World News
Seaspan Cancels LNG-Fuelled Boxship Order
Shipping firm Seaspan Corporation has annulled an order announced earlier this year for four container ships capable of running on LNG.
The firm has not closed the order of four 7,700 TEU dual-fuelled container ships after the shipyard allegedly failed to meet certain conditions of the deal, maritime news provider Splash 247 reported on Friday.
The ships were due for delivery in the third and fourth quarters of 2024, and were set to enter into long-term charters with a leading global liner once delivered.
The liner was MSC, according to the Splash 247 report, and the price tag on the ships was around $130 million each.
The container market has entered a significant downturn in recent weeks with concerns over a potential global recession following a busy period for newbuilds over the past two years among sharp rises in rates.
LNG-fuelled ship orders may be reconsidered in particular, with surges in LNG prices over the past year meaning most dual-fuelled ships are reverting to using conventional bunker fuels.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 571.00 | 1.50 | 685.50 | 5.50 |
| Rotterdam | 516.50 | 1.50 | 677.50 | 3.50 |
| Houston | 556.00 | 6.00 | 679.00 | 1.00 |
| Fujairah | 565.00 | 4.50 | 755.00 | 1.50 |
| Global 20 Ports Average | 589.00 | 3.00 | 764.50 | 3.50 |
| Global 4 Ports Average | 552.00 | 3.00 | 699.00 | 2.50 |
| Global Average Bunker Price | 635.50 | 1.00 | 811.50 | 11.00 |
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