Chinese yard picks up Hoegh car carrier for green recycling:

Chinese ship recyclers hope the sale of Norwegian owner Hoegh Autoliners’ 3,700-car-equivalent-unit (ceu) Hoegh Trotter (1983) to Jiangmen Zhongxin Ship Recycling Yard in South China on Monday marks the growing importance of green recycling facilities on the mainland, particularly to European owners for whom being environmentally responsible is not an option but a necessity.

Mr. Liang, majority owner and General Manager of Jiangmen Zhongxin Shipyard reflects on the sale as an addition to their ongoing commitment to green recycling.

"Having an important Norwegian owner like Hoegh place their trust in us is a big achievement and we will continue to carry out responsible, safe and environmentally conscious ship recycling here at our yard. We are also happy to be working closely with the cash buyer, Grieg Green, for the successful closing of this deal", he said.

NHST Events, organiser of the annual Ship Recycling Forum, was on-site to witness the handover of the vessel as well as inspect the yard and its facilities as part of its on-going commitment to covering the ship recycling market. The 2012 edition of the event takes place in Singapore from 12 - 13 March and has attracted a record level of support. The visit  to South China’s Guangdong province follows on from NHST Events' trip to Chittagong last month alongside a delegation from IMO and the Norwegian Agency for Development Cooperation (NORAD) during which a new project providing financial support to Bangladesh’s ship breakers was agreed.  With the ship import ban in Bangladesh set to extend into the New Year, Chinese yards like Zhongxin are keen to handle any surplus demand.

During the yard visit, NHST Events also spotted the 16,270 DWT Xiang Jiang, reported by demo broker EBM as being sold this week for USD 495 per ldt.

When asked about current demand and plans for expansion at the yard, Mr. Liang alluded to a possible takeover of the neighbouring plot of land but that the capacity at the yard would not increase because "it has always been our wish to provide quality rather than quantity", he said.

Grieg Green, the cash buyer and recycling consultant in the Hoegh deal is relatively new to the scene and Hoegh Trotter represents an important milestone. The Norwegian family-owned company, which sources say paid just over USD 450 per ldt for the vessel, entered the recycling market 12 months ago. A spokesperson said "We are very pleased to be working with Zhongxin and are confident our superintendent who will be on-site for the duration of the project will have positive reports".

Senior representatives from Zhongxin Ship Recycling Yard and Grieg Green are set to attend TradeWinds Ship Recycling Forum in Singapore, which encompasses the International Ship Recycling Association (ISRA) AGM at which Mr. Liang will be a participant.

The 4th TradeWinds Ship Recycling Forum is sponsored by WIRANA, ClassNK, Lloyd's Register, Sea2cradle, Germanischer Lloyd, Dalian Shipbuilding Industry Ship Recycling Co, ISRA, Al Salam Insurance Services, Rotar, Wilhelmsen Ship Management and St Kitts & Nevis. The event is supported by the Maritime and Port Authority of Singapore (MPA).

NHST Events AS is part of the Norwegian news organisation NHST Media Group with operational headquarters in London.

NHST Events global reach extends to the most traditional and the most dynamic shipping centres of the world, with events running in Singapore, Athens, Oslo, London, Istanbul and Shanghai.

Source: NHST Press Release. 6 December 2011

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