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Joint Venture

Carnival Signs MOA for First New Cruise Ships Built in China

Photo: Carnival

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 joint venture, financing and other key terms.   As part of the new MOA, Carnival Corporation’s cruise joint venture in China agreed to order two new cruise ships to be built by a newly formed China-based shipbuilding joint venture between China’s largest shipbuilder, China State Shipbuilding Corporation (CSSC), and Italy-based Fincantieri S.p.A., the world’s largest cruise shipbuilding company. The MOA also grants Carnival Corporation’s cruise joint venture the option to order two additional China-built cruise ships.   Carnival Corporation’s cruise joint venture in China will operate the new ships as part of its plans to launch the first multi-ship domestic cruise brand in China. Based on Carnival Corporation’s Vista-class platform, the design for the new ships will be tailored for the new Chinese cruise brand and the specific tastes of Chinese travelers. The first of these ships is expected for delivery in 2022.   The partners signed the memorandum of agreement at a signing ceremony held today at the 11th annual China Cruise Shipping and International Cruise Expo (CCS11) in Tianjin, China.  

Joint Venture Returns from the Gulf

The Incat Tasmania-built ship, HSV-X1 Joint Venture, has arrived back at Hobart, Tasmania, returning from the Persian Gulf in service with U.S. defense forces. As the High Speed Vessel HSV-X1 Joint Venture (Incat hull 050) left Tasmanian waters on the evening of September 11, 2001 (AEST) the towers of the World Trade Center fell in New York. The ship which had been chartered for experimental purposes did participate in a number of


Oil & Natural Gas Corporation Ltd. (ONGC) and Shipping Corporation of Indian (SCI) have entered into a memorandum of understanding (MoU) for setting up a joint venture company called Offshore Marine Services Ltd (OMSL). The joint venture company will provide end-to-end solutions for vessel operations for ONGC and other oil and gas companies. It will also develop capabilities for acquisition, repair and maintenance of offshore floating units and undertake repair and construction on long-term

Shell Sells Elba Liquefaction Project Interest to Kinder Morgan

Image:  Kinder Morgan

 Kinder Morgan Inc. will buy out Royal Dutch Shell PLC’s interest in their proposed Elba Liquefaction Co. (ELC ) joint venture in Georgia.   Houston-based Kinder Morgan already owns 51% of the ELC joint venture. The firm said it would buy the 49 percent stake that it does not already own in the natural gas joint venture and it raised its dividend.   ELC owns the Elba Liquefaction Project, which is proposed to be constructed and operated at the existing Elba Island LNG

Houston Exploration and El Paso Announce Joint Offshore Exploration Drilling Program

The Houston Exploration Company and El Paso Production Company, a subsidiary of El Paso Corporation, announced that they have executed a letter of intent to conduct an exploration drilling joint venture in the Gulf of Mexico. Under the terms of the agreement, El Paso will contribute up to $50 million for land, seismic and drilling expenditures and pay 100 percent of the dry hole costs to earn 50 percent of Houston Exploration's working interest in up to six specified exploration wells to be

Transocean Forms JV for Two Drillships

Transocean Inc. announced that a subsidiary has exercised its option to purchase a 50 percent interest in a joint venture company with Pacific Drilling Limited. The joint venture company will own two ultra-deepwater Samsung-design drillships that are currently under construction in South Korea. Under the terms of an exclusive marketing agreement, the subsidiary has secured a long-term drilling commitment for the first joint venture drillship.

Wärtsilä's JV with CSSC to Expands Engines Range

  Wärtsilä and China State Shipbuilding Corporation (CSSC) have signed an agreement to establish a joint venture for manufacturing medium and large bore medium speed diesel and dual-fuel engines. The CSSC Wärtsilä Engine (Shanghai) Co. Ltd factory will be located at Lingang, Shanghai and is expected to have its first engine ready for delivery by the end of 2015. The company will in particular target the growing offshore and LNG markets

Austal JV Wins First Ferry Contract

Image: Austal Limited

Aulong Shipbuilding, a joint venture company formed by Austal Limited and Guandong Jianglong Shipbuilding of Zhuhai, China, has won the first ferry contract to build a 42 metre high speed aluminium ferry for Chinese mainland operator Blue Sea Jet. Less than two months after the announcement of the joint venture, Aulong Shipbuilding has been awarded a A$10 million (RMB49.99 million) contract to design and build the ferry.   

NNPC, Daewoo in Joint Venture

After over five decades of its involvement in crude oil and gas exploration without involving in crude oil transportation, the Nigerian National Petroleum Corporation (NNPC), has signed a joint venture agreement with Daewoo Ship-building and Marine Engineering (DSME) of South Korea, to establish a world class shipping company which will be involved in crude oil transportation. Already, $10 million has been released as the initial capital for the joint venture business

Exmar NV and Teekay LNG Partners Complete Joint-Venture

Exmar NV (NYSE Euronext: EXM) is pleased to announce that together with  Teekay LNG Partners L.P. (NYSE: TGP) they have successfully closed their 50/50 LPG joint-venture. The Exmar LPG BVBA joint-venture controls 15 owned Midsize Gas Carriers (MGC), out of which 4 are currently under construction at Hyundai Mipo, and one owned Very Large Gas Carrier (VLGC). Exmar LPG BVBA also time-charters in three MGCs and two VLGCs (33.33% share) and bareboat-charters in one MGC and one VLGC.

NYK Establishes Logistics Company for Finished Cars in Kenya

Photo: NYK Line

 NYK has signed a joint-venture agreement with Bolloré Transport & Logistics Kenya Limited (Bolloré) and Toyota Tsusho Corporation to establish Bolloré NYK Auto Logistics Limited, a logistics company for finished cars. 

Odfjell Sells Its Share in Oman Tank Terminal

Odfjell SE announced that Odfjell Terminals B.V. (OTBV), the joint venture holding company that owns and operates substantially all of Odfjell's tank terminals worldwide, has entered into an agreement to sell its 29.75 percent indirect ownership in Oiltanking Odfjell Terminals & Co

Iran Calls for Oil Majors to Bid for New Projects

Photo: National Iranian Oil Company

 Iran has invited global energy giants to a tender for the development of several of its key oil sector projects.     The National Iranian Oil Company (NIOC) via an announcement has called on foreign exploration and production companies to submit the required pre-qualification

Nakilat Delivers Steady Performance in Q3

Abdullah Fadhalah Al Sulaiti Photo Nakilat

 Nakilat has announced its financial results for the third quarter ended 30 September 2016, where the Company’s net profit reached QR 749 million compared to QR 757 million for the same period last year. The Board of Directors stated that the company’s strategic long-term

Lithuania Terminal Operator to Start LNG Bunkering in 2017

Lithuania plans to start liquefied natural gas (LNG) bunkering next year, and will soon call a tender for a test cargo, Klaipedos Nafta, the operator of the terminal, said on Wednesday.   The onshore bunkering station at Klaipeda port would be able to reload 250

Elektrans, CST & Marine Service to establish Chemtrans

Photo: Elektrans Group

 Elektrans Group has joined hands with German tank operator Chemikalien Seetransport (CST) and the consultancy and engineering company Marine Service GmbH to establish a joint venture -- Chemtrans India Pvt Ltd.    "Elektran Group and a company affiliated to the reputed

New Saudi Arabia Shipyard to be ‘World’s Largest’

Photo: Royal HaskoningDHV

Developers of a new shipyard in Saudi Arabia say the facility will be the largest maritime yard in the world providing a range of services, including large shipbuilding, large ship repair, offshore rigs fabrication and offshore support vessel repair.  

MacGregor in JV with China State Shipbuilding

Photo: Cargotec

 MacGregor, part of Cargotec, and China State Shipbuilding Corporation's (CSSC) Nanjing Luzhou Machine Co Ltd (LMC) signed a joint venture contract  to form CSSC Luzhou MacGregor Machine Co Ltd.    Subject to all relevant authority approvals, expected within this year

Samskip Completes Reefer Acquisition

One of five reefer vessels now acquired by Samskip Logistics - renamed Samskip Arctic (Photo: Samskip)

Silver Green AS, owned 50% by Samskip, is changing its name to Silver Sea AS to mark the finalization of a series of ownership changes. The new name reflects a consolidation by Samskip of its position in the reefer vessel segment, including the strengthening its ownership in the company and direct

ARCOS Brings Technology Approach to Shipbuilding

ARCOS Innovations Inc. is a new joint venture founded by members of SSI leadership and a senior SSI reseller with expertise in the implementation and development of enterprise systems for shipbuilding and offshore.   The mission of ARCOS is to help customers solve key business challenges

COSCO, China Shipping Merge Shipbuilding Units

Photo: Cosco

 China’s two biggest state-owned shipping companies plan to merge 11 shipbuilding yards into a single entity in one of the industry’s biggest consolidation moves yet, reports Wall Street Journal.   China’s two biggest state-owned shipping companies plan to merge 11

Keppel Grows LNG Business

Keppel Offshore & Marine (Keppel O&M) announced it has secured contracts to build its first two dual-fuel diesel liquefied natural gas (LNG) harbor tugs, and signed a Memorandum of Understanding (MOU) with Keppel-Royal Dutch Shell plc (Shell) to jointly explore opportunities in using LNG

BHP: GoM Mad Dog Project Viable with sub-$50 Oil

File Image: a typical BHP Offshore operaion (Credit: BHP Billiton)

BHP Billiton said the second phase of its Mad Dog offshore joint venture with BP in the Gulf of Mexico was economical at oil prices below $50 per barrel. Originally slated for development in 2013, the project has been deferred due to low oil prices and moves to reduce construction costs.

Boskalis JVs Order two LNG Dual-fuel Harbor Tugs


Royal Boskalis Westminster (Boskalis) joint ventures Keppel Smit Towage and Maju Maritime have ordered two innovative LNG dual-fuel harbor tugs, which marks a breakthrough for realizing clean environmentally friendly harbor towage services in the Singapore port

COSCO Ports Arm Inks Terminal Deal in Abu Dhabi

Photo: Abu Dhabi Ports

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.  

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