking coal shipments into January.

“The vessel queue is primarily due to a slower-than-expected clearing of the backlog caused by the impact of Tropical Cyclone Debbie earlier this year when the Goonyella rail line was disrupted for over five weeks,” it said.

Tropical Cyclone Debbie made landfall in late March.

“Vessel queues are expected to return to lower levels in early calendar 2018 and as a result, production guidance of 1.2 million mt/year for the FY 18 remains unchanged and Stanmore’s FY 18 results are not expected to be materially impacted,” Stanmore said.

Other Australian coal export ports are currently not experiencing similar shipping delays, it added.

The neighbouring BHP Mitsubishi Alliance-owned Hay Point Coal Terminal saw exports in November bounce back from very weak levels in October, NQBP data showed.

HPCT shipped 3.90 million mt in November, which is down 10% year on year from 4.32 million mt, but 32% higher than the 2.95 million mt shipped in October, it shows.

Apart from April this year — when exports from the terminal were heavily impacted by Tropical Cyclone Debbie and slumped to just 759,000 mt — HPCT’s October exports were the smallest monthly volume since at least September 2013, according to the data.

Further north, shipment volumes from the Abbott Point Coal Terminal were relatively stable in November at 2.23 million mt, which is up 6% from 2.11 million mt a year earlier and down 3% from 2.30 million mt in October, it said.

For January-November, the three terminals have exported a combined 121.79 million mt, which compares to the combined nameplate capacity of 190 million mt/year.

The breakdown of coal exported from the three terminals by metallurgical coal and thermal coal is not readily available, but metallurgical coal makes up the bulk of it. (Platts)




Last Index Published Date: 7 DECEMBER 2017

Baltic Exchange Dry Index             1679  +9

Baltic Exchange Capesize Index     4147  +21

Baltic Exchange Panamax Index    1564  +1

Baltic Exchange Supramax Index    944   -1

Baltic Exchange Handysize Index    630  +1




‘Boston’ EGPN relet 2007 177828 dwt dely Liuheng spot trip via Australia redel China $28,000 – MOL

‘Seabiscuit’ 2014 82624 dwt dely Shibushi 05 Dec trip via East Australia redel India $12,500 – Ultrabulk – <recent>

‘Xenia’ 2016 82019 dwt dely Amsterdam 06 Dec 2-3 laden legs redel Skaw-Gibraltar $15,000 – cnr

‘Xing De Hai’ 2017 82000 dwt dely Busan 14 Dec trip via East Australia redel India $13,250 – cnr

‘Aquagrace’ 2017 81791 dwt dely EC South America 16 Dec trip redel Singapore-Japan $15,500 + $550,000 bb – Crystal Sea – <adds Charterer>

‘Caravos Triumph’ 2012 81664 dwt dely Yantai 06 Dec trip via East Australia redel Singapore-Japan $10,500 – cnr

‘Yangtze Xing Jin’ 2012 81649 dwt dely Lumut 12 Dec trip via Indonesia redel S.China $14,500 – cnr

‘Glykofiloussa’ 2005 76734 dwt dely Bayuquan 07/09 Dec trip via CIS redel India $9,750 – Oldendorff

‘Hong Dai’ 2010 76573 dwt dely Ghent spot trip via Baltic redel Passero $18,000 – Itiro

‘Iolcos Confidence ‘ 2013 76036 dwt dely Tanjung Bin 12/15 Dec trip via Indonesia redel India $14,500 – PWSL

‘Spitha’ 2005 75410 dwt dely Rizhao 09/11 Dec trip via East Australia redel Singapore-Japan $10,750 – cnr

‘Genco Surprise’ 1998 72495 dwt dely EC South America 20/22 Dec trip redel Singapore-Japan $14,100 + $410,000 bb – cnr

‘Pacific Hero’ 2012 58677 dwt dely Yangjiang prompt trip via Vietnam redel China $10,000 – cnr

‘Vosco Sunrise’ 2013 56472 dwt dely Map Ta Phut prompt trip via Indonesia redel S China $9,000 – Universal Eternity

‘Nippon Maru’ 2011 55581 dwt dely Singapore trip via Indonesia redel Thailand $11,500 – cnr

‘Spar Gemini’ 2007 53565 dwt dely Singapore prompt trip via Indonesia redel Thailand $11,500 – Cargill

‘Cielo di Amalfi’ 2007 37322 dwt dely Flushing prompt 2 laden legs redel Skaw Passero $12,000 – cnr

‘Federal Spey’ 2012 37141 dwt dely Dublin prompt trip via Murmansk redel ECSA option US Gulf $9,500 – Tribulk

‘Inlaco Express’ 2011 34053 dwt dely Kwangyang 08/09 Dec trip redel Thailand $8,000 – cnr – <last week>

‘Ismini’ 1997 27827 dwt dely Ponta Delgada prompt trip via French Bay redel West Africa $11,000 – Sometra




‘Gortynia’ 2015 182608 dwt dely Fangcheng 11/13 Dec 11/13 months trading redel worldwide rate 122% of Cape 5 TC average – JERA

‘Quorn’ 2010 178005 dwt dely Zhoushan 8 Dec 11/13 months trading redel worldwide approx $16,500 – cnr

‘Boston’ 2007 177828 dwt dely Liuheng 6 Dec 16-19 months trading redel worldwide $17,000 – EGPN

‘Avalon’ 2011 81565 dwt dely Cai Lan 16/17 Dec 4/7 months redel worldwide $12,000 – Oldendorff

‘Te Ho’ 2004 77834 dwt dely Donghae 13 Dec approx. 1 year redel worldwide $11,100 – cnr




Oil prices were stable as a fall in U.S. crude inventories was countered by soaring output and a rise in fuel stocks. Gold prices were mostly steady amid a firm dollar, trading within sight of a two-month low hit earlier this week. London copper edged up but was still not far from two-month lows amid signs that growth in China’s property and power sectors, both major copper consumers, is tapering into the year-end. Chicago wheat futures slid for a fourth consecutive session, hitting the lowest in more than two weeks as abundant supplies weighed on the market, with the latest data from Canada showing higher than expected production. (Reuters)





China’s Sinopec sues Venezuela in sign of fraying relations

Sinopec USA, a subsidiary of the Chinese oil and gas conglomerate, has sued Venezuela’s state oil company PDVSA in a U.S. court, claiming it never received full payment for an order of steel rebar. The lawsuit asks for $23.7 million for breach of contract and conspiracy to defraud. The legal action signals a split with another of Venezuela’s biggest backers as the cash-strapped country seeks to restructure some $60 billion in debt in a landscape of low oil prices and production. (Reuters)


Chevron projects $18.3 bln spending budget, down 4 pct

Chevron Corp, the second largest U.S.-based oil producer, is budgeting $18.3 billion for capital projects next year, the company said on Wednesday, about 4 percent less than this year and lower for a fourth year in a row. International energy company capital budgets, closely watched for indications of future oil and gas production, broadly have been shrinking after 2014’s oil-price collapse slashed earnings and left many with high debt loads. (Reuters)


Russia’s Novak: Talk of exiting oil cut deal is premature

Russian Energy Minister Alexander Novak said on Wednesday that it was too early to talk about a possible exit from the global deal to cut oil production, and the eventual withdrawal from the agreement should be gradual. The Organization of the Petroleum Exporting Countries and other large oil producers led by Russia agreed last week to extend the deal to cut their combined oil production by around 1.8 million barrels per day until the end of next year. (Reuters)


European oil margins sink, but traders expect recovery in Q1 2018

Benchmark European oil refining margins, sank to a 15-month low on Wednesday, pressured by weakness in the gasoline market, but traders are betting on a recovery in the coming months as refinery maintenance is likely to tighten supplies. The refining margin, a measure of the profit refiners can theoretically make from converting a barrel of crude into oil products, was trading at below $4 a barrel on Wednesday, according to Reuters calculations, near a low not seen since September 2016. (Reuters)


U.S. crude stockpiles slump, gasoline builds more than expected

U.S. crude oil stockpiles fell more than expected last week as refineries hiked output, but gasoline and distillate inventories posted surprisingly large builds, the Energy Information Administration said on Wednesday. Crude inventories fell 5.6 million barrels in the week to Dec. 1, compared with analysts’ expectations for a decrease of 3.4 million barrels. At 448.1 million barrels, crude stocks, not including the strategic petroleum reserve, were at their lowest since October 2015. (Reuters)


Pakistan orders power plants to step up fuel oil purchases

Pakistan has ordered power plants to increase purchases of fuel oil produced by domestic refineries by mid-December to restore trade flows, prevent further refinery cutbacks, and avoid a shortage of other oil products in the country.

Fuel oil purchases from power plants have fallen following a government decision October 27 to halt power generation from oil-fired units in order to tackle smog in Punjab, Pakistan’s most industrialized and populated province, and ahead of the slow winter demand season as well as start-up of Pakistan’s second LNG terminal.

While the power operators are not expected to resume generation until February — when hydroelectric generation is low — they have sufficient storage capacity to temporary alleviate the supply chain blockade.

“This will help local refineries recover from huge losses, and also avert a supply crisis due to a shortage of other oil products,” said an official with a domestic refinery. Pakistan consumes around 9.2 million mt/year of fuel oil, of which around 70% is imported and 30% produced in domestic refineries.

The decision was made in Islamabad November 28 during a meeting between Pakistan Prime Minister Shahid Khaqan Abbasi and members of local refineries, the Oil Companies Advisory Council, and the Power Division under the Ministry of Energy.

It followed separate letters sent by Pakistan State Oil and OCAC to the Ministry of Energy, asking for the power sector to resume purchases and warning over how rising stocks were disrupting refining operations and delaying deliveries of imported cargoes.

While the decision will resolve the problem of rising stocks at the refineries, the situation continues to worsen for PSO, the country’s biggest petroleum products retailer and incumbent fuel oil importer.

Power plants had lifted only 56,227 mt of fuel oil from PSO in November versus 167,907 mt a year earlier and 409,619 mt in December 2016, according to a letter PSO sent to energy ministry on November 24.

As a result, PSO’s fuel oil stocks have increased to 280,058 mt, worth Pakistan Rupees 41.9 billion ($39.8 million) and import cargoes have been deferred.

All eight cargoes of high sulfur fuel oil and low sulfur fuel oil that PSO bought from PetroChina and Vitol through tenders for delivery over November and December have been deferred. Each LSFO cargo is 55,000 mt in size, and HSFO is in 65,000 mt cargo sizes, according to PSO’s tenders.

A 55,000 mt cargo scheduled for November 10 delivery has been idled off Port Qasim since, at a demurrage cost of $15,000/day for PSO, or $105,000/week, a company official said. PSO has managed to defer cargoes with its suppliers beyond the contractual limits through extensive efforts, PSO said in its letters, but further deferment is not possible.

If cargoes are not discharged in a timely manner, PSO will be exposed to huge demurrage and non-demurrage claims from suppliers, the Pakistan National Shipping Corporation, cartage contractors and Pakistan Railways, it added.

Five power plants — Lalpir Power, Pakgen Power, Kohinoor Energy, Gul Ahmed and Tapal Ahmed — have the combined capacity to store 210,500 mt of fuel oil, yet they only have 42,149 mt in stock, equivalent to 20% capacity, PSO said.

The fuel oil crisis has added to PSO’s financial burden, with unpaid bills from power plants, airlines and gas distributors now mounting to Rupees 312 billion, or nearly $3 billion, up by almost Rupees 7 billion since mid-November, said a company official.

Following the November 28 meeting and PSO’s advice, the government has asked industry stakeholders to start submitting information about their crude oil and petroleum product supply and demand for three to six months forward to prevent a similar situation in future.

“We strongly suggest that an integrated energy planning (fuel management) team be assigned to define three to six months fuel requirements for the country on a two-month firm and four-month plan basis,” PSO said in the letter.

“PSO is unable to coordinate with the whole power sector to determine LNG and fuel oil demand; given that power generation based on hydro, coal and nuclear power plants also need to be factored in,” it added.

Meanwhile, the increase in fuel oil purchases will allow Pakistan’s domestic refiners to raise operating rates from below 70% currently. The relatively low throughput rates have resulted in a drawdown of other oil product stocks such as jet fuel.

An OCAC official said immediate action was required to prevent a shortage of domestically produced jet fuel and flight disruptions. Most air carriers in Pakistan, including national airlines and Pakistan Air Force, purchase jet fuel from local refineries.

It will also prevent cutbacks in upstream oil and gas production, as most of the crude oil used by Pakistan’s refineries is sourced from domestic fields.

Pakistan’s power demand decreases in the winter season. Consumption is currently around 13,000 MW/day versus 11,000 MW/day at the peak of winter and 21,000 MW/day over the summer, when air conditioning usage rises.

In the long term however, the gradual displacement of fuel oil in Pakistan’s power sector seems inevitable, as more natural gas becomes available through rising LNG imports, allowing the government to shut down inefficient fuel oil-fired plants.

“With one LNG terminal supplying 600 MMcf/day of gas and the second one due to start transmitting another 600 MMcf/day of gas in a couple of days, fuel oil demand will shrink,” said an official with the energy ministry’s Power Division.

The economics make sense. The use of fuel oil in electricity generation as a result of Pakistan’s decade-long gas shortage has cost the government an extra $1 billion to $2 billion annually, according to the country’s sole LNG importer Pakistan LNG.

Use of diesel and fuel oil in power generation peaked at 387,140 b/d in fiscal year 2014-15 (July-June), according to OCAC data, before falling 1% in fiscal 2015-16 following the start-up of Pakistan’s first LNG import terminal in March 2015.

The second facility, the floating storage and regasification unit BW Integrity arrived at Port Qasim November 18, according to S&P Global Platts trade flow software cFlow.

Pakistan’s LNG imports are expected to grow exponentially, as more terminals are ready to start operations, with Pakistan LNG estimating unconstrained demand to hit 30 million mt/year, or 4 Bcf/day of gas equivalent, by 2022, which is half of the country’s total gas demand projection of 8 Bcf/d for that year.

With domestic gas production faltering and pipeline import projects still uncertain, the country’s dependency on LNG imports to tackle its gas and energy crisis is unlikely to fade away, especially since global oversupply is resulting in better supply terms for customers. (Platts)





Thorco Projects Sets Up New Dry Cargo Division

Danish shipping company Thorco Projects is expanding its line of core services with the launching of a new dry cargo division.

With the establishment of Thorco Projects Dry Cargo the company is moving into the segment from 20,000 to 35,000 dwt.

“Over the years, we have experienced a continuously overlap between the MPP market into the smaller handy market, for which reason we see an increase in demand and thus an area which we believe we have the unique capabilities to fulfil,” CEO and Partner, Thomas Mikkelsen, says.

“As a natural development of Thorco Projects and our core services, we wish to explore this segment from 20,000 to 35,000 dwt and have, therefore, established our new division – Thorco Projects Dry Cargo,” he adds.

Thorco Projects Dry Cargo will be run by two of Thorco Projects charterers, Rasmus Olsen and Ulrik Engel, working from Copenhagen.

The company informed that its new division is already off to a good start.

“We kick-started this project internally a month ago and I am happy to say that we already operate more than 10 vessels within this category with more to come. Our ambition is to grow and add more manpower to this division throughout our global network of offices,” Mikkelsen concluded. (World Maritime News)


Norway Opens New Test Area for Autonomous Ships

Norway has opened an autonomous shipping test bed in Horten on the Oslofjord, Kongsberg said.

The test bed, officially opened on December 6, is the third of its kind in the country and the fourth such approved area in the world.

Established to support the growth in the development of new solutions for autonomous maritime operations, the new area is open to both Norwegian and international organizations. As explained, the area is designed to be “a convenient, safe, non-congested space to trial new technology and vessels.”

The area is specially designated for autonomous trials by the Norwegian Maritime Administration and the Norwegian Coastal Administration.

The initiative to establish the new test bed was undertaken by maritime technology company Kongsberg, the town of Horten, classification society DNV GL, Norwegian Defence Research Establishment (FFI) and the University College of South East Norway.

The introduction of the test bed follows the last year’s opening of the world’s first autonomous shipping test bed located on the Trondheimsfjord. Additionally, Norway reached an agreement in October this year to set up a test area for unmanned vessels in the Sunnmøre region. What is more, a test area for projects related to autonomous ships was opened in Finland in August 2017.

The test beds in Trondheim and Horten are said to be an important resource for Kongsberg’s ongoing development of technology for projects such as the Yara Birkeland, the world’s first all-electric, autonomous containership, the Hrönn, an autonomous offshore support vessel, and marine robotics technology.

These and other autonomous vessel projects are expected to transform many aspects of shipping and offshore operations, by introducing safer, more environmentally friendly and cost-effective modes of transport and working at sea, according to Kongsberg.

“With critical developments in maritime autonomy technology and software taking place at Kongsberg Maritime in Horten, the location of the new test bed will support a number of ground-breaking technology projects,” Egil Haugsdal, President, Kongsberg Maritime, commented.

“The move towards greater autonomy at sea has the potential to transform maritime operations and while the technology has now been proven, we look towards the regulations. Establishment of these test beds are an important step, as it shows close co-operation between the people making the technology and vessels and the organisations developing the rules that will allow them to operate,” he added. (World Maritime News)


NGO: Six Workers Died at Bangladeshi Shipbreaking Yards in Two Months

Six workers died and at least eight were injured in ten separate accidents at Bangladeshi shipbreaking yards over the past two months, according to NGO Shipbreaking Platform.

The figures are a testament to a surge in the number of accidents at Bangladeshi yards this year, despite a decrease observed until September, the NGO said.

Due to the latest fatalities NGOs are calling on the Bangladesh government and ship owning nations to hold business accountable.

As informed, on October, 23 Jalal, who worked as a cutter man, died struck by a cable at Arafin Enterprise, the yard where the product tanker Lobato, owned by Petrobras, is currently being scrapped.

The vessel was exported from Brazil and arrived in Chittagong in October, despite calls from the Platform asking the Brazilian Government to stop the beaching practice of Transpetro, part of Petrobras. The company is said to have sent more than twenty vessels to the beaches of India and Pakistan in the last five years.

In addition, a shipbreaking worker died while working on an oil section of the Indonesian-owned tanker Echo, beached at Ferdous Steel shipbreaking yard. One more worker was injured in that accident.

Another worker is reported to have lost his life on November 14, following a fall from the ship Labri, sold for breaking by the Greek Polys Haji-Ioannou Group, after a fire broke out on the upper deck. Four more workers suffered injuries due to a fire at Tania Enterprise shipbreaking yard.

On December 4, a worker named Mojammel, working at the SN Corporation yard on the ship INOX, suffocated from inhaling toxic gases. The ship was owned by the Hong Kong-based HNA Group International.

A body of a worker of PHP shipbreaking yard identified by local newspaper in Chittagong as Harun Rashid, was found lifeless in a pond close to the yard. The worker’s cause of death has not yet been cleared by the police. Another PHP worker suffered an injury to his left leg and has spent the last three weeks in the BSBA Hospital receiving treatment, the Platform added.

Details on the remaining 2 injuries and the 1 death at the shipbreaking yards are still unclear, NGO Shipbreaking informed.

In October, two major accidents also occurred in the steel re-rolling mills that are connected to the shipbreaking yards and where the steel from the ships are re-rolled into steel bars. According to the Bangladesh Insitute of Labour Studies (BILS), on October 10, four workers died in GPH Ispat, and less than a week later an accident at SARM re-rolling mill killed one worker and injured nine.

“The working conditions in all the Chittagong shipbreaking yards are deplorable. Claims that the situation in the yards has somewhat improved are misleading: workers are still exposed to enormous risks and are killed because of the lack of basic safety procedures and infrastructure”, says Muhammed Ali Shahin, local contact of the NGO Shipbreaking Platform.

The string of accidents and unsafe working practices at South Asian beaches used for dismantling of ships has resulted in shipowners being brought to court for their reckless shipbreaking practices for the first time.

Mohamed Edris, who also worked at Ferdous Steel, was severely injured in 2015 while cutting the Eurus London, owned by Zodiac Maritime, and is now seeking compensation in the UK courts from the shipping company.

“This case could set a precedent for other workers who want to bring the ultimate profit-makers of dangerous and polluting practices to justice,” the Platform commented.

So far this year, 51 out of the total 152 ships that have been beached in Chittagong are owned by European companies. According to NGO Shipbreaking Platform, these include Zodiac, Teekay, Berge Bulk and Costamare, which have sold ships to the Chittagong beach this year. (World Maritime News)


DSIC debuts ballast-free LNG carrier design

Dalian’s top shipyard has developed a ballast-free LNG carrier design moving the industry a step closer to ballast-free shipping

French gas containment specialists GTT and Dalian Shipbuilding Industry Co (DSIC) have received approval in principle (AiP) from Lloyd’s Register (LR) for their 30,000 c m B-FREE LNG carrier design in a ceremony at Marintec China in Shanghai.

The design claims to have predicted lower build and operating costs.

“Savings in build cost are expected through the avoidance of fitting a ballast water treatment system (BWTS) and not having to comply with the Performance Standard for Protective Coatings (PSPC) for ballast tanks, ballast piping, pumps and values. Operational savings should be seen from not having to, for example, run and maintain a BWTS, ballast systems and maintain ballast tank coatings. Initial predictions also show lower fuel consumption compared to ‘standard’ designs as well as lower LNG boil-off due to the GTT membrane, compared to a Type C tank,” British class society LR noted in a release.

Ma Yingbin, vice chief engineer, DSIC, commented: “While we are still in the initial stage of the project and the design is subject to ongoing change, the initial results are indicating that we will meet our goal of having a ballast-free ship that is equal to, or better than existing conventional designs. The cumulative improvements in operating costs coming from the combination of the various innovations and new ideas applied to the design are better than we anticipated, although we should be mindful that this is only the preliminary results phase and we need phase two to further refine and validate the design, we are hopeful this will result in more efficient small-scale LNG carriers.”

He added: “Interest received from owners and operators so far has exceeded our expectations. We have been consulting some experienced owners for their thoughts and feedback.” (Splash247)





Greek owners back at DSME for more tankers

Greek owners are finishing the year like they started it – by ordering tankers in South Korea. John Angelicoussis was back in Seoul this week to add a second FSRU on his orderbook at Daewoo Shipbuilding & Marine Engineering as well as an LNG carrier. Both orders are via the Greek owner’s Maran Gas unit.

Angelicoussis is now just two ships shy of a century in terms of the number of ships he has ordered at DSME since his first one there in 1994.

Meanwhile, the Embiricos family controlled Aeolos Management signed a contract with DSME for a VLCC as part of a fleet rejuvenation program.

In total the three orders add $480m to DSME’s depleted coffers, a timely fillip as the end of the year approaches. DSME has now won 25 ship orders this year, worth close to $3bn, twice as much as 2016 when it came close to bankruptcy. (Splash247)


Goldwin orders chemical tanker pair at CSSC Chengxi

Hong Kong owner Goldwin Shipping has placed an order at CSSC Chengxi Shipyard for the construction of two 55,600 dwt chemical tankers. The shipbuilding contract also includes options to order additional two vessels.

The vessels will be classified by Lloyd’s Register and will be operated by Goldwin’s affiliate company Kerrison International Shipping. Other contract details were not disclosed.

The order follows Goldwin ordering a 38,800 dwt chemical tanker with three options at Nantong Xiangyu, formerly known as Nantong Mingde in April this year.

Low profile Goldwin is owned by the Cheng family from China and headed by Cheng Hui. The company currently has four vessels in its fleet, comprised of three bulkers and one chemical tanker. (Splash247)