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Euroseas Ltd. announces taking delivery of all four vessels

Euroseas Ltd., an owner and operator of container carrier vessels and provider of seaborne transportation for containerized cargoes, announced that it has taken delivery of all four vessels recently acquired from Synergy Holdings Limited.

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Euroseas Ltd. announces taking delivery of all four vessels
Euroseas Ltd. announces taking delivery of all four vessels. Image: Pixabay

Euroseas Ltd., an owner and operator of container carrier vessels and provider of seaborne transportation for containerized cargoes, announced that it has taken delivery of all four vessels recently acquired from Synergy Holdings Limited. The four vessels are all built in South Korea, one in 2008 and three in 2009, are all of intermediate size of 4,253 teu. The Company has also assumed the charters the vessels are currently under.

Aristides Pittas, Chairman and CEO of Euroseas commented: “We are very pleased to quickly and smoothly take delivery of the four Synergy vessels. The addition of these four vessels expands our fleet by more than 25% in terms of units and more than 50% in terms of carrying capacity, reduces its age profile by about 2 years and validates our strategy to use our publicly listed platform to consolidate feeder and intermediate containerships. We will continue on this strategy and position Euroseas to take advantage of similar accretive market opportunities for the benefit of our shareholders.”

Third Quarter Earnings Release and Call:

Furthermore, Euroseas announced that it will release its financial results for the third quarter ended September 30, 2019 on Monday, November 25, 2019 before market opens in New York.

On the same day, Monday, November 25, 2019 at 10:30 a.m. Eastern Time, the Company’s management will host a conference call and webcast to discuss the results.

Conference Call details:

Participants should dial into the call 10 minutes before the scheduled time using the following numbers: 1 (877) 553-9962 (US Toll Free Dial In), 0(808) 238-0669 (UK Toll Free Dial In) or +44 (0) 2071 928592 (Standard International Dial In). Please quote “Euroseas” to the operator.

A telephonic replay of the conference call will be available until December 2, 2019, by dialing 1(866) 331- 1332 (US Toll Free Dial In), 0(808) 238-0667 (UK Toll Free Dial In) or +44 (0) 3333 009785 (Standard International Dial In) and the access code required for the replay is: 6973591#.

Audio Webcast ‐ Slides Presentation:

There will be a live and then archived audio webcast of the conference call, via the internet through the Euroseas website (www.euroseas.gr). Participants to the live webcast should register on the website approximately 10 minutes prior to the start of the webcast.

The slide presentation on the third quarter ended September 30, 2019 will also be available in PDF format 10 minutes prior to the conference call and webcast, accessible on the company’s website (www.euroseas.gr) on the webcast page. Participants to the webcast can download the PDF presentation.

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Container Shipping Lines

“K” Line enters into long term time charter contracts with QatarEnergy

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"K" Line enters into long term time charter contracts with QatarEnergy. Image: Unsplash
"K" Line enters into long term time charter contracts with QatarEnergy. Image: Unsplash
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Kawasaki Kisen Kaisha, Ltd. has announced that the execution of seven long term Time Charter contracts through joint venture companies with QatarEnergy.

The joint venture companies have concurrently executed Shipbuilding contracts for 174,000m3 LNG carriers with Hyundai Heavy Industries Co., Ltd. QatarEnergy is one of the world’s largest LNG producers and will allocate the newbuilding vessels to transport LNG around the world.

The newbuilding vessels will be equipped with X-DF 2.1 iCER and Air Lubrication System which will contribute to reduction of GHG emissions and realize the ease of environmental impact by lower fuel consumption in operation. Since the delivery of “Bishu Maru” in 1983 as the first Japanese LNG carrier, “K” Line has been establishing expertise on LNG transportation and developing its worldwide network for
nearly 40 years.

X-DF 2.1 iCER is a low speed dual-fuel engine with gas at low pressure. Air Lubrication System is technology to curb the resistance between the ship’s hull and seawater by generating air bubbles on the ship’s bottom.

“K” LINE and QatarEnergy have had long-term relationship through several existing projects. The new contracts have been executed as a successful result of supervision of vessel’s construction with abundant experience, the high-quality ship management, and the highest
level of safe and commercially optimized operation.

In our Medium-Term Management Plan published in May 2022, “K” LINE has placed LNG business as one of the top priority areas in the future investment. “K” LINE will further expand long-term contracts and accommodate growing energy demands by responding to various customers’ needs.

Main Particulars of the Vessel

Shipyard: Hyundai Heavy Industries Co., Ltd.
Delivery: From 2025 through 2026
LOA: About 299m
Beam: 46.4m
Tank Capacity: 174,000m3
Propulsion System: X-DF
Speed: 19.5knt

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Container Shipping Lines

Yang Ming to add ‘YM Throne’ – a new 11,000 TEU container vessel

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Yang Ming to add 'YM Throne' - a new 11,000 TEU container vessel. Image: Unsplash
Yang Ming to add 'YM Throne' - a new 11,000 TEU container vessel. Image: Unsplash
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Yang Ming Marine Transport Corp. will add one more new 11,000 TEU container vessel, ‘YM Throne’. The vessel is chartered from Shoei Kisen Kaisha, Ltd. and built by Imabari Shipbuilding Co., Ltd. The naming ceremony of YM Throne took place at Imabari Hiroshima Shipyard. Yang Ming’s attendees joined the ceremony remotely at their Taipei office.

To further strengthen Yang Ming’s mid- to long-term operational efficiency, the company ordered a total of fourteen 11,000 TEU newbuildings through long-term charter agreements with ship owners. YM Throne is the thirteenth in the series and will be delivered in late August. This type of vessels has a nominal capacity of 11,860 TEU and is equipped with 1,000 plugs for reefer containers. With a length of 333.9 meters, a width of 48.4 meters, a draft of 16 meters, these vessels are designed to cruise at a speed up to 23 knots. The containerships incorporate various environmental features including scrubbers, Water Ballast Treatment Plant and Alternative Marine Power system.

This type of vessels adopts the twin-island design to increase loading capacity and navigational visibility to ensure more efficiency and safety. The ship hull form optimization will further increase energy saving, reduce overall emissions and increase fleet diversity. In addition, the ships are designed with shorter length and beam, which makes them easier to maneuver during berthing or departure. The new dimensions enable these ships to call at major ports worldwide and pass through the new Panama Canal with no restriction, and facilitate greater flexibility in vessel deployment.

Yang Ming started taking delivery of these new vessels from 2020. These additions can lower the average age of Yang Ming’s global fleet, reduce unit cost and achieve energy efficiency. In addition, these newbuildings will help the company to proactively cope with the challenges faced by the fast-changing shipping industry. YM Throne will be deployed on Yang Ming’s Trans-Pacific service PN3 after delivery. The new vessel will not only meet customer needs but also maximize capacity utilization. The joining of YM Throne will significantly enhance the competitiveness of Yang Ming’s global fleet and service network.

The port rotation for the 1st voyage of YM Throne in PN3 is Hong Kong – Yantian – Shanghai – Pusan – Vancouver – Tokyo – Kobe – Pusan – Kaohsiung – Hong Kong.

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Container Shipping Lines

MOL to equip bulk carrier with the “Wind Challenger” hard sail system

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MOL to equip bulk carrier with the "Wind Challenger" hard sail system. Image: MOL
MOL to equip bulk carrier with the "Wind Challenger" hard sail system. Image: MOL
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Mitsui O.S.K. Lines, Ltd. announced its intent to equip a second bulk carrier with the “Wind Challenger” hard sail system, which harnesses the power of wind to propel the vessel. MOL Group company MOL Drybulk Ltd. will operate the vessel, which will transport wood pellets for Enviva Inc., the world’s leading producer of sustainable wood bioenergy, and has signed a construction contract for the new ship with Oshima Shipbuilding Co., Ltd. The vessel, slated for delivery in 2024, will be the second Wind Challenger-equipped vessel in the MOL Group fleet, following one scheduled to enter services in October of this year.

MOL group is also examining the feasibility of adopting “Rotor Sails,” an auxiliary wind propulsion system developed by Anemoi Marine Technologies Ltd, of the U.K. Combined use of both the Wind Challenger and Rotor Sails is expected to reduce greenhouse gas emissions by an average of 20%.

For years, Enviva and MOL have engaged in discussions to improve the efficiency of marine transportation through a contract for the shipping of wood pellets in Atlantic waters. In recent years, there has been a need to reduce the environmental impact of the entire supply chain. As we entered into a partnership in March 2021 with the aim of realizing an environmentally friendly bulk carrier, we have been considering the introduction of energy-saving technology and this is a culmination of our studies so far.

MOL Group clearly states that the group will make a concerted effort to achieve net zero GHG emissions by 2050, under “MOL Group Environmental Vision 2.1.” It will further push forward adoption of energy-saving technologies using wind such as the Wind Challenger and Rotor Sails, to help reduce GHG emissions and realize a low- and de-carbonized society.

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