World News
Agricultural Company Orders Three Fuel-Efficient LPG Carriers
Agricultural product company Yara International ASA (Yara) says it has ordered three liquefied petroleum gas (LPG) carriers for $51 million each.
Yara ordered the 20,600 cubic metre vessels from Hyundai Mipo Dockyard (HMD) and plans to use them to replace existing time chartered vessels.
The company said the switch to more owned vessels will help it meet environmental regulations, cover transportation needs more economically, and maintain flexibility.
The new vessels will provide optimised fuel consumption, and two of the three will have ice-class capability.
Yara will decide by the end of March whether to use scrubbers or dual-fuel engines to meet rules on sulfur oxide (SOX) emissions in Emission Control Areas.
The company, which is in discussions with potential partners in ship management and ownership of the vessels, now uses 16 to 18 time chartered vessels to serve its European plants and take-off agreements in Trinidad and Australia.
Yara sold its fleet of ships in 2006, saying that shipping activities, but not ownership of capacity, were important for the company.
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| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 504.50 | 2.50 | 620.00 | 3.00 |
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| Houston | 476.00 | 7.00 | 624.00 | 1.00 |
| Fujairah | 496.50 | 2.00 | 713.00 | 2.50 |
| Global 20 Ports Average | 526.50 | 0.50 | 712.00 | 0.50 |
| Global 4 Ports Average | 483.00 | 2.00 | 644.50 | 0.50 |
| Global Average Bunker Price | 570.50 | 1.50 | 751.00 | 1.00 |
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