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Development Company Limited News

25 May 2016

Primeline Turns Against CNOOC

Primeline Energy Holdings Inc. announces that it has sent a letter to China National Offshore Oil Corporation (CNOOC) and CNOOC China Limited (CCL) (together CNOOC Group) giving formal notice of its intention to commence arbitration proceedings against CNOOC Group under the provisions of the Petroleum Contract for Block 25/34. The CNOOC Arbitration relates to Primeline’s continuing disputes with CNOOC Group with regard to the development, production and sales of gas from the LS36-1 Gas Field (LS36-1). Primeline has appointed an arbitrator and will file the formal Notice of Arbitration in accordance with the UNCITRAL Arbitration Rules 1976 and the arbitration agreement under the Petroleum Contract for Block 25/34.

31 Mar 2016

China Shipping Development Company Proft Surges

China Shipping Development Company Limited (CSDC) achieved 34.95% higher profit for 2015 totaling in RMB417 million ($64.3 million) when compared to figures from 2014, mostly due to a very strong tanker market. The revenue was stable at RMB12.21bn in 2015 compared to RMB12.27bn in 2014 for CSDC, the tanker and bulker unit of China Shipping Group. “In 2015, the oil shipping market was better than in 2014 in general. Affected by beneficial afactors such as the higher shipping prices, significant decrease in fuel prices and gradual realisation of results from various innovative measures of the company, oil shipping business obtained a good result,” CSDC stated. The Shanghai-and Hong Kong-listed company added that lower fuel cost was the “highlight” of its cost controlling efforts.

31 Aug 2015

CSDC Profts Soar

The bulker and tanker unit of state conglomerate China Shipping Group, China Shipping Development Co (CSDC) has delivered a first half performance which saw its profit spike, exceeding the company's latest forecast. CSDC has recorded a six-fold increase in profit in the first half of this year, mainly supported by a strong tanker market and lower income tax. It has recorded a six-month profit of $46.96m, a jump of 602.1% from the same period of 2014. CSDC disposed of 27 dry bulk carriers during the first six months and took delivery of seven vessels. CSDC said that the demand-supply imbalance of the bulk shipping market will continue in the second half of 2015, but newbuilding orders have slowed down.

12 Feb 2015

China Shipping Development Orders Four VLCCs

Hong Kong unit of China Shipping Development, the oil and dry bulk shipping arm of state conglomerate China Shipping Group, has booked four very large crude carriers (VLCCs) at a compatriot yard. The worth a total of $375.92m was placed with Dalian Shipbuilding Industry Co (DSIC). The four new 308,000 dwt oil tankers, each costing around $94m, are scheduled to be delivered between May 2017 to September 2018. The construction of the VLCCs will be funded by bank funding and internal financial resources. The delivery of the new vessels will enable the company to optimize its overall route arrangements and improve its operating efficiency and profitability, said the company.

30 Jan 2015

Port of Amsterdam, Gujarat Strengthen Cooperation

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.

25 Jan 2015

Bangladesh Aims to be World's 'First Solar Nation

Residents of Islampur, a remote village in the northern Bangladeshi district of Naogaon, were stunned one night last summer when the darkness was suddenly illuminated by electric lights coming from a village home. Why the surprise? The community has no connection to the country's power grid. The owner of the house, Rafiqul Islam, is one of around 15 million Bangladeshis whose homes are now powered by solar home systems, or SHS, under a government scheme to provide clean power to communities with no access to grid electricity. The Bangladeshi government aims to provide electricity to all of the country's households by 2021. With financial assistance from the World Bank and other development partners…

16 May 2013

Shell: Gas Leak Impacts Supplies to NLNG

Shell Petroleum Development Company Limited (SPDC) has declared force majeure on gas supplies to Nigeria LNG, effective 09:00 hrs (Nigerian time) on Wednesday, May 15 2013. This action is due to production deferment following a reported leak along the Eastern Gas Gathering System (EGGS-1) right-of-way (RoW) near Awoba in Rivers State. In line with safety precautions, we have shut down our Soku and Gbaran Ubie gas export via the EGGS1 pipeline. Some 1.5 billion standard cubic feet of gas per day is currently impacted. For a limited time and subject to capacity limitations, SPDC are able to export about 100-200MMscf/d from Soku via the GTS1.

26 Mar 2013

China Shipping Major Reports 2012 Profits Dip

China Shipping Development Company Limited reports 'Business Income' decreased 9.1% as against 2011 figures. Year 2012 saw a sluggish recovery of the world economy, so the shipping market continued the low trend. With rising fuel costs and port charges, suppressed by low freight, many shipping companies are in difficulties. Under the correct leadership of the board of directors, China Shipping has taken steady steps to push forward the strategy of “big ships, big clients, big cooperation”, combined with refined management of production, cost control, plus building of talent teams, maintained a healthy trend of enterprise development. The total annual turnover was 389 billion ton/mile, 12.6% increase than last year, total business income 11.05 billion Yuan, a decrease of 9.1%.

15 Sep 2009

Trinidad and Tobago Order Ferry Fleet

Photo courtesy Austal

In its third significant commercial order for the year, Austal will design and construct four 134.5 ft high speed passenger catamaran ferries for the Republic of Trinidad and Tobago. Designed to carry 405 passengers at a speed of approximately 37 knots, the aluminium vessels are intended to help reduce road congestion in Trinidad and Tobago by establishing a water taxi service between San Fernando and Port of Spain in southwest Trinidad. The water taxi service is part of the Trinidad and Tobago Government’s “Vision 2020” strategy plan…

22 Dec 2008

Hornblower Contract for Trinidad Ferry Fleet

Hornblower Marine Services (HMS) announced that the National Infrastructure Development Company Limited (NIDCO), a Trinidad and Tobago state owned enterprise, has awarded HMS the contract for the Trinidad passenger fast ferry fleet in the southern Caribbean. “The Water Taxi Project of the National Infrastructure Development Company is intended to reduce traffic on the heavily traveled North-South corridor between Trinidad's two largest cities,” said Hornblower Vice President of Operations Gary Seabrook. “The service is commuter-oriented and will begin operations with four high-speed passenger vessels with four additional vessels added over the next two years as other routes are included to the service. Hornblower Marine Services, Trinidad-Ltd.

14 Nov 2007

Organizational Changes at Shell

and Production Africa Limited (SEPA) and Shell Nigeria Exploration and Production Company Limited (SNEPCO) (together hereinafter referred to as "Shell") announced the intent to improve efficiency and reduce costs, taking advantage of synergies between companies and eliminating duplication, under a project called 'One Shell'. Under One Shell, there will, for example, be one Production organization, one Development organization, one Projects organization, in addition to the sharing of support services. SEPA, SPDC and SNEPCO will continue to discharge all of their respective corporate and contractual obligations as fully functioning separate legal entities. Management of the business affairs of the companies will remain vested in their respective Boards.

01 Oct 2007

OGDCL to Undertake Offshore Exploration in Arabian Sea

After successful onshore oil and gas exploration, the Oil and Gas Development Company Limited (OGDCL) will soon undertake offshore oil and gas exploration in the Arabian Sea, Managing Director of the Company, Arshad Nasar recently indicated. For this purpose, an exploration license with government holdings and petroleum production sharing agreement with OGDCL has been signed by the government over a block covering an area of 1,492 square kilometres located in the Arabian Sea. In an interview, the MD said the company will invest an amount of $1.14m during the first two years of the initial term of the license. Nasar said the company has succeeded to spud 50 wells last year and is 100 percent owner in 28 exploration blocks.