Fortescue’s First VLOC Completes Maiden Voyage

Image Courtesy: Fortescue

FMG Nicola, the first of eight very large ore carriers (VLOCs) ordered in 2014 by Australian iron ore company Fortescue Metal Group (Fortescue), has arrived in the country’s Port Hedland completing its maiden voyage from China.

The 260,000 dwt FMG Nicola is the first of four VLOCs currently under construction at Chinese Yangzijiang Xinfu Shipyard, while the remaining four ships are being built by Guangzhou Shipyard International.

With a gross tonnage of 140,000 tons, FMG Nicola features a length of 327 meters and a width of 57 meters.

The delivery of the final vessel is expected in mid-2018.

When fully operational, the VLOC fleet is expected to provide approximately 12 percent of Fortescue’s total shipping requirements, the company said.

In November, Fortescue finalized an agreement with the China Development Bank Financial Leasing (CDB Leasing) to finance the VLOC fleet. The agreement is said to be the largest direct funding arrangement provided by a major Chinese financier for a non-Chinese company in Australia.

The finance lease facility funds 85 percent of the VLOC cost for a minimum of 12 years on highly flexible terms, including early repayment and extension options for a further 3 years. Out of the total construction cost of USD 556 million, the facility would cover USD 473 million of the expenses.

Share this article

Follow World Maritime News

In Depth>

Events>

<< Dec 2017 >>
MTWTFSS
27 28 29 30 1 2 3
4 5 6 7 8 9 10
11 12 13 14 15 16 17
18 19 20 21 22 23 24
25 26 27 28 29 30 31

APM – ASIA PACIFIC MARITIME 2018

27 years in the making, APM is the premier shipbuilding & marine, workboat and offshore exhibition in Asia trusted by generations of industry professionals.

read more >

Mega Cargo Show 2018

The focus of the event is to bring all connected with cargo fraternity on a single platform…

read more >

Vietship 2018

Vietship is the largest and longest established exhibition in Vietnam featuring all aspect of Shipbuilding, Shipping and Offshore Technology.

Since its first event in 2002, Vietship has become the convergence and platform of advanced technologies regional and worldwide in shipbuilding and ship repair, marine equipment, waterway transportation and services, marine and offshore engineering.

After 16 years of eight consecutive editions, Vietship has affirm itself as an important event in enhancing cooperation and development, attracting investments, exchanging technology and creating ideal opportunities for trade promotion in the international maritime industry.

More info

read more >

LNG Bunkering Summit 2018

The conference will cover the obstacles facing both the shipping and port communities, exploring developments in conversion and new builds…

read more >