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Russia's Yamal LNG Project May Tap Wealth Fund in 2014

Yamal megaproject

  Russia's Novatek may get funds from the National Wealth Fund for its Yamal LNG project before the year-end, a minister said, as part of government plans to support sanction-hit companies. Russia's No.2 gas producer, co-owned by an ally of President Vladimir Putin, Gennady Timchenko, was put on the Western sanctions list over Moscow's role in the Ukraine crisis, limiting its ability to raise funds in Western markets. The government has pledged to support sanctions-hit companies irrespective of their shareholder structure, using National Wealth Fund as one of the options. Under the plan, NWF may buy bonds issued by some of such firms. The Economy Ministry received Novatek's request for support in the amount of 100 billion to 150 billion roubles ($2.6-3.9 billion) - in line with the figures provided by Finance Ministry on Friday. "We will give our conclusion on the strategic importance of this project in October and by the end of the year I think we can move toward granting the NWF funds," Deputy Economy Minister Nikolai Podguzov said on Saturday. Podguzov added that Novatek's bonds that the NWF could buy would likely carry an interest equal to an annual inflation rate plus 1 percentage point and have a maturity of around 20 years. Novatek leads the $27 billion Yamal LNG project in Russian Arctic, which is expected to more than double Russia's share on the global liquefied natural gas market. France's Total and China's CNPC co-own the project


COSCO Mulls Hanjin Port Asset Purchase

GwangyangTerminal.jpg

China's COSCO Shipping Co Ltd may consider buying the port assets of troubled South Korean firm Hanjin Shipping Co Ltd, Chinese online finance magazine Caixin reported on Wednesday. But COSCO Shipping has no plans to buy the world's seventh-largest container carrier's ships, Caixin cited the Chinese firm's Chairman Xu Lirong as saying. Hanjin Shipping collapsed last month. Earlier on Wednesday, a South Korean court said it has not yet decided whether a sale of the company is necessary


Petroecuador Tenders to Buy High Octane Naphtha

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State-run Petroecuador has launched two tenders to buy a total of 22 cargoes, 240,000 barrels each, of high octane naphtha RON 87 and 93 for delivery starting on May 21-23, according to documents seen by Reuters on Thursday.   The big imports by Ecuador's oil company come as it prepares to completely halt its largest refinery, Esmeraldas, from October to November for a major renovation.   The company previously launched a similar tender earlier this month to buy 14 cargoes of


Colombia's Ecopetrol Offers To Buy ULSD & Gasoline

  Colombia's state-run Ecopetrol launched a tender to buy a 68,000-70,000 barrel cargo of ultra low-sulfur diesel (ULSD) and a 91,000-95,000 barrel cargo combining ULSD and gasoline, according to a document seen by Reuters on Wednesday. The shutdown of a key pipeline in Colombia since March has affected the oil company and other producers in the Andean country. Exports of medium Vasconia crude have declined in recent weeks, according to traders.


Bahri to Buy Five More Oil Tankers from Hyundai Heavy

National Shipping Company of Saudi Arabia (Bahri) has signed a deal to buy a further five very large crude tankers from ship builder Hyundai Heavy Industries, the exclusive oil-shipper for Saudi Aramco said on Wednesday. Hyundai agreed a contract in May to build five tankers and deliver them to Bahri in 2017. The deal included an option to buy five more, which Bahri is now taking up according to the latest announcement.


Prices Ease Though Argentine Demand Limits Losses

Argentina tenders for 19 cargoes. Asian spot prices for liquefied natural gas (LNG) eased under pressure from growing supplies though fresh demand from Argentina limited losses, traders said. LNG for May delivery in Asia eased to $4.50 per million British thermal units (mmBtu), down 5 cents from the previous week. Traders said prices were supported by Argentina's tender to buy 19 LNG cargoes for May to August delivery, following a large purchase earlier in the week


Frontline Buys Two Tankers

Norwegian shipping firm Frontline is to buy two 1993 tankers from Wilh. Wilhelmsen for a total of $90 million in shares and cash. It will reportedly pay Wilhelmsen 2.96 million Frontline shares and $62 million in cash for the two VLCCs, Tartar and Tarim. Wilhelmsen would book a loss of $15 million from the sale, Frontline said. The vessels are scheduled to be delivered during May/June.


American Superconductor Announces Filing of Amendment to Public Offering

American Superconductor Corporation announced has filed an amendment to the registration statement it filed with the Securities and Exchange Commission on August 29, 2003 for its proposed public offering of 4,000,000 shares of its common stock. The offering will include an option for the underwriters to purchase up to an additional 600,000 shares to cover over-allotments, if any. The lead underwriter for the offering will be


PetroChina May Buy Overseas


LNG Price Gains Face Ceiling as New Supply Emerges

Asian spot liquefied natural gas (LNG) prices rose this week on the back of rallying gas benchmarks in Europe and a production outage in Angola.   The price of LNG for December delivery was $7.20 per million British thermal units (mmBtu), up around 25 cents from a week earlier, buoyed by gains in British month-ahead gas prices.   UK December gas rose as much as 10 percent this week.   Further LNG spot gains may be capped as prices close the gap with long-term


Subchapter M Survey Reports

© Adam Parent / Adobe Stock

The advent of the subchapter M towboat rules – even though the bulk of the rules don’t come into effect until July of 2018 – requires a close look at your equipment. How you go about that important task will make all the difference.  


GOGL Adds Dry Bulk Vessel

Golden Shui. Photo: Golden Ocean Group Ltd

 Norway-based dry bulk shipping company Golden Ocean Group Limited (GOGL) has taken delivery of a dry bulk which it bought in March 2017.   On 14 March 2017, GOGL announced that it has entered into agreements to acquire 16 modern dry bulk vessels in an all-share transaction where the


Flex LNG signs deals to buy six new vessels

Image: Flex LNG

Oslo-listed Flex LNG has signed contracts to buy six new liquefied natural gas (LNG) vessels for its fleet by 2019, as it bets on increasing fuel demand from Britain and other countries, its chief executive told Reuters.   The gas shipping company said earlier this year it was considering


Energean Signs First Deal to Supply Gas to Israel

Photo: Energean Oil & Gas S.A

 Greek developer Energean Oil & Gas has secured its first gas supply deals for Israel's Karish and Tanin reservoirs, Reuters reported.   The deals were signed with Dalia Power, which operates Israel's largest private power station, and Or Power


Japan Steelmakers Scramble for Coking Coal

File Image (CREDIT: AdobeStock / (c) Lukasc Z) )

Japanese steelmakers have bought coking coal from the United States, Canada and China to replace supply lost after a cyclone closed rail links in Australia, their biggest supplier, industry and trader sources said.   Still, the Japanese buyers are paying nearly double the $150 a tonnes


Economic Indicators Pointing Up -BIMCO

© Dmitry V. Petrenko / Adobe Stock photo

The recent months’ uptick in global indicators, which implies a strengthening in the global economy, is not sufficient for the patient to be discharged yet. The state of the global economy is still uncertain, despite stronger growth dynamics in advanced economies, and not least in China.


Maersk Line Deploys First Second-gen Triple-E

Madrid Maersk (Photo: Maersk Line)

Four years after the arrival of the first Triple-E vessel, Maersk Line has now deployed Madrid Maersk, the first of its second-generation Triple-E containerships.   With nearly 2,000 more TEU capacity than the prior generation Triple Es, the 20


Gail India Seeks Three LNG Cargoes in H2

Gail India has launched a tender to buy three liquefied natural gas (LNG) cargoes in the second half of 2017, trade sources said.   The importer is seeking a cargo for July, September and November, they said. (Reporting by Oleg Vukmanovic


North River Boats Charts its Future as Newly Formed ESOP

Photo: North River Boats

North River Boats, one of the largest private employers in Roseburg, Ore., has new partners – more than one hundred of them. CEO Brent Hutchings informed his entire company of a newly formed employee stock ownership plan (ESOP) that will help him transfer over time a third of his ownership


Turkey, Pakistan Sign Warship Deal

Turkey and Pakistan have signed a memorandum of understanding for the sale of four Turkish made corvette warships and 52 Pakistan-made training planes for Ankara's armed forces, Turkey's defence industry undersecretariat said on Wednesday.


Hanssons Increase Stake in Nordic American Offshore

File photo: NAO

The executive chairman of Nordic American Offshore Ltd. (NAO) and his family have increase their holding in the company, now holding shares equivalent to 5.4 percent of NAO.   On Wednesday a company owned by the NAO executive chairman, Herbjorn Hansson, and his son, Alexander, bought 500


SEACOR Declares Spin-Off Dividend of SEACOR Marine Shares

SEACOR Holdings Inc. and SEACOR Marine Holdings Inc. announced the timing and details regarding the spin-off of SEACOR Marine from SEACOR. The SEACOR board of directors has declared a pro rata dividend of the shares of SEACOR Marine common stock owned by SEACOR that will result in the complete


China's Shandong Tanks Are Full, Tankers Await Discharge

File Image: Credit BMT

Most crude tankers float for less than a week; half of fuel oil tankers are carrying bitumen mixture.   More than 20 tankers carrying crude and fuel oil are anchored off the ports of China's eastern Shandong province, as onshore storage tanks are full


Germany Halts Planned Warship Purchase

Germany's federal cartel office upheld on Thursday a complaint brought by German Naval Yards against an order from the defence ministry for five new military corvettes valued at over 1.5 billion euros, after the ministry skipped an open procurement.  


Death Toll On The Rise at Chittagong Shipbreaking Yards

Photo Courtesy: NGO Shipbreaking Platform – Hanjin Rome beached in Chittagong, Bangladesh

 Two workers lost their lives at the Chittagong shipbreaking yards in the last two weeks, bringing the total death toll this year to six workers, reports NGO Shipbreaking Platform.   On 6 May, 26-year-old Shahinoor died at Jamuna Shipbreaking yard






 
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