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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.


Anadarko in Talks with Jera for Mozambique LNG Deal

Anadarko Petroleum  is in talks with newly formed Japanese joint-venture vehicle Jera, set to become the world's biggest buyer of liquefied natural gas (LNG), to sell long-term supply from its Mozambique export scheme.   The U.S. oil major's gas finds in Area 1 of Mozambique's Rovuma Basin will feed the initial 10 million tonnes per annum (mtpa), $23 billion LNG export project, which is due to start by 2021.  


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


NYK Fixes Charter for Wood-chip Carrier

Courtesy NYK

NYK has concluded a long-term contract with Hokuetsu Kishu Paper Co. Ltd. for a new wood-chip carrier to be built by Oshima Shipbuilding Co. Ltd. and delivered in 2018. The ship will be able to load 4.3 million cubic feet of wood chips and will feature an advanced eco-design and electronically controlled engines.   NYK currently has long-term contracts with Hokuetsu Kishu Paper for six wood-chip carriers, the largest share of contracts that any shipping company has with Hokuetsu Kishu


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


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


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.


TEN Extends Charters for Three Product Tankers

Photo courtesy of TEN

Three new charters to generate total revenues of $40 million; spot rates increase in Q4 Crude, product and LNG tanker operator Tsakos Energy Navigation Ltd. (TEN) announced the charter extension for three product tankers, including two Panamaxes and one MR, for two and three years respectively to a South American oil major. These contracts are expected to generate $40 million in total gross revenues over their relevant duration.


EU Ships in Libyan Waters Would Undermine Tripoli Govt

The U.N.-backed government in Libya has not invited European ships into its territorial waters to help stop people smuggling because this could harm efforts to broaden support for the fledgling government, its envoy to Rome said on Tuesday.  


Höegh LNG FSRUs on Strong Ground

Photo: Höegh LNG

 Höegh LNG is upbeat on the group’s FSRU prospects as its profit rise comes on the back of an almost tripled average regasification flow rate on Höegh LNG’s FSRU fleet compared with the same quarter last year, owing to increased imports driven by ample supplies of LNG


Long Beach Port Maintains Strong Bond Rating

The Port of Long Beach in April 2016 Photo Long Beach Port.jpg

Fitch Ratings, one of the top three U.S. credit analysis agencies, has affirmed the Port of Long Beach’s “AA” rating on its outstanding debt. Fitch stated the AA rating — its highest for U.S. ports — was warranted due to the Port’s strong market position


Höegh LNG Turns to Profit in 1Q

PGN FSRU Lampung  Courtesy Hoegh

Höegh LNG returned to profit following a Profit after tax of USD 6.3 million for the first quarter of 2016, up from USD 4.0 million net loss in the fourth quarter 2015. The company’s EBITDA reached $26.6 million for the first quarter of 2016, up from $24


Bay Shipbuilding Delivers ATB to Moran

The Barbara Carol Ann Moran ready for christening ceremonies (Photo: Fincantieri Marine Group)

Fincantieri Marine Group’s Fincantieri Bay Shipbuilding (FBS) has delivered the Articulated Tug Barge unit (ATB) Barbara Carol Ann Moran and the 110,000-barrel barge Louisiana to Moran Towing Corporation.   The 5,300-HP, 121-foot vessel is certified ABS Class +A-1 Towing Service, +AMS


Singapore Exchange in Talks to buy Baltic Exchange

Baltic Exchange privately owned by 380 shareholders. The Singapore Exchange (SGX) is in exclusive talks to buy London's Baltic Exchange, which has been at the heart of the global shipping industry for centuries, the two companies said on Wednesday.


Olympic Pact with Canyon Offshore

Olympic Athene. Photo: Olympic Shipping

 Norwegian offshore shipping company Olympic Shipping has entered into a frame agreement with Canyon Offshore for the joint marketing and subsequent operation of the subsea construction vessel (SCV) Olympic Athene and Canyon’s ROV systems.  


Korea Express Orders Two Quaymate M50 Cranes

TPS will deliver the first two Terex QuaymateTM M50 mobile harbour cranes for Asia this summer. Photo Terex

Xiamen, People’s Republic of China, 24 May 2016 – Terex Port Solutions (TPS) notches up another success for its Terex Quaymate M50 mobile harbour crane. After the first machine in the world completely manufactured and assembled by the Chinese site of TPS in Xiamen was shipped to


DSME, Sovcomflot Delay Delivery of First Arctic LNG carrier

Yamal LNG project. Photo: PAO Sovcomflot

 South Korea's Daewoo Shipbuilding & Marine Engineering (DSME) and Sovcomflot have agreed to delay a liquefied natural gas carrier being built for the Yamal LNG project in Russia.   According DSME statement the vessel, which was originally scheduled for June this year re-set the


KOTUG Begins Operations in Mozambique

Photo: KOTUG

KOTUG Mozambique has begun exclusive port and terminal towage services with two Rotortugs in the new port of Nacala-a-Velha in northern Mozambique for Nacala Development Corridor (CDN), effective May 5, 2016.   The RT Magic and RT Spirit welcomed the largest bulk carrier Shining Dragon


UASC Completes Award Winning Finance Deal

Photo courtesy of UASC

United Arab Shipping Company (UASC) announced  the recent conclusion of a series of transactions that resulted in the issuance by a U.S. based trust of $162 million of Enhanced Maritime Trust Certificates (EMTC). The EMTCs were issued in an offering pursuant to Section 4(a)(2) and Regulation


JWA to provide ShipDC with Marine Weather Info

Logos

The database service operated by ClassNK’s wholly owned subsidiary Ship Data Center (ShipDC) has been set to receive marine weather information from Japan Weather Association.   ShipDC acts as a platform for big data related to shipping by securely collecting


Japan Weather Association to Provide ShipDC with Marine Weather Info

class nk logo.jpg

The database service operated by ClassNK’s wholly owned subsidiary Ship Data Center (ShipDC) has been set to receive marine weather information from Japan Weather Association.   ShipDC acts as a platform for big data related to shipping by securely collecting


Scandlines' Highest Passenger Transport Record

Scandlines focused business and invested in the future in 2015 Photo Scandlines

Scandlines focused the business on the Germany-Denmark routes and made significant investments in future-proofing the group’s ferry operations as well as catering and retail activities in 2015. Efforts to promote the Rostock-Gedser route paid off for Scandlines having recorded the highest


EIG names Odebrecht, shipyards in Petrobras suit

Investment management firm EIG Management Co added Brazil's engineering conglomerate Odebrecht SA and a few other shipyards in its $221 million fraud suit against Petroleo Brasileiro SA. EIG, in a filing on Wednesday, alleged that Odebrecht SA and other shipyards along with Petrobras misled the






 
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