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From SeaNews.com -

The Tokyo-based giant ordered a second 300,000-tonner at Universal Shipbuilding against a long-term charter from Chinese steel mill Beitai Iron&Steel Group.

Earlier this month, NYK announced it had signed a 25-year charter with Beitai to import iron ore from Brazil.

It will ship around 700,000 tonnes of iron ore per year between November and August 2011 using a 170,000-dwt ore carrier and 1.2 million tonnes between August 2011 and the next 20 years using a 300,000-dwt ore carrier.

Beitai is said to be the first Chinese company to take a VLOC from NYK.

In December 2005, NYK ordered its first VLOC at Universal for delivery in the first quarter of 2010 against a contract-of-affreightment (COA) from Japanese steel mill Nippon Steel Corp (NSC).

The ship will carry around 1.25 million tonnes of iron ore per year from Brazil to NSC's steel plants in Japan.

The contract is said to belong term.

Meanwhile, Chinese owner Cosco has ordered two more 297,000-dwt VLOCs at Nantong Cosco Kawasaki Shipyard (Nacks), bringing the total number of such ships it has on order there to four.

A source close to Cosco confirms the deal and says Nacks will deliver all four in 2009. TradeWinds understands the newbuildings are still charter-free.

Cosco also has four VLOCs under construction at Universal for delivery between 2008 and 2010. They were ordered against long-term contracts Cosco secured from steel giants Baosteel and Angang.


Rushie
 

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I sincerely hope that they have figured out how to get all the loading stresses and strains sorted out. Dangerous vessels at the best of times. We all know of the disasters that have already gone before. Profit is rearing its ugly head here. I know doubt some of my colleagues will set me straight.
Hawkey01
 

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Anyone want to guess what the shear forces and bending moments will be
on this baby!!!!!!!!!!!!!!!.

JC
 

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JC,
Doesn't bear thinking about! (EEK)
I sincerely hope they know what they are doing. (?HUH)
 

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I sincerely hope that they have figured out how to get all the loading stresses and strains sorted out. Dangerous vessels at the best of times. We all know of the disasters that have already gone before. Profit is rearing its ugly head here. I know doubt some of my colleagues will set me straight.
Hawkey01
Hawkeye, I'm intrigued by your comments. What's wrong with profit and why is it rearing it's ugly head? Of course, everything should be done to eradicate structural failures, but there are dozens of VLOCs currently trading worldwide without incident and making a decent profit! I sincerely hope that no-one from the leftie anti-capitalist/green/ anti mobility/ anti-choice/let's-all-live-in-a-hippy commune lobby is watching as they will probably try to ban it.

Thamesphil
 

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Economics

Profit is rearing its ugly head here.
Profit is the reason that the shareholders lend their money to the managers in order to purchase the ship from the builders and then operate it in service. When you were knocking a Morse key, you surely didn't do that for love of the shipowner. You wanted to be paid (your bit of profit!) Did you feel soiled or immoral because you took the money i.e you made a profit out of your skill and expertise?

When you put money in the bank or building society, do you refuse to accept any interest that they offer? After all, that has come from the profit that they made on investing your money on their behalf. If there was no profit from shipbuilding or shipping, there would be no ships, new crews and no SN website. When the profits went down in the 1970/80s, so did the British shipbuilding industry and the majority of the British fleet. Don't knock profit, without it none of us would have had jobs and we certainly wouldn't have pensions.
 
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