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06 Sep 2023

15 Nations Sign Beijing Convention

Source: CMI

The United Nations Convention on the International Effects of Judicial Sales of Ships (also known as the Beijing Convention) was signed by 15 nations and regions at a signing ceremony in Beijing on September 5, 2023.Signatories were: China, Burkino Faso, Comoros, El Salvador, Grenada, Honduras, Kiribati, Liberia, Sao Tome and Principe, Saudi Arabia, Senegal, Sierra Leone, Singapore, Switzerland and Syria. It will come into force when it is ratified by three state parties. The Convention…

02 Aug 2023

Norden Buys Stake in Biofuels Company Mash Makes

(Photo: Norden)

Danish shipping company Norden on Wednesday announced it has acquired a minority stake in Mash Makes, a Danish-Indian biofuel scale-up, which researches, develops and produces renewable fuels from biomass waste.Under the deal, Norden—which operates a fleet of tankers and bulk carriers—secures access to renewable fuels, specifically biooil, at favorable pricing, the company said, noting it will also benefit from future renewable biooils once developed.“We cannot rely solely on…

18 Apr 2023

Ince to Seek Sale After Creditor Bows Out

Photo Š Robert Lamb (cc-by-sa/2.0)

Legal and professional services firm Ince Group Plc plans to enter administration and pursue a sale of the company, it said on April 12, amid cash concerns and repeated delays in reporting its financial results.Ince's directors applied to London's High Court on April 12 to appoint administrators under UK insolvency law in relation to the company and four subsidiaries, court filings show.Trading in Ince on London's Alternative Investment Market was suspended from Jan.

25 Jan 2023

Methanol Bunkering Carried Out in the Port of Gothenburg

Methanol bunkering in progress. The bunker vessel Stolt Sandpiper alongside the Stena Germanica at Stena Line's Germany terminal in the Port of Gothenburg. Photo: Gothenburg Port Authority.

A milestone for the use of methanol as a marine fuel was achieved in the Port of Gothenburg on Monday, as methanol propelled vessel Stena Germanica was the first non-tanker vessel in the world to be bunkered with methanol ship to ship.“This is a door-opening demonstration, proving that there is a feasible way to handle ship to ship methanol bunkering. This strengthens our position as a bunker hub and is also showcasing for other ports that this can be done in a safe and efficient way – not only here, but in other ports around the world as well.

17 Aug 2021

What We Have Here is a Failure to Communicate…. in Ship Construction!

The 17th Century ship Vasa. Š warasit/AdobeStock

My brother, who is the executive editor of my favorite boating magazine (Soundings), and I occasionally send strange tidbits to each other by email. For some reason he sent me an email about the 17th Century ship Vasa and focused on one of the causes of the vessel’s failure to float properly.This is the Wikipedia paragraph he focused on:"The use of different measuring systems on either side of the vessel caused its mass to be distributed asymmetrically, heavier to port. During construction both Swedish feet and Amsterdam feet were in use by different teams.

11 Apr 2021

Shipbuilding: Is there a different future for ship repair and conversion?

Š Photocreo Bednarek/AdobeStock

There is an old adage that states that a repair yard can economically build new ships, but a new construction yard should never touch ship repair jobs. In my experience there is a lot of truth to that statement, and it does not mean that new construction yards are run by less capable people; it simply means that ship construction and ship repair and conversion are fundamentally different business models. Ship construction uses a script, while ship repair and conversion is improvisation. I will not drive the theater comparison completely home, but it has some validity.

12 Jun 2020

How China Got Venezuelan Oil Despite US Sanctions

Last year, China replaced the United States as the No. 1 importer of oil from Venezuela, yet another front in the heated rivalry between Washington and Beijing.The United States had imposed sanctions on Venezuela’s state-owned oil company as part of a bid to topple that country’s socialist president, Nicolas Maduro. U.S. refineries stopped buying Venezuelan crude. Caracas’ ally China, long a major customer, suddenly found itself the top purchaser. Through the first six months of 2019, it imported an average of 350,000 barrels per day of crude from Venezuela.But in August, Washington tightened its sanctions on Venezuela, warning that any foreign entity that continued to do business with the South American country’s government could find itself subject to sanctions.

19 Dec 2019

Navigating the Rough Waters of Marine Certification

The marine industry brings its own unique set of challenges.With the ‘All Subsea Factory’ market trend moving offshore exploration and production equipment for oil and gas to the seabed, safety, longevity and environmental protection are just a few of the considerations when choosing marine products. When selecting products for marine applications, the understanding of factors such as marine certifications and inspection documents are crucial to making an informed decision.Worldwide statutory provisions enacted by the United Nations (UN) agency on shipping specify general regulation and rules necessary to obtain an operating license for all categories of ship, marine and offshore applications.

18 Dec 2019

Risk & Reward of The Internet of (Maritime) Things

Copyright: THATREE/AdobeStock

The Internet of Maritime Things (IoMT) is coming! Start planning now.The Internet of Things (IoT) is already with us. You can get a doorbell camera that allows you to see on your smartphone who is at or approaching your front door. You can also get a refrigerator that keeps track of items inside and will advise you when you are running low (maybe on beer). It can also automatically place orders with your local grocery store for replenishment. Your automobile will attempt to keep you in your lane and avoid collisions while keeping track of where you are…

21 Nov 2019

US Signs Highest LNG Export Contract

US signed highest volume of global long-term liquefied natural gas (LNG)  export contracts in 2019, accounting for around a 67% of global share. Abundant shale gas production in the US has enabled the country to export natural gas as LNG. to global markets. According to GlobalData, the US has signed five long-term contracts in 2019 for the export of 22.3 million tonnes per annum (mtpa) of LNG. Of these, the contract signed between Golden Pass Products and Ocean LNG Limited had the highest export volumes with 15.6mtpa.LNG will be supplied from the Golden Pass II LNG liquefaction terminal in Texas for 20 years from 2024 to 2044.Sunrita Dutta…

29 Sep 2019

Keppel Sells Logistics Units to Sinotrans

Keppel Telecommunications & Transportation (Keppel T&T) has entered into agreements to divest its entire stakes in Keppel Logistics (Foshan) Co (KLF) and Keppel Logistics (Hong Kong) to Sinoway Shipping, a subsidiary of Sinotrans Limited, for about S$39 million.Expected to be completed in 2019, the proposed divestments are in line with Keppel T&T's strategy to unlock value and recycle capital, allowing the company more flexibility to pursue other opportunities.Thomas Pang, CEO of Keppel T&T, said, "The divestments are part of Keppel T&T's efforts to sharpen its focus and reallocate capital to grow other parts of its businesses. We would like to thank Sinotrans…

26 Aug 2019

Iran: Oil Sold from Tanker Released by Gibraltar

Iran has sold the oil from a tanker released by Gibraltar after weeks in the custody of British Royal Marines and the vessel's owner will decide on its next destination, IRIB news agency quoted an Iranian government spokesman as saying on Monday.Separately, Tehran - embroiled in a spiralling confrontation with Washington over U.S. sanctions meant to strangle Iranian oil exports - announced that it had deployed a naval destroyer with cruise missiles to help secure Iranian ships.The Iranian government spokesman did not identify the recipient of the oil carried by the Adrian Darya tanker. After Gibraltar freed the vessel on Aug. 18, the United States said it would take every action it could to prevent it delivering oil to Syria in contravention of U.S.

02 Aug 2019

U.S. Crude Exports Reach a Record of 3.16 mln bpd

File image: A crude vessel alongside and loading at the U.S. port of Corpus Christi, Texas

U.S. crude oil exports surged 260,000 barrels per day (bpd) in June to a monthly record of 3.16 million bpd as South Korea bought record volumes and China resumed purchases, data from the U.S. Census Bureau showed on Friday.South Korea surpassed Canada to become the biggest purchaser of U.S. crude at about 605,000 bpd. China purchased about 292,000 bpd, the most since June last year and was the third-largest buyer of U.S. crude in June, the data showed.China, once the top buyer of U.S.

04 Jul 2019

Dan-Bunkering Announces New Appointment

Stamford, CT-based Dan-Bunkering (America)  announced the relocation of two Bunker Traders, the employment of a Senior Purchaser, and a new office address.Kasper Christiansen, Danish national, has relocated to Dan-Bunkering in Stamford as of 1 May 2019. Prior to the relocation, Kasper was working as a Senior Bunker Trader in the head office in Middelfart, Denmark; an office which he joined in 2010. He has, however, in the meantime been stationed abroad for a period of two years in Asia, thus he is thoroughly versed in various markets and holds nine years of valuable experience within the industry. Janek Ekeli, originally from Norway, also relocated to Dan-Bunkering’s Stamford office as of 1 May 2019 from another company in the group, i.e. the Middle Eastern office in Dubai.

24 Apr 2019

Jinhui Buys Two Supramax Vessels

Chinese dry bulk owner Jinhui Shipping and Transportation has acquired a pair of bulk carriers for USS$12mln.The First Vessel is a Supramax of deadweight 50,354 metric tons, built in year 2001. It will be delivered by the First Vendor to the First Purchaser between 2 May 2019 and 7 June 2019.The Second Vessel is also a Supramax of deadweight 50,220 metric tons, built in year 2002. It  will be delivered by the Second Vendor to the Second Purchaser between 2 May 2019 and 31 May 2019. The First Agreement and the Second Agreement are not inter-conditional.According to a stock exchange announcement from the company, wach of the purchase prices…

25 Feb 2019

Shearwater GeoServices Bags Equinor Contract

Norwegian offshore survey specialist Shearwater GeoServices has been awarded three 4D seismic surveys by Equinor to be conducted this summer.The Geoservices company said in a press release that the projects confirm Shearwater’s Isometrix crews will be active in 2019, on 4D projects in the North Sea and Barents Sea. Together with the recent announcement of 3 OBS 4Ds this brings Shearwater’s announced 2019 4D awards to 6 projects, confirming its market leading position in 4D.Equinor has awarded Shearwater a multi-project contract, with three surveys to be conducted in 2019 at the Kvitebjørn & Valemon, Visund and Snøhvit fields. The first survey is scheduled to start in Q2 and the total duration for the three 2019 projects is estimated at around 3 months.

09 Dec 2018

Swissco Sells Vessels to Allianz Middle East

Singapore’s Swissco Holdings, currently under judicial management, announced that it is disposing of a substantial part of its offshore support vessels division, which is expected to help reduce the group's liabilities.UAE's Allianz Middle East Ship Management has signed a deal to buy most of the OSV fleet of Swissco, said a stock exchange annoucement from the restructuring vessel-owner."The Vessels are being sold on an “as-iswhere-is” basis. Only 3 of the 25 Vessels proposed to be disposed of are on charter. The remainder of the Vessels are not under charter and are minimally utilised or unutilised by the Group," said the statement.Additionally…

27 Jun 2018

PGNiG and Venture Global LNG Sign Pact

Polish Oil & Gas Company (PGNiG) and Venture Global LNG have entered into an agreement relating to the terms of delivery of liquefied natural gas from Calcasieu Pass LNG and Plaquemines LNG facilities. The agreement defines basic terms and conditions of a 20-year contract for the sales and purchase of two million tonnes per annum (Mtpa) of LNG, which equals about 2.7 bcm following regasification. Cargoes will be supplied from Calcasieu Pass and Plaquemines LNG export facilities which are expected to be completed in 2022 and 2023 respectively. Both terminals will be located by the Gulf of Mexico in Louisiana. The documents were signed during the currently held World Gas Conference in Washington, DC.

27 Jun 2018

Woodside Mulls Texas Sempra LNG Exit

The chief executive officer of Woodside Petroleum Ltd said on Tuesday that Australia's biggest independent oil and natural gas company will soon decide whether to continue to invest in Sempra Energy's Port Arthur liquefied natural gas (LNG) export project in Texas. "We've got to make some decisions pretty soon about our continued pursuit (of Port Arthur) with Sempra," said Coleman, noting that Woodside has been paying part of the project's development costs. "What we've been doing is just paying our way (with Port Arthur), and whether that is going to give us an adequate return, I would say today that is very challenged," Coleman said.

18 Oct 2018

PGNiG, Venture Global LNG Deal for 2 MTPA of LNG

For a 20-year term, Polish Oil and Gas Company (PGNiG) will receive liquefied natural gas from the USA for domestic customers or for resale.The new contracts will provide a total of 2 MTPA of LNG, which is approximately 2.7 billion m³ of natural gas after regasification, and this equals – depending on the vessel capacity – over 25 cargoes a year.Under the agreements, PGNiG will purchase LNG on a free on board (FOB) basis starting from the commercial operation date of the Venture Global Calcasieu Pass LNG export facility, currently expected in 2022, and the commercial operation date of the Venture Global Plaquemines LNG export facility…

22 Aug 2018

New Zealand Navy Buys OSV from Østensjø Rederi

Edda Fonn (Photo: Østensjø Rederi)

Norwegian shipowner Østensjø Rederi said it has signed a contract to sell the light construction vessel Edda Fonn to the Royal New Zealand Navy (RNZN).The purchase price, including modifications and other services, is reportedly $103 million.The 84.7-meter vessel will be outfitted with dive-, ROV- and hydrographic system by Østensjø Rederi early next year, before being delivered to the RNZN in Auckland in May 2019. The modifications are as per RNZN specification and will be carried out in close cooperation with the purchaser.

22 Jan 2018

Diana Containerships Sells Two Post-Panamax Container Vessels

Greece-based global shipping company Diana Containerships announced that it has entered into an agreement to sell the m/v March and the m/v Great, each a 2004 built containership, for an aggregate price of US$22.0 million to an unaffiliated third party. The Company expects the Vessels to be delivered to the buyer at the latest by March 30, 2018. The unaffiliated purchaser of the Vessels is the same party with which the Company entered into a previously announced agreement to sell up to seven vessels, subject to the purchaser arranging financing. The Company has been advised by the purchaser that such financing has not been arranged and, concurrently with the sale of the Vessels, the Company and the purchaser have agreed to terminate all rights and obligations under the prior agreement.

10 Apr 2018

DNV GL Advises on Acquisition of UK's Wind Farm

DNV GL secured a leading role as technical advisor to GVO Wind Ltd and Bluemerang Capital Ltd, supporting the sale of an 80% stake of the 26.1 MW Ventus portfolio of wind projects. Ventus is the UK’s largest portfolio of feed-in-tariff wind turbines, comprising 53 operational projects located across the UK. The portfolio was acquired by Malaysian power utility Tenaga Nasional Berhad (TNB). This is TNB’s second acquisition in the UK, which brings its renewables portfolio to a total capacity of approximately 280 MW. DNV GL conducted a technical analysis and Vendor’s Due Diligence of the entire Ventus portfolio and successfully supported the process which culminated in the GBP 171 million investment from TNB.