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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


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


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


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.


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


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


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


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.   


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


Keppel on Track to Deliver Rig for Caspian Drilling

Photo credit: Keppel Offshore & Marine

Keppel Offshore & Marine Ltd (Keppel O&M) through its subsidiary in Azerbaijan, Caspian Shipyard Company (CSC), is on track to deliver a semisubmersible drilling rig to Caspian Drilling Company Ltd, a subsidiary of the State Oil Company of Azerbaijan Republic (SOCAR).


MXB Begins Physical Operations in Mumbai

Photo: MXB

Matrix Bharat Pte. Ltd. (MXB), a supplier of marine fuels in India, has begun physical operations in Mumbai. In conjunction with this, MXB has commenced operations on Jawahar Dweep, an island off the southeastern coast of Mumbai.   MXB is a joint venture between Matrix Marine Fuels and


Pacific Radiance, Allianz JV in Middle East

Photo: Pacific Radiance Group

 Crest Offshore Marine (COM), the wholly owned subsidiary of Pacific Radiance, has entered into a Joint Venture (JV) Agreement  with Allianz Offshore Middle East (AOME).  According to JV agreement, both companies are jointly incorporating a company in Singapore known as Allianz


Kalmar Delivers RTGs to Evergreen

Pic: Kalmar

 Kalmar, part of Cargotec, has successfully delivered five rubber-tyred gantry (RTG) cranes to Evergreen International Storage & Transport Corporation in Taiwan.  The cranes will be used in Taoyuan Inland Container Terminal and Hsichih Inland Container Terminal.  


NovaAlgoma Short-Sea Carriers Launched

Photo: NovaAlgoma Cement Carriers (NACC)

 Algoma Central Corporation and Nova Marine Carriers SA today announced the creation of a new joint venture that will focus on short-sea dry-bulk shipping for global markets.    This new joint venture, operating as NovaAlgoma Short-Sea Carriers, or NASC


Venezuelan Crude Sales to the US Down in March

Venezuelan crude oil sales to the United States declined in March for the third month in a row this year to 651,710 barrels per day due to falling exports of main grade Merey, according to Thomson Reuters trade flows data. Venezuela's crude output fell in 2016 to its lowest level in 23 years


Pemex Approves New Deep Water Gulf Joint Venture

The board of Mexico's state-owned oil company Pemex on Thursday approved its second-ever deep water joint venture covering the Nobilis-Maximino block in the country's territorial Gulf waters.   Reuters revealed details of the plan last week.    


U.S. FMC Unanimously Rejects Proposed Tripartite Pact

U.S. Federal Maritime Commissioner William P. Doyle

U.S. Federal Maritime Commissioner William P. Doyle issued the following statement regarding the FMC Decision:     Yesterday, I voted to reject the Tripartite Agreement proposed by Kawasaki Kisen Kaisha, Ltd. (K Line); Mitsui O.S.K. Lines Ltd. (MOL); and Nippon Yusen Kaisha (NYK)


ENGIE, AES to Expand LNG Partnership to Central America

ENGIE and The AES Corporation have agreed to enter into a joint venture to market and sell liquefied natural gas (LNG) to third parties in Central America.   The joint venture will utilize the Costa Norte LNG terminal currently under construction in Colón, Panama


Indian Warships visit Egypt

Photo: Indian Navy

 As part of the Indian Navy’s overseas deployment (OSD) to the Mediterranean Sea and the West Coast of Africa, two Indian warships, INS Mumbai and INS Aditya, arrived at Alexandria on May 5, 2017 for a three-day visit.   


Cuban Refined Oil Product Exports Drop Sharply

Cuban exports of refined oil products fell about 97 percent between 2013 and 2016, according to a United Nations trade report released this week, reflecting falling supplies from its political ally Venezuela.   The UN Comtrade annual report put the value of Cuban fuel exports last year at


Canada to Roll Out First Propane Export Terminal

Photo: Royal Vopak

 Royal Vopak and AltaGas have entered into a joint venture and will invest together in the development of the Ridley Island Propane Export Terminal (RIPET). RIPET is expected to be the first propane export facility off the west coast of Canada.  


Port of Sohar Opens New Auto Gate System

Photo: Sohar Port and Freezone

 As the container terminal operator at Sohar Port in Oman, Hutchison Ports is taking its next bold step towards modernisation and full automation, with the launch of its new Auto Gate system at Terminal C.    The Terminal already features remote-controlled quayside cranes capable


Hendry Marine Launches Business Development Team

Kristen Chittenden (Photo: Hendry Marine Industries)

U.S. tug-barge shipyard Hendry Marine Industries, Inc., (HMI) has launched a new business development team, with Kristen Chittenden appointed Director of Business Development, and Eric Smith named VP & Chief Commercial Officer.  Chittenden and Smith will work closely with Hendry


Euronav Bags Five-Year FSO Deals

Photo: Euronav NV

 Euronav's joint venture with International Seaways (INSW) has signed a contract for five years for the FSO Africa and FSO Asia in direct continuation of the current contractual service.    The contract was signed with North Oil Company (NOC)






 
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