Development Co Ltd News

Kawasaki Kisen Kaisha, Ltd. (“K” LINE) and Electric Power Development Co., Ltd. (J-POWER) decided to install the “Seawing”, an automated kite system using wind power, on Corona Citrus, an 88,000 DWT-type special coal carrier for J-POWER.Completed on September 11, 2019, the 230 x 38m Corona Citrus is equipped with a ballast water treatment system and a SOx scrubber, too. The new “Seawing” is expected to reduce CO2 emissions from the ship by at least 20%.

China State Shipbuilding Corporation (CSSC) subsidiary Shanghai Waigaoqiao Shipbuilding Co. Ltd (SWS) has started hull construction for the first cruise ship that it is building for CSSC Carnival Cruise Shipping Limited, joint venture between Carnival Corporation and CSSC.The new vessel, scheduled for delivery in 2023, will accommodate about 4,250 passengers, in addition to 1,400 crew members. It is said to be the first cruise ship built in China for the Chinese market.A joint venture set up by Italian shipbuilding group Fincantieri and CSSC Cruise Technology Development Co.

Japanese shipping giant Kawasaki Kisen Kaisha (K Line) has taken delivery of a 88,000 dwt coal carrier from compatriot shipbuilder Imabari Shipbuilding in Marugame.Named Corona Citrus, the vessel was delivered on September 11 for electric utility Electric Power Development Co. Ltd.The new Corona coal carrier will be principally involved in carrying thermal coal to thermal power plants for the company.Corona Citrus is equipped with WAD (Weather Adapted Duct) in front of the propeller which promotes her propeller efficiency and Hybrid Fin behind the propeller which accelerates energy savings, said the company.It has the latest ecological technology such as ballast water management system which protects marine ecosystems…

Singapore-based Keppel Offshore & Marine (Keppel O&M) has through its wholly-owned subsidiary Keppel Shipyard, secured a contract from repeat customer Yinson for the modification of a floating production, storage and offloading vessel (FPSO).The contract is between Keppel Shipyard and Yinson Nepeta Production Ltd, a wholly-owned subsidiary of Yinson Production Pte Ltd, for the fast-track modification and upgrading of FPSO Allan. Keppel Shipyard’s scope of work includes refurbishment and life extension works…

Fincantieri, China State Shipbuilding Corporation (CSSC) and Carnival Corporation & plc signed a binding Memorandum of Agreement (MoA) for the construction of two cruise ships, with an option for additional four, the first units of the kind ever built in China for the Chinese market. The parties signed the MoA on behalf of the joint venture between Fincantieri and CSSC Cruise Technology Development Co., Ltd (CCTD), of the joint venture between Carnival Corporation and CSSC, and of the shipyard Shanghai Waigaoqiao Shipbuilding Co., Ltd (SWS).

COSCO Shipping Ports and Qingdao Port International (QPI) announced to enter into the Transaction Agreement, pursuant to which COSCO Shipping Ports will make strategic investment in QPI. Taking the proposed New H Share Issurance plan of QPI into consideration, the Subscription Shares will represent approximately 16.82% of the issued share capital of QPI, and COSCO Shipping Ports’ shareholding in QPI will increase to approximately 18.41% in total. Shanghai China Shipping Terminal Development Co., Ltd. (SCSTD), a wholly-owned subsidiary of COSCO Shipping Ports, will subscribe for 1,015,520,000 non-circulating domestic shares in QPI at a total consideration of approximately RMB 5.8 billion (equivalent to RMB5.71 per share)…

China’s COSCO Shipping Development Co Ltd  announced a proposed nonpublic issuance of about 3.28 billion shares to specific investors, including its parent company, to raise up to 12 billion yuan ($1.79 billion), reports China Daily. COSCO Shipping Development will become a financing platform of its parent company－China Cosco Shipping Corp, the country's largest shipping company, according to its public statement. The company will use 6 billion yuan and 2.4 billion yuan from the proceeds for the capital injection into two of its subsidiaries, COSCO Shipping Leasing Co Ltd and Florens International respectively, while it will also use 1.8 billion yuan for the redemption of maturing corporate bonds and 1.8 billion yuan to refill the working capital of the company.

As the maritime industry continues to evolve, the need for developing well-trained, knowledgeable and tech-savvy port leaders of the future has never been greater. Last April, the Port of Los Angeles announced its first-ever Fellows Program, an educational initiative focused on developing the next generation of maritime and port leadership. The one-year, on-the-job experience for graduate students officially kicked off in June with the selection of three fellows from some of the region’s top universities. “What students learn from a book or in their classes is just one part of the equation,” said Doane Liu, deputy executive director at the Port of Los Angeles.

Three State-owned enterprises from the shipping, tourism and construction sectors will cooperate to equip up to eight cruise liners and offer diversified sightseeing services to tap the travel market in the South China Sea, says China Daily. Sanya International Cruise Development Co Ltd, a joint venture by COSCO Shipping, China National Travel Service (HK) Group Corp and China Communications Construction Co Ltd, will buy between five and eight ships. In addition to buying between five and eight ships, the plan calls for the construction of new docks in the resort city of Sanya. Liu Junli, chairman of Sanya International, said the ships may also "cruise around the South China Sea at the appropriate time," according to China Daily.

China Shipping Container Lines (CSCL) has proposed to change its name to Cosco Shipping Development Co (CSDC), in line with the company’s future business strategy and as a group member of China Cosco Shipping Corporation (Coscocs). "China Shipping Container Lines Co., Ltd. Board of Directors hereby announces that, in view of the Major asset restructuring program the company has been related to the motion of the Company and in February 1, 2016 the first meeting of 2016 Extraordinary General Meeting, through a major reorganization of assets, the Company will transfer container liner operators Type into a ship leasing, container leasing and non-leasing aircraft leasing business as the core…

India will soon get its second maritime university, Gujarat Maritime University (GMB), which will primarily be focusing on the commercial maritime courses. According to sources, the first course likely to be rolled out in 2018. The government of Gujarat has already given an in-principle approval for the establishment of the university. The new Gujarat Maritime University will focus on commercial maritime courses instead of technical programmes that are being offered in over 130 Indian training institutes and the existing Indian Maritime University, say sources. A report in DNA quoted AK Rakesh, chairman and chief executive officer of the Gujarat Maritime Board (GMB) as saying: "At present, the Indian maritime institutes offer pre-sea and post-sea training programmes.

Robert Allan Ltd. has been hard at work in the Chinese market for the last few years, not only for various shipyard clients, but also for local owners. In addition to major international ports in China such as the Ports of Ningbo, Tianjin, Shanghai and Shenzhen, recent progress has been made on a regional level at the deep-water Port of Cao Fei Dian in northern China’s Bohai Bay in Hebei Province. Cao Fei Dian Port, with an annual cargo capacity over 100 million tonnes, will soon take delivery of its first Robert Allan Ltd. tug from Zhenjiang Shipyard (Group): a customized RAmparts 3300 Class design. Zhenjiang Shipyard, headquartered in Jiangsu Province, has now built 10 tugs of this Class. Six RAmparts 3200WASD tugs are presently under construction at Sanlin Shipyard in Shanghai.

The U.S. Federal Maritime Commission (FMC, the federal agency responsible for regulating the nation’s international ocean transportation, has completed compromise agreements recovering a total of $520,000 in civil penalties, announced FMC Chairman, Mario Cordero. The agreements were reached with four ocean transportation intermediaries (both non-vessel-operating common carriers and freight forwarders) and one vessel-operating common carrier. The agreed penalties resulted from investigations conducted by the Commission’s Area Representatives in Seattle and New York, and by Washington D.C. headquarters staff. The parties settled and agreed to penalties, but did not admit to violations of the Shipping Act or Commission regulations.

Shares of Cosco Group and China Shipping have taken a hammering on the stock markets  as two major companies lost about $900 million in total market value after the government proposed combining its two key ocean liner groups, reports Bloomberg. China’s shipping giants led the declines with drops of as much as 30 percent, the most on an intraday basis in more than 10 years. The shares had been halted from trading since August pending an announcement by their parent companies. Cosco  shares have been suspended from trading since August 11, after it was reported that its majority shareholder Cosco Group is eyeing a privatisation exercise for the struggling shipping company.

China Merchants Energy Shipping Co., Ltd, a subsidiary of China Merchants Group, on Friday denied media reports that China Merchants Group would merge with Sinotrans & CSC Holdings Co., Ltd. CMES, an ocean transporter of crude oil and other energy sources, filed a statement with the Shanghai Stock Exchange (SSE) on late Friday, saying that the company and its parent have not yet received any notice from authorities about the merger. Sinotrans Air Transportation Development Co. Ltd also filed a clarification to the SSE on Friday, denying the report on the merger of its actual controller Sinotrans & CSC with China Merchants Group. The companies have yet to receive any notices regarding their merger, and there are no important announcements that need to be made public as yet.

Port of Amsterdam signed a Letter of Intent (Lol) with Gujarat Ports Infrastructure & Development Co. Ltd, a subsidiary of Gujarat Maritime Board. The intention is to enhance trade between Gujarat and Amsterdam and intensify existing cooperation. The signing of LoI by AK Rakesh, Chairman of Gujarat Ports Infrastructure & Development Company Limited and CEO and Vice-Chairman of Gujarat Maritime Board and Anthony Van Der Hoest, Commercial Director-Logistics, Port of Amsterdam took place in Ahmedabad (Gujarat, India) during the Vibrant Gujarat Global Summit. Attending the summit was part of a trade mission of several Dutch companies. Port of Amsterdam will increase cooperation in the development of ports in Gujarat state.

China Cosco Holdings ended 2014 in profitable territory, growing its net earnings by 50 percent to $56 million on the back of cost cuts, improved revenue and lower bunker fuel prices. The company, the flagship unit of state-owned shipping conglomerate China Ocean Shipping (Group) Corporation, in 2013 reported a net profit of 235.5 million Yuan ($37.7 million). A company stock exchange filing said various measures had been taken to increase revenues and cut costs as the imbalance between supply and demand in the international shipping industry showed no substantial improvement in 2014. Ma Zehua, chairman of the board of Cosco Group, said earlier that the group had achieved around $400 million savings in fuel bills last year compared to the previous year…

A Panama Canal delegation headed by Administrator Jorge L. Quijano visited Japan to hold discussions with the Japan Shipowners’ Association (JSA) and the major Japanese shipping lines, as well as end customers such as Japanese car manufacturers and energy sector companies. “The Panama Canal strives to have face-to-face meetings with our customer base,” Quijano said. Japan is among the top five user nations of the Panama Canal, as a major importer of grains from the U.S. Gulf Coast and exporter of vehicles to the North American consumer market.

The 2013 ICOMIA/IFBSO Congress was held in London, United Kingdom from June 11-14,  2013 and was hosted and organized by the British Marine Federation (BMF) at Devonport House, located in London’s exclusive Royal Greenwich, a World Heritage Site. The first two days of Congress consisted of various committee meetings including the first gathering of ICOMIA’s new committees: "Grow Boating," which examines current campaigns dedicated to growing recreational boating globally and the "Exporters Committee," which provides members a forum to share knowledge on export markets, discuss import regulations and exchange information on overseas boat/trade show experiences.

Wärtsilä and China State Shipbuilding Corporation (CSSC) have signed an agreement to establish a joint venture, which will take over Wärtsilä’s 2-stroke engine business. Through the agreement, CSSC will own 70% of the business through its affiliate CSSC Investment and Development Co. Ltd, while Wärtsilä will hold a 30% ownership position. The parties will co-operate in 2-stroke engine technology, marketing, sales, and service activities. The parties have agreed to transfer CSSC’s whole position as shareholder to a joint venture established by an entity connected with the Municipal Government of Shanghai and CSSC. Responsibility for servicing Wärtsilä’s 2-stroke engines will remain with Wärtsilä Services through its global network to support customers in a more dedicated and efficient way.

Wärtsilä announced that it will divest its shares in the Qingdao Qiyao Wärtsilä MHI Linshan Marine Diesel Co. Ltd. (QMD), the joint venture company established for manufacturing large low-speed marine diesel engines. Wärtsilä's shares in the joint venture will be transferred to the current majority shareholder, Qingdao Qiyao Linshan Power Development Co. Ltd., a company fully owned by China Shipbuilding Industry Corporation. The agreement was signed today in Beijing, China. Wärtsilä said the value of the transaction is not significant, and the deal will have a positive effect on Wärtsilä's continuing operations but the impact is not significant. The closing of the transaction is subject to the required regulatory approvals.

This new offering  'Marine Services in China' from Research and Markets covers the scope, size, disposition and growth of the industry including the key sensitivities and success factors. The Marine Services industry in China comprises establishments that provide a wide range of specialized marine and offshore services, including marine management, marine evaluation, marine and polar expeditions, marine weather forecasting, marine pollution control and other marine services. Marine scientific research is not included in this industry. Also included are five year industry forecasts, growth rates and an analysis of the industry key players and their market shares. CNOOC-OTIS Well Completion Service Ltd. Neptune Offshore Engineering Development Co., Ltd. Shanye Marine Services Co., Ltd.

Shanghai Wusongkou International Cruise Terminal will be the home port for Costa Victoria, which will provide 33 itineraries a year, making Costa Cruises the biggest international operator at the terminal. With the explicit support and encouragement from the Chinese government Costa Cruises has been running cruises from Shanghai since 2006. At the end of this year it’s estimated that Costa will have operated more than 300 cruises and holidayed over 300,000 people from China. The growth of the market means that the Asia Pacific region is one of the most important for Costa Cruises…