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 trade with North Korea rose in the first quarter in spite of tough new international sanctions this year targeting Pyongyang's banned nuclear program, including curbs on coal imports. Imports from the isolated country, consisting mainly of coal and clothes, rose 10.8 percent from a year earlier, customs spokesman Huang Songping said on Wednesday. China's exports to North Korea in the first quarter rose 14
During the last year, China’s “teapot” refiners are helping to boost China’s crude import demand and their influence is expanding, says Clarkson Research Services. Chinese crude oil imports have historically been dominated by a handful of state-owned companies
The first liquefied natural gas vessel from the lower 48 U.S. states is on its way to China, according to a Reuters interactive map on Friday, the latest sign that the expanded Panama Canal is allowing U.S. exports to reach the world's top LNG buyers in Asia.
China and Russia will hold "routine" naval drills in the South China Sea in September, China's defence ministry spokesman Yang Yujun told a news conference on Thursday. The drills come at a time of heightened tension in the contested waters after an arbitration court in the Hague
Owners anchoring ships rather than fix at low rates. W. Australia-China capesize rates hit over two-month low. Freight rates for large capesize dry cargo ships on key Asian routes are likely to hold steady as ship owners resist charterers' attempts to push rates lower amid a dearth of cargo
Radio Holland, a global NavCom and service company in the maritime industry, said it has concluded a maintenance and remote monitoring agreement with The China Navigation Company (CNCo) for 35 vessels. Radio Holland already provides CNCo’s newbuild
Cambodia advised a grouping of South East Asian nations to avoid using words that "would escalate tension between China and the Philippines" in a weekend statement, the country's foreign ministry said on Wednesday. Cambodia's support for China's position on an international
The Panama Canal authority (ACP) says a Chinese container ship’s damaging scrape with the canal’s new wider locks was caused by bad weather, Reuter quotes ACP's administrator, Jorge Quijano. He said that the only problem in the last month involved
China's foreign minister has asked the U.S. secretary of state John Kerry to support the resumption of talks between China and the Philippines over the South China Sea, following a ruling against Beijing over the dispute earlier this month.
China has taken a major step towards establishing a speedy new "Silk Road" to Europe by signing up to a U.N. trucking treaty. Fifteen years after joining the World Trade Organization (WTO), China is hoping a revival of its ancient trading corridor to the west will help boost its
U.S. Secretary of State Kerry says backs bilateral talks; Philippines says dispute does not involve United States. U.S. Secretary of State John Kerry said on Tuesday he supported the resumption of talks between China and the Philippines over the South China Sea
Manila drops request to refer to court ruling in statement. Southeast Asian nations overcame days of deadlock on Monday when the Philippines dropped a request for their joint statement to mention a landmark legal ruling on the South China Sea, officials said, after objections from Cambodia.
China has set up a 15 million yuan ($2.25 million) environmental protection fund for the South China Sea having already spent double that in the past four years, the Xinhua state news agency said on Monday. The Permanent Court of Arbitration in The Hague ruled this month that China did not have
The future of trade in Asia could depend heavily on what becomes of China’s expansive One Belt, One Road initiative, which calls for massive investment in and development of trade routes in the region. In this episode of the McKinsey Podcast, recorded in May
Southeast Asian nations were thrown into disarray after Cambodia on Saturday blocked them from issuing a statement referring to an international court ruling against China's territorial claims in the South China Sea, diplomats said. The U.N
U.S. Secretary of State John Kerry will urge Southeast Asian nations in meetings in Laos next week to find diplomatic ways to launch talks with China on easing tension over the South China Sea following an international court ruling that denies China's claims in the sea.