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    Dockwise selects Hyundai as yard for its new 'Type 0' super vessel

    Yard News // February 7, 2011

    Following its decision, announced in November 2010, to commission a new vessel to service the emerging market for transportation of ultra large loads, Dockwise has selected Hyundai Heavy Industries (HHI) in Korea to build the vessel.

    HHI is scheduled to deliver the vessel during the last quarter of 2012, following sea trials, when it is intended to undertake its initial commercial voyage.

    The new vessel has been categorized as a Type 0 (T-0) to reflect its exceptional size. Hitherto, the largest class of vessel has been Type 1 with cargo capabilities between 41,000 and 73,000 tonnes and of which Dockwise, as only provider in the market, already has two in service.

    With an overall deck size of 275m x 70m and a revolutionary 'bowless' design, the new vessel will have a carrying capacity of more than 110,000 tonnes. "It will be the first of its kind in service in the maritime transport industry, and will add a unique capability to the Dockwise fleet, maintaining its leadership position at the top of the market," said the company in a statement.

    The specification of the T-0 is subject to further detailed design engineering, as Dockwise consults with clients and HHI's offshore division, which specialises in fabricating the next generation of modular units.

    "HHI's flexibility in newbuild design, together with its track record of on-schedule delivery and budget discipline, were key deciding factors in the award of the contract," said Dockwise.

    The total cost of the vessel, including all project and design costs, is expected to be approximately US$240 million, with installments of approximately 45 per cent in 2011 and 55 per cent in 2012. The investment is being fully financed by a rights issue and revolving debt facility Dockwise completed end 2010.

    André Goedée, Chief Executive of Dockwise, said: "We have been particularly encouraged by clients' reactions since we announced this investment decision. It is our expectation, based on latest discussions with clients, that we will surpass our initial revenue assumptions for the first year of operations."

    "Clients have grasped the game changing potential of the vessel and have made a valuable contribution to our thinking around the detailed design."

    "Hyundai is the partner of choice for our new build vessel, designed to transport the next generation of ultra-size units. Hyundai's performance-to-budget and delivery records provide the reassurance we seek that the vessel will be available at the agreed loading date for its first assignment."

    C J Kang, executive vice president and COO of Hyundai Heavy Industries, said: "As an EPIC contractor for offshore projects, we agree strongly with Dockwise that there is a rapidly emerging need for a vessel of this capacity, given the scale growth of offshore projects."

    "The benefits for our ultimate clients of dry transports of integrated structures and of large FPSOs are clearly apparent to yards and offshore services firms focused on the future evolution of our markets."

     

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