Fina News

Although Cosco Pacific, the Hong Kong-listed subsidiary of China’s biggest shipping company China Cosc,  is expanding in the Mediterranean area after taking part in the acquisition of port in neighbouring Turkey, it faces stiff competition, reports SCMP. Cosco Pacific is investing in Turkish ports after forming a joint venture with China Merchants Holdings International (CMHI) and CIC Capital for the acquisition of equity interests in Fina Liman and Kumport. Its subsidiary Piraeus Container Terminal S.A., which operates Piers II and III at the Port of Piraeus, Greece’s largest port. According to data released the container handling at the two terminals have recorded a year-on-year decline in the second quarter and grew only 0.7 per cent in the first eight months…

China Merchants Holdings (International) Co. Ltd. along with Cosco Pacific Ltd., a unit of China Investment Corp. and Euro-Asia Oceangate will pay US$919.9 million to buy a 64.5% stake in Fina Liman from Fina Holding. Fina Liman is an investment-holding company that owns and operates a port terminal in Turkey. The acquisition gives the consortium access to the terminal of Fina’s subsidiary Kumport. Kumport Terminal is a modern container terminal in the Ambarli Port Complex, which is on the northwest coast of the Marmara Sea on the European side of Istanbul, Turkey. The Company, CMHI and CIC Capital, through their respective wholly-owned subsidiaries, hold 40%, 40% and 20%, respectively, of the shares in the Consortium SPV.

A group of former seafarers encouraged youngsters to consider important professions in the Royal and Merchant Navy, on World Maritime Day on Friday 30 September. Residents at the Royal Alfred Seafarers’ Society, a Surrey based home which provides dedicated accommodation and care to former seafarers and their dependants, said there is not enough awareness of the important role the Merchant and Royal Navy play in our society among the younger generation. Great Britain’s maritime sector is the largest in Europe…

World Travel, Camaraderie and Exciting Voyages Characterise a Career in the Maritime Industry, but Employment Figures Show Disinterest. A group of former seafarers encouraged youngsters to consider important professions in the Royal and Merchant Navy, on World Maritime Day on Friday 30 September. Residents at the Royal Alfred Seafarers’ Society, a Surrey based home which provides dedicated accommodation and care to former seafarers and their dependants, said there is not enough awareness of the important role the Merchant and Royal Navy play in our society among the younger generation.

Burger Boat Company announced that INGOT, a 153 ft Tri Deck Motor Yacht was presented with the inaugural Michael C. Fina Interior Design Award at the ShowBoats International Cavallino Yacht Hop on January 23, 2009. This new award is for design excellence and was launched by the purveyors of interior design accoutrements; Michael C. Fina. As Steven Fina commented, “Every single yacht considered had something unique, but we were looking beyond the ‘wow’ factor. Our winner needed to reflect our benchmarks for individuality; innovation; distinctiveness; continuity; versatility; timeless look and feel; and brilliance of overall concept. Michael C.

Houston Exploration announces a corporate realignment to facilitate the Company's operating strategy and growth plans. They have created two operating divisions: Onshore and offshore, which will function as strategic business units for the Company's oil and gas operations. Steve Mueller will join the Company as Senior Vice President and General Manager of the Onshore Division, a business unit currently producing 110 Mmcf/d from fields in South Texas, Arkansas, Louisiana, East Texas and West Virginia. Mueller brings over 26 years of industry experience. Most recently, Mueller was senior vice president of exploration and production at Belco Oil and Gas Company. Prior to Belco, Mr.

Tanker rates in the Caribbean have been free-falling all week, but the bottom is looming closer, brokers say. "They're about W307 today, but they're starting to firm up" said a U.S. broker. At the end of last week, Exxon fixed the Amazon Eagle for a Gulf-bound 70,000 ton cargo from the Caribbean at W400. But Wednesday fixture-lists show Exxon fixing the same sized tankers for the same route at W307. "At the start of the week Exxon quoted one cargo and got 11 offers, so they brought the market back down to W332.5. They ended up fixing four ships at that rate," said the broker. Shortly thereafter another ship was fixed at W325, said the broker and then Fina fixed the Clyde Spirit at W317.

Owners of Aframax tankers (70-80,000 tonners) have taken advantage of weather and Italian lawmakers to push rates up in both the Caribbean and Mediterranean markets. "Owners of modern Aframax tonnage trading in the Mediterranean received a long awaited boost to their fortunes, with news that Italy will insist on double-hulled tonnage being mandatory for most of its major ports," said London broker Gibsons. On the other side of the Atlantic, last week's weather delays were still causing a backlog, allowing owners to force rates up from W300 on Monday to W310 on Friday, as illustrated by Fina's fixture of the Nordlight from Covenas to the U.S. Gulf. U.S brokers said that the backlog had cleared, but not before the market had seen a high of W320 paid for one very prompt fixture.

Since the Erika ran aground, the European Union has made considerable progress towards improving maritime safety. Adoption of the measures of the Erika I package and most of those of the Erika II package is a major step towards putting effective rules into place to increase maritime safety and to counter the risks of oil spills. Thanks to these measures substandard ships and floating rust buckets should disappear from Europe's waters within two years. "The EU now has one of the best sets of maritime safety rules in the world, and these measures must be put into place with the utmost resolution and speed. The Commission, for its part…

Keppel FELS Ltd has secured a $132 million contract from a wholly-owned special purpose company of SeaDrill Limited for a KFELS B class jackup rig. Delivery of this new order is expected in the second quarter of 2008. This order was secured via an option given to Odfjell Partners Ltd. (Odfjell) when it ordered its first rig in March 2004. Odfjell placed an order for its second rig in March 2005. In mid 2005, SeaDrill acquired Odfjell Invest Ltd. and was given the right to exercise Odfjell's option with Keppel FELS. Like the three jackups, this new rig will be of the KFELS B Class design. It is capable of operating in water depths of up to 400 feet, drilling depth of 30,000 feet and accommodating 112 men. Work on SeaDrill's first three rigs is progressing well at Keppel FELS yard.

The 3,200 tonnes lift capacity Asian Hercules II returned to Norway in June to provide additional heavy lift assistance during the decommissioning of the Maureen platform. During March, the big sheerlegs lifted, transported and landed 11 Maureen platform modules at Aker Maritime's Stord facility over a two-week period. For the second visit, Asian Hercules II arrived at Stord on June 22. The scope of work involved three lifts, including a 600 tonnes conductor frame and two lattice frames, weighing 2,950 tonnes each. The latter will be the biggest single lifts ever executed by a SMIT sheerlegs. This breaks the December 2001 record, when Asian Hercules II lifted a 2,800 tonnes drilling module for ExxonMobil's Ringhorne platform.

Worldwide capital spending by publicly traded energy firms increased in 1998 even though falling oil prices sent revenues and profits plummeting, according to an Arthur Andersen report. The increased spending reflected optimism in late 1997 that oil prices would remain firm in 1998, when in fact they dropped to near record lows, according to Arthur Andersen's managing director of energy industry services, Victor Burk. "Exploration and development spending cannot be turned off and on like a faucet," he said. The report said the 182 U.S. and foreign firms included in the study spent a total of $83 billion on exploration and production last year, up five percent from 1997.

The operator of the world’s largest and most modern molten sulphur tanker has enjoyed four years of near-continuous service, thanks in part to the ship’s innovative thermal maintenance system. Sulphur Carriers, Inc., a subsidiary of International Shipholding Corporation, keeps M/V Sulphur Enterprise at sea hauling around 24,000 long tons of molten sulphur per trip. “We’ve had zero freeze-ups and zero maintenance associated with the bolt-on piping and valve heating system,” says Peter Johnston, Sulphur Carriers’ VP of operations. For reportedly the first time on any sulphur transport ship, a bolt-on heating system keeps the molten cargo flowing and the ship on schedule by preventing costly delays due to frozen pipes and valves.