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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


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


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.


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


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


Ultrabulk Orders Handysize Bulk Carriers

Ultrabulk signs contracts with a Japanese yard for construction of new generation handysize bulkers Denmark-based Ultrabulk has placed an order with a major Japanese ship yard for the construction and delivery of one new generation super ECO-designed handysize bulker of 38,000tdw size for delivery in 2014, with Ultrabulk’s option to extend the order with one additional vessel. The vessel(s) will be equipped with an electronic main engine as well as other equipment and systems which are


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


Partnership Promotes Seawater Lubrication

Scott Groves (left), Business Development Manager at Thordon Bearings, and Leslaw Hnat (right), Chairman of the Board of MSR Gryfia, sign an agreement that affirms the companies’ efforts to convert ships to seawater lubricated propeller shaft lines from oil.

Thordon Bearings Inc. signed a letter of intent (LOI) under which it will cooperate with MSR Gryfia of Poland to promote the conversion of ships to an open seawater lubricated propeller shaft Thordon bearing system from a sealed oil lubricated propeller shaft bearing system.   


Sovcomflot Names New LNG Carrier

SCF Melampus (Photo: Sovcomflot)

Russia’s largest shipping company is continuing to develop its potential in the LNG transportation segment by entering into a new long-term agreement with Royal Dutch Shell.   On December 16, a naming ceremony was held for the LNG carrier SCF Melampus


Lakes Limestone Trade Dips in November

GRT_Lakes_Stone Carrier web.jpg

Shipments of limestone on the Great Lakes totaled 2.7 million tons in November, a decrease of 4.4 percent compared to a year ago, the Lake Carriers’ Association reported. Limestone cargos also trailed the month’s long-term average by 9.2 percent.


Vard Wins Farstad's OSCV Contract

VARD 3 17 design, with a total length of 98 metres and a beam of 21.5 metres, and features a 150 tone active heave compensated offshore crane

  Vard Holdings Limited (“VARD”) has secured a contract for the design and construction of one Offshore Subsea Construction Vessel (“OSCV”) for Farstad Shipping (“Farstad”). The vessel will be of VARD 3 17 design


Samref Wraps Yanbu Refinery Revamp

Saudi Aramco Mobil Refinery Company Limited

  Saudi Aramco Mobil Refinery Company Limited (SAMREF), a joint venture of Saudi Aramco and ExxonMobil, has completed construction of major desulfurization facilities, including a new hydrotreater, that dramatically cuts sulfur levels in gasoline and diesel.


GE to Equip PSVs under Construction for Petrobras

Photo: GE

GE’s Power Conversion business will provide dynamic positioning (DP) and vessel control systems to equip the next generation platform supply vessels (PSV4500), currently under construction at the Detroit shipyard to the Brazilian shipbuilder Starnav Serviços Marítimos Ltda


Pacific Basin Sells Harbor Towage Business to Smit Lamnalco

Pacific Basin Shipping Limited has sold to Smit Lamnalco its entire shareholding in PB Towage Australia (PBTA), including all its harbor towage operations and 16 harbor tugs and two additional assests (one harbor tug and one barge) currently owned by other PB companies.


BHP Ships 1 bln Tonnes to China

Iron Ore Shipment to China

  BHP Billiton last night celebrated the shipment of its one billionth tonne of iron ore to China with customers, industrial associations, joint venture partners, suppliers and employees in Shanghai. BHP Billiton’s Chief Executive Officer Andrew Mackenzie was joined by President


Gazprom Boosting Gas Industry in Eastern Russia

Kirinskoye onshore processing facility

  The Gazprom Management Committee addressed the Company's large-scale efforts aimed at implementing the Eastern Gas Program. It was noted that the gas industry growth in Russia's East was strategically important for the socioeconomic development of eastern regions.


Tug KOC Shahem Named in Romania

KUWAIT OIL COMPANY NAMES LATEST ASD 3212 TUG IN ROMANIA

  On 30 October Kuwait Oil Company (KOC) CEO Mr Hashem Sayed Hashem attended the naming ceremony of the ASD 3212 tug vessel KOC Shahem at Damen Shipyards Galati. The KOC Shahem is the second in a series of 14 tugs that Damen is building for KOC


First Dividend from Nordex Likely

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  German wind turbine maker Nordex is mulling paying a dividend for the first time since listing on the stock exchange as part of efforts to create a long-term investor base, its chief financial officer told a German newspaper. "We will think about it but I cannot already today


Nordic Prince Chartered by Noble Energy

MKIII subsea service vessel Mokul Nordic has been renamed Nordic Prince

  Nordic Maritime, a leading offshore service operator, today announced its MKIII subsea service vessel Mokul Nordic has been renamed Nordic Prince and has started a long term charter for Noble Energy after arriving in Haifa, Israel.


Bill Introduced to Protect Great Lakes from Invasive Species

Camp, Stabenow, Slaughter Introduce Guarding Our Great Lakes Act   The Guarding Our Great Lakes Act, a bipartisan legislation designed to protect the Great Lakes from the threat of invasive Asian carp, has been introduced by U.S. Congressman Dave Camp (R-Mich


Nordic Prince On-hire in Israel for Noble Energy

Photo: Nordic Maritime

Nordic Maritime’s MKIII subsea service vessel, Mokul Nordic, has been renamed Nordic Prince and has started a long term charter for Noble Energy after arriving in Haifa, Israel.   Nordic Maritime was awarded a five-year charter for the DP2 IMR Subsea vessel from Noble Energy in October


Cowes Breakwater Catalyzes Harbor Investment

Photo courtesy of CHC

The main aim of Cowes Harbor Commission’s (CHC) investment into the new Cowes Breakwater was to provide a true sheltered harbor, thereby unlocking its full potential and creating a catalyst for major inward investment and employment generation.






 
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