Asia/Pacific News
Japanese Firms Add Actual Sea Performance Guarantee to Tanker Newbuild Contract
Japanese shipping company NYK and shipbuilder Japan Marine United Corporation (JMU) have added an actual sea performance guarantee clause to the construction contract for a new crude oil tanker.
The vessel, scheduled for delivery this month, will use a newly developed evaluation method to estimate propulsion performance in real sea conditions before construction, NYK said in a statement on its website on Thursday.
Shipbuilding contracts typically guarantee vessel speed based on calm sea performance, which is measured under ideal weather and sea conditions. However, these conditions rarely match real operating environments.
NYK and JMU began working together in 2020 to develop a way to evaluate vessel performance in actual sea conditions.
The companies previously introduced a similar clause for two crude oil tankers and later confirmed that the difference between predicted and actual performance was minimal.
For the new tanker, the contract will also include an incentive mechanism linked to the vessel’s achieved performance.
NYK said the initiative aims to improve fuel efficiency during real voyages and help reduce greenhouse gas emissions.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 658.50 | 18.00 | 1039.50 | 72.00 |
| Rotterdam | 607.00 | 33.50 | 985.50 | 41.00 |
| Houston | 589.00 | 10.00 | 946.50 | 23.50 |
| Fujairah | 672.50 | 43.50 | 1105.00 | 60.50 |
| APAC Average | 700.50 | 49.50 | 997.50 | 75.00 |
| Global 20 Ports Average | 659.00 | 30.00 | 1029.00 | 47.50 |
| Global 4 Ports Average | 631.50 | 26.00 | 1019.00 | 49.00 |
| Global Average Bunker Price | 671.00 | 36.00 | 996.50 | 48.00 |
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