Dim Q3 Forecast for Korean Shipyards
South Korea's major shipyards are projected to report weaker-than-expected earnings for the third quarter of the year, due to increased costs and the construction of low-priced ships amid decreased new orders. Yonhap News Agency, quoting data compiled by Yonhap Infomax, said that Hyundai Heavy Industries (HHI) is expected to log an operating income of 106 billion won (US$93.6 million) during the July-September period, compared with the previous year's operating earnings of 322 billion won.
New Private LNG Terminal in Pakistan
A group of leading business houses in Pakistan plan to build a liquefied natural gas (LNG) terminal by March 2019 for gas processing and consumption in their own plants, Reuters reported. The proposed, second multi-million dollars terminal being set up at the Port Qasim to handle LNG imports will give tremendous boost to LNG trade. The private terminal will bring the total number of potential LNG import projects in the country to eight.
Two New Shipping Lines to Hamad
Two new maritime lines are launched from Hamad Port which will enhance Qatar’s trade connections with various ports in China, India, Malaysia, Turkey and Greece, among other countries. Qatar News Agency (QNA) said that both lines will run on a weekly basis. The first line starts in the Mediterranean and will be serviced by with four ships, with a total capacity of 6,000 containers including 400 reefer containers.
ES Group Terminates Charter Contracts
Singapore-based ship builder ES Group said its unit ES Shipping has terminated a five-year demise charter contract for bunker vessel, Sea Tanker I, with Sea Hub Tankers. "Under the five-year demise charter contract entered into on 23 November 2012, between the Company’s wholly-owned subsidiary, ES Shipping, and Sea Hub Tankers, ES Shipping had agreed to demise charter Sea Tanker I to Sea Hub Tankers for a monthly charter fee…
CNPC, Eni Sign LNG Deal
China National Petroleum Corporation (CNPC) and Italy’s Eni signed a cooperation agreement that includes assessing opportunities in the gas and LNG value chain. "CNPC and Eni signed cooperation agreement today in order to cooperate in oil & gas exploration and production, gas and LNG value chain opportunities, trading and logistics opportunities, refining and petrochemicals. The partnership will regard both China and overseas activities," said a statement from the company.
Russian Award for Sovcomflot
PAO Sovcomflot (SCF Group) was awarded first prize at the 2017 International Competition of Scientific, Technical and Innovative Developments aimed at the Exploration and Development of the Arctic and the Continental Shelf, held under the auspices of the Russian Ministry of Energy. The prize was awarded to a team of Sovcomflot experts for the development and practical implementation of technological solutions enabling year-round oil shipments from the Gulf of Ob.
Shipbuilding: China Races Ahead of South Korea
Shipyards in China have surpassed South Korea again in terms of receiving the most orders for new ships and platforms, while fierce battle for the number one position in shipbuilding orders continues. China ranked first globally with 195 vessel orders, while South Korea was second with 104 during the first eight months of this year, Yicai Global reported citing Clarkson Research Services. According to the report…
Croatia Invites Bids for LNG Terminal Project
LNG Croatia, the project developer of the LNG import terminal on the Island of Krk in Croatia, has called for bids for the provision of a floating storage & regasification unit (FSRU). The bids for EPC and FSRU procurement, setting a 29 September deadline for submissions will revive Croatia’s long-stalled plans to diversify its energy supply and reduce its dependence on piped gas from Russia. LNG…