Kumiai Navigation orders ultramax bulker at Oshima Shipbuilding

January 7, 2021 21:37 GMT
Irene Ang

Kumiai Navigation orders ultramax bulker at Oshima Shipbuilding

New ship will meet the Energy Efficiency Design Index Standard due to be introduced in 2025.

Kumiai Navigation has signed up for a single energy-efficient, 64,000-dwt bulker newbuilding at Japan’s Oshima Shipbuilding, ahead of new International Maritime Organization emissions rules in 2025.

Kumiai Navigation managing director Tomomaru Kuroyanagi told TradeWinds that the vessel — set for delivery in 2023 — is part of an expansion programme.

“We have ordered the bulk carrier as the ship will meet the latest requirements of the Energy Efficiency Design Index for greenhouse gas emissions,” he said.

The standard, known as EEDI Phase 3, aims to cut emissions by 30% compared with 2008 levels.

Singapore-based Kumiai Navigation did not disclose the price but deemed the level “fair”. Shipbuilding players put the unit’s value at about $27m.

Oshima scores 2020’s only Greek bulker orders after getting over reticence

The outfit is also due to take delivery of an 82,000-dwt kamsarmax bulker from Nantong Cosco KHI Ship Engineering in the second half of this year, having ordered it early last year.

“The kamsarmax bulker is still charter-free,” Kuroyanagi said. “We are not in a hurry to fix it out.”

Kumiai Navigation has 12 bulkers — six capesizes, five supramaxes and one panamax — on the water.

VLGC deal

A subsidiary of Kumiai Senpaku in Japan, Kumiai Navigation recently pocketed $37m when it sold its oldest VLGC — the 80,000-cbm Crystal Marine (built 2003).

Market players said Bangladeshi company Bashundhara Group had bought the Kawasaki Heavy Industries (KHI)-built gas carrier, but Kumiai Navigation denied this.

Kumiai Navigation sells its oldest ship in fleet renewal move

Kumiai Navigation sold the VLGC under its fleet-renewal programme. It has three LPG-fuelled VLGC newbuildings under construction at KHI and employment has been found for the first two.

Astomos Energy has chartered one VLGC for five years at about $900,000 per month. It is scheduled to take delivery in August.

Equinor was reported to have employed the second VLGC under a medium to long-term contract. The rate was not disclosed, but the Norwegian energy major will take delivery in January next year.

Kumiai Navigation’s third newbuilding, which is due to roll out of dry dock in the second quarter of 2022, is still charter-free.

With the sale of the Crystal Marine, Kumiai Navigation has four VLGCs and two pressurised LPG ships in trading.