Stena Bulk says it is unhappy with Samsung Heavy Industries’s offer to build up to 10 handysize products tankers.
The Gothenburg-based owner has instead turned to China for the 38,000-dwt ships and is expected to conclude a deal shortly with Guangzhou Shipyard International (GSI).
Stena boss Ulf Ryder describes Samsung’s attitude as sensational. “Their price indications were some 50% higher than what we aimed at and we did not even get a written reply,” he said.
The order was expected to go to Samsung as Stena is one of the yard’s biggest customers with seven suezmaxes currently on order there. The yard was set for exclusive negotiations with the Swedish company with the contract being said to be for six vessels with options for four more to be built to a new design aimed at a 30% fuel-cost reductions.
Ryder was aiming for a price of less than $30m per ship, while Samsung eventually indicated they would cost as much as $45m.
Ryder says he cannot recall a bigger price gap between a yard and owner. He claims Samsung appeared in discussions to be more production rather than customer-orientated, very much the opposite of what he says Stena has experienced with GSI.
“The Chinese have been to Gothenburg to discuss with our people at Stena Teknik and listened to what they had to say and made amendments to the design. The Koreans should really watch out now,” he said.
Stena has yet to sign a letter of intent (LoI) with GSI but that is expected to happen in a month or so. The deal will be scaled down and the owner is now set to go for four firm contracts. The price may be in excess of $30m per ship. The first vessel is set to be delivered in 2013.