MOL: LNG Carrier Delivered for SINOPEC LNG Project
Mitsui O.S.K. Lines, Ltd. today announced that the LNG carrier CESI Qingdao — ordered by a joint venture of MOL, China COSCO Shipping Corporation Limited and China Petroleum & Chemical Corporation (SINOPEC) — was delivered at Hudong-Zhonghua Shipbuilding (Group) Co., Ltd. (Hudong) on January 6. The CESI Qingdao is the second vessel to serve the China FOB Transportation Project” (*1) announced in April 2013, and will sail under a long-term charterto transport LNG that SINOPEC purchases from the Australia Pacific LNG project. A total of 6 LNG carriers will be built at Hudong for the project.
Mitsui Delivers Second LNG Carrier to Sinopec
Mitsui O.S.K. Lines (MOL) has announced that the LNG carrier CESI Qingdao - ordered by a joint venture of MOL, China COSCO Shipping Corporation Limited (China COSCO Shipping) and China Petroleum & Chemical Corporation (SINOPEC) - was delivered at Hudong-Zhonghua Shipbuilding (Group) Co., Ltd. (Hudong) on January 6. The CESI Qingdao is the second vessel to serve the China FOB Transportation Project" announced in April 2013, and will sail under a long-term charter to transport LNG that SINOPEC purchases from the Australia Pacific LNG project.
"Vladimir Rusanov" Completes First Eastern Transit
Mitsui O.S.K. Lines (MOL) announced that the Ice-Breaking LNG Carrier "Vladimir Rusanov", which is jointly owned by MOL and China COSCO Shipping Corporation, has successfully arrived at the Bering Strait. The vessel carried out a LNG loading operation in the Yamal LNG plant at Sabetta port, before sailing for the Far East via the Northern Sea Route on 25 June. The vessel safely arrived at the Bering Strait on 6 July, and is planning to call Jiangsu Rudong port in China for an unloading operation of its LNG cargo.
Ice-Breaking LNG Carrier Vladimir Rusanov First Call at PetroChina LNG Jiangsu Terminal
Mitsui O.S.K. Lines (MOL) announced that the Ice-Breaking LNG Carrier "Vladimir Rusanov", which is jointly owned by MOL and China COSCO Shipping Corporation Limited for the Yamal LNG project, made its first call at PetroChina LNG Jiangsu Terminal in China on 17 July.A ceremony celebrating this milestone was held on 19 July.At the end of March 2018, the vessel started transportation services for LNG produced by the Yamal LNG plant at Sabetta port in Russia. For its latest voyage…
OOIL, COSCO Deny Deal Rumors
China Cosco Shipping Corporation Limited (Cosco Shipping) and Orient Overseas (International) Limited (OOIL) denied reports that they are in negotiations for Cosco Shipping to take over OOIL subsidiary Orient Overseas Container Line (OOCL). Rumors about a deal for OOCL have grown over recent months, amid market consolidation and shake-up as the industry struggles to recover from a slump in freight rates linked to a glut of ships and slowing Chinese economic growth, reports Reuters. OOIL has denied knowledge of any potential bid for its container shipping business OOCL.
LNG Carrier CESI Lianyungang Delivered
Mitsui O.S.K. Lines (MOL) announced the delivery of the LNG carrier CESI Lianyungang, which was ordered by the joint venture of China COSCO Shipping Corporation Limited (CCSC) and China Petroleum & Chemical Corporation (SINOPEC), at Hudong-Zhonghua Shipbuilding (Hudong) on May 31. The CESI Lianyungang is the sixth vessel in the China LNG Transportation Project announced in April 2013, and will sail under a long-term charter transporting LNG that SINOPEC purchases from the Australia Pacific LNG Project.
COSCO Ports and CMA Terminals Join Forces
Cosco Shipping Ports has signed a memorandum of understanding (MOU) with CMA Terminals Holding in Shanghai. The two parties have agreed to seek cooperation in ports worldwide and preference will be given to ports that the Ocean Alliance calls. Meanwhile, both sides have also agreed to provide support in terms of business and service to the ports that the other side has already invested. Zhang Wei, Vice Chairman and Managing Director of Cosco Shipping Ports and Farid Salem, Executive Officer of CMA CGM Group signed the MOU in the presence of Huang Xiaowen…
MOL Delivers LNG Carrier CESI Beihai to SINOPEC
Mitsui O.S.K. Lines (MOL) today announced that the LNG carrier CESI Beihai-ordered by a joint venture of MOL, China COSCO Shipping Corporation Limited (China COSCO Shipping), and China Petroleum & Chemical Corporation (SINOPEC)-was delivered at Hudong-Zhonghua Shipbuilding (Group) (Hudong) in Shanghai on June 1. The CESI Beihai is the third vessel to serve the China FOB Transportation Project" announced in April 2013, and will sail under a long-term charter to transport LNG that SINOPEC purchases from the Australia Pacific LNG project.
Maersk Fights to Stay on top as Containership Downturn Deepens
Denmark's Maersk Line is fighting to remain the world's no.1 container shipping carrier as a wave of mergers and acquisitions, particularly in Asia, creates new challengers trying to grab a bigger share of a depressed market. Maersk itself hasn't made a major acquisition for more than a decade but says it might be open to "the right opportunity", although doubters believe such deals risk accumulating ships without securing enough customers. A unit of oil and shipping group A.P. Moller-Maersk , the line has a 15 percent share of the overall container market.
COSCO Says Piraeus Port Sale Terms Inconsistent with Deal
COSCO Greece objected on Wednesday to terms submitted to parliament for the sale of Piraeus Port to China COSCO Shipping, saying they were inconsistent with those previously agreed with the Greek privatisation agency. Greece sealed the sale of Piraeus Port Authority to China COSCO Shipping Corporation in April, a major step for the bailed-out country in meeting the demands of international creditors that it step up privatisations. Under the 368.5 million euro (£298 million) deal…
CSCL to Change Name to Cosco Shipping Development
China Shipping Container Lines (CSCL) has proposed to change its name to Cosco Shipping Development Co (CSDC), in line with the company’s future business strategy and as a group member of China Cosco Shipping Corporation (Coscocs). "China Shipping Container Lines Co., Ltd. Board of Directors hereby announces that, in view of the Major asset restructuring program the company has been related to the motion of the Company and in February 1, 2016 the first meeting of 2016 Extraordinary General Meeting…
LNG Carrier CESI Tianjin Delivered for SINOPEC LNG Project
Mitsui O.S.K. Lines (MOL) announced that the LNG carrier CESI Tianjin, which was ordered by the joint venture of MOL, China COSCO Shipping Corporation Limited (China COSCO Shipping) and China Petroleum & Chemical Corporation (SINOPEC), was delivered at Hudong-Zhonghua Shipbuilding (Group) Co., Ltd. (Hudong) on September 26. The CESI Tianjin is the fourth vessel to serve the LNG transport project for SINOPEC announced in April 2013, and will sail under a long-term charter contract to transport LNG that SINOPEC will purchase from the Australia Pacific LNG Project.
More Chinese Ships to Use Arctic Route
China will send more ships flying its flag to take the Northwest Passage via the Arctic Ocean to cut travel times between the Atlantic and Pacific oceans, says the state news agency Xinhua. The world's largest maritime carrier China COSCO Shipping Corporation will send more cargo vessels on Arctic voyages through the Northeast Passage. COSCO's freighter Yongsheng set out Saturday in northern port city of Tianjin for Britain. The ship will travel through the Arctic Ocean shipping route for the third time following voyages in 2015 and 2013…
MOL, China COSCO Shipping Own 4 LNG Carriers Yamal LNG
Mitsui O.S.K. Lines (MOL) announced that China COSCO Shipping Corporation Limited will take an equity stake in the MOL wholly owned subsidiary that will own four LNG carriers serving the Russia Yamal LNG project. The ownership will be split 50%-50% between MOL and China COSCO Shipping. MOL has already signed long-term charter contracts for the four LNG carriers through its wholly owned company. This is the fourth joint LNG project involving MOL and China COSCO Shipping, following one for ExxonMobil (a total of four vessels were delivered from 2015 through 2017)…
Cosco Shipping Bids for Cogent
Cosco Shipping International has issued formal offer documents for its S$1.02 per share bid to privatise Cogent Holdings, reported Business Times. Cosco said that acceptances of the offer must be received no later than 5.30pm on Jan 5. Cosco Shipping had announced on Nov 3 that it is acquiring and privatising Cogent for S$488.07 million. Cosco Shipping had announced on Nov 3 that it is acquiring Cogent for S$488.07 million. The report quoted Cosco Shipping as saying that the rationale for the acquisition is to acquire control in one of Singapore's leading full service…
China COSCO Falls to H1 Net Loss
China COSCO Holdings Co Ltd fell to a first-half loss hurt by a persistent slump in the global container market, the world's fourth largest container shipper said on Thursday. COSCO Shipping reported a first-half loss of 7.2 billion yuan ($1.08 billion yuan) versus a profit of 1.9 billion a year earlier, the company said in a filing to the Shanghai stock exchange. COSCO is grappling with weak global demand that has dragged down the sector. In the first quarter, it reported a net loss of 4.5 billion yuan.
Asia’s Biggest Container Shipper Posts Loss
Asia’s largest container shipping company China Cosco Holdings Co posted a net loss of Yuan7.2bn ($1.1bn) for the first six months of 2016, reversing the Yuan2bn net profit seen during the same period last year as excess capacity dragged down cargo rates. China COSCO is part of China Cosco Shipping Corporation (COSCOCS), a shipping giant created earlier this year from the state-driven merger of former rivals China Ocean Shipping (Group) Company and China Shipping Group. China COSCO said in a statement that global container shipping market has been sluggish since the second half of 2015…
Ice-Breaking LNG Carrier for Yamal LNG Project Named Vladimir Rusanov
Mitsui O.S.K. Lines (MOL) announced that on December 21, a naming ceremony for an ice-breaking LNG carrier, which was jointly ordered by MOL and China COSCO Shipping Corporation Limited (China COSCO Shipping), was held at Daewoo Shipbuilding & Marine Engineering (DSME). As a crowd of VIPs and personnel related to the project looked on, the newbuilding vessel was named the "Vladimir Rusanov" by Ms. Veronika Makeeva of PAO Novatek, the major shareholder of the Yamal LNG project. The name is derived from Russian Arctic explorer and geologist.
China Rolls-out World's Second-Largest Ore Carrier
The second-largest ore carrier in the world was officially named Yuanhehai and delivered to China Ore Shipping, affiliated with China Cosco Shipping Corporation, in Shanghai, the state media reported. The 400,000-dwt mega ship, which is 362 meters long, 65 meters wide and 30.4 meters high, was delivered almost a year after the deal was made in 2016, China News Service reported. The Yuanhehai is the second-generation very large ore carrier (VLOC) designed by Shanghai Waigaoqiao Shipbuilding Company. The delivery was the first ship of the second-generation VLOC.
COSCO Ports Arm Inks Terminal Deal in Abu Dhabi
Abu Dhabi Ports has signed a container terminal concession agreement with COSCO SHIPPING Ports Limited - Abu Dhabi (CSPL SPV), a wholly-owned subsidiary of container terminal operator COSCO SHIPPING Ports Limited, a subsidiary of China COSCO SHIPPING Corporation Limited. The event was held in the presence of His Excellency Dr. Sultan Ahmed Al Jaber, the UAE Minister of State and Chairman of Abu Dhabi Ports, Zheng Chiping, Deputy Director of the foreign investment department of the National Development and Reform Commission of PRC and Wan Min…
Cosco Raises $1.8bln Capital
China’s COSCO Shipping Development Co Ltd announced a proposed nonpublic issuance of about 3.28 billion shares to specific investors, including its parent company, to raise up to 12 billion yuan ($1.79 billion), reports China Daily. COSCO Shipping Development will become a financing platform of its parent company－China Cosco Shipping Corp, the country's largest shipping company, according to its public statement. The company will use 6 billion yuan and 2.4 billion yuan from the proceeds for the capital injection into two of its subsidiaries…
Novatek Delivers its First LNG Cargo to India
The Russian natural gas producer, Novatek, has confirmed that it delivered its first shipment of liquefied natural gas (LNG) produced by the Yamal LNG project to India on 27 March. "The LNG was produced by the Yamal LNG project, led by the Russian company, and marks the first ever delivery of Russian Artic LNG to the country," said the company. The cargo was shipped through the company’s subsidiary, Novatek Gas and Power Asia. Novatek’s Deputy Chairman of its Management Board Board Lev Feodosyev said: "One of our core priorities enumerated in the Company's Corporate Strategy up to 2030…
New Icebreaking LNG Carrier Enters Service
A new icebreaking liquefied natural gas (LNG) carrier jointly owned by Mitsui O.S.K. Lines, Ltd. (MOL) and China COSCO Shipping Corporation Limited (China COSCO Shipping) loaded its first cargo at the Yamal LNG plant in northern Russia. The 299m, 172,000m3 Vladimir Rusanov conducted it is first loading for Yamal LNG at Sabetta port on March 27 and 28. Vladimir Rusanov left South Korea’s Daewoo Shipbuilding & Marine Engineering Co., Ltd. (DSME) Okpo shipyard after her naming ceremony in December 2017 and headed to the Arctic Ocean through the Suez Canal for three weeks of ice trials.