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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


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


ONGC, SCI Enter MoU

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


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.


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


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


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.   


Rosneft, BP In JV To Explore For Oil

Photo: Official FB page of BP

 Rosneft and BP announce the completion of the deal to create a new joint venture, Yermak Neftegaz LLC, to conduct exploration in the West Siberian and Yenisey-Khatanga basins in the Russian Federation.   Final binding agreements for the new joint venture were signed at the XX St. Petersburg International Economic Forum (SPIEF) in June 2016.   The joint venture will focus on the onshore exploration of two Areas of Mutual Interest (AMIs) in the West Siberian and


JERA Imports Japan's First Liquefied Shale Gas Cargo from U.S.

File Image: an LNG carrier (CREDIT: Parker Bestobell)

Japan's JERA Co said on Friday it imported the country's first liquefied shale gas cargo from the United States as part of efforts to diversify its supply.   This also marks Japan's first import of liquefied natural gas (LNG) produced in the contiguous United States


Gulf Navigation forms JV with Polimar Turkish

Photo: Gulf Navigation Holding

 Dubai-listed Gulf Navigation Holding has announced a partnership with Polimar Turkish Holding to grow its fleet and increase its global reach. Under the agreement, Gulf Navigation said it would be able to serve customers in major trading ports worldwide.  


Wärtsilä CSSC JV Opens Factory in China

Inaguration of the new factory in China Photo Wärtsilä

CSSC Wärtsilä Engine Co Ltd (CWEC), the joint venture company formed between Wärtsilä and China State Shipbuilding Corporation (CSSC), has formally opened its new production facilities located at Lingang, Shanghai. The opening ceremony took place on 9 January


MOL: LNG Carrier Delivered for SINOPEC LNG Project

At the naming and deliveryceremony on January 6 Photo MOL

Mitsui O.S.K. Lines, Ltd. today announced that the LNG carrier CESI Qingdao — ordered by a joint venture of MOL, China COSCO Shipping Corporation Limited and China Petroleum & Chemical Corporation (SINOPEC) — was delivered at Hudong-Zhonghua Shipbuilding (Group) Co., Ltd


SCI Led JV Takes Delivery of LNG Carrier “PRACHI"

The joint venture partners comprising SCI, MOL, NYK and K-Line that owns MT Prachi, also operate the three vessels. Photo SCI

A Joint Venture comprising The Shipping Corporation of India Ltd. (SCI), Nippon Yusen Kabushiki Kaisha (NYK), Mitsui O.S.K. Lines, Ltd. (MOL), Kawasaki Kisen Kaisha, Ltd. (“K” Line), and Petronet LNG Ltd (PLL), have taken delivery of a new build Liquefied Natural Gas (LNG) carrier MT


DP World Chairman Meets Vietnamese President

DP World Group Chairman and CEO Sultan Ahmed Bin Sulayem with Vietnamese President Tran Dai Quang during their meeting at the Presidential Palace in Hanoi recently. Photo DP World

 Standardising trade processes and developing Vietnam’s infrastructure will attract more investment from global trade enablers like DP World, according to its Group Chairman and CEO Sultan Ahmed Bin Sulayem, who met with Vietnamese President Tran Dai Quang at the presidential palace in


Austal Wins FRS Ferry Contract

The 56m high speed catamaran to be built by Austal Philippines for FRS Group is an all new Austal design from the Australian based design team responsible for developing a portfolio of 22 similar-sized vessels. Photo Austal

Austal Limited has secured the company’s sixth new commercial vessel order for 2016, with the award of a €15.47 million (circa A$22 million) contract for a high-speed passenger ferry from Förde Reederei Seetouristik (FRS Group) of Germany.


CMA CGM, OGEU Partnership to promote Beaupré Water Spring

Beaupre Courtesy CMA CGM

CMA CGM, a leading worldwide shipping group, and the OGEU group, 4th largest French water bottler, are pleased to announce the signing of a partnership agreement on November 2 of this year. This cooperation between 2 leading players in their respective industry focuses on 2 strategic axes:


Tanker Docks at Libya's Es Sider Port to Load First Crude Cargo in Two Years

An oil tanker docked at the east Libyan port of Es Sider on Monday to load the first cargo of crude since the terminal reopened following a two-year closure, port officials said.   Es Sider, Libya's biggest export terminal, had been shut due to a blockade by a military faction since 2014


IRISL, NITC Pact for Ship Repair JV

Photo: IRISL GROUP

 The initial agreement for establishing a Joint Venture Company in ship repair sector, was signed between Industrial Development and Renovation Organization of Iran (IDRO), Islamic Republic of Iran Shipping Line(IRISL) and ‎ National Iranian Tanker Company (NITC).  


IRISL led JV for Ship Repair

Agreement for establishing a Joint Venture Company in ship repair sector Photo IRISL

The initial agreement for establishing a Joint Venture Company in ship repair sector, was signed between Industrial Development and Renovation Organization of Iran (IDRO), Islamic Republic of Iran Shipping Line (IRISL) and ‎ National Iranian Tanker Company (NITC).


Great Ships of 2016: Greenland

(Photo: Ferus Smit)

Since it started publishing in 1939, Maritime Reporter & Engineering News has recognized excellence in ship construction. This year 18 ships in total were honored, including many “world firsts.”   Greenland - LNG powered cement carrier  


GulfNav, SeaQuest Tie Up in Ship Management

Photo: Gulf Navigation Holding PJSC

 Dubai-based Gulf Ship Management, a wholly owned subsidiary of Gulf Navigation Holding, announced on Tuesday a recent tie up with Switzerland’s SeaQuest Group to set up a ship management joint venture and expand operations in the region.  


Daewoo to Develop Iranian Shipyard

Image: Industrial Development and Renovation Organization of Iran

 South Korean shipbuilder Daewoo Shipbuilding and Marine Engineering Co., Ltd. (DSME) and the Industrial Development and Renovation Organization of Iran (IDRO) have signed an outline agreement to cooperate on developing the shipbuilding Industry in Iran.  


Shell Wells Come Up Dry in Tanzania

Map: Ophir Energy plc

 Ophir and its joint venture partners, BG Tanzania (Shell) and Pavilion Energy, have concluded the drilling of two exploration wells offshore Tanzania, safely and on time.   The programme comprised Kitatange-1 in Block 1 and Bunju-1 in Block 4






 
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