Oversight supervision of MR tankers construction
Client: Private equity firm
- A private equity firm that specialises in purchasing assets with various strategies to profitably turn them around in partnership with new or existing management. It built six MR tankers at SPP Shipbuilding. These vessels were supervised by the charterers.
- The investor contacted Drewry to employ oversight supervisor for the construction of the MR tankers.
- The investor wanted to ensure smooth construction process, on time delivery and high quality of the tankers built. Hence the client invited Drewry to be an oversight supervisor to oversee the whole progress of the tanker construction over the two years construction period.
- To assist the investor in monitoring newbuilding programme of the six tankers. Drewry is required to observe and check through processes at various stages of the shipbuilding process and provide an independent report at pre-defined intervals.
- To inspect each newbuild at least 4 times: before launching (shop trials), launching, sea trials and on delivery.
- To oversee the whole construction process and identify any problem in time during the newbuilding programme.
- To review regular reports received from the yard and onsite supervisors.
- The oversight supervision of construction of the six MR tankers took place at SPP Shipbuilding, located at Sacheon in South Korea;
- The technical director of Drewry conducted site visits every six weeks, or when it was required as the construction schedule of vessels changes from time to time, until all six vessels were delivered;
- After each site visit, at least one technical supervision report was produced describing the status of vessel, construction progress, tests carried out and any issues discovered;
- The project lasted over two years. A total of 12 visits were made to SPP Shipbuilding and 13 reports were submitted to client. Many issues were identified and rectified in time with Drewry’s supervision.
- Drewry successfully finished oversight supervision of the six tankers, and submitted 13 supervision reports in total. The client was impressed with Drewry’s professionalism and high quality of services provided.