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NEWS BULLETIN
TANKER SHIPPING
EASTERLY BLOWS STRONG
Maritime Logistics Equity Partners (MLEP), a new company formed by Easterly Asset Management, has acquired two stainless steel chemical tankers, Easterly Beech Galaxy and Easterly Lime Galaxy, from Hong Kong-based Cido Shipping. The two tankers are 20,000-dwt units built in 2007/8. MLEP was established to take advantage of what Easterly sees as opportunities in the chemical tanker market given the low orderbook, increasing chemical production and a lack of liquidity in the capital markets for new tankers. “There is a compelling opportunity to invest in pre-owned chemical tankers, given the limited supply and growing demand for the vessels, a low future orderbook for shipping construction and the expansion of chemical trade lanes,” says Darrell Crate, managing principal of Easterly Asset Management and MLEP’s CEO. “Chemical tankers may not be glamorous, but they keep the global economy humming and investors happy with a steady stream of income.” MLEP intends to acquire more stainless steel tankers on the S&P market before the end of the year, which it says can provide its investors with an attractive level of regular, growing income as well as capital returns. Its tankers will be operated through Womar’s pools. easterlyam.com SOLVANG TRIALS CARBON CAPTURE
Solvang and Wärtsilä Exhaust Treatment are to retrofit a carbon capture and storage (CCS) system onboard the 21,000-m3 LPG carrier Clipper Eos in a full-scale pilot project designed to test the system in oceangoing use. Wärtsilä is currently building a land-based prototype at Moss, Norway and is aiming to reduce CO2 emissions from ship exhausts by 70 per cent. “Carbon capture and storage is an exciting development that we are proud to support, and strongly believe that this technology could be
HCB MONTHLY | NOVEMBER 2021
an important key to decarbonise the world’s deep-sea fleet,” says Edvin Endresen, Solvang’s CEO. “As a forward-thinking company that is equally passionate about ensuring the industry’s transition to decarbonisation, Wärtsilä is the perfect partner as we look to scale up sustainable technologies across our fleet and reduce shipping’s environmental impact on the world.” The project has the support of Marubeni, which has had Clipper Eos on timecharter since its delivery in 2019. www.solvangship.no www.wartsila.com STOLT SEEMS HAPPY
Stolt Tankers has reported revenues of $310.0m for its third quarter to end August, up from $287.0m in the previous quarter. Operating profit almost doubled to $24.1m, though that was still below the $28.1m posted for the same period last year. Deepsea freight revenues rose by 8.1 per cent on the quarter, reflecting the addition of six ships from Tufton Oceanic to the Joint Service pool fleet; Stolt also managed to increase average spot rates by 16.9 per cent
compared to the second quarter by trading fewer low-paying commodity cargoes. Niels G Stolt-Nielsen, CEO of parent Stolt-Nielsen, notes: “We saw a recovery in contract nominations following the second-quarter negative impact of the Houston freeze in February. As a result of the higher contract volume carried, we were less reliant on the low paying spot market, which has not yet shown any sign of recovery. The supply side in the chemical parcel tanker segment looks very favourable and it is just a matter of time before we will see a further strengthening of the market.” www.stolt-nielsen.com NAVIGATOR GOES FOR AMMONIA
DNV has awarded approval in principle (AIP) to Navigator Gas for a new ammonia-fuelled gas carrier design, developed in collaboration with MAN Energy Solutions, Babcock International and the Norwegian Maritime Authority. “Obtaining an AIP from DNV for an ammonia-fuelled vessels is the first step in preparing Navigator Gas to meet the future demands of our customers and to reduce our
