Owner and operator of liquefied natural gas carriers Teekay LNG Partners has decided to sell its 151,800 dwt Suezmax tanker to Greece-based shipowner Eurotankers, according to data provided by VesselsValue. The vessel in question is the 269-meter-long Asian Spirit, built by South Korean Hyundai Heavy Industries in 2004. Although the financial details of the agreement were not disclosed, VesselsValue data shows that the tanker has a market value of about USD 20.2 million. The 13-year-old ves...

Japanese shipping company Mitsui O.S.K. Lines (MOL) has taken delivery of the Ethane Crystal, the world’s first very large ethane carrier (VLEC) which was built for Mumbai-based Reliance Industries Limited (Reliance), from South Korean shipbuilder Samsung Heavy Industries (SHI). The 80,000 cbm Ethane Crystal is the first in a series of six VLECs ordered by Reliance from SHI in July 2014.Under the agreement signed in December 2014, MOL was appointed by Reliance to undertake site supervision of...

South Korea’s government intends to provide funding of KRW 6.5 trillion (USD 5.7 billion) to help the country’s shipping companies renew their fleets, Reuters reported. The first step is the establishment of a state-backed ship financing company with an initial sum of KRW 1 trillion (USD 871.7 million) to improve the financial position of the country’s shipping firms. With this move, the government plans to support the financially troubled shipbuilding and shipping industries, following ...

Japanese shipping company Mitsui O.S.K. Lines (MOL) has placed an order for a 140,400 dwt coal carrier at its compatriot shipbuilder Imabari Shipbuilding. The company said that the new vessel, which will be 274 meters long and 47 meters wide, would have environmental and safety features. MOL did not disclose the price agreed under the shipbuilding contract. The move comes after the company signed a long-term shipping agreement with Japan’s Sikoku Electric Power. Sc...