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Joint Venture

Carnival Signs MOA for First New Cruise Ships Built in China

Photo: Carnival

Carnival Corporation & plc has announced that its cruise joint venture in China has signed a non-binding memorandum of agreement (MOA) to order the industry’s first new cruise ships built in China for the Chinese market. The MOA is subject to several conditions including closing of the joint venture, financing and other key terms.   As part of the new MOA, Carnival Corporation’s cruise joint venture in China agreed to order two new cruise ships to be built by a newly formed China-based shipbuilding joint venture between China’s largest shipbuilder, China State Shipbuilding Corporation (CSSC), and Italy-based Fincantieri S.p.A., the world’s largest cruise shipbuilding company. The MOA also grants Carnival Corporation’s cruise joint venture the option to order two additional China-built cruise ships.   Carnival Corporation’s cruise joint venture in China will operate the new ships as part of its plans to launch the first multi-ship domestic cruise brand in China. Based on Carnival Corporation’s Vista-class platform, the design for the new ships will be tailored for the new Chinese cruise brand and the specific tastes of Chinese travelers. The first of these ships is expected for delivery in 2022.   The partners signed the memorandum of agreement at a signing ceremony held today at the 11th annual China Cruise Shipping and International Cruise Expo (CCS11) in Tianjin, China.  


Joint Venture Returns from the Gulf

The Incat Tasmania-built ship, HSV-X1 Joint Venture, has arrived back at Hobart, Tasmania, returning from the Persian Gulf in service with U.S. defense forces. As the High Speed Vessel HSV-X1 Joint Venture (Incat hull 050) left Tasmanian waters on the evening of September 11, 2001 (AEST) the towers of the World Trade Center fell in New York. The ship which had been chartered for experimental purposes did participate in a number of


ONGC, SCI Enter MoU

Oil & Natural Gas Corporation Ltd. (ONGC) and Shipping Corporation of Indian (SCI) have entered into a memorandum of understanding (MoU) for setting up a joint venture company called Offshore Marine Services Ltd (OMSL). The joint venture company will provide end-to-end solutions for vessel operations for ONGC and other oil and gas companies. It will also develop capabilities for acquisition, repair and maintenance of offshore floating units and undertake repair and construction on long-term


Shell Sells Elba Liquefaction Project Interest to Kinder Morgan

Image:  Kinder Morgan

 Kinder Morgan Inc. will buy out Royal Dutch Shell PLC’s interest in their proposed Elba Liquefaction Co. (ELC ) joint venture in Georgia.   Houston-based Kinder Morgan already owns 51% of the ELC joint venture. The firm said it would buy the 49 percent stake that it does not already own in the natural gas joint venture and it raised its dividend.   ELC owns the Elba Liquefaction Project, which is proposed to be constructed and operated at the existing Elba Island LNG


Houston Exploration and El Paso Announce Joint Offshore Exploration Drilling Program

The Houston Exploration Company and El Paso Production Company, a subsidiary of El Paso Corporation, announced that they have executed a letter of intent to conduct an exploration drilling joint venture in the Gulf of Mexico. Under the terms of the agreement, El Paso will contribute up to $50 million for land, seismic and drilling expenditures and pay 100 percent of the dry hole costs to earn 50 percent of Houston Exploration's working interest in up to six specified exploration wells to be


Transocean Forms JV for Two Drillships

Transocean Inc. announced that a subsidiary has exercised its option to purchase a 50 percent interest in a joint venture company with Pacific Drilling Limited. The joint venture company will own two ultra-deepwater Samsung-design drillships that are currently under construction in South Korea. Under the terms of an exclusive marketing agreement, the subsidiary has secured a long-term drilling commitment for the first joint venture drillship.


Wärtsilä's JV with CSSC to Expands Engines Range

  Wärtsilä and China State Shipbuilding Corporation (CSSC) have signed an agreement to establish a joint venture for manufacturing medium and large bore medium speed diesel and dual-fuel engines. The CSSC Wärtsilä Engine (Shanghai) Co. Ltd factory will be located at Lingang, Shanghai and is expected to have its first engine ready for delivery by the end of 2015. The company will in particular target the growing offshore and LNG markets


Rosneft, BP In JV To Explore For Oil

Photo: Official FB page of BP

 Rosneft and BP announce the completion of the deal to create a new joint venture, Yermak Neftegaz LLC, to conduct exploration in the West Siberian and Yenisey-Khatanga basins in the Russian Federation.   Final binding agreements for the new joint venture were signed at the XX St. Petersburg International Economic Forum (SPIEF) in June 2016.   The joint venture will focus on the onshore exploration of two Areas of Mutual Interest (AMIs) in the West Siberian and


Austal JV Wins First Ferry Contract

Image: Austal Limited

Aulong Shipbuilding, a joint venture company formed by Austal Limited and Guandong Jianglong Shipbuilding of Zhuhai, China, has won the first ferry contract to build a 42 metre high speed aluminium ferry for Chinese mainland operator Blue Sea Jet. Less than two months after the announcement of the joint venture, Aulong Shipbuilding has been awarded a A$10 million (RMB49.99 million) contract to design and build the ferry.   


NNPC, Daewoo in Joint Venture

After over five decades of its involvement in crude oil and gas exploration without involving in crude oil transportation, the Nigerian National Petroleum Corporation (NNPC), has signed a joint venture agreement with Daewoo Ship-building and Marine Engineering (DSME) of South Korea, to establish a world class shipping company which will be involved in crude oil transportation. Already, $10 million has been released as the initial capital for the joint venture business


Australian Supply Crunch Squeezes LNG Exporters

File Image: A typical LNG Carrier at Sea (CREDIT: MISC)

Spot LNG exports in government's cross-hairs; ConocoPhillips, Origin, Shell now in the firing line.   The Australian government on Monday warned that the country's east faced a worse-than-expected natural gas shortfall in 2018, but the competition watchdog said the gap could easily be


India's Essar Plans Four LNG Terminals

Photo: Essar Ports Limited

 Ruias-owned Essar Ports Ltd is exploring the possibility of setting up four Liquefied Natural Gas (LNG) terminals in joint ventures with other companies, reported Economic Times.   Rajiv Agarwal, managing director and chief executive of Essar Ports


BV Approves Braemar’s LNG Containment System

(Image: Braemar Technical Services)

Braemar Technical Services announced that Bureau Veritas (BV) has issued a General Design Approval for the FSP Type B LNG Containment System (FSP).   Starting with the General Dynamics NASSCO-patented tank design, for which the American Bureau of Shipping (ABS) and Lloyd’s Register


Euroseas Acquires Vessels and Full Ownership of Euromar

File Photo: Euroseas Ltd

 Euroseas announced that it signed a memorandum of agreement to purchase the M/V EM Athens and EM Oinousses, both feeder size containership vessels of 2,506 teu built in 2000.   The Company also announced that it acquired the option to purchase from Euromar two additional container


VDL AEC Maritime to Reduce Ship Emissions

Photo: AEC Maritime

 Following on from the electrification of heavy duty mobility in the form of cars, buses, automated guided vehicles and tractor units, VDL Groep intends to continue help reducing the emissions from means of transport.    The family-owned international industrial business


NSB Adds 31 Ships

Photo: NSB GROUP

 German ship manager NSB Group  has added 31 new ships under its management. In the course of the new joint venture named PT Asia Marine Temas fleet of NSB grows up to 96 vessels in total.  At the same time NSB extends its business in Southeast Asia


CMIT Welcomes Vietnam PM

Photo: APM Terminals

 Vietnam’s Prime Minister Nguyen Xuan Phuc visited Cai Mep International Terminal (CMIT) on July 21st, becoming the first container terminal in the Cai Mep area, part of Saigon Port, to receive the Vietnamese Head of State.   


Austal Opens Adelaide Office

L-R: Thomas Sass (Fassmer), Hon Martin Hamilton-Smith - Minister for Defense Industry (SA), David Ridgeway MLC - Leader of the Opposition in the Legislative Council, Vickie Chapman - Deputy Leader of the Opposition, David Singleton (Austal), Senator David Fawcett and Senator Alex Gallagher (Photo: Austal)

 Austal Australia has opened its Adelaide office, which will support the design and production for the $3 billion Offshore Patrol Vessel (OPV) program.   Officially welcoming Austal’s expansion into Adelaide were Martin Hamilton-Smith, Minister for Defense Industry (SA)


DryShips Reports Q2 Loss

Photo: DryShips Inc

 DryShips posted a net loss of $15.6 million for the quarter ended June 30, 2017, widening from net loss of $9.1 million a year earlier. However, its revenue went up to $16.38 million from $15.75 million over the same period.   


Damen Stan Pontoons to Support London’s ‘Super Sewer’ Construction

(Photo: Damen)

The Ferrovial Agroman Laing O'Rourke joint venture (FLO) has taken delivery of two Damen Stan Pontoons. FLO will deploy the vessels – a SPo 7120 and a SPo 4113 – for marine infrastructure construction duties on the Thames Tideway Tunnel project in London


USCG Approves JAX LNG for Ship-to-ship Bunkering

(Photo: Southern Company Gas)

The joint venture between Pivotal LNG and Northstar Midstream, JAX LNG, LLC, has received a Letter of Acceptance (LOA) from the U.S. Coast Guard (USCG) for the operation of its waterfront LNG facility and the approval to conduct ship-to-ship LNG bunkering operations with TOTE Maritime’s


Vopak Expands Pengerang Terminal

Pic: Royal Vopak

 Royal Vopak and its joint venture partners intend to expand their independent storage terminal, Pengerang Independent Terminals Sdn Bhd (PITSB) in Pengerang, Johor in southern Malaysia.    PITSB will be expanded with 430,000 cbm to a total capacity of 1.7 million cubic meters


Venezuela Ships More Oil to US in July vs June

Venezuela's PDVSA and its joint ventures last month shipped 638,325 barrels per day (bpd) of crude to the United States, a 30 percent increase over June due to larger sales of upgraded oil, according to Thomson Reuters trade flows data.  


Crowley’s Busch Joins Sea Machines’ Board

Todd Busch (Photo: Sea Machines)

Todd Busch, Sr. Vice President & General Manager, Technical Services, at Crowley Maritime, has joined Sea Machines Robotics’ board of directors.   The Boston-based Sea Machines is building autonomous control technology for commercial vessels.  


DP World Forms JV with Egypt’s Suez Canal

Photo: Dubai Media Office

 DP World, has formed a joint venture (JV) company with Egypt’s General Authority for the Suez Canal Economic Zone.   The new venture will see the global terminal operator assist in developing projects in the SCZone, the main trade route between Europe and Asia






 
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