World News
Investment Group Seeks Backers for 25 Eco-ships
Freight trading group Global Maritime Investments Group is seeking financial backers for a fleet of 25 environmentally friendly cargo ships, investment website Financial News reports.
The company plans to use the funding package to build the 80,000 tonne vessels over three years and says it could offer returns of 25 percent over five years.
The ships, which could be built at a Chinese shipyard for $30 million each, with investors paying a 20 percent deposit, would have fuel-efficient engines that could reduce running costs by 10 percent while complying with carbon emissions limits.
Global Maritime Investments Group is financed by major institutional investors and typically operates 60 to 80 dry bulk vessels, according to its website.
Last month, Niels G. Stolt-Nielsen, CEO of Norwegian chemical tank company Stolt-Nielsen warned that private equity and hedge fund financing may add to the excess capacity in the shipping industry, keeping rates down.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 647.50 | 1.00 | 770.00 | 3.50 |
| Rotterdam | 601.50 | 2.50 | 754.00 | 2.00 |
| Houston | 619.00 | 11.50 | 795.50 | 3.00 |
| Fujairah | 651.50 | 1.00 | 895.00 | 2.00 |
| Global 20 Ports Average | 664.00 | 1.50 | 856.50 | 2.00 |
| Global 4 Ports Average | 630.00 | 3.00 | 803.50 | 2.50 |
| Global Average Bunker Price | 718.00 | 0.50 | 914.50 | 0.50 |
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