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Agreement Signed News

18 Mar 2024

Boskalis Wraps Up Moray West Offshore Wind Farm Ops

(Credit: Boskalis)

Dutch marine services firm Boskalis has completed its activities in support of the development of Ocean Winds’ 882 MW Moray West offshore wind farm in Scotland.As part of its multidisciplinary role in the project, Boskalis deployed six vessels to carry out large number of activities off the east coast of Scotland in the Moray Firth.First, Boskalis’ wholly-owned subsidiary Gardline carried out extensive geotechnical and geophysical survey works prior to the installation work.Then…

04 Mar 2024

MOL Wraps Up Fairfield Chemical Carriers Acquisition

MOL Chemical Tankers-operated chemical tanker Ensemble (Credit: MOL)

Mitsui O.S.K. Lines (MOL) has, through its subsidiary MOL Chemical Tankers, completed the acquisition of Fairfield Chemical Carriers, creating one of the world’s largest multi-segregated chemical tanker fleets.The acquisition, valued at $400 million, is based on a share transfer agreement signed at the end of September 2023, which has been approved by the relevant authorities under competition law.The transaction is in line with MOL’s plan to proactively invest in chemical tanker business…

21 Feb 2024

BEMAC Acquires The Switch

Permanent magnet machines (Image: BEMAC)

Japanese marine electrical machinery supplier BEMAC Corporation has completed its acquisition of The Switch Engineering Oy, Finland-based special electric machine and high-power converter product supplier, following a tripartite share purchase agreement signed last October.BEMAC Corporation, in partnership with global trading and investment company Mitsui & Co., Ltd., has acquired 100% of the shares in The Switch.The Switch produces permanent magnet machines (PMM), marine drives (DC-Hubs and single drives) and high-speed solid rotor induction motors (SRM).

21 Feb 2024

Fincantieri and EDGE to Launch JV for Naval Vessels Construction


Hamad Al Marar, EDGE’s Managing Director and CEO, and Pierroberto Folgiero, CEO and Managing Director of Fincantieri (Credit: Fincantieri)

EDGE Group, a United Arab Emirates-based advanced technology and defense group, and Fincantieri, one of the largest shipbuilders in the world, have entered into a term sheet aimed at creating a joint venture (JV) that will focus on the manufacturing of a broad range of sophisticated naval vessels.EDGE will hold a 51% stake in the venture, which has a commercial pipeline valued at approximately $32.4 billion (€30 billion), with management direction provided by Fincantieri.The Abu Dhabi-based JV will be awarded prime rights to non-NATO orders…

26 Jan 2024

AET Names New LNG Dual-fuel VLCC

(Photo: AET)

AET, a member of the MISC Group, held a naming ceremony in Singapore for its latest liquefied natural gas (LNG) dual-fuel very large crude carrier (VLCC), Eagle Veracruz.The Singapore-flagged 300,000 dwt tanker was named by Singapore’s Minister for Sustainability and the Environment (MSE) Grace Fu, who is also the Lady Sponsor of the vessel. The ceremony, which was held at the PSA Keppel Terminal, also saw attendance by Teo Eng Dih, Chief Executive of Maritime and Port Authority of Singapore (MPA) and senior officials from MSE…

20 Dec 2023

WinGD Adds Mitsui E&S Tamano Factory to Engine Building Network

(L-R) Dominik Schneiter, CEO, WinGD; Hiroyuki Takumi, President, MESDU (Source: WinGD)

WinGD has concluded an agreement with Mitsui E&S Diesel United (MESDU), part of the Mitsui Engineering & Shipbuilding group, that will see WinGD engines being built at its main Tamano works for the first time.The agreement adds considerable engine building capacity and enables WinGD to meet growing demand in a leading shipbuilding market with a reputation for delivering sophisticated, high-quality vessels.WinGD engines have previously been built only at the company’s Aioi Factory, which was acquired from IHI Group when the Diesel United business was sold to Mitsui E&S earlier this year.

25 Aug 2023

US Coast Guard Joins Papua New Guinea Maritime Security Operation

USCGC Myrtle Hazard (WPC 1139) hosts operational planning and subject matter exchange with partners in Port Moresby, Papua New Guinea. Photo by Chief Warrant Officer Sara Muir.

Papua New Guinea (PNG) has invited the USCGC Myrtle Hazard (WPC 1139) to join their lead in maritime operations to combat illegal fishing and safeguard maritime resources during August 2023.This marks the first time a joint patrol effort will be executed at sea since the signing and ratification of the recent bilateral defense agreement between PNG and the US, which allows the US to embark shipriders from PNG agencies aboard the ship to conduct at sea boardings on other vessels operating in the exclusive economic zone (EEZ).The move emphasizes PNG’s commitment to maritime domain awareness…

07 Jul 2023

Seaspan Inks Deal with MAN for Methanol Engine Retrofits

(Photo: MAN Energy Solutions)

The world's largest containership lessor Seaspan Corporation has signed an agreement with MAN Energy Solutions to refit 15 of its vessels with dual-fuel engines capable of running on cleaner burning methanol.Under the conversion commitment agreement, signed by Seaspan in collaboration with liner shipping company Hapag-Lloyd, MAN’s after-sales division MAN PrimeServ will deliver 15 engine retrofit solutions for conversion of vessels powered by individual MAN B&W S90-type fuel-oil…

28 Jun 2023

INEOS Ventures into LNG Carrier Market with MOL Charter Deal

Illustration only - Credit: moofushi/AdobeStock

Japan's Mitsui O.S.K. Lines,(MOL) has signed a long-term agreement with INEOS Energy Trading, a subsidiary of UK-based INEOS Group Ltd., for the charter of two newbuild LNG carriers. This marks INEOS' entry into the LNG carrier market, and INEOS will use the vessel for the import of LNG into Germany from the United States. "These agreements are a significant milestone for INEOS Energy Trading following the long-term Sales and Purchase Agreement signed with Sempra for 1.4 mtpa of supply out of Port Arthur and the purchase of long-term regasification capacity in Brunsbuttel…

27 Jan 2023

OneLearn Partners with UK P&I Club for Seafarer Training

Abhinava Narayana, OneLearn Global's Managing Director of Operations and Product Development (Photo: OneLearn Global)

OneLearn Global (OLG), the Cyprus-based full services learning technology, content and services provider, has enhanced and expanded its catalogue of seafarer training material, under a collaboration agreement signed with global insurer the UK P&I Club.Under the terms of the agreement, OLG will host 50 video and webinar courses developed by the UK P&I Club, on its Learning Management System (LMS), including a series of short (5-minute max) animations on such topics as vessel collisions…

21 Dec 2022

Japan's MOL, India's GAIL Sign Charter Deal for Newbuild LNG Carrier

The signing ceremony in MOL head office in Tokyo - ©MOL

Japan's Mitsui OSK Lines (MOL) and India's state-run GAIL have signed a time charter contract for a newbuild liquefied natural gas (LNG) carrier, and for joint ownership of an existing LNG carrier. The newbuild vessel will be built by South Korean shipbuilder Daewoo Shipbuilding & Marine Engineering with a charter period from 2023, according to a joint statement by MOL and GAIL on Wednesday. This is the second charter agreement for an LNG carrier signed between MOL and GAIL, which is India's largest gas distributor, it added.

10 Oct 2022

CMI Inks Licensing Deal with GTT for Membrane Technologies

(Photo: GTT)

French engineering firm GTT said it has signed a technical assistance and license agreement with China Merchants Heavy Industries-Jiangsu (CMHI-Jiangsu), a subsidiary of shipbuilding group China Merchants Industry Holdings (CMI), enabling the yard to construct vessels using GTT membrane technologies.GTT and China Merchant Industry Holdings have been cooperating for a decade, with a first Technical Service Agreement signed in 2013 for the maintenance and repair of LNGCs. A cooperation agreement has also been initiated in 2016 for the evaluation of CMHI to implement GTT technologies.

30 Sep 2022

EUNAVFOR Conducts First Combined Operation with RMIFC and RCOC

(Photo: EUNAVFOR)

EUNAVFOR Atalanta and both the Regional Maritime Information Fusion Center (RMIFC/Madagascar) and the Regional Coordination Operations Center (RCOC/Seychelles) conducted their first joint operation from September 21 to 24. This first Operation, named MARLIN, was aimed at strengthening maritime security in the Western Indian Ocean through sustainable collaboration between the States of the region and international partners. It contributed to the implementation of the cooperation agreement signed between EUNAVFOR Operation ATALANTA and the two regional centers in December 2021…

26 Sep 2022

S.Korea's Hanwha Group to Invest $1.4B for Daewoo Shipbuilding

Credit: IikaJzuchiN/Wikimedia Commons - CC BY-SA 4.0

South Korea's Daewoo Shipbuilding & Marine Engineering Co Ltd signed a tentative agreement on Monday for Hanwha Group to invest 2 trillion won ($1.4 billion) in return for a 49.3% stake and management rights in the shipbuilder, the companies and Daewoo's major stakeholder said. The agreement, signed with affiliates of Hanwha Group including Hanwha Aerospace, will only be valid if Hanwha is chosen after a period of being open to other bids, Daewoo said in a regulatory filing. State-run Korea Development Bank (KDB) owns a 55.7% stake in the shipbuilder.

28 Jul 2022

AET Unveils Shuttle Tanker for Long-term Charter to Petrobras

(Photo: AET)

Tanker shipping company AET on Thursday named its newest vessel, Eagle Crato, the final of three Suezmax Dynamic Positioning (DP2) shuttle tankers purpose-built for long-term charter to Petróleo Brasileiro S.A. – Petrobras, based on the agreement signed in February 2020.The Eagle Crato was unveiled at a naming ceremony held at the Samsung Heavy Industries (SHI) Shipyard in Geoje, South Korea. Eagle Crato will be delivered to AET on Friday, and subsequently to Petrobras to commence her operations in the Brazilian Basin in a few weeks…

28 Jul 2022

BP Reserves Yinson FPSO for Angola

BP has reserved Yinson's Nganhurra floating, production storage and offloading (FPSO) vessel for use on its proposed 10-well subsea Palas, Astrea and Juno oil fields (PAJ Project), on Block 31, offshore Angola.Under an agreement signed between BP and Yinson, Yinson will exclusively allocate FPSO Nganhurra to BP for the PAJ Project until 31 December 2022, with an extension option until 30 June 2023, while contract negotiations to convert, operate, maintain and lease the FPSO for the PAJ project are done. The lease and operate contract is anticipated to include a 10-year fixed term.

08 Jul 2022

NYK to Study, Trial Emission Reduction Gear On Up to 50 Bulk Carriers

Two examples of energy saving devices. Image courtesy NYK/Nakashima Propeller

NYK signed a business alliance agreement with Nakashima Propeller, a marine equipment manufacturer that develops and sells ship propellers as well as energy-saving devices, and Fluid Techno, a ship design company with fluid analysis technology, to explore options to help cut greenhouse gas emissions from ships. Specifically, the agreement signed on July 7 aims to verify the effects of energy-saving devices that enhance vessel fuel efficiency by improving water flow generated at the aft-end of ships, select optimal combinations of those energy-saving devices, and install them on existing ships.

16 Jun 2022

Mergers & Acquisitions: Alfa Laval Inks Deal to Acquire Scanjet

Alfa Laval’s Peter Nielsen, President of Marine Separation & Heat Transfer. Image courtesy Alfa Laval

Alfa Laval signed an agreement to acquire marine tank cleaning equipment supplier Scanjet.Scanjet has expanded from fixed and portable tank cleaning equipment into intelligent tank management, and its solutions and organization will become part of Alfa Laval per an agreement signed on 16 June 2022.“Scanjet is a tank cleaning innovator with exciting developments in the pipeline,” says Alfa Laval’s Peter Nielsen, President of Marine Separation & Heat Transfer, whose business unit will receive the acquisition.

24 May 2022

Oil Tanker Arrives in Venezuelan Waters to Discharge Iranian Crude

A tanker carrying about 1 million barrels on Iranian heavy crude arrived in recent days in Venezuelan waters for delivery to the country's largest refinery, according to a shipping report seen by Reuters on Monday and vessel tracking data.Iran and Venezuela have recently expanded a swap agreement signed last year, adding the supply of Iranian heavy crude to Venezuela's El Palito refinery and Paraguana Refining Center (CRP), part of an effort to revamp the dilapidated facilities.

20 May 2022

Ten Year Deal: Finland Charters Excelerate Energy's FSRU

Credit: Excelerate Energy

U.S.-based LNG company Excelerate Energy and a subsidiary of Gasgrid Finland, a Finnish state-owned natural gas transmission system operator, on Friday signed a ten-year deal in Helsinki for the charter of a floating storage and regasification vessel (FSRU) that they said would provide "flexible, reliable, and secure" supply of liquefied natural gas (LNG) to Finland, Estonia, and the Baltic Sea Region.Excelerate President and CEO Steven Kobos, Gasgrid Finland CEO Olli Sipilä,…

05 May 2022

U.S. Union Workers to Build Ørsted's U.S. Offshore Wind Farms

Credit: Ørsted

North America’s Building Trades Unions (NABTU) and the offshore wind developer Ørsted on Thursday announced a Project Labor Agreement (PLA) to construct the company’s U.S. offshore wind farms with an American union workforce. A statement on the agreement released Thursday reads: "A first-of-its-kind in the United States, the National Offshore Wind Agreement (NOWA) sets the bar for working conditions and equity, injects hundreds of millions of dollars in middle-class wages into the American economy…

25 Mar 2022

AET's Petrobras-bound Newbuild Shuttle Tanker Named in South Korea

Credit: AET

Tanker operator AET named its new shuttle tanker Eagle Colatina earlier this week in South Korea.The vessel is the first of three purpose-built Suezmax dynamic positioning (DP2) shuttle tankers for a long-term charter to the Brazilian oil company Petrobras based on the agreement signed in February 2020.Shuttle tankers are used for the offloading and transporting oil from offshore oil installations.The DP2 shuttle tanker Eagle Colatina, which AET says is eco-friendly and highly efficient…

09 Mar 2022

Rotor Sails To Be Installed on CLdN RoRo

Image © HR Wallingford

Norsepower has announced an agreement signed with CLdN to install two tilting Rotor Sails on board a 2018-built Ro-Ro vessel to improve ship fuel efficiency and carbon emissions reduction. Preparations are currently taking place with the installation anticipated to be completed by December 2022.The MV Delphine, a vessel with a cargo capacity of close to 8,000 lane meters, transits between the UK, Ireland and Europe and is the largest short sea Ro-Ro vessel operating in the world today.

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