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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


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.


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


Apax Partners to Acquire FTMSC

France Telecom has signed an agreement with Apax Partners to sell 100 percent of the shares of France Telecom Mobile Satellite Communications SA (FTMSC). The completion of the transaction is expected in the near future. FTMSC is one of the world’s largest mobile satellite communications providers, marketing and distributing communications solutions for customers based in areas with limited access to terrestrial telecoms infrastructure


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


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


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


Skangass Builds LNG Terminal in Pori, Finland

LNG terminal in Pori

  With investment support from the Finnish Government of 185 million NOK Skangass has decided to build a new import terminal for LNG. The terminal will be completed in 2016. Skangass plans to create an efficient LNG logistics chain in the Pori area.


Swissco Doubles Rig Fleet

Swissco Rig

SGX Mainboard-listed Swissco Holdings Limited an integrated, international marine services provider, today announced having completed the acquisition of four additional mobile offshore drilling units, bringing the fleet of rigs to eight. As announced on 15 August 2014 on the Singapore Exchange


Leak May Sideline New Mexico Nuclear Waste Site

New Mexico nuclear waste site

   It may be five years before a nuclear waste dump in New Mexico closed by a radiation leak is fully operational again, and the facility will need at least $240 million to pay for the initial recovery, a U.S. Energy Department official said on Tuesday.


Odfjell Finalizes LPG/Ethylene Joint Venture Deal

Photo: Odfjell

Following Odfjell SE’s May 16, 2014 announcement declaring the signing of a definitive agreement to form a LPG/E shipping joint venture, Odfjell today announced that the transaction with Breakwater Capital and Oak Hill Advisors, L.P. has been closed.


OSI Maritime Systems Opens Australian Office

OSI Maritime Systems (OSI) announced the official opening of its newest office, in Canberra, Australia.   Located in the suburb of Fyshwick, the Canberra office will accommodate OSI’s business development, technical, service, and training staff that will be dedicated to the


How Specialty Lenders Can Propel Marine Operators

Eric Dusch

The surge in the shale gas industry in the U.S., as well as stepped up oil exploration in the Gulf of Mexico, is creating enormous demand for marine assets to transport fuels and supplies. To seize this growth opportunity, mid-size marine operating companies with annual revenues from $10 million


Hiab's Distribution Partnership in the Middle East

Carl Gustaf Goransson

  Hiab, part of Cargotec, and Gavelås Förvaltning AB have signed an agreement regarding a long-term distribution partnership in the Middle East region. As a part of the transaction Hiab will sell its current sales company Hiab Middle East LLC, which employs 19 persons


CD-adapco Agree FS Dynamics CFD Software Deal

CD-adapco, the largest privately held CFD focused provider of Computer Aided Engineering software, says it has recently finalized a three-year contract, worth over €1M, with FS Dynamics. Since it was founded 10 years ago, FS Dynamics has rapidly grown to become the leading supplier of CAE


Maersk Drilling Name Ultimate Ultra-deepwater Drillship

Naming ceremony Maersk Voyager: Photo Maersk Drilling

Maersk Drilling’s fourth ultra deepwater drillship has been named in a ceremony held at the Samsung Heavy Industries (SHI) shipyard in Geoje-Si, South Korea. Lene Berg, wife of Gregers Kudsk, Vice President in Maersk Drilling, named the drillship 'Maersk Voyager'.


US Demand Gives European Refiners Rare Boost

Big slate of refinery maintenance in U.S., Canada; export rush bucks long-term trend. A late-year rush for gasoline in the United States is creating unexpected demand for imported cargoes and giving struggling European refineries a welcome autumn boost.


Great Lakes Restoration Plan Announced

Gina McCarthy: Photo EPA

U.S. Environmental Protection Agency (EPA) informs that Administrator Gina McCarthy has released a new Great Lakes Restoration Initiative (GLRI) Action Plan that lays out steps that federal agencies will take during the next five years to protect water quality


Ocean Installer Awarded New Contract

Normand Clipper

Ocean Installer has been awarded a contract for SURF support work in Brazil for Saipem. The contract which will see the Normand Clipper in Brazil for 8 months is valued at circa USD 50 million, with options to extend. Ocean Installer will support Saipem with their installation of multiple Steel


DMR Examines Container Terminal Congestion Issues

Selected Container Ports With Recently Reported Vessel and/or Land-side Congestion: Image DMR

Container port congestion has been hitting the headlines recently, but the reasons for it vary widely and in many cases it is only a short term issue. Certain world regions though may be at greater risk of persistent congestion in the longer term


Steel Cut for Yamal LNG Project’s Lead Tanker

SCF Yamalmax mock up (image courtesy of SCF Group)

A steel-cutting ceremony was held on September 29 for the lead gas tanker ordered by SCF Group for transportation of liquefied natural gas (LNG) under the Yamal LNG project. The prototype vessel will be operated under a long-term time charter between OAO Sovcomflot and JSC Yamal LNG.


Samsung Heavy Venturing Overseas

SHI is ready to invest around $950 million in the overseas shipbuilding facility by 2017, according to SHI’s Chief Financial Officer Chun Tae Heung. Tankers, bulk ships and smaller container vessels might in the future be built in Malaysia, Indonesia or Vietnam, Chun said.






 
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