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Tai Ping News

23 Feb 2021

Euronav Sells and Leases Back VLCC Newton

File Photo: Euronav

Belgian tanker operator Euronav said Tuesday it had entered into a sale and leaseback agreement for the very large crude carrier Newton with China's Taiping & Sinopec Financial Leasing Ltd Co. The VLCC was sold for $36 million."The transaction produced a capital gain of about $2.4 million. After repayment of the existing debt, the transaction generated $19 million free cash," Euronav said.The company has now leased back the 2009-built, 307,284 DWT VLCC under a 36-month bareboat contract at an average rate of $22,500 per day.

02 Jan 2020

Euronav Sells, Leaseback 3 VLCCs

Belgium-based crude oil tanker company Euronav has entered into a sale and leaseback agreement for three very large crude carriers (VLCC) vessels with Taiping & Sinopec Financial Leasing Ltd Co.The vessels were sold for a net en-bloc purchase price of USD 126 million. Under the agreement, Euronav will subsequently enter into a 54-month bareboat charter contract.The three VLCCs are the Nautica (2008 – 307,284), Nectar (2008 – 307,284) and Noble (2008 – 307,284), which were all built in the Dalian shipyard.The transaction produced a capital gain of about USD 23.0 million and will be booked as an operating lease under IFRS. After repayment of the existing debt, the transaction generated USD 66.6 million free cash. The vessels were delivered to their new owners on 30 December 2019.

14 Oct 2015

Taiwan Boosts Coast Guard Presence on Disputed Island

Taiwan will increase its coast guard presence on a small island in the disputed South China Sea Spratlys, the coast guard chief said Wednesday, as rival China asserts its claims to the same chain. Taiwan has largely kept out of disputes between China and its neighbours in the South China Sea, through which $5 trillion in ship-borne trade passes every year. China, the Philippines, Vietnam, Malaysia, Taiwan and Brunei all have overlapping claims. Rival claims to the island by Taiwan and China go back to before defeated Nationalists fled to Taiwan after losing the Chinese civil war with the Communists in 1949. China to this day considers self-ruled Taiwan a renegade province, to be united with the mainland by force if necessary.

07 Jun 2015

Taiwan Launches New ships as South China Sea Tensions Rise

Taiwan's coast guard on Saturday commissioned its biggest ships for duty in the form of two 3,000-ton patrol vessels, as the island boosts defences amid concerns about China's growing footprint in the disputed South China Sea. The new vessels will be able to dock at a new port being constructed on Taiping Island, the largest of the naturally occurring Spratly Islands in the South China Sea, before the end of this year. Taiwan's coast guard has had direct oversight of the 46-ha (114-acre) island, also known as Itu Aba, since 2000. "Taiping Island's defence capabilities will not be weak," said Wang Chung-yi, minister of the Coast Guard Administration…

06 Jun 2015

South China Sea Boils Up

The overlapping territorial disputes in the South China Sea involve China, Brunei, Malaysia, Taiwan, the Philippines and Vietnam have recently been moving from bad to worse. Vietnam is seeking to upgrade its air defences by acquiring western fighter jets and drones, a move which would further militarize a dispute with Beijing over territorial claims in the South China Sea. Taiwan's coast guard has commissioned its biggest ships for duty in the form of two 3,000-ton patrol vessels, as the island boosts defenses amid concerns about China's growing footprint in the disputed South China Sea, says a report in the Reuters. The new vessels will be able to dock at a new port being constructed on Taiping Island…

26 May 2015

Taiwan Offers South China Sea Peace Plan

Taiwan proposed a peace initiative on Tuesday to resolve territorial disputes in the South China Sea that it says will reduce tensions that have put Beijing at odds with its neighbours and the United States. The South China Sea Peace Initiative announced by President Ma Ying-jeou called on claimants to temporarily shelve their disagreements to enable negotiations on sharing resources. Ma's plan is similar to a 2012 proposal for the East China Sea, which allowed Taiwan and Japan to jointly fish in the contested waters. However it appeared unlikely the plan would be accepted by China, which claims most of the South China Sea and has rebuffed earlier attempts at multilateral negotiations.

26 May 2014

Taiwan's New Port Coming Up In Disputed South China Sea

Taiwan is building a $100 million port next to an airstrip on the lone island it occupies in the disputed South China Sea, a move that is drawing hardly any flak from the most assertive player in the bitterly contested waters - China. The reason, say military strategists, is that Itu Aba could one day be in China's hands should it ever take over Taiwan, which it regards as a renegade province. While Itu Aba, also called Tai Ping, is small, no other disputed island has such sophisticated facilities. Its runway is the biggest of only two in the Spratly archipelago that straddles the South China Sea, and the island has its own fresh water source.

09 Oct 2002

Vessel Aground in New Zealand

According to the New Zealand Maritime Safety Authority (MSA), the Hong Kong motor vessel Tai Ping is aground at the entrance to Bluff harbor (located at the south end of South Island). The vessel is carrying 9,535 tons of urea and 350 tons of heavy fuel oil and diesel. While there are no reports of an oil discharge, the MSA has declared a Tier 3 emergency response. Follow-up reports state the response efforts and discussed response planning.

16 Oct 2002

TAI PING Refloat Soon

The New Zealand Maritime Safety Authority (MSA) issued a press release stating that the first attempt to refloat the TAI PING is scheduled for October 17. Cargo has been discharged almost every day since the vessel grounded in Bluff Harbour and additional tugs have arrived in preparation for further salvage operations. No pollution has been reported. Source: HK Law

22 Oct 2002

Repairs Underway on TAI PING

The New Zealand Maritime Safety Authority (MSA) has stated that a full damage assessment has been completed on the M/V TAI PING and that work has begun on temporary repairs to the hull. Source: HK Law