Fairstar Heavy Transport Places Heavy-Lift Ship Order

The $204 million-deal vessels will joint fleet in 2012
Fairstar Heavy Transport has ordered two heavy-lift ships from China’s Guangzhou Shipyards International in a deal worth around $204 million.

The 50,000-deadweight tons, open stern semi-submersible vessels will join the fleet of Rotterdam-based Fairstar in 2012.

The size, speed and performance of the vessels are ideal for the widest range of high value, ultra-heavy cargoes, Oslo-listed Fairstar said.

The contract will be financed by a combination of equity and long term debt with a syndicate of Chinese banks supported by an export credit facility issued by Sinosure providing an eight year term facility.

Guangzhou Shipyards International [GSI] is already building two similar ships for China’s Cosco, which are due for delivery in December 2010 and in 2011.

“GSI have more experience building semi-submersible ships than anyone else in the world,” said Willem Out, Fairstar Managing Director Fleet.

Multi-billion dollar energy infrastructure projects will provide the most stable and profitable opportunity for the marine heavy transport industry in the next three to five years, Fairstar Chief Executive Officer Philip Adkins said.

“We have concluded there will be a shortage of purpose built, open stern, semi-submersible ships,” he said.

“There is a clear over-supply of very old, high maintenance, converted oil tankers that entered the market during the last three years.”
“The day rates for this type of ship have collapsed. They operate in the most unprofitable sector in our industry,” according to Adkins.

Separately, Singapore-listed STX Pan Ocean said it has won a contract worth at least $40 million to build a semi-submersible heavy lift carrier for an unnamed customer.
(Source:www.joc.com)