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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


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


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


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


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.


India Proposes New MCA for Port Sector

Nitin Gadkari, Union Minister of Road Transport & Highways and Shipping. Photo: Official FB Page

 India's Shipping Ministry on Thursday proposed a new model concession agreement (MCA) to attract more private sector investments in the development of port infrastructure.     The proposed MCA will replace the existing agreement which came into existence in January 2008


Toll to Build Two New Ships

Photo:  Toll Holdings Limited

Toll Group announced it is investing $170 million to build two new ships to support trade between Victoria and Tasmania and to meet the demands of continued growth.   The new, purpose-built ships, operating between Burnie, Tasmania and Melbourne, Victoria


Port of Va. Signs Long Lease for International Gateway

Lease Clears the Way for Port to Double the Terminal’s Annual Lift Capacity Photo Port of Virginia

Governor Terry R. McAuliffe on Wednesday announced that The Port of Virginia has signed a new, long-term lease for Virginia International Gateway (VIG) that clears the way for the port to begin work on doubling capacity at the deep-water container terminal.


Maersk to Split Into Two Divisions

Photo: Maersk Line

 It's oficial now. Danish conglomerate A.P. Moeller-Maersk A/S said Thursday it is splitting into two separate units - transport and energy businesses.   Denmark’s biggest company moves ahead with an historic shake-up of the conglomerate to generate growth


Eriksen Joins Singapore's International Maritime Centre Plan

DNV GL’s Group President & CEO Remi Eriksen. Photo: DNV GL

DNV GL’s Group President & CEO Remi Eriksen participated in the first meeting of the Maritime and Port Authority of Singapore (MPA) advisory committee for further developing Singapore as an International Maritime Centre (IMC) towards 2030.  


ASRY Reaches 100 Rig Milestone

Photo courtesy of ASRY

ASRY, a ship and rig repair yard in the Arabian Gulf, has welcomed its 100th rig repair job to the yard, as 2016 posts the highest number of rig repair contracts in the yards history. The project is on the high specification jack-up rig ‘Bob Palmer’


Wallenius Wilhelmsen Logistics: No Change in Long Term Ownership Structure

* The Norwegian Wilhelmsen family sees no change in the planned ownership structure in Wilh. Wilhelmsen ASA in the foreseeable future after the merger with Wallenius   * Wilhelmsen and Wallenius aim to merge its ownership in the jointly owned entities Wallenius Wilhelmsen Logistics (jointly


Singapore: Committee to Plan Future of International Maritime Center

IMC 2030 Advisory committee members with SMS Josephine Teo, Senior Minister of State Prime Ministers Office, Ministry of Foreign Affairs & Ministry of Transport. Photo: Maritime and Port Authority of Singapore

The Maritime and Port Authority of Singapore (MPA) has established the International Maritime Center 2030 (IMC 2030) Advisory Committee to chart the future directions of Singapore’s IMC.    Andreas Sohmen-Pao, Chairman of BW Group


MN100: United States Marine Inc.

Photo: United States Marine Inc.

The Company: United States Marine Inc. (USMI) has been in business for over 30 years delivering high speed interdiction craft and other products to US DoD agencies, including but not limited to US Navy, USSOCOM and NAVSEA, and foreign navies


The European Network of National Maritime Clusters

Astican is a ship repairing and conversion yard plus a heavy offshore project management company who belongs to a billion dollar shipping Group. (Photo: Astican)

One may have all kinds of maritime clusters, depending on the criteria which have been originally selected to create such or such cluster. Some gather maritime professionals who belong to the same geographical areas, some other are based on the type of activity (for instance a cluster of maritime


GAC, Forth Join Forces to offer Mooring, Terminal Solutions

GAC Herman Jorgensen and FLMS sign the deal

GAC UK and Forth Logistics Marine Services (FLMS) have formed a partnership to provide mooring and related terminal services around the UK. Formed on the back of a long term contract in the River Forth with an oil major to be announced later in the year


LNG Investment Swings to North America

Photo: Chamber of Shipping of British Columbia

 The LNG industry is undergoing a dramatic transformation. North American activity (the majority of which is committed spend) is driving a return to growth in global capital expenditure. A wave of new LNG carrier newbuilds will also be required to support a huge increase in traded base-load


Six Suezmax Tankers Earn BV Gas-Prepared Notation

International classification society Bureau Veritas is to grant GAS-PREPARED notation to six Suezmax tankers under construction for Dynacom Tankers Management.   The 157,000 dwt tankers will measure 274.3 meters in length, with a beam of 48 meters and depth of 23.2 meters


Fitch Ratings Affirms Panama Canal's 'A' Ratings

Photo courtesy of ACP

Fitch Ratings has affirmed the following ratings for the Panama Canal Authority (ACP): Long-Term Issuer Default Rating (IDR) at 'A' and $450 million senior unsecured notes at 'A', reflecting the ACP's solid revenue profile and low leverage levels.  


Rickmers Maritime Gets Breathing Space

Photo: Rickmers Maritime

 Marine transport company Rickmers Maritime has been offered a credit facility worth USD 260 million in order to cover bank debt. The carrier is also considering converting its debt to bonds worth more than USD 70 million as part of an ongoing restructuring of the listed company's debt burden






 
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