First of Unicorn’s tankers arrives

ALAN PEAT
JUST OFF the stocks in a Korean shipyard is Grindrod subsidiary Unicorn Shipping’s 12 800-tonne deadweight (dwt) tanker the Cederberg – the first in an order for four sister ships of the same dimensions. Capable of carrying up to 14 000-cubic metres of multiple grades of oil products or IMO 2 chemical cargoes in 12 separate cargo tanks, this class of specialist tanker is designed for “niche” short sea distribution trades such as intra-north west Europe, Asia and the Mediterranean where limited port depths and jetty lengths exclude larger vessels. Cederberg and her three sister ships were ordered during a low phase of the shipping market at a price of approximately US$18‑million each, according to Grindrod CEO designate Alan Olivier. The current market value for this type of vessel is approximately US$25-m each. The last of the tanker quartet will be delivered early in 2008. This is part of Grindrod’s now 16-month old, R2-billion fleet expansion programme, which includes a mix of ships – a 605-TEU, geared container ship; the four new 12 800-t oil/chemical tankers; a 50% share in a 32 000-t dwt handysize bulk carrier; and a US$200-m order for seven newbuilding product tankers of which four have already been delivered. Said Olivier: “We have since ordered a further four 40 000-t dwt product tankers and an additional four 16 500-t dwt oil/chemical tankers. We have also sold four ships at a profit, taking advantage of market conditions – and will continue to look for opportunities in the sale of ships where appropriate.”