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
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.
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
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.
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
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.
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
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
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
China lodges protest with Seoul over the incident. Three Chinese fishermen were killed on Thursday in a fire that broke out on their boat when South Korean coastguard men trying to apprehend them for illegal fishing threw flash grenades into a room they were hiding in
Capesize rates slip from year-long highs as miners absent; owners still optimistic of Q4 rate bounce. Freight rates for large capesize dry cargo shippers on key Asian routes, which hit the highest in about a year last Thursday, are set to remain buoyant during China's week-long National Day
Federal Maritime Commission Chairman Mario Cordero announced that the Commission has completed compromise agreements recovering a total of $338,000 in civil penalties. The agreements were reached with one vessel-operating common carrier and six ocean transportation intermediaries (both
The House Armed Services Committee (HASC) invited two U.S. Naval War College (NWC) faculty members to testify in Washington, D.C. on understanding and countering China's growing maritime concerns. Andrew Erickson, professor of strategy in the China Maritime Studies Institute (CMSI)
China COSCO Shipping will not raise its shipping prices as it had planned, reports Caixin quoting shipping agency representatives at Shanghai’s port. The shipping giant has given up its plan to take advantage of Hanjin Shipping’s bankruptcy by raising prices after a
During the 11th annual “China Cruise Shipping and International Cruise Expo”, which started today in Tianjin, Fincantieri and China State Shipbuilding Corporation (CSSC), signed a non-binding agreement with Carnival Corporation and CIC Capital Corporation (CIC Capital) for the
COSCO Shipping, plans to ramp up container volume at Greece’s biggest port in Piraeus by 35 percent by 2018, the port’s new managing director, Fu Cheng Qiu, said, reports Reuters. China's biggest shipping company, which owns the world's fourth-largest container shipping fleet
Carnival Corporation & plc has announced that its cruise joint venture in China has signed a non-binding memorandum of agreement (MOA) to order the industry’s first new cruise ships built in China for the Chinese market. The MOA is subject to several conditions including closing of the
The head of Japan's navy on Monday repeated criticisms of China's pursuit of territorial claims in Asia but called for a resumption of port and personnel visits suspended for several years amid rising tensions between the two Asian powers.
The first natural gas floating liquefaction unit (FLNG) has completed performance testing at the Wison Offshore & Marine yard in Nantong, China, marking the first time LNG has been produced onboard a floating facility. The performance test was carried out in the presence of
China's COSCO Shipping Co Ltd may consider buying the port assets of troubled South Korean firm Hanjin Shipping Co Ltd, Chinese online finance magazine Caixin reported on Wednesday. But COSCO Shipping has no plans to buy the world's seventh-largest container carrier's ships
Abu Dhabi Ports has awarded China's Cosco Shipping a 35-year concession to build and operate a new container terminal at Khalifa Port, the chief executive of the Abu Dhabi company told Reuters on Wednesday. The terminal is expected to be operational in the first quarter of 2018
Abu Dhabi Ports has signed a container terminal concession agreement with COSCO SHIPPING Ports Limited - Abu Dhabi (CSPL SPV), a wholly-owned subsidiary of container terminal operator COSCO SHIPPING Ports Limited, a subsidiary of China COSCO SHIPPING Corporation Limited.
Australia has selected U.S. defence company Lockheed Martin Corp as its preferred bidder to supply the combat system for its new $38 billion fleet of submarines, the country's defence industry minister said on Friday. Lockheed Martin beat out competition from U.S
United European Car Carriers (UECC), which is equally owned by NYK and Wallenius Lines, took delivery of the world’s first LNG-fueled Pure Car and Truck Carrier from Kawasaki Heavy Industries Ltd. on September 29 at the NACKS shipyard in Nantong, China.