Danaos: Ένα ακόμη πλοίο στο βιβλίο παραγγελιών της
Ένα ακόμη πλοίο, μεταφορικής ικανότητας 9.200 teu, πρόσθεσε στο βιβλίο παραγγελιών στο Dalian Shipbuilding Industry Co (DSIC), η Danaos, συμφερόντων του Δρ. Ιωάννη Κούστα.
Η εισηγμένη στο Nasdaq ναυτιλιακή εταιρεία ανάφερε στην τριμηνιαία έκθεση κερδών της ότι πλέον εχει πέντε πλοία με συμβόλαιο στο κρατικό ναυπηγείο της Κίνας, τρία από τα οποία θα πρέπει να παραδώσουν το 2027 και δύο το 2028.
Υπενθυμίζεται ότι η αρχική παραγγελία τον Ιούλιο περιελάμβανε τέσσερα Post-panamaxes μεθανόλης εξοπλισμένα με scrubbers, αξίας 105 εκατομμυρίων δολαρίων το καθένα, υποστηριζόμενα από πολυετείς συμφωνίες ναύλωσης.
Γενικότερα, η Danaos έχει παραγγείλει 20 πλοία από τον Δεκέμβριο του 2020, εκ των οποίων τρία έχουν ήδη παραδοθεί και όλα έχουν ναυλωθεί για περίπου 4,5 χρόνια κατά μέσο όρο.
Danaos Shipping: Καθαρά κέρδη 331,4 εκατ. δολάρια το α΄ τρίμηνο
Με καθαρά κέρδη ύψους 331,4 εκατ. δολαρίων έκλεισε το α΄ τρίμηνο για την εισηγμένη στην αμερικανική χρηματαγορά Danaos, συμφερόντων του δρ Ιωάννη Κούστα, έναντι 296,7 εκατ. δολαρίων το αντίστοιχο χρονικό διάστημα του 2021.
Τα λειτουργικά έσοδα ανήλθαν σε 132,1 εκατ., ενώ τα προσαρμοσμένα EBITDA εκτοξεύτηκαν στα 269,4 εκατ. από 96,2 εκατ. πέρυσι.
Τα συνολικά έσοδα από χρονοναυλώσεις διαμορφώθηκαν στα 2,7 δισ. δολάρια, με ναυλώσεις μέσης διάρκειας τα 3,8 έτη, οι οποίες έχουν επεκταθεί έως το 2028.
Η ρευστότητα της εταιρείας ανέρχεται σε 708 εκατ. δολάρια. Στη διάρκεια του β΄ τριμήνου αναμένεται η αποπληρωμή χρεών και άλλων υποχρεώσεων της εταιρείας ύψους 437 εκατ. δολαρίων.
Σε δηλώσεις του μετά την ανακοίνωση των αποτελεσμάτων, ο Ιωάννης Κούστας αναφέρθηκε, μεταξύ άλλων, στις γεωπολιτικές συνθήκες και τις υψηλές τιμές ενέργειας.
Ειδικότερα επεσήμανε ότι «παρότι τα ναύλα δεν έχουν επηρεαστεί σημαντικά, το αίσθημα στην αγορά έχει αλλάξει και οι συμμετέχοντες έχουν υιοθετήσει μία πιο συντηρητική προσέγγιση. Από την άλλη πλευρά οι διαταραχές στην εφοδιαστική αλυσίδα συνεχίζονται με αμείωτο ρυθμό και είναι σχεδόν απίθανο να δούμε βελτίωση της κατάστασης μέσα στο 2022. Αυτές οι συνθήκες έχουν επιφέρει κέρδη ρεκόρ στις liner εταιρείες και υψηλότερα ποσοστά ναυλώσεων».
Danaos: Αναλαμβάνει την πλήρη ιδιοκτησία της Gemini
Η Danaos Corporation απέκτησε τα υπόλοιπα μετοχικά δικαιώματα στην κοινοπραξία της Gemini Shipholdings Corporation.
Η Gemini, εταιρεία Νήσων Μάρσαλ που ιδρύθηκε τον Αύγουστο του 2015, άνηκε κατά 49% στη Danaos Corporation και κατά 51% στη Virage International.
Η Danaos αγόρασε το 51% της Gemini έναντι 86,7 εκατομμυρίων δολαρίων και αποκτά πλέον την πλήρη ιδιοκτησία. Η καθαρή ταμειακή εκροή για την εταιρεία θα είναι περίπου 72,3 εκατομμύρια δολάρια. Τα υπόλοιπα 14,4 εκατομμύρια δολάρια είναι η καθαρή τιμή του ταμειακού υπολοίπου της Gemini.
Η εταιρεία διαθέτει στόλο πέντε πλοίων μεταφοράς εμπορευματοκιβωτίων, με συνολική χωρητικότητα 32.531 TEU, καθένα από τα οποία απασχολείται σε χρονοναύλωση.
Η κάλυψη συμβολαίου για τα πλοία Gemini ανέρχεται στο 100% για τους επόμενους 12 μήνες, ενώ η σταθμισμένη μέση διάρκεια της σύμβασης του στόλου Gemini είναι τα 3,8 έτη.
WFW advises Danaos on US$1.25bn refinancing
Watson Farley & Williams (“WFW”) has advised long-standing client Danaos Corporation (“Danaos”) on the refinancing of US$1.25bn of its outstanding senior secured debt (which totalled US$1.3bn as of 31 December 2020).
Danaos has refinanced all its outstanding debt under nine senior secured credit facilities, streamlining its capital structure from nine credit facilities to one. WFW advised on a US$815m senior secured credit facility with Citibank N.A. and National Westminster Bank plc, a US$135m sale and leaseback agreement with Oriental Fleet International Company Limited, an affiliate of COSCO Shipping Lease Co., Ltd., in respect of five vessels, and Danaos’ February 2021 offering, proceeds of which amount to US$300m of 8.500% Senior Secured Notes due in 2028.
Danaos is among the world’s largest containership charter owners based on total TEU capacity and is listed on the New York Stock Exchange.
The WFW Athens Assets & Structured Finance team that advised Danaos was led by Athens Office Head and Global Maritime Sector Co-Head George Paleokrassas, supported by Senior Associate Christina Economides, Associates Marilena Kossyfa, Alexi Remoundos and Paralegals Irene Graff and Catherine Chrysovitsanou.
George commented: “Having acted for Danaos on its US$2.2.bn debt restructuring and refinancing in 2018, we are delighted to have again supported them on this strategically significant refinancing, which helps to reduce risk on their balance sheet and enhance their equity value. It is thanks to having the largest dedicated maritime practice in Greece that we were able to support Danaos on all aspects of this complex and high-profile refinancing”.
Evangelos Chatzis, Chief Financial Officer at Danaos, said: “This is a transformational transaction for us. From the outset we worked very closely with the team at WFW and were very pleased with their depth of expertise, responsiveness and the strength of their collaboration”.
Morgan Lewis and Cozen O’Connor also advised Danaos while Norton Rose Fulbright acted for the lenders and Mayer Brown for Oriental Fleet International Company Limited.
Danaos Corporation Reports First Quarter Results for the Period Ended March 31, 2020
Danaos Corporation, one of the world’s largest independent owners of containerships, today reported unaudited results for the quarter ended March 31, 2020.
Highlights for the First Quarter Ended March 31, 2020:
Adjusted net income1 of $33.3 million, or $1.34 per share, for the three months ended March 31, 2020 compared to $38.6 million, or $2.53 per share, for the three months ended March 31, 2019, a decrease of 13.7%.
Operating revenues of $106.2 million for the three months ended March 31, 2020 compared to $112.9 million for the three months ended March 31, 2019, a decrease of 5.9%.
Adjusted EBITDA1 of $71.9 million for the three months ended March 31, 2020 compared to $77.5 million for the three months ended March 31, 2019, a decrease of 7.2%.
Total contracted operating revenues were $1.3 billion as of March 31, 2020, with charters extending through 2028 and remaining average contracted charter duration of 3.8 years, weighted by aggregate contracted charter hire.
Charter coverage of 85% for the next 12 months based on current operating revenues and 66% in terms of contracted operating days.
Danaos’ CEO Dr. John Coustas commented:
“Our results for the first quarter of 2020 were not impacted by the Covid-19 pandemic, except for the increase in off-hire days related to delays in scrubber installations in Chinese shipyards. The Company’s adjusted net income of $33.3 million for the first quarter of 2020 decreased by $5.3 million when compared to the first quarter of 2019. Adjusted EBITDA for the first quarter of 2020 was $71.9 million, $5.6 million lower when compared to the first quarter of 2019.
“The Covid-19 pandemic has swiftly and dramatically disrupted the container market and caused a significant drop in container volumes. There is no doubt that the pandemic will have a very negative effect on GDP, unemployment and countless other macroeconomic indicators in the near term. Although countries are gradually starting to lift restrictions and allow economic activity to resume, the speed of any potential recovery and the long-term impact of the pandemic on consumer demand and global manufacturing supply chains is unclear. There is certainly optimism about the positive impacts of sweeping fiscal and monetary initiatives being undertaken globally, but it is too early to assess any such impacts.
“Liner companies have addressed the drop in volumes brought on by the pandemic by cancelling sailings and idling capacity. As a result, short-term charter rates have dropped by between 25% and 40%, depending on vessel size. Despite lower transportation demand, prudent capacity management, reduced bunker prices and falling interest rates have significantly alleviated pressure on the cash flows of our liner company customers. Additionally, we have recently seen several initiatives by governments in Europe and Asia to support the liner industry during this difficult period, which is a very encouraging sign.
“What is most important is that we look forward and continue to execute our strategy and maintain a solid base to withstand the current market turbulence. To that end, we are successfully managing charter renewals, albeit at lower charter rates but still at rates well above operational breakeven levels.
Notwithstanding the pressure in the charter market, we are well insulated from near-term volatility due to our high charter coverage of 86% in terms of operating revenues and 66% in terms of operating days over the next 12 months. This provides significant visibility into our cash flows during this period. Also, we will not have any additional financial impact on our operating revenues related to scrubber installations.
Finally, we have ample liquidity and a $1.3 billion charter backlog, which provides us with flexibility to both manage our business and react to growth opportunities that may present themselves. During the first quarter, we took delivery of Niledutch Lion, an 8,626 TEU containership built in 2008, and in early April, we took delivery of Phoebe, an 8,463 TEU containership built in 2005. Consistent with our long-standing strategy, both vessels have been contracted on two-year time charters that will contribute an incremental $12 million of EBITDA on an annualized basis.
“The strength of our company and our strong relationships in the finance community is demonstrated by the financing arrangements executed in the midst of the pandemic. On May 12, 2020 we concluded a $139.1 million re-financing of the existing sale & leaseback transaction for two of our 13,100 TEU vessels at a significantly lower cost compared to the previous financing arrangement. This will result in approximately $7.5 million of interest cost savings on an annualized basis. Additionally, lower US$ Libor interest rates, which are currently lower by 2% when compared to 2019, will further contribute to reducing cash finance costs. For illustrative purposes, we will save approximately $28 million on an annualized basis based on $1.4 billion of bank debt outstanding at the end of the first quarter and current Libor rates. We have further arranged debt financing for the new vessels through a $24 million credit facility that we entered into at the beginning of April 2020.
“We remain committed to operational excellence and technological innovation, which allows us to continually deliver a high quality service to our customers. Our commitment has enabled us to maintain our leadership position in the container shipping industry throughout multiple market cycles. These are the attributes that will enhance shareholder value far and above the steel value of our fleet.”
Three months ended March 31, 2020 compared to the three months ended March 31, 2019
During the three months ended March 31, 2020, Danaos had an average of 55.7 containerships compared to 55 containerships during the three months ended March 31, 2019. Our fleet utilization for the three months ended March 31, 2020 was 91.3% compared to 98.2% for the three months ended March 31, 2019. Adjusted fleet utilization, excluding the effect of 188 days of incremental off-hire due to shipyard delays related to the COVID-19 pandemic, was 95% in the three months ended March 31, 2020.
Our adjusted net income amounted to $33.3 million, or $1.34 per share, for the three months ended March 31, 2020 compared to $38.6 million, or $2.53 per share, for the three months ended March 31, 2019. We have adjusted our net income in the three months ended March 31, 2020 for a non-cash fees amortization and accrued finance fees charge of $4.2 million. Please refer to the Adjusted Net Income reconciliation table, which appears later in this earnings release.
The decrease of $5.3 million in adjusted net income for the three months ended March 31, 2020 compared to the three months ended March 31, 2019 is attributable mainly to a $6.7 million decrease in operating revenues, of which $3.2 million relates to incremental off-hire due to shipyard delays related to the COVID-19 pandemic, and a $0.6 million increase in operating expenses, which were partially offset by a $1.6 million increase in the operating performance of our equity investment in Gemini Shipholdings Corporation (“Gemini”) and a $0.4 million decrease in net finance expenses.
On a non-adjusted basis, our net income amounted to $29.1 million, or $1.17 earnings per diluted share, for the three months ended March 31, 2020 compared to net income of $33.4 million, or $2.19 earnings per diluted share, for the three months ended March 31, 2019.
Operating Revenues
Operating revenues decreased by 5.9%, or $6.7 million, to $106.2 million in the three months ended March 31, 2020 from $112.9 million in the three months ended March 31, 2019.
Operating revenues for the three months ended March 31, 2020 reflect:
– a $6.1 million decrease in revenues due to lower fleet utilization of our vessels in the three months ended March 31, 2020 compared to the three months ended March 31, 2019 mainly due to the scheduled installation of scrubbers and dry-dockings of our vessels, of which $3.2 million relates to incremental delays in the Chinese shipyards where these activities were being performed due to the COVID-19 pandemic.
– a $1.7 million decrease in revenues in the three months ended March 31, 2020 compared to the three months ended March 31, 2019 as a result of lower re-chartering rates for certain of our vessels. This decrease is due to a $4.5 million decrease in revenues due to the re-chartering of four vessels in our fleet that concluded long-term charters over the last twelve months and were re-deployed at the prevailing lower spot rates in the three months ended March 31, 2020, partially offset by a $2.8 million improvement from the re-chartering of other vessels in the fleet.
– a $5.1 million increase in revenues in the three months ended March 31, 2020 compared to the three months ended March 31, 2019 as a result of contractual increases in charter rates of vessels under long-term charters.
– a $4.9 million decrease in revenues in the three months ended March 31, 2020 compared to the three months ended March 31, 2019 due to lower non-cash revenue recognition in accordance with US GAAP.
– a $0.9 million increase in revenues in the three months ended March 31, 2020 compared to the three months ended March 31, 2019 due to the acquisition of a new vessel.
Vessel Operating Expenses
Vessel operating expenses increased by $0.1 million to $26.0 million in the three months ended March 31, 2020 from $25.9 million in the three months ended March 31, 2019, primarily as a result of the increase in the average number of vessels in our fleet, partially offset by an overall decrease in the average daily operating cost of $5,522 per vessel per day for vessels on time charter for the three months ended March 31, 2020 compared to $5,636 per day for the three months ended March 31, 2019. Management believes that our daily operating cost are among the most competitive in the industry.
Depreciation & Amortization
Depreciation & Amortization includes Depreciation and Amortization of Deferred Dry-docking and Special Survey Costs.
Depreciation
Depreciation expense increased by 3.4%, or $0.8 million, to $24.6 million in the three months ended March 31, 2020 from $23.8 million in the three months ended March 31, 2019 mainly due to the installation of scrubbers on four of our vessels and the acquisition of the vessel Niledutch Lion in the three months ended March 31, 2020.
Amortization of Deferred Dry-docking and Special Survey Costs
Amortization of deferred dry-docking and special survey costs increased by $0.1 million to $2.3 million in the three months ended March 31, 2020 from $2.2 million in the three months ended March 31, 2019.
General and Administrative Expenses
General and administrative expenses decreased by $1.1 million to $5.8 million in the three months ended March 31, 2020, from $6.9 million in the three months ended March 31, 2019. The decrease was mainly due to decreased share based compensation and professional fees.
Other Operating Expenses
Other Operating Expenses include Voyage Expenses.
Voyage Expenses
Voyage expenses increased by $0.7 million to $4.0 million in the three months ended March 31, 2020 from $3.3 million in the three months ended March 31, 2019 mainly due to increased bunkering expenses.
Interest Expense and Interest Income
Interest expense decreased by 8.4%, or $1.5 million, to $16.3 million in the three months ended March 31, 2020 from $17.8 million in the three months ended March 31, 2019. The decrease in interest expense is attributable to:
(i) a $0.6 million decrease in interest expense due to a $112.1 million decrease in our average debt (including leaseback obligations), to $1,544.2 million in the three months ended March 31, 2020, compared to $1,656.3 million in the three months ended March 31, 2019; and
(ii) a $0.9 million decrease in the amortization of deferred finance costs and debt discount related to our 2018 debt refinancing.
As of March 31, 2020, our bank debt outstanding, gross of deferred finance costs, was $1,396.3 million and our leaseback obligation was $134.3 million compared to bank debt of $1,641.7 million as of March 31, 2019.
Interest income increased by $0.1 million to $1.7 million in the three months ended March 31, 2020 compared to $1.6 million in the three months ended March 31, 2019.
Other finance costs, net
Other finance costs, net increased by $0.3 million to $0.6 million in the three months ended March 31, 2020 compared to $0.3 million in the three months ended March 31, 2019.
Equity income/(loss) on investments
Equity income/(loss) on investments increased by $1.6 million to $1.5 million of income on investments in the three months ended March 31, 2020 compared to a $0.1 million loss on investments in the three months ended March 31, 2019 due to the improved operating performance of Gemini, in which the
Company has a 49% shareholding interest.
Loss on derivatives
Amortization of deferred realized losses on interest rate swaps remained stable at $0.9 million in each of the three months ended March 31, 2020 and March 31, 2019.
Other income, net
Other income, net was $0.2 million in income in the three months ended March 31, 2020 compared to nil in the three months ended March 31, 2019.
Adjusted EBITDA
Adjusted EBITDA decreased by 7.2%, or $5.6 million, to $71.9 million in the three months ended March 31, 2020 from $77.5 million in the three months ended March 31, 2019. As outlined above, the decrease is mainly attributable to a $6.7 million decrease in operating revenues, of which $3.2 million relates to the impact of the COVID-19 pandemic described above, a $0.3 million increase in other finance expenses and a $0.2 million increase in operating expenses, which were partially offset by a $1.6 million increase in the operating performance of our equity investees. Adjusted EBITDA for the three months ended March 31, 2020 is adjusted for stock based compensation of $0.3 million. Tables reconciling Adjusted EBITDA to
Net Income can be found at the end of this earnings release.
Recent Developments
In 2020, we acquired one 8,463 TEU container vessel and one 8,626 TEU container vessel, both of which have been fixed on two-year charters and in the aggregate are expected to contribute approximately $12 million to EBITDA on an annualized basis. Additionally, we entered into an agreement to acquire an 8,533 TEU vessel, which is expected to be delivered to us in the second quarter of 2020.
On April 8, 2020, we entered into a loan agreement with Macquarie Bank for an amount of up to $24 million drawn down in full on April 9, 2020. The loan was used to partially finance the acquisition costs of the vessels Niledutch Lion and Phoebe.
On May 12, 2020, we refinanced the existing leaseback obligation related to the vessels Hyundai Honour and Hyundai Respect with a new sale and leaseback arrangement amounting to $139.1 million with a four-year term, at the end of which we will reacquire these vessels for an aggregate amount of $36.0 million or earlier, at our option, for a purchase price set forth in the agreement. This arrangement was recorded as a financing transaction and recognized as a financial liability.
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Danaos’ Coustas Expects Current Drop in Demand to Be Temporary and Sees Surge When Supply Chains Recover
Danaos Corporation, one of the world’s largest independent owners of containerships, yesterday reported unaudited results for the fourth quarter and the year ended December 31, 2019.
Highlights for the Fourth Quarter and Year Ended December 31, 2019 :
• Adjusted net income 1 of $38.0 million , or $2.01 per share 2 , for the three months ended December 31, 2019 compared to $36.6 million , or $2.45 per share 2 , for the three months ended December 31, 2018 , an increase of 3.8%. Adjusted net income 1 of $148.7 million , or $9.17 per share 2 , for the year ended December 31, 2019 compared to $131.2 million , or $12.35 per share 2 , for the year ended December 31, 2018 , an increase of 13.3%.
• Operating revenues of $110.2 million for the three months ended December 31, 2019 compared to $115.6 million for the three months ended December 31, 2018 , a decrease of 4.7%. Operating revenues of $447.2 million for the year ended December 31, 2019 compared to $458.7 million for the year ended December 31, 2018 , a decrease of 2.5%
• Adjusted EBITDA 1 of $78.1 million for the three months ended December 31, 2019 compared to $80.2 million for the three months ended December 31, 2018 , a decrease of 2.6%. Adjusted EBITDA 1 of $310.6 million for the year ended December 31, 2019 compared to $317.8 million for the year ended December 31, 2018 , a decrease of 2.3%.
• Total contracted operating revenues were $1.34 billion as of December 31, 2019 , with charters extending through 2028 and remaining average contracted charter duration of 4.1 years, weighted by aggregate contracted charter hire.• Charter coverage of 86% for the next 12 months based on current operating revenues and 68% in terms of contracted operating days.
• Agreed to acquire one 8,463 TEU container vessel in October 2019 due to be delivered to us between March and May 2020 and acquired one 8,626 TEU container vessel in January 2020 . Both vessels have been fixed on 2 year charters and are expected to contribute $12 million to EBITDA on an annualized basis.
Danaos’ CEO Dr. John Coustas commented:
“We are pleased to report improved earnings for the year ended December 31, 2019 . The Company’s adjusted net income of $148.7 million for 2019 increased by $17.5 million , or 13.3%, compared to adjusted net income of $131.2 million for 2018. This improvement was primarily the result of a $13.7 million decrease in total operating costs and a $15.1 million decrease in net finance expenses, partially offset by an $11.5 million decrease in operating revenues. Adjusted EBITDA for 2019 was $310.6 million , a slight decrease from $317.8 million for 2018.
“The container market, particularly for vessels larger than 5,500 TEU, strengthened throughout the course of 2019 as container volumes across all main trade lanes increased. Notwithstanding any near term headwinds related to the rapidly evolving situation in China , long term fundamentals remain intact, and the market will continue to rebalance itself through a combination of moderate trade growth, slowing fleet growth and a reduction in vessel speeds due to new and ongoing environmental initiatives. Estimates for world GDP and trade growth are in flux due to the uncertainty around the impacts of the spread of the coronavirus in China. The current drop in demand is being addressed by canceled sailings by liner companies. However, we expect this dynamic to be short term in nature and result in a demand surge when supply chains resume. In the meantime, work stoppages and slowdowns at shipyards in China will lead to delays in newbuilding deliveries, scrubber installations and dry-docking schedules.
“With respect to the new IMO 2020 sulphur limits that went into effect on January 1, 2020 , the current price differential between high and low sulphur fuel oil continues to support the investment rationale for scrubbers. We have already completed the installation of scrubbers on four out of 11 vessels, and we will benefit from these scrubber installations through fixed premiums on charter rates for 3-4 year fixtures that enhance cash flows and contract coverage. We are well insulated from temporary market disruptions with high charter coverage of 86% in terms of operating revenues and 68% in terms of operating days over the next 12 months, which protects our strong cash flows.
“Danaos also is well-positioned to benefit from a rising market in the medium term. While our larger vessels remain on multi-year charters, with some charters extending through 2025, a large number of our small to mid-sized vessels will be coming off existing charters over the next two years, creating potential for incremental cash generation. Additionally, our successful equity offering in November of 2019 puts us in a strong position to opportunistically pursue growth initiatives and we have already acquired two 8,500 TEU container vessels since completing the offering. These vessels have both been fixed on two year charters and are expected to contribute an incremental $12 million of EBITDA on an annualized basis, ensuring an accretive return on our investment. Bank financing for these acquisitions has also been arranged.
“Danaos has consistently remained committed to investing in operational excellence and technological innovation, which allows us to be forerunners in preparing for environmental requirements that will shape our industry in the coming decade. Our commitment has enabled us to maintain our leadership position in the container shipping industry throughout multiple market cycles. These are the attributes that will enhance shareholder value far and above the steel value of our fleet.”
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GEA and Danaos Shipping cooperate on further development of separators – Installation of GEA marine Separator 35 on container ship ZIM LUANDA
Mile by mile better and more efficient: With the new GEA marine Separator 35 GEA supports its long-standing customer and partner Danaos Shipping, Greece. With a fleet of 60 container ships, Danaos Shipping ranks among the top 3 in the Greek shipping business. The company was founded in 1972 by Dr. Dimitris Koustas. Today, his son, Dr John Koustas, who also has more than 30 years of extensive experience in the shipping industry, is President and CEO. Danaos shipping is very active in researching innovations in ship operation and has participated in several EU-funded projects. The company is also an active member of the Hellenic Marine Environment Protection Association (HELMEPA), Europe’s first private association for the protection of the marine environment. Within the framework of the technical cooperation, it was therefore logical to install the new GEA marine Separator 35 on a Danaos ship, to test it under the given conditions and to incorporate the results in the further development of the GEA separators.
The separator was installed on board ZIM LUANDA by vessel’s crew and commissioned by PAN MARINE service engineers during sailing from Piraeus to Barcelona. ZIM LUANDA is a container ship with 4.250 TEU. The retrofit of the new GEA marine Separator 35 worked smoothly. Danaos Shipping especially praised the compactness of the plant. It takes up little space, as the space requirement has been reduced by half compared to the GEA OSE Separator. The 360° accessibility enabled easy handling during operation and maintenance.
The synchronized drive technology reduces maintenance time on the drive unit by 95 percent. In line with the more efficient energy balance of the frequency-controlled drive unit, the new GEA marine Separator saves time, energy and effort in operation. The new separators are used to treat fuel and lube oil. Furthermore, fine-grained catalysts, so-called cat fines, are successfully reduced.
The direct drive of the separator requires no belt or clutch. Spindle and motor are available for the first time as a “Modular exchange drive unit”. This simplifies installation and maintenance of the machine immensely. Only after 16,000 operating hours or after two years will the drive unit be replaced by a GEA OEM certified Exchange Drive Unit with full warranty.