Asia Pacific News

11 Feb 2019

Naval Group inks $36B Submarine Contract

Ā© marko okjan/AdobeStock

Australia signed a production contract with French shipbuilder Naval Group for a fleet of 12 new submarines, worth $35.5 billion, ending a two-year wrangle that cast doubt over one of the world's most lucrative defense deals.Australia selected the French builder as its preferred bidder for the fleet of submarines in 2016 ahead of other offers from Japan and Germany.However, final contracts were delayed amid domestic media reports of cost blowouts and production delays.Australia and Naval Group signed a Strategic Partnering Agreementā€¦

11 Feb 2019

Marine Lube Market: $5.9B by 2024

Image: Mobil

Marine lubricants market, which was above $4 billion in 2016, is expected to surpass consumption of 3.5 million tons, to exceed $5.9 billion by 2024.Asia Pacific marine lubricants market will record an annual growth rate of 4% over the 2016-2023, according to a new research report by Global Market Insights.Surging development in marine infrastructure across this region will augment the product demand. China, Japan, and South Korea are the prominent revenue contributors of the APAC region.

06 Feb 2019

Offshore Wind Energy Market to Grow 20%

Image: Siemens Gamesa

Global offshore wind energy market was valued at $2,727 thousand in 2019, and is expected to reach $11,334 thousand by 2025, registering a CAGR of +20% from 2019 to 2025, said a study.The global offshore wind energy market has been set blazing with a number of schemes that have recently began power production, according to Researchnreports. For instance, following the installation of its first 7-MW turbines, Scotland's biggest offshore wind farm has sent power for the first timeā€¦

04 Feb 2019

Container Market Grows at 8.6%

Pic: CXIC Group

The Global International Orginization for Standardization (ISO) Shipping Container Market is growing at a CAGR of 8.6% during 2017-2026, said a report.According to Stratistics MRC, growth of seaborne trade, growing demand for commodities and rising industrial expansion in China are the key driving factors for the market growth.However, factors such as the effect on the environment and fluctuating raw material prices are hindering the market growth, the market research report said.ISO container is any type of shipping container which is designedā€¦

03 Feb 2019

Anadarko Sells LNG to CNOOC

Image:  Anadarko Petroleum Corporation

U.S. oil giant Anadarko Petroleum said it has signed a deal with one of Chinaā€™s biggest importers to supply 1.5 million tonnes of liquefied natural gas (LNG) a year from Mozambique for a period of 13 years.The contract, signed by Anadarko and Chinaā€™s GNOOC Gas and Power Singapore Trading & Marketing, gives Chinaā€™s biggest liquefied natural gas importer access to world-class gas resources from Mozambique LNG, Mitch Ingram, executive vice president of Anadarkoā€™s International, Deepwater and Exploration divisionā€¦

31 Jan 2019

Eastern Pacific Shipping, Techstars Launch Tech Accelerator

Pic: Eastern Pacific Shipping

The international ship management company Eastern Pacific Shipping (EPS) has joined force with entrepreneur network Techstars to launch the first global maritime technology start-up accelerator.The EPS MaritimeTech Accelerator will be based in EPSā€™ headquarters in Singapore and this mentorship-driven startup accelerator partnership will be the first of its kind to target the maritime industry, said a company press release.ā€œThe merchant maritime industry is one of the oldest in the worldā€¦

23 Jan 2019

Offshore Drilling Market to Reach $152.47B by 2026

DrillPlan- Schlumberger Software. Image: Schlumberger

Global offshore drilling market accounted for $79.53 billion in 2017 and is expected to reach $152.47 billion by 2026 growing at a CAGR of 7.5%.Some of the important aspects that driven the market growth are huge investments on new offshore reserves and increasing demand for oil and gas, said a market research report by ResearchAndMarkets.However, the growth of offshore drilling market is inhibited by the regulations regarding environment and low oil prices. One of the major opportunities is the Arctic Discoveries.Based on serviceā€¦

21 Jan 2019

Floating LNG Power Vessel Market Set to Exceed USD 1 Bln

Image: Wison Offshore & Marine

The Global Floating LNG Power Vessel market accounted for $780.14 million in 2017 and is expected to reach $1,073.54 million by 2026 growing at a CAGR of 3.6% from 2017 to 2026.According to a market research report by ResearchAndMarkets, some of the factors such as growing demand for power coupled with the lack of power infrastructure and increase in hybrid fuel engines are fueling the market growth.However, factors such as high capital cost associated with operations, maintenanceā€¦

21 Jan 2019

AsiaPac Oil and Gas Industry Looks Up

Brice Le Gallo, Regional Manager, South East Asia & Australia, DNV GL - Oil & Gas

Confidence in the outlook for Asia Pacificā€™s oil and gas industry has more than doubled in the past two years, according to new research published by DNV GL, the technical advisor to the oil and gas industry.According to a new research from DNV GL, three quarters (76%) of senior oil and gas professionals in Asia Pacific are optimistic about the industryā€™s growth in 2019, compared with 58% in 2018 and 30% in 2017. The proportion of industry leaders who are confident in their own organizationsā€™ prospects has also risen from 59% last year to 74% in 2019.

21 Jan 2019

Ørsted, Tepco Join Forces for Japan Offshore Push

Image: Ƙrsted

Tokyo Electric Power Company Holdings (TEPCO) has signed a memorandum of understanding (MoU) with Danish energy business Orsted to work together on offshore wind projects.In a press release, TEPCO said that it had been ā€œexploring offshore wind business opportunitiesā€ in both Japan and overseas. Orsted is a world leader in wind energy and built the worldā€™s first offshore wind facility in 1991. Ørsted has constructed more than 25 offshore wind farms in Europe and has several large-scale offshore wind development projects in Europeā€¦

17 Jan 2019

Shipbuilding: Fitch Warns Over Hanjin Shipyard's Debt

Image: Hanjin Heavy Industries and Construction Co. Philippines

The exposure of five Philippine banks to financially distressed Hanjin Heavy Industries and Construction Co. Philippines (HHIC-Phil), which recently declared bankruptcy after it defaulted on over $400 million in loans, could put pressure on their credit ratings.Their exposure to what may well be the largest corporate default in Philippine banking history may put pressure on the credit ratings of local lenders, Fitch Ratings said.According to reports, Hanjin owes $412 million to Philippine banks. Another $900 million is owed to Korean banks.

16 Jan 2019

Subsea 7 Acquires Sealion Vessel

Seven Pegasus (Photo: Subsea 7)

Offshore contractor Subsea 7 announced Wednesday it has finalized the acquisition of a 2009-built multipurpose offshore construction and dive support vessel.The vessel Toisa Pegasus, formerly owned by Sealion Shipping, is to be renamed Seven Pegasus and will primarily support Subsea 7ā€™s operations in the North Sea and Asia Pacific, the company said.The 133-meter vessel will undergo a docking and crew familiarization program before commencing operations in quarter two 2019.Designed and built by IHCā€¦

15 Jan 2019

Offshore Wind Market Expected to Reach $50 bln by 2023

Image: Siemens

The global offshore wind energy market is poised to grow over USD 49.74 billion by 2023 at an estimated CAGR of around 11.12% during the period 2017 to 2023.The growth in this sector can be attributed to the increasing demand for clean and reliable energy in order to reduce the global carbon emissions and to maintain ecological balance by generating electricity through renewable resources, said a report by Market Research Future.However, high initiating capital cost of the projects with high maintenance cost and logistics issues, can hinder the offshore wind market.

11 Jan 2019

Petrofac Secures Brunei Contract

Image: Petrofac

Oilfield services provider Petrofac and its partner Serikandi Oilfield and Services Sdn Bhd, have secured a multi-annual Engineering Design Services contract to support Brunei Shell Petroleum (BSP) and Brunei LNG (BLNG) in Brunei.Petrofac and partner Serikandi will provide engineering across all phases of the asset lifecycle for the entire portfolio of onshore and offshore assets for BSP and BLNG. All engineering and design work will be undertaken in Brunei, with the team located at offices in Kuala Belait.Mani Rajapathyā€¦

04 Jan 2019

41 Flag States Recognize IRClass

Arun Sharma Executive Chairman, IRClass. Photo: Indian Register of Shipping (IRClass)

The Indian Register of Shipping (IRClass) said that it is now recognised by 41 flag states globally, seeing recent additions in 2018 from the Netherlands, Vietnam, Jordan and Bahrain.Towards the end of 2018, it also received approval from Abu Dhabi National Oil Company (ADNOC), strengthening its offshore portfolio in the Middle East and opened an office in the Kingdom of Saudi Arabia to better service its customers in the region.IRClass claimed in a press release that it continues to record steady growth in its classed fleetā€¦

04 Jan 2019

EWC Gets Philippines LNG Hub Permit

Image: EWC

Australiaā€™s Energy World Corp(EWC) said it has received a permit from the Philippines' department of energy (DoE) to construct an LNG hub at Pagbilao Grande island in Quezon province.The energy company, which produces and sells power and natural gas primarily in the Asia Pacific region, said in a stock exchange annoucement that DoE Secretary Alfonso G. Cusi on behalf of the department had issued Energy World Gas Operations Philippines, Inc. a permit to construct, own and operateā€¦

02 Jan 2019

Novatek, Saibu Gas Ink MoU

Image: Novatek

Russia's largest independent natural gas producer Novatek said it had agreed with Japan's Saibu Gas to study the possibility for the Russian company to enter the Japanese energy market.Novatek said in a press release that PAO Novatek and Saibu Gas Co Ltd signed a  Memorandum of Understanding (MOU), whereby the parties agreed to consider potential cooperation to enter the end-customer market and optimize Novatekā€™s LNG portfolio supplies to the Asia-Pacific region by utilizing Hibikiā€¦

01 Jan 2019

NYK Gets Green Loan for Methanol-Fueled Chemical Tanker

Pic: NYK Line

Japanese shipping giant Nippon Yusen Kabushiki Kaisha (NYK)  has secured a green loan of JPY 2 billion (USD 18.04 million) to finance the construction of its first methanol-fueled chemical tanker set for delivery in 2019."A green loan is a loan whose proceeds are used solely for the purpose of funding environment-friendly projects. NYK will continue to take steps for the development and use of technology linked to environmental performance by proactively promoting green finance, said a press release from the company.This green loan has been certified by Japan Credit Rating Agency Ltd.

19 Dec 2018

Neptune Energy Indonesia Gets New Managing Director

Eko Lumadyo, Managing Director of Neptune Energyā€™s Indonesian business. Photo: Neptune Energy

The oil and gas producer Neptune Energy has announced the appointment of Eko Lumadyo as Managing Director of its Indonesian business, based in Jakarta.Lumadyo will join Neptune from Mandala Energy Indonesia, where he is currently Country President and General Manager.Lumadyo has more than 30 yearsā€™ experience in upstream oil and gas exploration, development, planning, operations and commercial affairs. He started his career with Unocal as a geophysicist and progressed within theā€¦

13 Dec 2018

Yara Opens Shanghai Office

Yara Marine Opens Shanghai Office. From left to right: William Gao, Michael Chang ( general manager) Alice Li, John Jiang (Photo: Yara Marine)

As the demand for its exhaust gas cleaning systems -- aka. 'scrubbers' -- has grown, Yara Marine Technologies  opened its new office in Shanghai. Peter Strandberg, CEO, Yara Marine, explains: ā€œA large percentage of scrubber installations will be executed in the Asia-Pacific region. A strong local presence in Shanghai is key to global customer support and our business."To date Yara Marine has delivered more than 100 scrubbers representing an aggregate operation of some two million hours.

13 Dec 2018

Quantum Pacific: $40m 'Green Loan' for Scrubbers

Image: Quantum Pacific Shipping Services

Singapore-based Quantum Pacific Shipping (QPS) has received a loan from BNP Paribas to finance the purchase and installation of exhaust gas cleaning systems on its vessels.The loan up to $40 million is arranged on Quantum Pacificā€™s behalf by its management company Eastern Pacific."BNP Paribas is the lender, agent and security trustee for the Green Loan, which finances the cost of purchasing and installing marine exhaust gas cleaning systems (Scrubbers) for 16 vessels under the QPS fleetā€¦

05 Dec 2018

Floating LNG in Asia Finds Buyers as Prices Plunge

Atypical LNG carrier enroute to berth. (File image / Adobestock / Ā© Fotmart

Nine or more tankers on the way or discharged into Asia, while at least five still holding LNG off Singapore.Several liquefied natural gas (LNG) cargoes that had been stored on vessels in Asian waters are now heading towards buyers' terminals in China, Japan or South Korea as spot prices for the super-chilled fuel have plunged this week to multi-month lows.At least nine LNG tankers are now on their way or have already offloaded cargoes to buyers after floating off Singapore, Malaysian or South China waters for up to two monthsā€¦

04 Dec 2018

Rising Ship Supply Eases LNG Charter Rates

File Image: a fully laden LNG tanker transits the Med in this recent image. Credit: Robert Murphy

Limited availability drove LNG shipping rates to highs; but prices now falling as more ship supply becomes available.Inflated spot charter rates for liquefied natural gas (LNG) tankers are easing as more ships becoming available, which could help increase LNG trade if Asian demand rises in coming months.LNG charter rates are a key component of spot LNG trade, dictating the way the super-cooled gas is transported. Charter rates usually follow the price of LNG, which has fallen since September due to sluggish demand from Asian buyers.Rates have remained high for most of this yearā€¦

Maritime Reporter Magazine Cover Feb 2019 - Ferry Builders

Maritime Reporter and Engineering Newsā€™ first edition was published in New York City in 1883 and became our flagship publication in 1939. It is the worldā€™s largest audited circulation magazine serving the global maritime industry, delivering more insightful editorial and news to more industry decision makers than any other source.

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