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Long Term

Exxon's New Guinea LNG Plant: 4 August Cargoes

ExxonMobil's Papua New Guinea liquefied natural gas (LNG) export plant is offering to sell four cargoes loading in August to long-term buyers as well as Asian end-users, two traders said. The rapid export rate from the new plant, which was completed ahead of schedule, has helped push global LNG prices lower as major Japanese buyers retreat from spot markets. The plant's main long-term buyers are Japan's Tokyo Electric Power, Osaka Gas and Taiwan's CPC, but low demand across Asia may have led Exxon to broaden its offers. Reporting by Oleg Vukmanovic


Sovcomflot Concludes $319 mi 10-year Loan

The fund will be used to finance  2 ice-class LNG carriers

  OAO Sovcomflot (SCF Group) signed a new USD 319 million 10 year credit facility with a consortium of leading European banks with ING acting as Agent.  The funds will be used towards financing two new ice-class LNG carriers SCF Melampus and SCF Mitre, which will operate on long-term contracts with the Shell Group. The new high-spec Atlanticmax Ice2 (1C) class gas carriers feature a tri-fuel engine, a cargo capacity of 170


Great Lakes Coal Up 9% in October

photo courtesy Midwest Energy Resources Company

Shipments from Lake Erie nearly double that of a year ago Coal shipments on the Great Lakes topped 3 million tons in October, an increase of 9 percent compared to a year ago, while shipments also outpaced the month’s long-term average by 75,000 tons, the Lake Carriers’ Association reported. Shipments from Lake Superior ports totaled 1.7 million tons, an increase of 3.5 percent compared to a year ago, and a slight increase over the month’s long-term average.


SBX' Acquires Remaining 50 percent in Sana Navigation

SeaBird Exploration Limited (BVI) (SBX) has acquired the remaining 50 percent ownership in the Joint Venture entity Sana Navigation Company Limited (Sana) which charters the M/V Northern Explorer from Russian owners on a long term bareboat charter. The purchase price is $25.5m. The Joint Venture is now terminated in all respects. The acquisition of the 50% interest in Sana includes the long term bareboat contract, the liquid cash, other current assets


CMA CGM Issues Statement to Thwart Rumors

Responding to information circulating, CMA CGM Group states that it has no short term plans to either purchase or long-term charter-in any vessels. The Group has a modern fleet of 408 ships, of which 92 are owned, that enable it to meet the current needs of its customers and provide them with end-to-end service around the world. In today’s economic environment, CMA CGM’s priorities are to reduce its debt and to strengthen its financial position.


Otto Marine Send Two AHTS to GoM, One to W. Africa

AHTS Redfish 4: Image courtesy of Otto Marine

Offshore marine services firm Otto Marine informs it has obained a total of US$24.9 million in charter contracts for three offshore vessels – Redfish 4, Go Canopus and Go Altair. Details as follows: Redfish 4, an 8,000bhp Anchor Handling Tug Supply (AHTS) vessel equipped with dynamic positioning 2 capabilities will be deployed for work on long term charter in Mexico. Go Canopus, a 10,800bhp AHTS vessel built in 2009 with DP2 technology has been contracted on long term charter


Bangladesh’s First LNG Import Terminal in the Works

Excelerate Energy and Petrobangla in agreement for long-term FSRU charter and construction of LNG import facility Excelerate Energy and Petrobangla have reached agreement on terms for the development and operation of Bangladesh’s first LNG import terminal. The agreement includes the provision of one of Excelerate’s existing floating storage and regasification units (FSRU) under a 15-year long-term charter, as well as the design and construction of the facility


CEO to Leave Port

Port of Goteborg AB president and CEO since 1996, Gunnar Nygren will be stepping down in March 2002. At 60, he is planning to take early retirement. “This is a decision that was triggered partly by my turning 60 but even more so by the fact that the Port is now in a position where the future demands more long-term leadership than I will be able to offer,” comment Gunnar Nygren. He quotes key investments that are under way in the Port of Goteborg


Terminal Improvement Plan Presented

A draft long-term plan for terminal improvements at Horseshoe Bay was presented by BC Ferries president & CEO Bob Lingwood at a public council meeting in West Vancouver. The Horseshoe Bay development plan includes: · An expanded vehicle holding compound to reduce traffic congestion and queuing on the Upper Levels Highway, · A new ticketing/administration building incorporating recommendations from West Vancouver's advisory design panel, · A new parkade with 350 public parking spaces and


S&P Cuts MC Shipping Outlook To Negative

Standard & Poor's has revised the outlook on MC Shipping Inc. to negative from stable. At the same time, the company's single-'B' long-term corporate credit rating and single-'B'-minus senior unsecured debt rating were affirmed. The rating on MC Shipping reflects the shipping industry's below-average characteristics, and the company's weak financial profile. MC Shipping is part of the Vlasov Group-a major ship-owning and ship-management group


IMO Calls for Environmentally Sound Ship Recycling in Bangladesh

Image by International Maritime Organization (IMO)

 The  International Maritime Organization (IMO) and the government of the People’s Republic of Bangladesh are jointly implementing a project entitled “Safe and Environmentally Sound Ship Recycling in Bangladesh – Phase I” (in short SENSREC Project –


BIMCO Welcomes EU Decision on Migrants

BIMCO

  BIMCO has stated today that it appreciates the new efforts by EU leaders to reduce increasing reliance on merchant shipping to rescue the growing numbers of distressed migrants in the Mediterranean Sea.   BIMCO welcomed the announcement last night (23 April)


Dubai's DP World Eyes Dollar Bond

DP World, one of the world's biggest port operators, wants to issue a dollar-denominated bond and could announce plans to market the deal to fixed-income investors as soon as next week, three sources aware of the matter said on Thursday. The Dubai-based firm could raise between $750 million and


Op/Ed: Australian Naval Shipbuilding in Limbo

Kevin Andrews

Labor’s indecision has left shipbuilding in a precarious and uncertain state   The Abbott Government is committed to a sustainable Australian naval shipbuilding industry. Sadly, years of neglect by the former Labor government has left shipbuilding in a precarious and uncertain state.


Vessel Forebody Launched for Rand Logistics

Video screenshot (courtesy of Rand Logistics)

Vessel introduction on track for fourth quarter of 2015   Rand Logistics, Inc. announced the launch of its new vessel forebody. The new forebody, built by Chengxi Shipyard Co., will be affixed to the aft section of the company's recently acquired Danish-flagged vessel and is set to become


Kleven Delivers Construction Vessel to Olympic Shipping

Olympic Bibby (Photo courtesy of Kleven)

Offshore construction vessel Olympic Bibby, build no. 371 from Kleven Verft, has been delivered to Norwegian shipowner Olympic Shipping.   The vessel has a long term charter with Bibby Offshore, and its first job will be on the British sector of the North Sea.   


Oil Majors Push Offshore Players for 30% Cuts

Tidewater, Inc.’s Dean Edward Taylor plows full steam ahead.

Smart players leverage low debt, adjust work schedules, seek spot gigs and new markets 30%That’s the minimum level of capital expenditure cuts facing owners and operators of offshore rigs, vessels and various support services, as they scramble to keep equipment working and their heads


First SCR IMO Tier III Approval in Principle Awarded

Photo: Man Diesel & Turbo

MAN Diesel & Turbo reaches IMO Tier III milestone for entire four-stroke engine portfolio. At an awards ceremony held on April 15, 2015 at the PrimeServ Academy in Shanghai, MAN Diesel & Turbo SE was awarded approval in principle for its SCR system for the entire medium-speed engine


IRS on Talent Acquisition Spree

   IRClass, the Leading Ship Classification Society has hired 17 of the brightest and best Naval Architecture students from the elite technical institutes of India.   IRClass celebrates its 40th Anniversary this year. In keeping with the philosophy of acquiring the brightest


Kongsberg Simulators to Enhance GoM Offshore Training

Photo courtesy of Kongsberg

‘Fideicomiso de Formación y Capacitación para el Personal de la Marina Mercante Nacional’ (FIDENA), on behalf of Mexico’s Secretariat of Communications and Transportation (SCT) has selected Kongsberg Maritime offshore simulators for the Marine Education Center in


Long Beach Cargo Rises Sharply in March

Photo: Port of Long Beach

Port of Long Beach sees jump in shipments with easing of congestion   Cargo surged upward in March at the Port of Long Beach with a 32 percent increase over the same month last year, making it the busiest March in the Port’s history.  


Nordic Yards Names Aly Managing Director

Dr.-Ing. Herbert Aly (Photo: Nordic Yards)

Dr.-Ing. Herbert Aly has been appointed as the new Chairman of the Board of Management of the Nordic Yards Group. He succeeds Dr. Vitaly Yusufov, who will preserve his links with the company as a member.   The appointment of Dr.-Ing. Aly strengthens the top management of the Nordic Yards


Australia: Submarines Excluded from Shipbuild Review

Pics: Australian Shipbuilders Association Limited

 The Australian Navy’s future submarine project has been excluded from the country's shipbuilding review on advice from the Abbott government that the new fleet would be built offshore.   The review’s final report, published on Thursday


Georgia Port Increases Container Traffic

Port of Savannah by Georgia Ports Authority

 The Georgia Ports Authority increased containerized cargo in March by 27.8 percent compared to the same month a year ago, for an additional 72,499 20-foot equivalent container units (TEUs).   “We are moving record volumes while maintaining excellent service levels for our


Otto Marine Builds 4 Vessels for PTK

Photo: Otto Marine

Otto Marine’s Shipyard delivered four newbuild vessels worth a total contract value of $36.6 Million   Otto Marine Limited, an offshore marine group which owns and operates a large fleet of offshore support vessels with a worldwide presence






 
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