POSH Takes Delivery of Two Singapore-built Tugs
Two Azistern 3270 tugs designed by Offshore Ship Designers (OSD) have been delivered to their new owner, PACC Offshore Services Holdings Limited (POSH Singapore), the Asia-based international offshore support vessel operator. Posh Husky and Posh Hardy were built at Paxocean Shipyard in Singapore. They are classed by Bureau Veritas, and fly the Singapore flag. The 488 gt vessels have a LOA of 31.62 m, a bollard poll of 72 tonnes, and a maximum speed of 13 knots. They can accommodate 10 crew members in six single and two twin-berth cabins.
Top 10 Maritime Nations: Ranked by Value
The March 2017 edition of Maritime Reporter & Engineering News focuses on SINGAPORE, as this maritime powerhouse struggles to maintain balance and influence through the offshore oil and gas downturn. Looking at the "Top 10 Nations" ranked by value from VesselsValue.com, Singapore ranks #5 with 2,662 vessels, comprising 64.03 million GT and a $41.7 billion valuation, just behind the United States at #4 (2,399 vessels, 55.92m GT, $46.5 billion valuation).
Asia Dry Bulk-Capesize Rates Up on Increased Traffic
Record iron ore prices fuelling capesize chartering boom; freight rates rise by around $1 per tonne in a week. Freight rates for large capesize dry cargo vessels on key Asian routes, which hit multi-week highs on Wednesday, are set to continue to climb next week on buoyant iron ore cargo volumes, brokers said. More than 30 capesize fixtures were reported in the week to Feb. 22, almost double the number in the last two months, according to data on the Reuters Eikon terminal. "The capesize market should continue to push higher for now - it's all looking good…
LR Tankers Taken for Gasoline Storage in Asia
Singapore gasoline cracks have averaged $10.72/bbl in February so far, down by 12 percent y-o-y but still relatively firm. Robust demand from the Middle East and intra-Asia as well as a flurry of both planned and unplanned refinery outages have been supporting gasoline cracks. ADNOC recently bought nine 27 kt cargoes over March-April delivery as its 127 kb/d RFCC remains shut from a fire. The shutdown of Pertamina’s 125 kb/d Balongan refinery and TPPI’s reformer in Tuban also led to firm buying from Indonesia, Asia’s largest gasoline importer.
Singapore Fuel Oil Trading Heats Up
Singapore fuel oil trading volumes have soared after the 380-cst front-month time spreads widened by around $1 per tonne from the previous day's close, in what could develop into an aggressive trade strategy that occasionally rattles this market. The 380-cst March/April time spreads on the Intercontinental Exchange (ICE) saw about 700,000 tonnes in contracts trade after physical trading in the S&P Global Platts Market-on-Close (MOC) price assessments concluded at 0830 GMT on Tuesday. The flurry took the spreads to about $1.70 a tonne in post-European trade by 0400 GMT on Wednesday, from around plus 70 cents a tonne previously. Traders…
Shell, Pavilion Gas to Supply Singapore with LNG
Shell and Pavilion Gas will start supplying Singapore with liquefied natural gas (LNG) later in 2017 under contracts awarded last year, the city-state's trade minister said on Tuesday. "We will also allow interested parties to import spot LNG in the second half of 2017, up to 10 percent of the total gas imports in Singapore," said S Iswaran. Reporting by Mark Tay
OSA opens Operational Office in Singapore
On Site Alignment (OSA) has formally opened its 3rd international operational office in Singapore at the turn of 2017. The office is in the Tuas area of Singapore, which is perfectly placed to access the extensive shipyards and road networks servicing the surrounding area. The new facilities provide access to new offices and workshops. As part of the expansion, OSA has entered a strategic partnership with Metal Machines Engineering Services Ltd to further increase workshop and manpower resources.
Singapore's Second Cruise Terminal Set to Welcome First Ship
The 28,000-square-meter terminal, which was built at a cost of 500 million Singapore dollars (400 million U.S. dollars) and operated by the SATS-Creuers Cruise Services, will effectively double Singapore's berth capacity. The terminal has the capability to dock ships of up to 220,000 gross register tonnage (GRT) and measuring up to 360 meters in length with a hull draft of up to 11.5 meters. It also has a spacious arrival and departure hall comprising 80 check-in counters and up to 40 immigration counters…
Singapore LNG Market to Grow at 10.39% Through 2025
The market for LNG in Singapore is projected to grow at a CAGR 10.39% during 2016-2025, due to the push from Singapore government towards adoption of cleaner energy sources, capacity addition of natural gas / LNG based power plants and emergence of Singapore as a regional trading hub for LNG in Asia-Pacific. "Growing demand from power generation sector, favorable LNG prices and government initiatives to setup Singapore as LNG hub is expected to drive Singapore LNG market," says the report by TechSci Research. Pavilion Energy, a wholly owned subsidiary of Pavilion Gas Pte Ltd.
China Sells Ships Online
Chinese Maritime Court has sold five vessels of bankrupt Wenzhou Shipping, subsidiary of Zhejiang Shipping Group, through online auctions on Taobao.com for a a total price of $22.81m. The auctioned ships include 2011-built 57,000-dwt supramax bulker Zhe Hai 167, 2009-built 33,400-dwt handysize bulker Zhe Hai 162, 2009-built 23,500-dwt handysize bulker Zhe Hai 156 , a tugboat and an oil barge. Singapore-based company Varada One's vessel was auctioned off on online shopping platform Taobao for $11.7, Xinhua news agency reported. The VLCC Varada Blessing is 1993-built, 300,000 dwt tanker.
Aframaxes Taken for Short-term Time Charters in Asia
The Asian Aframax market is currently stable but seems to be facing a more positive outlook on the back of short-term time charters as well as an increase in third decade cargoes. Rates for an Indonesia/Japan run basis 80 kt are hovering around w100 to w102.5, while rates for the AG/East route basis 80 kt stand at w115. Reflecting firmer owner sentiment, TD14 inched up steadily w-o-w to w100.78 which translates into daily earnings of around $8,700/day. At least three Aframaxes…
Singapore Delays LNG Terminal Completion
According to a recent Reuters report, the Singapore government will take over development of its first $1 billion liquefied natural gas (LNG) terminal from a consortium to avoid more delays due to the credit crunch. The PowerGas-led consortium, in which GDF had a 30 percent stake, had been due to make its final investment decision this month for the project. The LNG’s completion was deferred by a year, from 2012 to 2013, making it the latest of several Singapore projects to be delayed due to the financial crisis.
MPA Expands MOU with DNV GL
A memorandum of understanding to promote research and development (R&D) and innovation in the maritime industry was renewed between DNV GL and the Maritime and Port Authority of Singapore (MPA). Given the growing need to create safer and more efficient solutions for the maritime industry, this renewed MOU will have an expanded scope to include the R&D of intelligent shipping systems. Intelligent shipping systems such as autonomous vessels and drones for maritime purposes, or the use of data analytics to create robust and optimal shipping solutions.
CMA CGM Reorganises Its Asia - West Africa Services
In line with the West Africa market trend, CMA CGM Group adapts its service offering while continuing to improve its service reliability and cost efficiency. Withdrawal of WAX 2 service. WAX | Operated by CMA CGM with 12 vessels of 4,350 TEU, will discontinue South Africa and Nigeria calls. Instead, the service will add Abidjan Westbound to its current export call with an improved transit time up to 5 days. Abidjan from Shanghai will be reached in 37 days. ASAF | The sole product available on the market to West Africa South Range is operated with 12 vessels up to 9,350 TEU.
DNV GL, MPA to Research Autonomous Shipping Systems
A memorandum of understanding (MOU) to promote research and development (R&D) and innovation in the maritime industry was renewed between DNV GL and the Maritime and Port Authority of Singapore (MPA). Given the growing need to create safer and more efficient solutions for the maritime industry, this renewed MOU will have an expanded scope to include the R&D of intelligent shipping systems. • Intelligent shipping systems such as autonomous vessels and drones for maritime purposes, or the use of data analytics to create robust and optimal shipping solutions.
Singapore Wants New Gas Projects
New research by DNV GL, the technical advisor to the oil and gas industry, has revealed that more oil and gas professionals in Singapore (46%) than globally (31%) are looking for new gas projects. Nearly nine out of ten respondents (87%) believe that gas will become an increasingly important component in the global energy mix in the next ten years – ten percentage points higher than the global average. Short-term agility, long-term resilience is DNV GL’s seventh annual benchmark study on the outlook for the oil and gas industry…
Mass Flow Metering Now Mandatory in Singapore
In a move which has been hailed as a landmark moment for the bunker industry, the use of mass flow metering (MFM) for heavy fuel oil bunker deliveries in Singapore became mandatory on January 1, 2017. The Maritime and Port Authority of Singapore’s (MPA) efforts have been applauded by many in the industry – including World Fuel Services – who see MFM as an important tool for developing more transparency and accountability for the bunker supply chain. So how does MFM work, and why is it so important to the bunkering industry? When a mass of liquid passes through an oscillating tube, the inertia effect of the moving liquid will cause the tube to twist – and the twisting will be in direct proportion to the liquid‘s mass flow.
Prosafe Taps Andresen as CEO
Semi-submersible accommodation vessels owner and operator Prosafe has made several changes to its management team. Jesper Kragh Andresen was appointed as Chief Executive Officer (CEO), and Stig H. Christiansen as Deputy CEO and Chief Financial Officer (CFO) of Prosafe Management AS. Georgina Georgiou will continue as General Manager of the parent company Prosafe SE. From 2012 and until recently, Andresen was CEO in Axis Offshore. Prior to this he was President of Lauritzen Offshore and Managing Director of J. Lauritzen Singapore.
Traders Rush to Ship US Oil as Export Window to Asia Opens
Oil majors and trading houses are set to ship an unprecedented volume of U.S. crude oil to Asia in coming weeks, boosting already high flows to the region due to higher prices from OPEC production cuts. Traders have estimated that some 700,000 to 900,000 barrels per day is set to leave the United States in February, with the majority of the cargoes headed to Asia. That volume would be the highest monthly level on record, according to the U.S. Energy Information Administration, helping reduce an U.S. inventory glut that has pressured prices for two years.
Strategic Marine, Abu Dhabi Ship Building Sign MoU
Strategic Marine, one of the world’s leading specialist shipbuilding, fabrication and engineering companies, has teamed up with Abu Dhabi Ship Building PJSC (ADSB), a renowned provider of construction, repair and refit services for naval, military and commercial vessels, to develop the Middle East’s growing market of aluminium vessels. Strategic and ADSB have signed a Memorandum of Understanding (MOU) to create tenders for a variety of aluminium vessels using Strategic Marine’s…
Dryad Sees a Pattern in SE Asia Tankship Piracy
The latest report of a tanker hijack in Southeast Asia has prompted Dryad Maritime to issue an advisory to its shipping clients, on the basis that the crime follows a pattern, which has seen up to six such attacks, over the last nine months. The Company issued its advisory to maritime clients from its 24/7 Portsmouth, UK-based operations facility, explaining that the [Thai tankship] MT Orapin 4 laden with a fuel oil cargo, departed Singapore on 27th May 2014 and became the subject of a missing vessel alert the next day when attempts by her shipping company to contact her failed.
Containership Alliance Launches Asia-Europe Service
Members of the G6 Alliance announced today that their groundbreaking cooperation in Asia-Europe container shipping will begin operation in the first week of March – one month ahead of schedule. “We are eager to roll out our competitive products to benefit customers by offering a comprehensive and increased coverage of 40 ports in the Asia-Europe market with more sailing frequency,” the members said in a statement. The G6 Alliance, serving the Asia-to-Europe-and-Mediterranean market was announced last December. The G6 Alliance members are the carriers in the Grand Alliance and New World Alliance: APL, Hapag-Lloyd AG, Hyundai Merchant Marine, Mitsui O.S.K Lines, Nippon Yusen Kaisha and Orient Overseas Container Line.
Murphy Takes Up Role as Chief Executive of IBIA
The International Bunker Industry Association (IBIA) has introduced its new Chief Executive, Justin Murphy, who akes up his new position from February 13, 2017. From 2013 to 2015, Murphy was CEO of Brightoil Shipping, Singapore and Executive Director at HKSE listed Brightoil Petroleum (Holdings) Ltd, an Energy conglomerate with bunkering and ship owning divisions. Prior to that, Murphy held director and board positions at several firms involved in shipping, including Teekay, AET, and a stint as head of shipping at Macquarie Bank.