South Korea’s Sinokor Merchant Marine is being linked to a series of MR product tanker newbuildings ordered at Hyundai Mipo Dockyard (HMD).
Shipbuilding sources said the low-profile owner is behind a $250m newbuilding contract the Ulsan-based shipyard disclosed last month.
The order is for four firm 50,000-dwt vessels plus two options.
A shipbuilding source said the ships will have an IMO type 2 chemical rating, with multiple tanks and possibly phenolic-epoxy coatings.
“They cost $4m to $5m per ship higher than conventional MR product tankers,” the source added.
Shell and ExxonMobil are in the market and are looking to charter such vessels
Shipbuilding source
Oil major interest
Some shipbuilding sources said Sinokor has not lined up employment for the newbuildings but added that there are a few oil majors looking to fix this type of ship.
“Shell and ExxonMobil are in the market and are looking to charter such vessels,” said one of the sources.
Officials at HMD declined to comment on the yard’s shipbuilding activities, and a Sinokor representative declined to comment on reports of the order.
If the Sinokor order materialises, it would mark the company's second newbuilding contract this year at compatriot yards.
At the end of January, Sinokor returned to DSME for four 320,000-dwt, scrubber-fitted VLCCs, reportedly costing close to $92m each and slated for delivery in 2021.
Feeder orders
In addition, Sinokor is linked to a series of feeder containerships that were recently booked at shipyards under the control of China State Shipbuilding Corp (CSSC).
Shipbuilding sources said CSSC Hong Kong Shipping Leasing (CSSC Leasing), the shipowning arm of CSSC, has commissioned Jiangnan Shipbuilding to construct four 2,400-teu vessels.
The company also contracted Huangpu Wenchong Shipbuilding and Chengxi Shipyard to build eight 1,100-teu ships each.
“CSSC Leasing have ordered these feeder vessels on the back of charter contracts from Sinokor,” said one shipbuilding source.
The price tag for the 1,100-teu and 2,400-teu newbuildings was not disclosed but the three shipbuilders are scheduled to deliver the containerships between the end of 2020 and 2021.
According to VesselsValue, Sinokor has half-a-dozen VLCC newbuildings on order at Hyundai Heavy Industries, two LR2 tankers at Daehan Shipbuilding and two capesize bulkers under construction at Shanghai Waigaoqiao Shipbuilding (SWS). The 10 newbuildings, due for delivery between this year and 2020, are estimated to have a market value of close to $750m.
S&P activity
Besides being active on the newbuilding front, Sinokor also has been heavily involved in the secondhand market. Last month, it was reported to have sold the 292,400-dwt Pacific Glory (built 2001) for about $23.5m to Kunlun Shipping in China. VesselsValue lists the company as having bought 40 resale vessels last year, of which 32 were feeder containerships acquired from Dutch shipowner Vroon.
Among the resale deals, Sinokor acquired four SWS-built capesize bulkers from Cara Shipping, three capesize newbuildings under construction at Yangzijiang Shipbuilding from Great Wave Navigation and one 138,000-cbm LNG carrier from BP.
TradeWinds reports this week that Sinokor has taken delivery of a second LNG carrier from the UK-headquartered oil and gas giant.
