Fairstar set to expand heavy transport fleet

Fairstar Heavy Transport has contracted Guangzhou Shipyards International Co (GSI) for two new 50,000 DWT open stern, semisubmersible vessels at a cost of $101.9 million each.

Offshore staff

ROTTERDAM, the Netherlands -- Fairstar Heavy Transport has contracted Guangzhou Shipyards International Co (GSI) for two new 50,000 DWT open stern, semisubmersible vessels at a cost of $101.9 million each.

The ships are based on a design approved by DNV. COSCO ordered two of these vessels from GSI in 2008, the first of which is due to be delivered in December.

Willem Out, Fairstar’s managing director, said: “The size, speed, and performance of these two vessels, named Forte and Finesse, are ideal for the widest range of high value, ultra-heavy cargoes.” Both are expected to join Fairstar’s existing fleet, which provides transportation services for heavy offshore structures, in 2012.”

CEO Philip Adkins added: “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 now operate in the most un-profitable segment of our industry.

“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. We have concluded that there will be a shortage of purpose built, open stern, semisubmersible ships.

“We also believe that projects will increase in complexity, safety standards will rise, and accountability to clients to perform flawlessly will increase the barriers of entry into the most profitable segment of the marine heavy transport industry.”

06/03/2010

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