Seaspan Corporation has recently announced that it has entered the Newcastlemax tanker sector and is recognized as the owner of two 210,000 dwt tankers specifically designed for transporting iron ore. These tankers will be employed under a 25-year contract with Vale, the Brazilian mining giant.
Details of the Contract with MOL
Seaspan will hand over these two tankers to Mitsui OSK Lines (MOL). According to MOL, this contract has recently been signed, and the tankers are expected to be put into service in 2030. This contract allows Seaspan to enter a new segment of the maritime transportation industry, while the company is recognized as the largest independent owner of container tankers in the world.
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Features of the New Tankers
The new tankers are capable of burning various fuels such as ethanol, methanol, and heavy fuel oil, and are also designed to be converted to liquefied natural gas (LNG) or ammonia fuels in the future. These features enable the tankers to join Vale's growing alternative fuel transportation programs.
Seaspan will construct these tankers in collaboration with Yangzijiang Shipbuilding, a Chinese manufacturer. This collaboration reflects the long-term relationship between Seaspan and Yangzijiang, which have previously worked together on various projects. Yangzijiang has also acquired 10 percent of Seaspan's parent company, Poseidon, this year.
Development of the Tanker Market
These two new tankers align with Vale's growing plans to develop transportation with alternative fuels. In recent years, Vale has invested in new tankers to respond to global demand for cleaner fuels. This initiative specifically includes 25-year contracts with various transportation companies that have the capability to carry alternative fuels.
Overall, Seaspan's entry into the Newcastlemax tanker sector signifies the company's move towards expanding its operational scope and enhancing its capabilities for transporting cleaner fuels. This trend will not only benefit Seaspan but also support Vale's environmental and economic initiatives.
