Russia's Novatek may get funds from the National Wealth Fund for its Yamal LNG project before the year-end, a minister said, as part of government plans to support sanction-hit companies. Russia's No.2 gas producer, co-owned by an ally of President Vladimir Putin, Gennady Timchenko, was put on the Western sanctions list over Moscow's role in the Ukraine crisis, limiting its ability to raise funds in Western markets. The government has pledged to support sanctions-hit companies irrespective of their shareholder structure, using National Wealth Fund as one of the options. Under the plan, NWF may buy bonds issued by some of such firms. The Economy Ministry received Novatek's request for support in the amount of 100 billion to 150 billion roubles ($2.6-3.9 billion) - in line with the figures provided by Finance Ministry on Friday. "We will give our conclusion on the strategic importance of this project in October and by the end of the year I think we can move toward granting the NWF funds," Deputy Economy Minister Nikolai Podguzov said on Saturday. Podguzov added that Novatek's bonds that the NWF could buy would likely carry an interest equal to an annual inflation rate plus 1 percentage point and have a maturity of around 20 years. Novatek leads the $27 billion Yamal LNG project in Russian Arctic, which is expected to more than double Russia's share on the global liquefied natural gas market. France's Total and China's CNPC co-own the project
China's COSCO Shipping Co Ltd may consider buying the port assets of troubled South Korean firm Hanjin Shipping Co Ltd, Chinese online finance magazine Caixin reported on Wednesday. But COSCO Shipping has no plans to buy the world's seventh-largest container carrier's ships, Caixin cited the Chinese firm's Chairman Xu Lirong as saying. Hanjin Shipping collapsed last month. Earlier on Wednesday, a South Korean court said it has not yet decided whether a sale of the company is necessary
State-run Petroecuador has launched two tenders to buy a total of 22 cargoes, 240,000 barrels each, of high octane naphtha RON 87 and 93 for delivery starting on May 21-23, according to documents seen by Reuters on Thursday. The big imports by Ecuador's oil company come as it prepares to completely halt its largest refinery, Esmeraldas, from October to November for a major renovation. The company previously launched a similar tender earlier this month to buy 14 cargoes of
Colombia's state-run Ecopetrol launched a tender to buy a 68,000-70,000 barrel cargo of ultra low-sulfur diesel (ULSD) and a 91,000-95,000 barrel cargo combining ULSD and gasoline, according to a document seen by Reuters on Wednesday. The shutdown of a key pipeline in Colombia since March has affected the oil company and other producers in the Andean country. Exports of medium Vasconia crude have declined in recent weeks, according to traders.
National Shipping Company of Saudi Arabia (Bahri) has signed a deal to buy a further five very large crude tankers from ship builder Hyundai Heavy Industries, the exclusive oil-shipper for Saudi Aramco said on Wednesday. Hyundai agreed a contract in May to build five tankers and deliver them to Bahri in 2017. The deal included an option to buy five more, which Bahri is now taking up according to the latest announcement.
Argentina tenders for 19 cargoes. Asian spot prices for liquefied natural gas (LNG) eased under pressure from growing supplies though fresh demand from Argentina limited losses, traders said. LNG for May delivery in Asia eased to $4.50 per million British thermal units (mmBtu), down 5 cents from the previous week. Traders said prices were supported by Argentina's tender to buy 19 LNG cargoes for May to August delivery, following a large purchase earlier in the week
Norwegian shipping firm Frontline is to buy two 1993 tankers from Wilh. Wilhelmsen for a total of $90 million in shares and cash. It will reportedly pay Wilhelmsen 2.96 million Frontline shares and $62 million in cash for the two VLCCs, Tartar and Tarim. Wilhelmsen would book a loss of $15 million from the sale, Frontline said. The vessels are scheduled to be delivered during May/June.
American Superconductor Corporation announced has filed an amendment to the registration statement it filed with the Securities and Exchange Commission on August 29, 2003 for its proposed public offering of 4,000,000 shares of its common stock. The offering will include an option for the underwriters to purchase up to an additional 600,000 shares to cover over-allotments, if any. The lead underwriter for the offering will be
Asian spot liquefied natural gas (LNG) prices rose this week on the back of rallying gas benchmarks in Europe and a production outage in Angola. The price of LNG for December delivery was $7.20 per million British thermal units (mmBtu), up around 25 cents from a week earlier, buoyed by gains in British month-ahead gas prices. UK December gas rose as much as 10 percent this week. Further LNG spot gains may be capped as prices close the gap with long-term
South Korea's Hanjin Shipping Co Ltd will sell part of its container ship business to Korea Line Corp for 37 billion Korean won ($31.38 million), reports Reuters. Korea Line will buy Hanjin's Pacific routes shipping business, relevant client management information
Denmark's A.P. Moller-Maersk and DONG Energy are in talks to merge their oil and gas operations in a deal that would create a business worth more than $10 billion including debt, sources familiar with the matter said. Maersk is working with Bank of America on the potential deal
Container shipping lines are in danger of putting future port investment at risk in their demands for terminal handling cost reductions, according to the recently launched Ports and Terminals Insight report published by global shipping consultancy Drewry.
Shares in Dutch deep-sea prospector Fugro fell 4.5 percent on Monday after larger rival Boskalis announced that it had trimmed its holding in the company. A statement from dredging and marine engineering company Boskalis said that its holding in Fugro now stands at 24.9 percent
Woodside completed the transaction to buy 100% of the shares in ConocoPhillips Senegal B.V. The total purchase price was US$350 million plus net customary adjustments of approximately US$90 million. Woodside CEO Peter Coleman said the acquisition was an exciting addition to Woodside’s
Mergers like the combination of its three main Japanese rivals -Nippon Yusen KK, Mitsui O.S.K. Lines Ltd. and Kawasaki Kisen Kaisha Ltd - provide relief to an ailing industry that has been characterized by over-capacity, Bloomberg reported Maersk Group as saying.
Euronav NV announced today that it has agreed to purchase the 50% of the joint venture it does not own in the VLCC V.K. Eddie (2005 – 305,261 dwt). Euronav will buy the vessel from the joint venture company at a price of USD 39 million and will receive back 50% of the proceeds
Four parties have expressed interest in buying one or both of South Korea's STX Offshore & Shipbuilding Co Ltd and a controlling stake in STX France SA, a spokesman for the Seoul court overseeing STX Offshore's receivership said on Friday.
U.S. based ship owner and operator Eagle Bulk Shipping Inc. has bought its first vessel in more than six years, acquiring a 2016-built dry bulk vessel constructed in China at Nantong COSCO Kawasaki Heavy Industries Engineering Co., Ltd. (NACKS), the shipper said in a statement.
Seaborne shipments passed 10 billion tons for the first time ever in 2015, up 2.1 per cent from 9.8 billion tons the year before, the UNCTAD Review of Maritime Transport 2016 says, noting that this is the slowest pace of growth in the industry since 2009 and that future growth looks uncertain
Struggling Daewoo Shipbuilding & Marine Engineering Co Ltd's will receive an injection of 2.8 trillion won ($2.4 billion) from two state-run creditor banks to save it from being delisted, one of the lenders said. Daewoo's main creditor, Korea Development Bank (KDB)
In the last month, we have seen the Baltic Dry Index (BDI) recover to the same level it was 12 months ago (see circles in fig.1). Vessel values have started to firm, but not at the same rate and are still at historically low levels.
Hunter Maritime Acquisition Corp. announced the commencement of its initial public offering of 15,000,000 units at a price of $10.00 per unit. Each unit consists of one Class A common share of the company and one-half of one warrant, each whole warrant entitling the holder thereof to purchase one
Syria needs wheat and fuel to alleviate shortages and suffering caused by its civil war and wants to expand trade ties with Russia, the Syrian government told a high-level Russian delegation on Tuesday. An ally of Syrian President Bashar al-Assad
Satcom Global has announced the launch of Aura: a global VSAT solution offering high quality, high bandwidth connectivity across a variety of customizable packages. Already live on a wide variety of vessels and fixed remote locations around the world following a successful trial period