Page 40: of Maritime Reporter Magazine (September 2005)

M/V Harbor Queen

Starts Services

Blount Boats, Inc. completed a new dinner boat, Harbor Queen, which was commissioned for service in Newport

Harbor earlier this summer. This vessel was designed in house to attract tourists to Rhode Island's scenic Narragansett

Bay. The Spirit of Newport Company will operate the Harbor Queen from

Bowen's Wharf, Newport, RI, alongside her sister ship, Spirit of Newport in

Newport Harbor.

Harbor Queen is Newport's first high- end luncheon/dinner cruise vessel with an all season operating capacity. The 80 x 30 x 5 ft. (24.4 x 9.1 x 1.5 m)vessel is designed for up to 149-seated passen- gers, with climate controlled heating and air-conditioning in the deluxe interior.

The vessel is equipped with a full gal- ley, scullery, large full-service bar, liquor locker, dance floor, bridal suite changing room, Bose sound system and 3 microphone stations.

The steel vessel is powered by two 400 hp D2842LE Man engines with Twin

Disc 518 marine gears. Lo-Rez isolation mounts are installed with Navy hull board and lead for structural vibration dampening. The vessel is also equipped with remote engine control and steering and dual radar.

Circle 9 on Reader Service Card

Harbor Queen Main Particulars

Builder . . . . . . . . . . . . . . . . . . . . . .Blount Boats, Inc.

Type . . . . . . . . . . . . . . . . . . .Dinner/Excursion Vessel

Owner . . . . . . . . . . . . . . . . . . . . . . . .Harbor Leasing

Operator Spirit of Newport Company

Length . . . . . . . . . . . . . . . . . . . . . . . . .80 ft. (24.4 m)

Beam . . . . . . . . . . . . . . . . . . . . . . . . . . .30 ft. (9.1 m)

Depth . . . . . . . . . . . . . . . . . . . . . . . . . . . .5 ft. (1.5 m)

Hull construction . . . . . . . . . . . . . . . . . . . . . . . .Steel

Passengers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .149

Main propulsion . . . . . . . . . . . . . . . . . . . . . . . .MAN

Vibration control . . . . . . . . . . . . . . . . . . . . . . .Lo-Rez

Gears . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Twin Disc

Gensets . . . . . . . . . . . . . .(2) 96 KW Northern Lights 40 Maritime Reporter & Engineering News

The world LPG carrier fleet is forecast to expand from 14.5 million cu. m. at the beginning of 2005 to 24.6 million cu. m. by 2015.

World seaborne LPG trade (including ammonia and petchems) is forecast to increase from 73 million tons to 132 million tons over the same period.

These are some of the findings in the new detailed report - entitled LPG

Carriers: Market Prospects to 2015 - which analyzes the current and histori- cal developments within the LPG carri- er sector and examines the prospects for trade and fleet development under alter- native scenarios, presenting detailed forecasts for trade volumes, fleet requirements and freight rates through to 2015.

The following highlights some of the findings of the report: • The world LPG fleet was estimated at 14.5m cu. m. at the beginning of 2005, made up of 990 vessels dominat- ed by the VLGC sector which accounts for 57 percent of fleet capacity. By mid 2005, the LPG carrier orderbook totaled approximately 3.6 million cu. m. (88) vessels, equivalent to 24 percent of the current fleet capacity. South Korean yards dominate the

LPG carrier newbuilding market with 76 percent of the orderbook. Japanese yards account for 17 percent of the new- building fleet capacity. Total seaborne LPG trade was approximately 48 million tons during 2004. The transportation of ammonia accounts for approximately one in five cargoes carried by gas carriers and is particularly important to the LGC and

MGC sectors and accounted for approx- imately 15 million tons of seaborne trade in 2004. The four main petrochemicals are:

Ethylene, Propylene, Butadiene and

VCM. These accounted for approxi- mately 10 million tons of seaborne trade in 2004. Average 1-Year Time Charter Rates for VLGCs climbed from $0.58 mil- lion/month in 2003 to $1.1 million/month by the end of 2004. The start of 2005 was quiet, but demand stayed strong and vessel availability continued to be restricted. Newbuilding prices strengthened significantly during 2004, and continued to rise during 2005, with VLGC prices averaging over $82 million during 2004, with reports of some vessels reaching $90 million during the start of 2005. Secondhand prices based on 10- year old vessels show that VLGC prices have increased from the lows of 2002 at $39.2 million to $48 million currently.

The smaller vessels have increased more in value over recent years. Aggregate annual LPG carrier

Operating Costs approximate $2.0-2.9 million across the classes, linked to ves- sel size. Seaborne LPG trade is forecast to increase from 48 million tons in 2004 to 68 million tons by 2010 and to 96 mil- lion tons by the end of the study period. Seaborne ammonia trade is forecast to grow from approximately 15 million tons in 2004 to 18.2 million tons in 2010 and increase to 21 million tons by 2015. Seaborne petrochemical trade is forecast to rise from 10 million tons in 2004 to 13.2 million tons by 2010 and to 15.5 million tons by 2015. The LPG fleet is forecast to grow from 14.5 million cu. m. to 18.6 million cu. m. by 2010 and expand to 24.6 mil- lion cu. m. by 2015. The VLGC sector is set to witness the largest growth, with capacity rising by 82 percent, from 8.3 million cu. m. to over 15.0 million cu. m. One-year time charter rates for

VLGCs are forecast to fall in the near- term, but recover by 2009. There is like- ly to be a market correction around 2010, followed by a fall in rates with a subsequent recovery, with freight rates reaching $1 million /month by 2015.

THE INTERNATIONAL BUSINESS FORUM FOR THE EUROPEAN SHIPBUILDING AND SHIPREPAIR INDUSTRY 20TH - 23RD OCTOBER 2005, 5 STAR DIVANI CARAVEL HOTEL, ATHENS, GREECE

CHANGE

SHIPECEUROPE is a highly focused industry forum for senior executives wishing to talk business in a more targeted fashion.

The unique face to face meeting forum brings together managers, managing & purchasing directors, presidents & directors of leading shipowning companies, to meet by appointment with the industry's leading national and international supplier companies over three days.

Meeting in 5 star facilities away from the distractions of the office & trade shows, SHIPECEUROPE is regarded by the market leaders as a premier event within the industry.

The first SHIPEC forum was launched in 2003 in Malta and after a hugely successful 2nd event in Cyprus; it will also be launched in America in 2005.

HOW are appointments made? • Prior to the event, a directory is produced with details of all companies participating. • Suppliers and buyers are then asked to select the companies they wish to meet. • A personalised meeting schedule is then drawn up for each company.

THE FORMAT

Each Shipowner/Shipmanager is allocated a meeting point where all appointments are held over two days. All meetings last 20 minutes.

NETWORK WITH THE INDUSTRY

Following the business meetings, there will be an organised programme of team activities allowing delegates to network in a more informal way and an industry dinner will take place each evening allowing further networking opportunities. the way you do business www.shipeceu.com

TO RESERVE YOUR PLACE EITHER:

Call: Annette on: +44 (0)1252 732223

Email: [email protected]

Visit: www.shipeceu.com

SHIPECEUROPE 05

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LPG Fleet Rates Rise

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