BSC’s new ship commences maiden voyage

One of the two newly purchased bulk carriers by Bangladesh Shipping Corporation (BSC) commenced its maiden commercial voyage yesterday.

With this, the state-owned shipping company expanded its fleet to six after seven years. Since 2018, the BSC had five vessels—two bulk carriers and three chemical and oil tankers.

The BSC officially took delivery of the ship named MV Banglar Progoti from US-based Hellenic Dry Bulk Ventures LLC in London on Tuesday and physically received it at a handover ceremony at Nanyang Shipyard in China on Thursday.

The 199-metre-long vessel has a carrying capacity of 63,500 deadweight tonnage (DWT).

Within four days, the newly acquired vessel was handed over to Hong Kong-based charterer LTE Shipping yesterday at a charter rate of $20,000 per day.

Initially, the charter period is for three months, after which it will be extended.

The vessel started her maiden commercial voyage from Jingjiang International Jetty in China around 10:00am on Monday to Zhoushan for bunkering, said BSC Managing Director Commodore Mahmudul Malek.

After bunkering, the ship will proceed toward the loading port, he mentioned.

"During bunkering, the charterer will inform us about the cargo, loading port, and discharging port. But the (charging of the) fare for the vessel has started from this morning," said the MD.

The BSC initiated the process of purchasing two bulk carriers of the same carrying capacity through an international tender floated in June this year.

Eight companies purchased tender documents, but only three submitted bids. Of these, two proposals were considered technically acceptable.

After thorough evaluation, the proposal from US-based Hellenic Dry Bulk Ventures LLC received final approval.

On August 12, the Cabinet Committee on Government Purchase approved the proposal to purchase the two ships for $76.69 million, equivalent to Tk 936 crore.

The unit price of each vessel is $38.349 million, which is 4.60 percent less than the estimated cost, said BSC officials.

This marks the first time that the BSC is using its own funds to finance such an acquisition.

The company was able to receive the vessels in a short period because of its decision to purchase ships that were under construction or nearing completion.

The BSC MD said they took the decision to purchase under-construction ships with the aim of taking delivery within a short period.

"If we place an order with any shipbuilder, it takes two to three years or more to complete the purchase process and build a ship," he said.

Mentioning that 75 percent of the second ship has already been constructed, Malek hoped for another vessel, MV Banglar Nobojatra, will be added to the BSC fleet within December.