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Oasis incident at Freeport Shipyard

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3 minutes ago, chengkp75 said:

I'm not sure that any floating docks have been built in the last 20 years or so, they tend to be costly to construct and they take up a graving dock slot while under construction.

What do you think GBSY is going to do to replace the dock?

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1 hour ago, Pratique said:

What do you think GBSY is going to do to replace the dock?

To be honest, I think they are looking at a graving dock, they just need to get the environmental permits.

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VIGOR built (had built) a 960 footer in 14

 

https://vigor.net/news-press/countrys-largest-floating-drydock-coming-to-portland

 

"The drydock was constructed by Shanghai Zhenhua Heavy Industries in Jiangsu Province, China, and is being delivered to Portland aboard the Blue Marlin, a semi-submersible heavy lift ship owned by Dockwise Ltd. "

 

It was built in sections and shipped in sections for final assembly on site.

 

 

Edited by Capt_BJ

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42 minutes ago, chengkp75 said:

To be honest, I think they are looking at a graving dock, they just need to get the environmental permits.

I had read a while ago in the Bahamian press that they were looking to purchase a secondhand dock, but that seemed like a very preliminary statement and I haven't heard anything since.

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1 hour ago, Capt_BJ said:

VIGOR built (had built) a 960 footer in 14

 

https://vigor.net/news-press/countrys-largest-floating-drydock-coming-to-portland

 

"The drydock was constructed by Shanghai Zhenhua Heavy Industries in Jiangsu Province, China, and is being delivered to Portland aboard the Blue Marlin, a semi-submersible heavy lift ship owned by Dockwise Ltd. "

 

It was built in sections and shipped in sections for final assembly on site.

 

 

 

 

$50,000,000 sounds pretty cheap. Royal and Carny have it 

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1 hour ago, bilyclub said:

 

 

$50,000,000 sounds pretty cheap. Royal and Carny have it 

And that's for a dock that is about 2/3 the size needed for Oasis.

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20 minutes ago, bilyclub said:

 

 

$50,000,000 sounds pretty cheap. Royal and Carny have it 

That's the revenue from 3 or 4 sailings I'd wager.

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2 hours ago, chengkp75 said:

To be honest, I think they are looking at a graving dock, they just need to get the environmental permits.

A graving dock would be a better investment over a floating dock correct? Especially over the long term (cost efficiencies) with the addition of so many larger ships to RCCL's fleet and even Carnival will get bigger and bigger.

 

Are there extra special environmental issues with a graving dock over a floating dock? I would think a graving dock would be better for the environment than a floating dock...IMHO.

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21 minutes ago, Pratique said:

That's the revenue from 3 or 4 sailings I'd wager.

 

Revenue does not equal profit.

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1 hour ago, OACAggie said:

A graving dock would be a better investment over a floating dock correct? Especially over the long term (cost efficiencies) with the addition of so many larger ships to RCCL's fleet and even Carnival will get bigger and bigger.

 

Are there extra special environmental issues with a graving dock over a floating dock? I would think a graving dock would be better for the environment than a floating dock...IMHO.

Building a graving dock is a dredging operation, so there is the question of what that does to the eco system in the port area, and what do you do with the dredged spoils.  Those are the environmental issues, a floating dock is essentially just another ship.  There are also drawbacks to floating docks, in that it is easier to contain the debris from a drydocking (blasting grit, paint chips, oil, etc) in a graving dock than in a floating dock that essentially has open ends.

 

Absolutely a graving dock would be a better investment, it would save on the Oasis ships transiting to Europe, especially when they get over the 15 year mark (Oasis is 11) and have to actually drydock twice in 5 years.

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2 hours ago, Host Clarea said:

 

Revenue does not equal profit.

I offered it as a comparison measurement. RC operates in a world with many zeros at the end of the numbers.

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From the RCCL 10Q SEC filling yesterday. For context, the quarterly earnings per share was $4.20. As additional context, RCCL lost 13 cents per share due to hurricane disruption during the quarter and an additional 13 cents due to cancellation of Cuba sailings.

 

Quote

The estimated negative impact resulting from the Grand Bahama drydock structure incident involving Oasis of the Seas, net of insurance recoveries and including our share of the write-off of the related drydock by Grand Bahama, is approximately $0.02 and $0.28 per share on a diluted basis to our Net Income attributable to Royal Caribbean Cruises Ltd. for the quarter and nine months ended September 30, 2019.

Edited by Biker19

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1 hour ago, Biker19 said:

From the RCCL 10Q SEC filling yesterday. For context, the quarterly earnings per share was $4.20. As additional context, RCCL lost 13 cents per share due to hurricane disruption during the quarter and an additional 13 cents due to cancellation of Cuba sailings.

 

 

 

"The estimated negative impact resulting from the Grand Bahama drydock structure incident involving Oasis of the Seas, net of insurance recoveries and including our share of the write-off of the related drydock by Grand Bahama, is approximately $0.02 and $0.28 per share on a diluted basis to our Net Income attributable to Royal Caribbean Cruises Ltd. for the quarter and nine months ended September 30, 2019."

 

I wonder if this also includes the additional costs of cancelling cruises on the Celebrity Equinox and the cost of the trip to Spain for it's drydock?  I also wonder about the magnitude of other losses due to cruise cancellations and other expenses, such as for the Celebrity Silhouette, that also must find other drydock facilities.

Edited by ipeeinthepool

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1 minute ago, Biker19 said:

Not sure how they are doing it but the Freeport dry dock is supposed to host Carnival Sensation (1/6-17), Celebrity Silhouette (1/4-2/13) and Freedom (1/12-3/7).

 

https://www.cruiseindustrynews.com/cruise-news/22134-key-drydocks-in-january.html

 

At least for the Silhouette, that's not accurate.  The Silhouette is scheduled to leave Port Everglades for Spain tonight at 8.  I think they have already used the smaller dry dock for a smaller ship a couple of months ago.

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2 hours ago, Biker19 said:

Not sure how they are doing it but the Freeport dry dock is supposed to host Carnival Sensation (1/6-17), Celebrity Silhouette (1/4-2/13) and Freedom (1/12-3/7).

 

https://www.cruiseindustrynews.com/cruise-news/22134-key-drydocks-in-january.html

While it is tight, all three ships can be accommodated in dock #2, and the photo of Freedom (the largest of the three ships you mention), is with the ship in dock #2.

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On 10/9/2019 at 4:46 PM, Pratique said:

That's the revenue from 3 or 4 sailings I'd wager.

Not even close to that. $6M - $9M on an average size ship including on board revenue & cruise fare. Plus the running costs for a ship are massive.

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On 1/4/2020 at 11:15 AM, OldSeaDog1969 said:

Not even close to that. $6M - $9M on an average size ship including on board revenue & cruise fare. Plus the running costs for a ship are massive.

about 209.6M shares so about $60M USD.

 

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Grand Bahama Shipyard’s Drydock No. 2 — the big one — is still not expected to take ships during 2020.

So said Royal Caribbean Cruises Ltd. during the company’s earnings call Tuesday.

 

2019 crane collapse

 

In April last year, a crane collapsed while Oasis of the Seas was in the dock. Eight people sustained injuries and the ship was damaged (and subsequently repaired in Cadiz). There waa structural damage to the dock, too.

 

‘We do not expect that dock to be back online in 2020, likely in 2021,’ RCL EVP and CFO Jason Liberty said.

 

Lost equity

 

Liberty estimated the equity pickup loss due to Drydock No. 2 being closed as $12m to $13m for RCL during first quarter 2020. In 2019, the shipyard incident also contributed to higher costs for the company. 

Grand Bahama Shipyard is a joint venture among RCL, Carnival Corp. and the Grand Bahama Port Authority.

The facility does have two other drydocks but neither is as large as No. 2.

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From the RCCL annual SEC filing:

 

Oasis of the Seas incident, Grand Bahama's drydock write-off and other incidental expenses (1)
35,239

,000 

 

(1)Amount includes incidental costs, net of insurance recoveries of $14.5 million related to the collapse of the drydock structure at the Grand Bahama Shipyard involving Oasis of the Seas, which were reported primarily within Other operating expenses in our consolidated statements of comprehensive income (loss) for the year ended December 31, 2019; and $20.7 million regarding the Grand Bahama incident involving one of its drydocks, included in our equity investment income within our consolidated statements of comprehensive income (loss) for the year ended December 31, 2019.

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On 4/12/2019 at 5:42 PM, ipeeinthepool said:

They stretch ships by cutting them in half and adding a section, is it that unreasonable to suggest that they could cut and stretch the dry dock in Freeport to handle the Oasis Class ships?

Not sure RCI would want to contribute to Putin's pockets or sail ships all the way to Eastern Russia, but there's a new option for O class ship dry docks:

 

 

As reported on September 4, 2020 by the Russian shipyard "Zvezda" (SSK Zvezda), the company is completing the construction of one of the largest dry dock in the world. Commissioning works are underway.

 

A unique hydraulic structure measuring 485 by 114 meters and a depth of 14 meters provides unlimited opportunities for the construction of ships of any size and complexity. Such dry dock meets the size requirements to build large aircraft carrier designs. The dry dock will be commissioned four years earlier than originally scheduled.

 

According Russian media, Zvezda’s engineers, in cooperation with Rostekhnadzor and Russian State experts, are checking the dry dock and equipment of the facility to ensure that machinery and mechanisms are ready for operation.

 
The dry dock of the Zvezda shipbuilding The dry dock of the Zvezda shipbuilding complex in its final stage of construction work. Bolshoi Kamen (Primorsky Territory), September 2020 (c) SSK “Zvezda”
 

Work was previously carried out to fill the dry dock with water in order to control the filtration of the hydraulic structure in a normal mode. The dry dock doors were brought in and installed. They separate the dock chamber from the water area, the bottom of which is located below the water level. A specific gate was installed on the dock, which will allow dividing the dock area into separate independent compartments for the construction of several ships at once. Four tower cranes with a lifting capacity of 60 tons and a crane with a lifting capacity of 1200 tons were installed.

 

Zvezda shipyard is being created in the Far Eastern Russia by a consortium of investors led by Rosneft on behalf of the Russian President Vladimir Putin. Following assets have already been put into operation: a hull production unit, painting shops, an open heavy outfitting berth with a fleet of unique cranes and an advanced ship-transport system, and a transfer dock.

 

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2 hours ago, Biker19 said:

Not sure RCI would want to contribute to Putin's pockets or sail ships all the way to Eastern Russia, but there's a new option for O class ship dry docks:

 

 

 

This certainly would be a long sail for the current location of most of the Oasis class fleet.  

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6 minutes ago, ipeeinthepool said:

 

This certainly would be a long sail for the current location of most of the Oasis class fleet.  

RCI will need to find a dry dock in Asia for O 6.

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Russian dock is a graving dock, not a floating dock, which was ipee's question about increasing the size of a floating dock.  There are at least 14 graving docks in China capable of handling an Oasis class ship.

 

As for stretching the existing dock at Freeport, given the age of the dock, and the fact that it isn't merely length that is lacking, but lifting capacity, which means volume, you would be likely cheaper to build a new dock.

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