YZJ SHIP ORDERS AS AT 24/5

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Shipowner Navigazione Montanari orders first newbuildings since global financial crisis

Italian owner orders two MR1 tankers in China
21 May 2024

Italian tanker owner Navigazione Montanari has taken to the shipbuilding market after an investigation of almost 18 years.

It has decomposed Singapore-listed Yangzijiang Shipbuilding to Construct Two 41,000-dwt Product
The company is said to be paying close to $45M for each MR1 tankers to be scheduled to take delivery in 2027.

Italian shipping company Navigazione Montanari returned to the new shipbuilding market after almost 18 years and added 2 MR1 finished tankers to its fleet.

According to trade news, Navigazione Montanari has signed a contract with Yangzijiang Shipbuilding Group, the largest private shipping company in China, to build two 41,000 DWT MR1 product tankers. These are the first new ships built by the shipowner since the global financial crisis.

Shipbuilding industry sources said the order did not include any alternative ships. The price of each ship was 45 million US dollars, with a total value of 90 million US dollars (about 650 million yuan). The new ship is expected to be delivered in 2027.

According to Navigazione Montanari's official website, its fleet consists of 13 ships active in the transportation of crude oil, chemicals and refined oil products. The last time the shipowner placed an order for shipbuilding can be traced back to the end of 2006. At that time, the five 110,000 DWT Aphra crude oil carriers signed with China Shipbuilding Group Hudong Zhonghua Shipbuilding were all delivered between 2009 and 2010.

According to reports, Navigazione Montanari's shipbuilding contract is the 3rd finished tanker order and the 4th new ship order reported by Yangzijiang Shipbuilding this month. The other 2 finished tanker orders came from D'Amico Tankers, a subsidiary of the Italian shipping company D'Amico International Shipping (DIS), and the Greek shipping company Performance Shipping.

Photo source/Yangzijiang Shipbuilding Group official website

On May 4, D'Amico Tankers returned to Yangzi Shipbuilding, a subsidiary of Yangzijiang Shipbuilding, to order 2 75,000 DWT LR1 finished tankers. Each ship costs 56.2 million US dollars and is expected to be delivered in July and December 2027. This is an additional order for D'Amico Tankers after ordering 2 LR1 product tankers from Xinyangzi Shipbuilding on April 17 this year. The first 2 are expected to be delivered in September and November 2027. The total value of the order for the 4 ships is approximately US$223.2 million.

On May 7, Performance Shipping announced that it has signed a contract with Yangzijiang Shipbuilding to build a 75,000 DWT LR1 chemical/product tanker with an order value of US$54.1 million and is expected to be delivered in January 2027. The new ship will be equipped with an electronic host with a high-pressure selective catalytic reactor (HPSCR), an exhaust gas purification system (EGCS), and a ballast water treatment system (BWTS).

As of this month, Yangzijiang Shipbuilding has also signed a shipbuilding contract with Singapore shipping company SP Chemicals (SP Chemicals). According to industry sources, Xinpu Chemical ordered 3 99,000-cubic meter very large ethane carriers (VLEC) from Yangzijiang Shipbuilding for the first time. The cost of a single ship is no more than 160 million US dollars, and the total order value is about 480 million US dollars. It is expected to be delivered between 2027 and 2028. The new ship uses a B-type liquid cargo hold solution and was designed by the China Shipbuilding and Offshore Engineering Design and Research Institute. The order also marks Yangzijiang Shipbuilding's official entry into the VLEC construction market.