Mitsubishi Shipbuilding to construct Navios VLCC for Imabari

Imabari and MHI Marine Structure signed a consignment contract on 27 June. Navios is understood to have taken up an option with Imabari for a fifth VLCC in May 2019.

The ship design and materials for the project will be provided by Imabari under the terms of the deal. The vessel will feature the same more efficient design as the three vessels under construction at Imabari, including Hybrid Fin and WAD (Weather Adapted Duct) features. Imabari has stated it expects the improved ship design and other technologies to deliver a substantial increase in fuel efficiency compared with previous vessels.

Imabari Shipyard signed a cooperation agreement with Mitsubishi Heavy Industries in 2013, and the two companies have a joint-venture focused on the LNG market, MI LNG. However, Japanese shipyards focused on the LNG market have experienced a sharp decline in orders. The overwhelming majority of new orders placed so far in 2019 have been won by Korean shipyards.

The VLCC project is scheduled for completion in autumn 2021. Mitsubishi Shipbuilding’s Nagasaki Shipyard had previously focused on the construction of LNG and liquefied petroleum gas (LPG) carriers and passenger vessels. This will be the first VLCC to be built at the Nagasaki Shipyard since 2013.