Japan's Tsuneishi Shipbuilding has clinched an order for 10 handysize log carrier newbuildings worth about $250m.
The Kambara-family controlled shipbuilder revealed that a domestic shipowner had ordered a series of log/bulker newbuildings of 42,000 dwt each — an upgrade of the yard’s established TESS38 design.
Tsuneishi has kept the identity of the buyer and delivery dates confidential, but shipbuilding market sources suggest Japan’s largest private shipowner, Nissen Kaiun, is behind the deal, with delivery beginning in 2021.
Tsuneishi’s subsidiary yards — Tsuneishi Zhoushan Shipbuilding and Tsuneishi Heavy Industries in Cebu — will construct five ships each. If confirmed, the contract will lift Nissen's orderbook to 40 vessels.
According to Clarksons' Shipping Intelligence Network, Nissen’s orderbook includes one 320,000-dwt crude carrier, five VLGC newbuildings, four MR product tankers, 14 feeder containerships, four bulkers and two chemical tankers.
One shipping source believes not all 10 of the new log/bulkers will ultimately be under the ownership of Nissen. Some may have been ordered on behalf of compatriot owners.
In a statement, the yard said the new design is adapting to expanding markets.
“With growing demand for cargo transport due to economic growth in Asia, we foresaw the need for a larger version of the handysize log/bulk carriers and developed this ship model, which maintains the compact size of the TESS38 but has enhanced transportation capability,” Tsuneishi said.
“The newly developed TESS42 follows the design concept of the TESS38 while improving transportation efficiency, with deadweight capacity increased by approximately 2,000 tonnes with the same draught and by approximately 4,000 tonnes at full load.”
Emissions compliant
The 48,000-dwt newbuildings will be equipped with four deck cranes, wide-opening hatch covers, and semi-box type cargo holds suitable for transporting steel products. They will be built in compliance with the IMO's NOx Tier III emissions regulations and fitted with scrubbers to comply with SOx emissions restrictions.
One shipbuilding broker puts the price of the TESS42 design at about $25m apiece.
A low-profile shipowning company, Nissen is active on the newbuilding and resale markets. Last month, it sold two Imabari Shipbuilding-constructed, 1,700-teu feeder containerships — the Sinar Sangir and Sinar Subang (both built 2008) — for $8.5m each. The buyer was not disclosed.
It has also offloaded the 82,200-dwt bulker Crystal Star (built 2014) for $24.5m to Greek owner Chronos Shipping. The Sanoyas-built vessel has been renamed the Volos.
Nissen also sold an aframax tanker — the 106,000-dwt TH Symphony (built 2008) — to Reederei Nord for $43m in February. The crude oil tanker has been renamed Nordsymphony and now trades in the N2 Tankers pool.
