Golar LNG Limited announces that the Company has entered into firm contracts with Samsung Heavy Industries Co. Ltd for a further two LNG carriers. The two additional vessels, each with a capacity of 160,000cbm have a combined total cost of slightly above $400 million. The first of the carriers is scheduled for delivery in the second quarter of 2014 and the second in early 2015. Subject to declaration deadlines, each contract also comes with an option for a further carrier for 2015 delivery. Attached to both options is the right to select an FSRU alternative and the vessel contracted for delivery in early 2015 also comes with the option for construction as an FSRU. As with Golar's existing new building orders, the vessels will be delivered with tri-fuel diesel electric engines and the lowest boil off rates in the industry making them extremely attractive prospects to charterers. Chairman John Fredriksen says in a comment: With a total of 13 newbuilings and a further 4 options Golar LNG has secured a strategic unequal position to meet our customers' demand in the fast growing LNG industry. The Board has already seen strong interest for short and long term charters and expects that a solid charter portfolio can be developed prior to the individual deliveries of the new buildings. The increased activities in the LNG market including possible US export also supports a strong spot market in the years to come
Georgia Ports Authority (GPA) moved 2.4 million tons of cargo in April, a 4.7 percent increase – or 108,532 tons – over the same month a year ago. This figure was boosted by a strong performance in containers, bulk and Roll-on/Roll-off cargo. “Our total tonnage makes April the highest volume month on record,” said GPA Executive Director Curtis Foltz. “And with companies like Haier appliances, Kent bicycles and Pep Boys recently choosing the Port of Savannah
The new role of Harald Lundestad as General Manager for Wilhelmsen Ships Service in Taiwan, will give impetus to the expansion of the company’s business in the region, which is capitalising on the 10% GDP growth enjoyed by Taiwan in 2010, and the current rapid expansion of Taipei and Kaohsiung ports. Based at the company’s Taipei office, Harald will play an instrumental role in the future development and growth of Wilhelmsen Ships Service in Taiwan
Marine Propulsion Systems, a business unit of ZF Friedrichshafen AG, shared at the sidelines of Marintec China 2013 that China continues to be a key focus for the company and shared plans to strengthen its footprint in the market. ZF Marine has been in China since 2006 and currently operates a sales and services office in Shanghai which serves as a competence center for all marine applications in China. With optimism slowly returning to the global offshore market
Wärtsilä says it has signed a turnkey contract to supply a liquefied natural gas (LNG) receiving terminal to be built in Tornio, northern Finland. The contract, valued at approximately EUR 100 million, has been made with Manga LNG Oy, a joint venture between the Finnish companies Outokumpu Group, Ruukki Metals Oy, Gasum Oy and EPV Energy Ltd. The contract is conditional on receipt of investment support and Manga LNG Oy's contracts with other parties, including the gas suppliers.
BMT Group Ltd. announced a strong performance for the year to September 30, 2014, a period which saw BMT secure revenues of £165.1 million with underlying operating profits of £10 million, a proportion of which has been distributed to the staff through the company’s profit share schemes. Comprising 24 operating companies, involved in activity across 10 markets in 35 countries, the BMT group said it continues to concentrate on its core maritime-focused offering
Shipbrokers Simpson, Spence and Young's Atlantic Capesize Index rose 162 points in the week ending Monday to 5,700. "Capesize rates strengthened overall by the middle of last week with rates from Richards Bay for October particularly strong, with fronthaul activity also firmer," SS&Y said. SS&Y's Pacific Capesize Index fell 11 points in the week ending Monday to 5,475. "The Pacific market saw a marginal re-balancing of tonnage supply in the charterers favor on certain positions," SS&Y said.
Intermodal operator Ruscon reported it has increased its market share in Russia, maintaining a strong position in a country which has seen imports fall by 20 percent in the last 12 months. In the first quarter of 2015, Ruscon handled 32,250 laden containers compared to 28,497 in the same period last year. Vladimir Bychkov, CEO of GCS, Ruscon’s parent company, said that handling a higher than average volume of import goods also benefits its ability to handle export business
Dublin Port Company today welcomed the decision by An Bord Pleanála to grant permission for the Alexandra Basin Redevelopment (ABR) Project which will transform Dublin Port’s infrastructure and enable it to service the economy for decades ahead. The project will increase the port’s ability to handle large ships by deepening and lengthening three kilometres of the port’s seven kilometres of berths
According to Clarksons Research, the world fleet has experienced a sustained period of growth during the last decade, with owners based in the Asia/Pacific region responsible for the largest share of this expansion. However, since the start of 2014, European owners have regained market share. Whilst European fleet growth has traditionally been driven by private owners, recently it has been public companies growing at the fastest rate.
It creates a certain unease over what 2017 might have in store for us, given that the words have gotten bigger and the tone sharper in both political and diplomatic dialogue across the globe. It certainly makes practicing the dark art of making predictions of the future even more terrifying than
With more and more ships navigating in polar waters, IMO has moved to address international concern about the protection of the polar environment and the safety of seafarers and passengers with the introduction of new regulations that all ships operating in these harsh and challenging waters
The shipping market in 2016 and looking forward The shipping industry has its work cut out going forward in 2017 as the International Monetary Fund (IMF) forecast the lowest level of global GDP growth since 2009. 2017 will see another year of die-hard competition, which now includes tankers
Imports at the United States’ major retail container ports saw an unexpected increase during the industry’s busy holiday season, according to the monthly Global Port Tracker report released by the National Retail Federation (NRF) and Hackett Associates.
China has thrown the world's commodity producers and traders a massive party in the last few months, as evidenced by robust figures for November's imports of crude oil, iron ore and coal among others. But as all partygoers know, sooner or later the festivities come to an end
Tanker owners are bracing for a volatile year ahead after enjoying some of the highest charter rates since 2008, with OPEC plans to curb crude output potentially cutting rates by more than 40 percent. Fewer Middle East cargoes will mean lower freight rates for operators of very large
The car carrier sector has been yet another part of the shipping industry to have faced challenging conditions this year, says Clarksons Research. The focus has largely been on demand side difficulties, with growth in global seaborne car trade appearing to have gone into reverse gear
During the City Trade Mission to Seoul, Antwerp Port Authority signed a Memorandum of Understanding with KITA, the Korea International Trade Association. With 77,000 member companies KITA represents Korea's international trading community.
“November was a good month for the export of agricultural products and shipments of aluminum ingots on the Great Lakes Seaway System,” said Betty Sutton, Administrator of the U.S. Saint Lawrence Seaway Development Corporation. “Under the binational trade development program known
A strong finish to the St. Lawrence Seaway’s 2016 shipping season is expected as freighters deliver raw materials and exports for North America’s industrial and agricultural sectors before the waterway closes December 31.
As part of its 2017 State of the Cruise Industry Outlook, trade association Cruise Lines International Association (CLIA) has forecasted the top eight cruise travel trends that will have the greatest impact on the cruise industry in the coming year.
Crude tanker operator Frontline expects strong demand for its vessels at the start of 2017 and could benefit from oil producers' pact to cut output if it forces Asian buyers to go further afield for supplies, its chief executive said. Spot rates for very large crude carriers (VLCCs) have
The U.K. Government’s Maritime & Coastguard Agency (MCA) has awarded a five-year contract for a new Scottish Emergency Towing Vessel (ETV) to Ardent Maritime Netherlands BV, to begin on December 31, 2016. The ship is the Ievoli Black, a 70-meter towing vessel of some 2
US President Barack Obama has permanently banned offshore oil and gas drilling in the "vast majority" of US-owned northern waters. Vowing that his successor won’t be able to reverse his actions, President Obama on Tuesday used executive authority to permanently ban
Clarkson Research Services says market conditions across most sectors of the shipping industry have been highly challenging in 2016. The ClarkSea Index, which illustrates the fortunes of earnings for the major commercial ship types makes fairly clear the fate of the volume shipping