Hong Kong to Host Global Maritime Forum Inaugural Annual Summit
Hong Kong is chosen to host the Global Maritime Forum’s inaugural Annual Summit on 3-4 October 2018. The high-level meeting will convene key industry leaders with policymakers, experts, NGOs and other influential decision-makers and opinion shapers. Their task will be to share their ideas on the challenges facing the maritime industry and to develop practical proposals to optimise global seaborne trade, thereby increasing sustainable long term economic development and human wellbeing.
The integration of RasGas with Qatargas will enable the world’s largest LNG exporter to save QR2bn ($550 million) a year, Qatar Petroleum (QP), the state-owned energy giant, announced. Saad Sherida Al-Kaabi, President & CEO of Qatar Petroleum made the announcement in a press conference held at QP headquarters in the presence of representatives of ExxonMobil, Total, ConocoPhillips, and Shell - the main international shareholders in both companies.
NYK Line Focuses on Green and Digitalization
NYK president Tadaaki Naito called for promoting environmental issues and the utilization of IoT. "I hope to advance the group’s activities with a focus particularly on the keywords 'green' and 'digitalization' this year," he said. "We are already making progress in both fields, and pressing forward to promote their use in practical operations that will allow us to realize a wide range of ideas and further differentiate ourselves," Tadaaki added.
Record Volume for Viking Line in 2017
The total number of passengers who travelled with Viking Line in 2017 was 6,881,149 (6,502,191) or nearly 6 per cent more than in 2016. That figure is the highest in Viking Line’s history. The number of cargo units was 127,668 (131,918) while the number of passenger cars was 762,253 (682,194). The Group also set an all-time record for passenger cars. The greatest increase in passenger volumes was on the Helsinki–Tallinn route, where capacity was enhanced from April to October.
MOL CEO Optimistic on 2018
President & CEO of Mitsui O.S.K. Lines Junichiro Ikeda says that his company is strongly determined to shape the future of the industry. Looking at the shipping market, conditions were mixed across businesses, with firm conditions in dry bulkers but weaker trends in tankers, for example. A full-scale recovery is still in the making. "Amid suboptimal shipping market conditions, we expect to finish fiscal 2017 with results largely in line with our initial forecasts…
USS Hopper Arrives in 7th Fleet
The Arleigh Burke-class guided-missile destroyer USS Hopper (DDG 70) entered the U.S. 7th Fleet area of operations Jan. Hopper will conduct evolutions involving theater security cooperation, building partner capacity and performing routine operations within the area. Hopper is a multi-mission ship with anti-air warfare, anti-submarine warfare and anti-surface warfare surface combatants capabilities; designed to operate independently or with a surface action group or strike group.
DryShips Adds Fourth VLGC
DryShips, a diversified owner of ocean going cargo vessels, announced today that it has taken delivery of its fourth high specification very large gas carrier (VLGC) newbuilding. The VLGC will be employed under a fixed rate time charter with ten years firm duration to an oil major trading company. The Company expects a total gross backlog associated with this time charter of up to $103.8 million. DryShips…
Westports Records Throughput of 9m TEUs
Malaysian port operator Westports Holdings Berhad recorded FY17 container throughput of 9m TEUs which declined 10% YoY, in-line with our expectation of a poorer throughput outlook for the year. The decline was mainly due to drop in transhipment, while cushioned by strong growth in the gateway. Meanwhile, full compliance of MFRS 15 effective FY18 should be earnings-neutral. No changes made to our FY17-18E earnings forecasts. Maintain MARKET PERFORM and DDM-derived TP of RM3.70.
BAE Systems Wins US Navy Modernization Work
BAE Systems said it has received contracts from the U.S. Navy for the modernization of guided missile destroyers USS Oscar Austin (DDG 79) and USS Howard (DDG 83), valued at $41.6 million and $47.8 million respectively. Oscar Austin will undergo 12 months of work at the company’s shipyard in Norfolk, Va., the ship’s homeport. The contract includes options that, if exercised, would bring the cumulative value to $117.1 million.
New Platform for Managing Liquid Terminal Product Movements
Oceaneering International, Inc. announced that its TerminalSmart platform can now be used to manage all liquid terminal product movements across the entire facility from the dock to tanks and pipelines. Proven at the dock where it has been used by major oil and gas companies and liquid storage terminals to significantly improve efficiency during a period of unprecedented growth in vessel transportation traffic…
US-flag Great Lakes Fleet Will Get $65 Mln Winter Tune-up
U.S.-flag Great Lakes vessel operators will spend $65 million maintaining and modernizing their vessels at Great Lakes shipyards this winter. When complete, the fleet will be ready to meet the needs of commerce come the spring break-out in March. “Winter is the one opportunity our members have to renew and upgrade their vessels,” said James H.I. Weakley, President of Lake Carriers’ Association, the trade association representing the major U.S.-flag carriers.
TMS Cardiff Gas Places Order at HHI
TMS Cardiff Gas said it signed a contract with South Korean shipbuilder Hyundai Heavy Industries (HHI) for the construction of one 174,000 cubic meter liquefied natural gas (LNG) carrier, with an option for a second vessel. The newbuild is scheduled for delivery in 2020, when she will enter into a seven year time charter contract with TOTAL Gas & Power Chartering, Limited. This order is the first in the company’s X Carrier Series…
Coast Guard Searching for Missing Aircraft in GoM
The U.S. Coast Guard is searching for an unresponsive aircraft that went missing in the Gulf of Mexico approximately 118 nautical miles north of the Yucatan Peninsula, Thursday. The Coast Guard said its watchstanders at the Eighth District command center in New Orleans received a report from the North American Aerospace Defense Command, Wednesday evening that one person aboard a privately owned Cirrus plane was unresponsive likely due to hypoxia.
Suez Canal Revenues Rise to $5.3 Bln
Egypt's Suez Canal revenues rose to $5.3 bln in 2017 from $5 bln in 2016, a statement by the Canal authority said on Thursday. The canal is the fastest shipping route between Europe and Asia and one of the Egyptian government's main sources of foreign currency. Its revenues were at $462.7 million in Nov. 2017. Reporting by Youssri Ahmed; Writing by Nadine Awadalla
Chelsea Technologies' Sea Sentry Secures ClassNK Certification
Chelsea Technologies announced that its Sea Sentry wash water monitoring system for ship exhaust gas cleaning systems has been certified by ClassNK, verifying compliance with IMO Annex VI wash water discharge regulations. Accurate monitoring for compliance with environmental regulations is a vital prerogative for the international shipping industry, particularly ahead of the 2020 global sulphur cap.
Trump Aims to Open Nearly All US Offshore to Oil Drilling
The Trump administration on Thursday proposed opening nearly all U.S. offshore waters to oil and gas drilling, a move aimed at boosting domestic energy production that sparked protests from coastal states, environmentalists and the tourism industry. The effort to open previously off-limits acreage in the Atlantic, Arctic and Pacific oceans comes less than eight years after BP Plc's Deepwater Horizon oil spill in the Gulf of Mexico - the largest in American history.
Four Carnival Brands to Debut New Ships in 2018
Carnival Corporation & plc will roll out four new ships in 2018 across four of its 10 global brands, as the company will add 18 new cruise liners to its fleet between 2018 and 2022. The new vessels to set sail in 2018 will be for Carnival Cruise Line, Holland America Line, Seabourn and AIDA Cruises, and follow three new ships debuted by Carnival Corporation in 2017. “Our fleet enhancement program enables…
Asian Coal Prices Spike Amidst Shipping Congestion
Over 500 ships waiting to load or unload coal; strong winter demand has driven coal, LNG and oil prices. Asian benchmark thermal coal prices have pushed to their highest levels since 2016, fuelled by demand in China and loading delays in Indonesia that have ramped up shipping congestion outside major coal ports. Spot cargo prices for Australian Newcastle coal have risen nearly 15 percent from lows in late November after China loosened import restrictions to help meet a winter fuel shortage.
Winter Storm Threatens U.S. East Coast Energy Industry
The U.S. energy industry braced for a major test to refineries and power plants as an intense winter storm roared up the Atlantic Coast, bringing heavy snowfall and high winds to a region already beset with several days of extreme cold. The storm is the product of a rapid and rare sharp drop in barometric pressure known as bombogenesis, or bomb cyclone. Heavy snow pounded the East Coast along a front stretching from Maine as far south as North Carolina early on Thursday…
Moore Stephens: Optimism to Outweigh Shipping Pessimism in 2018
International accountant and shipping adviser Moore Stephens expects optimism to triumph over pessimism in the shipping industry during the next 12 months. Writing in the latest issue of Bottom Line, the newsletter of the Moore Stephens shipping industry group, partner Richard Greiner says, “According to a recent study, pessimists live longer than optimists, and shipping is short of neither. But the industry has always valued longevity as well as new blood…