Beluga set for newbuilding spree

Armed with a reported $128 million capital injection from Oaktree Capital Management of the U.S., German heavy lift shipping specialist Beluga Shipping is set to go on a newbuilding spree.

According to the Weser Kurier, within the next few weeks, Beluga will place orders for four more heavy lift ships, two cable ships and two offshore supply vessels for large pipeline projects.

In addition, says the newspaper, Beluga's joint venture with construction firm Hochtief - Beluga Hochtief Offshore - is set to order four wind turbine installation vessels.