Chinese shipbuilders are gearing up to build liquefied natural gas (LNG) tankers as the government approves more projects to import the fuel. China's first home-built LNG tanker will be completed in November by Shanghai's Hudong-Zhonghua Shipbuilding Co, which has orders for three more at about $200 million apiece. Another three Chinese shipmakers are ready to build the tankers, the most complex and expensive type of cargo carrier. Next month, China will receive its first cargo of LNG in Guangdong from Australia amid plans to double gas use by 2010 to curb coal pollution. The country is developing its domestic shipbuilding industry to secure transportation of imported raw materials for the expanding economy. China's shipyards plan to double capacity by 2010 as they compete with rivals in South Korea and Japan for market share. Shipowners spent $71.5 billion on new vessels last year, 6.3 percent less than in 2004, as record prices curbed orders for container ships, dry-bulk carriers and tankers. (Source: Bloomberg)
CNOOC Ltd.’s unlisted parent company plans to start deep water oil and gas exploration in the South China Sea with Canada's Husky Energy Inc. next year, according to AP report. If the scheduled exploration finds sizable reserves in a bloc in the South China Sea about 185 miles south of Hong Kong, it will be China's first deep water oil and gas field. CNOOC's parent company is currently restricted to pumping oil and gas offshore at no deeper than 350 m
Shaanxi province plans to build China's first hinterland international intermodal transit hub port to link the overland international freight route [see map] which they dub a new 'silk road', reports Xinhua. The proposed Xian Hinterland International Transit Hub Port will focus on international logistics transit business and develop itself into a strategic pivot offering services between China's east coastal and western regions.
A young naval officer will soon become the Republic of China's first female warship captain after completing a series of stringent training and grueling tests. Naval Lt. Commander Hsieh Ai-chieh, 30, will set a precedent in the Navy of the Republic of China to lead the 500-ton domestically-developed Chinchiang-class auxiliary warship. Hsieh, growing up in central Changhua County, passed her opportunity to enter one of the top universities in 1944.
Argentina signed deals on Friday to borrow $7.5 billion from China at a time when the Latin American country cannot tap global capital markets because of disputes over unpaid debt. Among the deals signed, Argentine President Cristina Fernandez and her Chinese counterpart, Xi Jinping, agreed on a loan for $4.7 billion from the China Development Bank for the construction of two hydroelectric dams in Patagonia
More than half a century of family division ended in hugs and tears of joy on Tuesday after the first mainland Chinese ship to sail legally to Taiwan since 1949 arrived at the heavily-fortified island of Quemoy. The China-registered Gulangyu, or Piano Island, docked to be welcomed by the sounds of gongs, drums and firecrackers, in another sign of rapprochement efforts between the long-term adversaries. Aboard the passenger ferry were 80 elderly Quemoy natives stranded on the mainland since
Sinopacific Shipbuilding Group (SINOPACIFIC), has recently signed a contract with a Mexican shipping company, Naviera Petrolera Integral S.A. de C.V. for the construction of 3 (three) SPP17A vessels. All vessels will be built in SINOPACIFIC’s Zhejiang Shipyard and are expected to be delivered before the end of 2015. Following that, the new vessels will be used by PEMEX, Mexico’s largest governmental owned oil company
Wärtsilä to supply dual fuel main engines for two environmentally sustainable tugs being built by China National Offshore Oil Corp subsidiary The tugs are being built for CNOOC Energy Technology & Services Limited (CETS), a subsidiary of the state-owned China National Offshore Oil Corp. (CNOOC). The vessels are the first in a planned series to be fuelled by liquefied natural gas (LNG), and will be the first tugs in China ever to be operated on gas
North China's Hebei Province recently opened the first direct cargo route to Taiwan when a cargo of 36,000 tonnes of coal left Qinghuadao Port for Taiwan Direct trade routes between China & Taiwan have been frozen for a number of years. The Wuxing 6 bulk carrier left Qinghuadao Port, China's largest coal transfer port, for the Taitung and Kaohsiung ports in Taiwan, Tuesday marking the first cargo shipment between Hebei and Taiwan.
China's shipbuilding industry faces a severe test in today's sluggish global market China's shipbuilders finished 22.53 million dead weight tons of shipbuilding orders in the first five months this year, a decrease of 10.1 percent year-on-year. New ship orders amount to 9.54 million DWT, a fall of 47.3 percent year-on-year. The total industrial output value of China's shipbuilding industry reached 240.6 billion yuan ($38
China and the United States appear headed for a damaging confrontation over the extent of China's territorial claims in the South and East China Seas. Now that China has become the world's largest importer of oil, and energy more generally
Shared development of oil, gas and possibly other natural resources is the most promising option for reducing tensions in the South China Sea and should be the focus of efforts to improve diplomatic relations between China and its coastal neighbors.
Greece's Piraeus Port (OLP) , the largest in the country, said its first-half net profit was almost unchanged from the same year-ago period, while sales fell. Piraeus Port, which is privatisation, is one of the busiest passenger ports in Europe
Shanghai International Port , the operator of the world's busiest container port, reported earnings on Wednesday that showed its second-quarter net profit fell 2.5 percent in a sign of slowing trade in China. Shanghai Port said in a Chinese-language filing on the Shanghai stock exchange that
COSCO Container Lines would like to announce Rate Restoration for all shipments (include reefer cargo) from Far East to South Africa Trade and take effect from September 1, 2014. The detail of the RR will be USD150 per TEU Far East include: China Mainland, China Hong Kong
U.S. and Chinese military officials will hold talks on rules of behavior at the Pentagon on Tuesday and Wednesday, a U.S. official said, days after the United States denounced a "dangerous" Chinese jet intercept of a U.S. Navy patrol plane.
ABS, a global provider of classification services to the marine and offshore industries, announces the opening of a new office in Beijing. This move shows ABS' determination in expanding best-in-class service for the Chinese market. This new office will allow further collaboration with government
Hallin Marine, a Superior Energy Services company, says it has completed a unique project for COOEC Subsea Technology, a wholly-own subsidiary of COOEC (China Offshore Oil Engineering Company) which involved the replacement of 9 mooring lines beneath the floating production storage and
Uptime International says it has entered into contracts with MAC Offshore Dubai and Fujian Mawei Shipyard China for delivery of three active motion compensated gangways. The first of these three gangways will be mounted early 2015 on their third Compact Semi Sub (CSS) maintenance vessel
Asia's largest refiner - China Petroleum & Chemical Corporation announced Friday night, according to international accounting standards, the first half net profit of 32.543 billion yuan, an increase of 7.5%. Semi-annual report and display
Kuwait plans to increase the volume of crude oil exports to China to 500,000 barrels a day (bpd) in three years, an executive at the state-run Kuwait Petroleum Corporation (KPC) said Saturday. On Monday, Kuwait concluded a new 10-year deal with a China's Sinopec Corp to nearly double
Argentina's state oil company YPF agreed Friday to extend its operation until 2027 in partnership with a local unit of China's Sinopec oil in an area of a province in the center-west of the country, which represent an investment of $ 300 million, the company said in a statement.
China has appealed against a WTO dispute panel report on anti-dumping duties applied on certain Chinese products by the United States, the World Trade Organization (WTO) said on Friday. The appeal covers products including solar panels, wind towers, thermal and coated paper
Thousands of truck drivers went on strike over salary and haulage rates in the eastern Chinese port of Ningbo this week, and a logistics firm said on Friday the industrial action was disrupting operations at the world's sixth busiest port.
China rejected Philippine complaints on Wednesday about Chinese survey vessels operating in a gas-rich area of Manila's exclusive economic zone, and has lodged a separate complaint about the detention of Chinese workers, as tensions persist.