World News
Fuel-Efficient Bulkers Ordered from Japan
Knightsbridge Tankers Limited [NASDAQ:VLCCF] (Knightsbridge) of Bermuda says it has signed newbuilding contracts for two fuel-efficient Capesize bulk carriers with Japan Marine United Corporation (JMU).
The 182,000 dead weight tonne (dwt) vessels, which Knightsbridge said will use "the latest technology available" for fuel efficiency, are expected to be delivered in 2015, a timeframe the company said it expects will allow the oversupply of capacity in the bulk market to subside.
The company said it has also sold a very large crude carrier (VLCC) to a third party with delivery expected in the second quarter of 2013.
"The acquisition of the Capesize newbuilding contracts and the sale of the Mayfair is part of Knightsbridge's strategy to renew and grow the fleet," the company said.
"After the above transactions the Company's fleet consists of four Capesize bulk carriers and two Capesize bulk carrier newbuilding contracts."
Earlier this month, Mats Berglund, chief executive of Pacific Basin Shipping, said he believes now is the time to buy dry cargo ships, but he argued that second hand vessels provide a better investment than more fuel-efficient "eco-ships."
Knightsbridge's vessel owning subsidiaries are managed by Frontline Ltd. subsidiary Frontline Management, which handles vessel operations and administrative services for Knightsbridge, according to its website.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 649.50 | 2.00 | 778.50 | 8.50 |
| Rotterdam | 602.00 | 0.50 | 748.00 | 6.00 |
| Houston | 624.00 | 5.00 | 792.00 | 3.50 |
| Fujairah | 649.50 | 2.00 | 898.00 | 3.00 |
| Global 20 Ports Average | 662.00 | 2.00 | 855.00 | 1.50 |
| Global 4 Ports Average | 631.00 | 1.00 | 804.00 | 0.50 |
| Global Average Bunker Price | 717.50 | 0.50 | 913.50 | 1.00 |
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