Ministry Of Economy News

Italian shipbuilding group Fincantieri held a steel cutting ceremony to mark the start of construction on a new Hydro-Oceanographic Ship (N.I.O.M.) for the Italian Navy.Scheduled for delivery from the integrated shipyard in Riva Trigoso-Muggiano in 2026, the new vessel is intended for mapping and scientific monitoring activities, as well as in support of the initiatives of the Hydrographic Institute, took place today at the Riva Trigoso shipyard.The ship will feature technologies to contain emissions…

International energy companies, from Germany's RWE to Spain's Iberdrola, are urging Japan to beef up offshore wind power auctions and make investments more attractive, amid soaring installation costs as competition for suppliers grows worldwide.Although desperate to ease its heavy dependence on energy imports from the Middle East and Russia, Japan is coming late to offshore wind, but some industry players say it is taking a more cautious approach that puts it at a disadvantage."It's a global race and we can't look at it in isolation…

Japanese companies Mitsui O.S.K. Lines (MOL) and MOL Marine & Engineering Co. (MOLMEC) said Wednesday they would launch a training program using the Dynamic Positioning (DP) System simulator, targeting crewmembers of self-elevating platform (SEP) vessels and service operation vessels (SOVs), which will support offshore wind power generation projects. The two firms aim to complete the program and open the course at the MOL DP Training Center by the end of 2023.MOL said the training program would be open to a wide range of applicants from Japan and overseas…

Japan's crude steel output is expected to rise 1.9% in the January-March quarter from a year earlier, helped by a recovery in manufacturing including shipbuilding and machinery, its Ministry of Economy, Trade and Industry (METI) said last week.This would mark the fourth straight quarterly increase and bring annual output for the financial year to March 31 to 97.07 million tonnes, up 17% from a year earlier when the COVID-19 pandemic pushed production to the lowest in about 50 years.METI estimated crude steel output at 24.15 million tonnes for the three-month period…

Japan will craft new rules and support infrastructure in a drive that aims to build offshore wind farms at 30 sites during the next decade, the Nikkei business daily said on Thursday.Industry Minister Hiroshi Kajiyama is expected to announce policy measures soon to target the goal, the paper said, without identifying sources.The new policy aims for three or four projects each year with total generation capacity of 1 gigawatt (GW), from the financial year starting in April 2021 until fiscal 2030/2031…

Prices for spot liquefied natural gas (LNG) cargoes imported into Japan, the world's biggest buyer of the fuel, fell in April to their lowest since the country's trade ministry started compiling data in 2014. The latest low for LNG cargoes into Japan - reflecting actual prices paid rather than those derived from surveys or indices - highlights the evisceration of demand for gas, along with other commodities, brought about by the coronavirus pandemic. The outbreak has turned markets on their heads, with U.S.

Domestic and international lenders are vying for a slice of Japan’s nascent offshore wind power sector, which is expected to provide as much as ¥3trn (US$29bn) in project financing opportunities, albeit at very low margins.Akita Offshore Wind completed the nation’s first fundraising for a major offshore wind project last month, raising ¥80bn to build wind turbines near two ports in western Japan.Auctions for sites off Japan's shores are due to kick off in April, and lenders are…

Japanese shipping giant Mitsui O.S.K. Lines (MOL) and its subsidiary Ferry Sunflower Limited have unveiled plans to construct Japan’s first two LNG-fueled ferries.Mitsubishi Shipbuilding will receive the order for the newbuild ferries that are designated to serve the Japanese market.Ferry Sunflower will charter the ferries after delivery and launch them on its Osaka-Beppu route from the end of 2022 through the first half of 2023, as replacements for vessels currently in service.The ferries will be equipped with high-performance dual fuel engines  and will provide passengers with comfortable accommodations and reliable schedules. What's more…

Japanese shipping giant Nippon Yusen (NYK) has announced its support of recommendations by the Task Force on Climate-related Financial Disclosures (TCFD), in addition to the company’s participation in the TCFD Consortium established on May 27, 2019.NYK aims to improve its climate change–related disclosures through discussion and information-sharing in the consortium.In NYK’s medium-term management plan “Staying Ahead 2022 with Digitalization and Green” released in 2018, NYK announced the group’s intent to integrate environmental, social, and governance (ESG) initiatives into management strategy to positively address the tough issues that challenge our society.

Japanese hydrocarbon exploration, production and transportation company, Japan Petroleum Exploration Co., Ltd. (JAPEX) has started the exploratory drilling at offshore Hidaka area of Hokkaido.The drilling job is a part of the offshore exploration project commissioned by the Agency for Natural Resources and Energy of the Ministry of Economy, Trade and Industry (ANRE).This project is aiming to evaluate the presence of oil and natural gas resources in the area based on the analysis to be conducted through the result from this exploration well.The location of the exploration well is approximately 50 kilometers offshore of Hidaka area of Hokkaido with the depth of approximately 1…

In Georgia, APM Terminals Poti and Poti New Terminals Consortium have submitted a conceptual design for a first stage construction permit for the expansion of the Poti Sea Port.The plans were received by the Ministry of Economy and Sustainable Development of Georgia., said a release from international container terminal operating company headquartered in The Hague, Netherlands.“After high-level and in-depth negotiations with authorities, cargo owners, equity partners and financial institutions we concluded that Poti will continue as the prime access to the Caucasus and the Central Asian markets. We believe that we have the skills, ability and expertise to contribute to the economy of Georgia by persisting in our journey to further develop the Poti Sea Port…

Norwegian seismic services provider Petroleum Geo-Services (PGS) has offered to sell the Ramform Sterling vessel to the Japan Oil, Gas and Metals National Corporation (JOGMEC).The seismic services that help oil companies to find oil and gas reserves offshore worldwide said in a press release that it had been informed that JOGMEC, an incorporated administrative agency of Ministry of Economy Trade and Industry, is the preferred tenderer and that negotiations would be initiated with the aim of concluding necessary contracts."PGS has now been informed that the Company is the preferred tenderer, and negotiations will be initiated with the aim of concluding necessary contracts. A final award to PGS will only take place if and when all contracts have been concluded.

The chairman and owner of Damen Shipyards Group met with the Romanian Minister of Economy this week to discuss the future of the shipyard jointly operated by the shipbuilding conglomerate and the Romanian government.The Dutch shipbuilding group became joint venture partners with the Romanian government in July when it acquired Daewoo Shipbuilding & Marine Engineering's (DSME) share in the Romanian shipyard formerly known as Daewoo Mangalia Heavy Industries. Damen has taken over operational management of the yard…

Mitsubishi Shipbuilding Co., Ltd., a Group company of Mitsubishi Heavy Industries, Ltd. (MHI) based in Yokohama, held a christening and launch ceremony yesterday for Taiheiyo Ferry Co., Ltd's "Kitakami". The vessel will replace the old Kitakami, one of three large ferries providing regular service between the ports of Nagoya, Sendai, and Tomakomai (Hokkaido). By eliminating the large shared cabin, the new ship-carrying on the Kitakami name-will ensure passenger privacy and offer enhanced comfort features.

Engineering and technology group SENER has named Mercedes Sierra CEO of SENER in the United States. Sierra joined SENER in 1985, growing within the organization and functioning in many management roles. This experience includes leading many of the international and multidisciplinary contracts for SENER in the aerospace field. In 2005 Spain’s Ministry of Economy appointed Sierra the Director of Aeronautics and Space of the Agency for Technology & Innovation where she served on a number of international oversight organizations and committees.

APM Terminals Poti and Poti New Terminals Consortium signed a Memorandum of Understanding (MOU) for a USD 100 million dollar investment in a new bulk cargo terminal that can process 1.5 million tons of dry bulk cargo annually and generate new trade opportunities for customers in the Georgian transit corridor. The new terminal is expected to be built on APM Terminals Poti land and infrastructure and will entail the construction, development and operation of a new breakwater, dry bulk cargo terminal and related infrastructure to serve bulk cargo customers. Poti New Terminals’ expertise will design, develop and manage the dry bulk cargo terminal to today’s world-class port standards.

Japan's first LNG-fueled ship, Sakigake, which is a tugboat owned by NYK has been recognized with a Technology Special Award at the 2015 Ship of the Year Awards sponsored by the Japan Society of Naval Architects and Ocean Engineers (JASNAOE). An awards ceremony was held on July 7 at the Kaiun Club in Tokyo. This is the 26th year that JASNAOE has recognized the most technically advanced, well-designed, and socially conscious vessels built in Japan, and Sakigake was noted by manufacturers and related organizations for the tugboat’s environmental performance, design, and technological developments. And this is not the first time for the NYK Group to be honored.

The NYK Group has been selected by Japan's Ministry of Economy, Trade and Industry (METI) and the Tokyo Stock Exchange (TSE) as a “Competitive IT Strategy Company” for 2016. NYK is the first company in the maritime industry to receive this award. This award recognizes NYK's appropriate internal governance of the planning, execution, and utilization of IT, in addition to the company’s active IT efforts. Since 2015, METI and TSE have assessed companies listed on the TSE for proactive IT implementation that creates management innovation, enhances profitability and productivity, and leads to increases in mid-to-long term corporate value and competitiveness.

The first national workshop under the Global Maritime Energy Efficiency Partnerships GloMEEP), Project, which aims to support increased uptake and implementation of energy-efficiency measures for shipping, has been held in Georgia. Georgia is one of the Lead Pilot Countries for the project, which aims to build understanding and knowledge of technical and operational energy-efficiency measures to lead maritime transport into a low-carbon future. The national workshop in Batumi, Georgia (15-17 December), focused on raising awareness of Annex VI of the International Convention for the Prevention of Pollution from Ships (MARPOL), in particular the energy-efficiency regulations in chapter 4.

TonenGeneral imported Japan's first cargo of Kurdish crude from northern Iraq in January, a source with direct knowledge of the matter said on Tuesday. Iraq's semi-autonomous Kurdistan region began selling oil directly to world markets in 2015 to get money for its survival and to fight Islamic State. Typically, Kurdish oil, exported via Turkey's Mediterranean port of Ceyhan, has gone to Europe. TonenGeneral imported about 1 million barrels of Kurdish oil last month, classified as "export blend of Iraqi origin" in data from the Ministry of Economy, Trade and Industry's (METI). The cargo was delivered to TonenGeneral's refineries in Kawasaki and Chiba, both of them near Tokyo, according to the source and Ministry of Finance data. TonenGeneral declined to comment on the deal.

Japan, the world’s largest buyer of liquefied natural gas is aiming to establish an international liquefied natural gas (LNG)  trading hub by the early 2020s, according to a statement by Japanese Ministry of Economy, Trade and Industry (METI) . In an attempt to play a role in creating a global LNG market, Japan will open access to receiving terminal and beef up large-scale LNG storage facilities to make active LNG trading possible. Many Japanese utilities are planning for not only marginal increases in LNG purchases over the next decade but also a growing sphere of LNG activities. "Japan does not have to be the only hub in Asia. It is probably natural for multiple hubs to coexist, each with its own index," an official said.

Bureau Veritas announces the appointment of Nicolas Tissot as Executive Vice-President and Chief Financial Officer. He replaces Sami Badarani, who has decided to leave the company to pursue new professional opportunities. Nicolas Tissot has solid management and finance experience gained in key roles within international groups. Before joining Bureau Veritas, he was Chief Operating Officer (COO) and Executive Committee member of SCOR. He previously held various roles, including finance director positions at Alstom and ENGIE (GDF Suez). Didier Michaud-Daniel, Chief Executive Officer of Bureau Veritas, said, "I am very happy to announce the arrival of Nicolas Tissot, who will hold a key post within Bureau Veritas.

Prices for liquefied natural gas (LNG) spot cargoes for Japan, the world's top buyer, fell in May to the lowest since the trade ministry started publishing figures more than two years ago, official data showed on Thursday. The average price of spot LNG contracted in May fell by 10 cents from the previous month to $4.10 per mmBtu, the monthly data by the Ministry of Economy, Trade and Industry (METI) showed, down from $14.80 two years ago. The average price of spot cargoes that arrived in Japan in May fell by $1.50 from a month earlier to $4.30 per mmBtu, down from $16.30 two years ago. The prices compared with the current spot Asian LNG price of $4.90. Spot prices fell to as low as $4 in mid-April but have since recovered on short-term supply tightness.