Kuwait Oil Tanker Signs Financing Deal for 8 Tankers
Kuwait Oil Tanker Company (KOTC) said on Thursday it had signed a 140 million dinar ($467 million) financing deal with three local banks for eight oil tankers, state news agency KUNA reported. The 10-year financing was obtained from Warba, Ahli United and Kuwait International banks, KUNA said. Earlier, KOTC and South Korean construction firm Hyundai Heavy Industries have co-signed a contract worth USD 213.36 million to build three immense gas tankers, as part of a major KOTC fleet overhaul. The deal entails the construction of three liquefied gas tankers at a cost of USD 71.12 million per tanker, the marine transport company said in a statement to KUNA.
Hyundai Heavy Industries, KOTC Ink Gas Carriers Deal
Kuwait Oil Tanker Company (KOTC) has signed a contract with South Korean shipbuilder Hyundai Heavy Industries (HHI) for three very large gas carries (VLGC). The three 84,000 cbm LPG carriers are expected to start delivery in 2019. The contract worth USD 213.36 million to build three immense gas tankers is part of a major KOTC fleet overhaul. The deal entails the construction of three liquefied gas tankers at a cost of USD 71.12 million per tanker, the marine transport company said in a statement to KUNA. Meanwhile, KOTC CEO Sheikh Talal Al-Sabah and Sam-hyun Ka, who serves as President and Inside Director of Hyundai Heavy Industries, put their names on the dotted line in a ceremony that brought together officials from both companies.
Lauritzen Signs Crew Management Pact with OSM
Leading global ship management company OSM Maritime Group has been awarded full crew management of Lauritzen Kosan’s entire fleet of advanced liquefied gas tankers. The agreement, covering 26 refrigerated ethylene, semi-refrigerated and pressurised gas carriers, will help Lauritzen Kosan deliver on its promise of providing optimal efficiency, safety, quality and value for its global base of energy and petrochemical customers. OSM’s focus on the provision of personal service and expert seafarers, combined with delivering significant business efficiencies and economies of scale, has seen the company grow considerably in 2017. This latest contract ranks as its largest individual win of the year, bringing the number of vessels OSM provides services to far beyond the 500 mark.
Monjasa Reports Panama Canal Supply Growth
Physical bunker supplier Monjasa has been active in the Panama Canal since 2011 and established a physical presence for operations and bunker trading in Panama City in 2015. Now one year after the official inauguration of the new locks of the expanded Panama Canal, Monjasa said it has seen supply volumes continually grow. “Since the opening of the new locks exactly a year ago, we have seen a positive development in the local bunker market,” said Rasmus Jacobsen, Managing Director for Monjasa Americas. “On a daily basis, we already see sicx ships passing through the new locks, and as the tonnage further increases, we expect this number will increase to eight1, 10, or possibly 12,” Jacobsen said.
ACP Receives $740 mln in Cost Overrun Claims
The consortium working on the extensive Panama Canal expansion has submitted two new claims for cost overruns of almost $740 million, the canal administrator said on Friday. A dispute between the canal and the consortium over cost overruns temporarily halted work on the expansion earlier this year and arguments over the project are now being heard in an arbitration court in Miami. The consortium, Grupo Unidos por el Canal, formed by Spain's Sacyr, Italy's Salini Impregilo, Belgium's Jan de Nul as well as the Panamanian company CUSA, has now presented a total of about $2.3 billion in claims for overruns, said Panama Canal Authority administrator Jorge Quijano. "We're not taking these claims at face value," said Quijano.
Preview of Int’l Convention on STCW for Seafarers
Major revisions to the International Convention on Standards of Training, Certification and Watchkeeping for Seafarers, 1978 (the STCW Convention), and its associated Code, are set to be adopted at a Diplomatic Conference to be held in Manila, Philippines, from 21 to 25 June 2010, under the auspices of the International Maritime Organization (IMO), the United Nations specialized agency with responsibility for maritime safety and security and the prevention of pollution from ships. The draft amendments to the STCW Convention and Code mark the first major revision of the two instruments since those adopted in 1995, which completely revised the original 1978 Convention and introduced the Code.
