PanOcean Signs USD 1.8bln Deal with Brazil's Vale, Orders Six VLOCs
South Korean shipper Pan Ocean has won a 1.98 trillion won ($1.82 billion) contract to transport iron ore over a period of 27 years for Brazilian mining giant Vale, Reuters reported. The South Korea company said in a regulatory filing that it is set to carry iron ore from Brazil to China from January 2020 to August 2047. According to Straits TImes, the contract commences from the first quarter of 2020.
Hapag-Lloyd Completes Integration with UASC
Hapag-Lloyd successfully completed the integration of UASC into the Group on 30 November 2017. At a gathering of the shipping company’s global management in Hamburg, Rolf Habben Jansen, CEO of Hapag-Lloyd AG, said in the afternoon: “Thanks to the very good cooperation of our teams we have managed to successfully implement this integration in just six months. Hapag-Lloyd merged with the United Arab Shipping Company on May 24, 2017.
Maersk Completes Hamburg Süd Acquisition
The transaction between Oetker Group and Maersk Line for Maersk Line's acquisition of Hamburg Süd, the German container line, was closed on 30 November 2017. On 1 December 2016, Maersk Line announced its intention to acquire Hamburg Süd. The acquisition triggered a regulatory approval process in 23 jurisdictions which was successfully concluded on Tuesday 28 November with the approval of the acquisition by the Korea Fair Trade Commission.
Cosco, PSA Launch New Berth in Singapore
China's Cosco Shipping Ports (CSP) is launching a new berth at its joint venture container terminal - Cosco PSA Terminal (CPT) - with PSA Corporation in Singapore. The two parties inked a memorandum of understanding on Thursday for the berth, which will be Cosco Shipping Ports' third at the Pasir Panjang Terminal. Established in 2003, CPT has served as a hub for container shipping in the Southeast Asia region.
CMA CGM Merges Multimodal Subsidiaries
The CMA CGM Group announced it will merge its subsidiaries MacAndrews and OPDR effective January 1, 2018., in line with the Group’s strategy to develop its intra-regional activities Headquarters will be located in Hamburg. The union between these two companies specialized in intra-European transport enables the CMA CGM Group to strengthen its multimodal offer in Europe, particularly thanks to the complementarity of the geographical zones covered today by MacAndrews and OPDR, iCMA CGM said.
LNG Shipping on Recovery Path: Golar
The shipping market recovery is underway, says Golar LNG. Shipping demand has exceeded supply growth for the first time since 2013. "The shipping market is showing strong signs of improving. As of today, the effective time charter rates being achieved in 4Q are more than twice that recorded in 3Q. An improving trend is expected to continue into 2018-2019 when shipping supply should lag demand created by increased production.
MOL Succeeds in 'Visualization at Sea'
Mitsui O.S.K. Lines (MOL) has announced a joint success with Japan Radio and JSAT MOBILE Communications in building a network that shares data recorded in Voyage Data Recorder (VDR) by using Fleet Xpress provided by Inmarsat, a high-capacity, high-speed satellite telecommunication service. Like the flight data and cockpit voice recorders on airplanes, VDR records data on vessel movement (position…
All-Women Crew Tarini Enters Lyttelton
India's INSV Tarini entered Lyttelton port (New Zealand) on 29 Nov 2017, during it’s maiden voyage to circumnavigate the globe. This is the first-ever Indian circumnavigation of the globe by an all-women crew. The vessel is skippered by Lieutenant Commander Vartika Joshi, and the crew comprises Lieutenant Commanders Pratibha Jamwal, P Swathi, and Lieutenants S Vijaya Devi, B Aishwarya and Payal Gupta.
BIMCO, WFP Issue Modernized Charter Party
BIMCO has together with the UN World Food Programme (WFP), updated and modernised the WORLDFOOD voyage charter party used by the UN organisation to transport food to emergency areas around the world. The aim was to create a contract that made WFP’s work easier and faster. "The WORLDFOOD charter is an essential tool for the WFP as the majority of food that we deliver is transported by chartered ships at sea.
Rising US LNG Exports Boost Interest in Natgas Futures
A surge in speculative interest in the U.S. liquefied natural gas (LNG) export boom has pushed open interest in natural gas futures to an all-time high, traders said on Thursday. Open interest, which measures the number of contracts outstanding, in the Henry Hub front-month hit 386,826 on the New York Mercantile Exchange on Wednesday, topping the previous high of 366,383 set in May 2016, according to Reuters data going back to 1990.
Resolve Grows Client Services Team
Resolve Marine Group has strengthened its senior team with the appointments of Lindsay Malen-Habib as Manager of Client Services and Dimos Iliopoulos as its Representative in Greece. Both will report to Resolve’s Director of Client Services, Daniel Dettor. Malen–Habib has 15 years’ experience in maritime emergency response, business development and marketing and will be based in Resolve’s head office in Fort Lauderdale, Fla.
First Class Approved 3D Printed Ship’s Propeller Unveiled
The world’s first Class approved 3D printed ship’s propeller, the WAAMpeller, has been unveiled following rigorous testing verified by Bureau Veritas at Damen Shipyard Group’s headquarters in the Netherlands. The groundbreaking propeller is the result of collaboration between RAMLAB, Promarin, Autodesk, Bureau Veritas and Damen, who started pooling collective resources and knowledge to develop the world’s first 3D printed ship’s propeller seven months ago.
ABS: New Guidance on Energy Storage
ABS has published The ABS Guide for Use of Supercapacitors in the Marine and Offshore Industries (Supercapacitor Guide) to support safe application of hybrid power…
First Oil and Contract Start-up for Libra FPSO
Teekay Offshore Partners L.P. announced that its jointly owned floating production storage and offloading (FPSO) unit, the FPSO Pioneiro de Libra (Libra), has achieved first oil and commenced its 12-year charter contract with a group of international oil companies, including Petrobras, Total, Shell, CNPC and CNOOC Limited, on the Libra oil field where it will perform early well tests. The Libra FPSO unit is the first unit to produce oil on the giant Libra block…
Capesize Rates to Climb in a 'Market on Fire'
Freight rates for large dry cargo ships on key Asian routes, which hit three-year highs this week, are likely to rise further on a shortage of ships available for immediate charter, brokers said. Rates for 180,000 deadweight tonne (DWT) capesize ships are set to break $10 a tonne from Australia to China in the next few days, while rates could also surpass $20 a tonne from Brazil to China. "There are…
Damen Shipyards Delivers Vessel to MC2
Damen Shipyards Group has delivered its first vessels to Marine Core & Charter LLC (MC2), a marine services company supporting the offshore energy sector in the Arabian Gulf. This is the first transaction between the two organisations and Damen is delighted to be setting out on what it hopes will be a productive and long-lasting relationship with MC2. The transaction is also a milestone as it represents the first deliveries of the Fast Crew Supplier (FCS) 4008 class…