Oil Up as U.S., China hit the Trade War Pause Button
Oil prices rose on Monday as markets reacted to news that China and the United States have put a looming trade war between the world's two biggest economies "on hold". Brent crude futures were at $79.13 per barrel at 0121 GMT, up 62 cents, or 0.8 percent, from their last close. Brent broke through $80 for the first time since November 2014 last week. U.S. West Texas Intermediate (WTI) crude futures were at $71.83 a barrel, up 55 cents, or 0.8 percent, from their last settlement. The U.S. trade war with China is "on hold" after the world's largest economies agreed to drop their tariff threats while they work on a wider trade agreement, U.S. Treasury Secretary Steven Mnuchin said on Sunday, giving global markets a lift in early trading on Monday.
Intermarine To Add 15 New Vessels
As part of its ongoing commitment to provide the highest level of service to its heavy lift and project cargo customers, Intermarine, LLC (Intermarine) is adding 15 new vessels to their fleet. “We are launching our fleet renewal program with long term charters on a series of new vessels from Sanfu Shipyard & Huanghai, two of the foremost builders of ships in China. These state-of-the-art, fuel-efficient, eco-friendly new builds further enhance and validate our commitment to being a high quality partner and operator in heavy lift/project transport.
POSH Terasea Forms World’s Largest and Youngest Fleet
PACC Offshore Services Holdings (POSH), through its EPIC division, has announced the formation of a joint venture company POSH Terasea Pte Ltd with Terasea Pte Ltd (Terasea). POSH will contribute to the JV a fleet of five specialized Anchor Handlers (12000BHP to 13500BHP) while Terasea contributes four units of newbuilding modern deepwater 16000BHP Anchor Handlers, to be delivered successively over the next 11 months. With this merger, Posh Terasea will operate the largest and youngest fleet of vessels for the ocean towage market.
Shanghai MHI Begin Diesel Engine Production
Shanghai MHI Engine Co., jointly established by Mitsubishi Heavy Industries, Ltd. (MHI) & Shanghai Diesel Engine Co. (SDEC) now manufacturing. Shanghai MHI Engine was established this February based on a JV agreement signed in March last year between MHI and SDEC. The JV is capitalized at 200 million yuan (approx. 3 billion yen), with ownership divided equally between the two companies. It manufactures industrial-use diesel engines with power outputs in the 500 to 1,600 kW range under a manufacturing and marketing license from MHI. Leveraging MHI's advanced technology in industrial-use diesel engines and SDEC's vast domestic networks in procurement…
Shanghai MHI, JV with Shanghai Diesel Engine Begin Operation
Shanghai MHI Engine Co., Ltd., a manufacturer and marketer of diesel engines jointly established by Mitsubishi Heavy Industries, Ltd. (MHI) and Shanghai Diesel Engine Co., Ltd. (SDEC) – a Chinese diesel engine manufacturer – has launched operation. The JV aims to establish a solid position in the Chinese market for industrial-use diesel engines by building up market share through more competitively priced products. To celebrate the commencement of operation, Shanghai MHI Engine held an opening ceremony at the company's site in Yangpu District, Shanghai.
Japanese Joint Venture on LNG Carriers
Mitsubishi Heavy Industries (MHI) and Imabari Shipbuilding jointly establish the MI LNG Company, Limited. Through establishment of the JV, the two companies aim to proactively prepare a structure capable of responding to large-scale LNG carrier construction projects, which are expected to increase in tandem with expanding global demand for LNG. By combining MHI's technology development capabilities and Imabari Shipbuilding's cost competitiveness, supported further by the effective management of their respective shipyards…
Royal Alfred Becomes a Dementia Friend
A maritime care home has joined the national Dementia Friends campaign as part of its ongoing drive to both expand its specialist care provision and provide a wider support network for the families of residents suffering from the disease. The announcement comes in the run up to this year’s Dementia Awareness Week (May 19-25, 2013), designed to promote greater awareness about the disease and the support available. The Royal Alfred Seafarers’ Society, which opened its specialist care unit in 2011…
Rolls-Royce & Hispano-Suiza MoU for Transmission Systems
Rolls-Royce and Hispano-Suiza (Safran) have signed a Memorandum of Understanding (MoU) to establish an exclusive long term joint venture (JV) for the development of world-leading accessory drive train transmission systems. The new business will be a 50:50 JV which addresses the entire product lifecycle of Rolls-Royce civil aero engine applications. The JV will have activities in France, UK and Germany, as well as a competitive production facility. The headquarters will be in France. The JV will call on the complementary resources and expertise of its two parent companies.
Igor Sechin Held Negotiations in Venezuela
Rosneft President Igor Sechin held talks with the Minister of Popular Power for Oil and Mining and President of Petróleos de Venezuela, SA (PDVSA ), Rafael Ramirez Carreno. The parties discussed a wide range of issues regarding current cooperation between the companies, Rosneft activities in Venezuela and the outlook of development of new projects. Currently Rosneft and PDVSA cooperate in the realization of 5 Joint Ventures in the upstream sphere in Venezuela. Project Carabobo-2,4 (JV Petrovictoria). JV PetroMonagas. Project Junin-6 (JV PetroMiranda). JV Boqueron. JV Petroperija.
Pacific Radiance, Allianz JV in Middle East
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 Radiance (ARPL). ARPL has been incorporated on the same date. AOME is a company incorporated in Saint Vincent and The Grenadines. Under the terms of the JV Agreement, COM and AOME respectively will hold 51% and 49% equity interest in ARPL, making ARPL as indirect subsidiary of the Company.
Coast Guard Rescues Three from Sinking Tug
A boat crew from Coast Guard Station Port O'Connor rescued three men off the sinking tug, Charles Alfred, May 27 in San Antonio Bay, approximately six miles south of Seadrift, Texas.The crew of the Charles Alfred contacted the Coast Guard at 9:25 p.m. and reported that they were sinking. Two boat crews from Station Port O'Connor, Texas, and a helicopter crew from Air Station Corpus Christi, Texas, responded. The three crewmembers were safely rescued from the tug and taken to Station Port O'Conner.The Charles Alfred was towing a barge, carrying 9,700 barrels of cyclohexane, alongside when it began to sink. The barge is keeping the tug from completely sinking. Both are in shallow water and are not blocking any ship traffic.
Merchant Navy Vets Encourage Youngters to Learn, Remember
A group of veteran seafarers are encouraging youngsters to consider what has become an important but ‘forgotten profession’ as the country prepares to celebrate Merchant Navy Day on September 3. Residents at the Royal Alfred Seafarers’ Society, a Surrey based home which provides dedicated accommodation and care to former seafarers and their dependants, said there is not enough awareness of the important role the Merchant Navy plays in our society among the younger generation.
Former Seafarers Encourage Youngsters to Consider Maritime Careers
World Travel, Camaraderie and Exciting Voyages Characterise a Career in the Maritime Industry, but Employment Figures Show Disinterest. A group of former seafarers encouraged youngsters to consider important professions in the Royal and Merchant Navy, on World Maritime Day on Friday 30 September. Residents at the Royal Alfred Seafarers’ Society, a Surrey based home which provides dedicated accommodation and care to former seafarers and their dependants, said there is not enough awareness of the important role the Merchant and Royal Navy play in our society among the younger generation.
Former Seafarers Encourage Youth
A group of former seafarers encouraged youngsters to consider important professions in the Royal and Merchant Navy, on World Maritime Day on Friday 30 September. Residents at the Royal Alfred Seafarers’ Society, a Surrey based home which provides dedicated accommodation and care to former seafarers and their dependants, said there is not enough awareness of the important role the Merchant and Royal Navy play in our society among the younger generation. Great Britain’s maritime sector is the largest in Europe…
Saudi Aramco, Hyundai Heavy Sign MoU
Saudi Aramco, Dussur – the Saudi Arabian Industrial Investments Company, and Hyundai Heavy Industries (HHI) announced a Memorandum of Understanding (MOU) to jointly collaborate on engines and pumps business development in the Kingdom of Saudi Arabia. The MOU lays out an engine and pump business cooperation framework, through the formation of a joint venture (JV) to manufacture two-stroke engines, four-stroke engines and marine pumps; including sales and aftersales services in the MENA region.
Seafarers Hit the High Notes
The Royal Alfred Seafarers’ Society’s Christmas Carol Service Helps Residents Remember. Dementia residents at The Royal Alfred Seafarers’ Society will be hitting the high notes this Christmas at a carol service which marks the culmination of an innovative programme of ‘musical therapy’ introduced this year to help their condition. The care home, which provides dedicated nursing and respite care to former seafarers and non-seafarers, introduced singing and music sessions to help relax residents’ minds and take the fear out of the condition which affects 750,000 in the UK.
Ng Joins A/S Dan-Bunkering Ltd.
A/S Dan-Bunkering Ltd. Shanghai Rep. Office is pleased to announce that as of 12 August 2013, Alfred Ng has been employed as Marketing Executive. Alfred is originally from Guangzhou, China, and has been working with different parts of the bunker business since 2009. He has joined the team in Shanghai which now consists of 9 employees.
Jaccar Holdings & Hartmann form JV
Jaccar Holdings of Luxemburg and Hartmann Group of Leer, Germany, announce the establishment of a joint venture for the commercial management of ethane carriers. The new company, “United Ethane Carriers” or UEC, will be based in Singapore. Its purpose is to develop the ethane business, focusing on marketing, branding and commercial management of ethane carriers internationally. “We’ve known each other for a long time now, meaning that we also know and appreciate the other one’s strengths”, says acques de Chateauvieux, CEO of Jaccar Holdings.
Northern Sea Route Ice-free Soon?
The Northern Passage, the sea route along the North coast of Russia, is expected to be free of ice early again this summer. The forecast was made by sea ice physicists of the Alfred Wegener Institute for Polar and Marine Research in the Helmholtz Association based on a series of measurement flights over the Laptev Sea, a marginal sea of the Arctic Ocean. Amongs experts the shelf sea is known as an “ice factory” of Arctic sea ice. At the end of last winter the researchers discovered large areas of thin ice not being thick enough to withstand the summer melt.
Major Offshore Wind Turbine Manufacturers Form Joint Venture
Industry majors, Gamesa and Areva, have announced exclusive negotiations to create a 50/50 joint-venture company in the field of offshore wind power. The principals consider that the offshore market represents one of the most promising areas for the development of renewable energies over the next decade, particularly in the coastal countries of northern Europe, where the installed base should reach over 25 GW by 2020, and in Asia. The two companies believe that by joining forces they will become leading players in the global offshore wind market.
Morgan Stanley May Run Larger Tankers for Oil Trades
Morgan Stanley plans to expand its oil tanker business as global demand for crude rises, according to two people briefed on the discussions, according to Bloomberg. The company is considering operating suezmaxes, 1 million- barrel vessels that would be the largest Morgan Stanley controls, said the people, who declined to be identified because the plan is still being debated. The ships often haul crude from West Africa and the Black Sea to the U.S. and Europe. Morgan Stanley, which has traded crude oil since 1984, wants to bolster its shipping unit to compete with companies such as Glencore International AG and Vitol Group. The New York-based company purchased a tanker operator last year for $200 million.
MHI, Siemens Establish Production Machinery Joint Venture
Today Mitsubishi Heavy Industries, Ltd. (MHI) concluded an agreement with Siemens AG of Germany calling for the establishment of a joint-venture company (JV) in steel and metal production machinery effective as of January 2015 subject to regulatory approvals. According to MHI, the move has two aims: expansion of the product line in the steel and metal production machinery business and acceleration of globalization. The JV will swiftly take steps to put in place a structure enabling the provision of a full lineup of products involved in everything from upstream to downstream processes…
Abu Dhabi Ports Signs a 30-year Deal with MSC to Build Terminal