SSG No 10 - Shipgaz

NEWS REVIEW
AFP IN DEAL WORTH USD 750 000 000
Aker Floating Production (AFP) has
struck a USD 750 million deal to
deploy the FPSO Aker Smart 1 with
Reliance Industries offshore India. Aker
Kvaerner is also involved in the deal
and will deliver a complete subsea production
system. The value of Aker
Kvaerner’s contract is in excess of USD
300 million. The subsea production
system will be installed at 1,100–1,400
meters water depth and includes trees,
manifolds, controls, umbilicals, flowlines
and risers.
ATLAS SHIPPING LOSING MONEY
Atlas Shipping of Copenhagen posted
a much lower profit in 2006 than in
2005. The profit fell from DKK 250
million to only DKK 44 million. Most
of the fall in profits comes from a number
of contracts in the panamax segment
signed at a price level that did not
match the actual market.
“We were completely wrong in our
judgement of the market and my former
partner signed cargo contracts at a level
much too low”, says Bo Kristensen, MD
and one of two founders of Atlas Shipping,
to the newspaper Børsen.
RØKKE/DOF ORDER IN VIETNAM Kjell
Inge Røkke and DOF has established a
new shipowning company, hitherto
unnamed, and ordered six anchor handling
vessels at Aker Yards’ new yard in
Vietnam for NOK 1.5 billion en bloc
with an option of another six vessels.
DOF earlier joined Aker in the oil service
company Aker Oilfield Services
but will take on technical and commercial
management of the new vessels.
The first vessel is scheduled for delivery
in 2010 and the last in 2012. Røkke is
working through Aker Capital.
NOE-TIME COSTS HIT RESULT Tanker
operator Concordia Maritime reports a
SEK 5.2 million profit after tax, down
by SEK 12 million compared to the
first quarter 2005, despite a strong
product tanker market. The result was
hit by a one-time SEK 9.8 million cost
in relation to a final decision on a dispute
and a SEK 7.8 million cost for
delayed repairs of the Stena Vision
reduction gear. The full year result forecast
of SEK 80 million after tax is
unchanged.
BENT MIKKELSEN
The Finnarrow.
Capacity boost
on Poland–Sweden run
ssg-göteborg. Stena Line has chartered in
the ro-pax vessel Finnarrow for three years
to meet increasing demand on the Karlskrona–Gdynia
route. The new vessel will
boost freight capacity by about 60 per cent.
During the first quarter this year, the number
of passengers rose 15 per cent, cars 29
per cent and freight units 11 per cent.
Acron halts terminal
investments in Estonia
for political reasons
ssg-tallinn. As a result of the strained
relations between Estonia and Russia, the
Russian chemical group Acron has decided
to stop financing the construction of Baltic
Chemical Terminal in the Port of Sillamäe.
“We realise the importance of the events
that have occurred in conjunction with
moving the monument and we have been
forced to halt the financing of our investment
projects in Estonia until the situation
has normalised. We cannot stand idly by
when our country’s rights are trampled
on”, is the reason given by the group on its
website.
Even though its collaboration with the
In a few years time, Stena Line will add
further capacity to the service by deploying
either the two 5,500 lane metre newbuildings
to be built by Aker Yards in Germany
for deliveriy in 2010, or the two ro-pax vessels
recently lengthened to 240 metres and
currently being operated on the Hoek van
Holland–Harwich run.
ports in the three Baltic states is profitable,
the company is now looking for alternative
export routes via e.g. Kaliningrad State Sea
Fishing Port. At the same time, Acron is
negotiating with Seaport of St Petersburg
with a view to routing a part of its exports
via the port.
Acron owns 45 per cent of the shares in
AS DBT (Dry Bulk Terminal) in Muuga
and 85 per cent of the shares in Baltic
Chemical Terminal, which is under construction
in Sillamäe.
More news on page 87 >
6 SCANDINAVIAN SHIPPING GAZETTE • MAY 21, 2007