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Wednesday, September 26, 2018

Cosco Shipping News

CMA CGM Buys Stake in CSP Zeebrugge Terminal

(Photo: Port of Zeebrugge)

French container carrier CMA CGM announced Friday it has acquired from CHINA SHIPPING Ports Development Co. Limited, a wholly-owned subsidiary of COSCO Group, a 10 percent equity interest in CSP Zeebrugge Terminal NV, through its wholly-owned subsidiary CMA Terminals.CMA CGM is currently the major client of the Belgian container terminal and accounted for one third of CSP Zeebrugge's total throughput in 2017.COSCO SHIPPING Ports completed the acquisition of the remaining 76 percent…

Safe Bulkers to Install Alfa Laval PureSOx Scrubbers

Photo: Safe Bulkers, Inc.

Safe Bulkers has agreed with Cosco Shipping Heavy Industry, a detailed schedule within 2019 for the installation of Alfa Laval PureSOx scrubbers in about half of the Company’s fleet mainly in medium size vessels, Kamsarmax to Post-Panamax class.The international provider of marine drybulk transportation services said that more specifically it will install scrubbers in five Kamsarmax class vessels, in thirteen Post-Panamax class vessels and in the recently acquired Cape-size class…

Icebreaking LNG Carrier Named Vladimir Vize

Vladimir Vize naming ceremony. Photo: Mitsui O.S.K. Lines, Ltd.

Mitsui O.S.K. Lines (MOL) announced that a naming ceremony for a new icebreaking liquefied natural gas (LNG) carrier, which was jointly ordered by MOL and China COSCO Shipping Corporation, was held at Daewoo Shipbuilding & Marine Engineering (DSME) on September 11.The newbuild was named the Vladimir Vize by Irina Ershova of PAO Novatek, the major shareholder in the Yamal LNG project. The name was chosen in honor of the Russian Arctic explorer and oceanologist.The Vladimir Vize is the sister vessel of the Vladimir Rusanov…

Prosafe Extends Standstill Agreement with COSCO

Prosafe has extended a standstill agreement with COSCO Shipping (Qidong) Offshore Co. Ltd in China for two harsh environment semi-submersible accommodation units, Safe Nova and Safe Vega.The standstill agreement has been extended until May 21, 2018 as Prosafe continues negotiations with COSCO and related parties for a workable commercial solution for the two units.A third unit, Safe Eurus, is in a preserved, strategic stacking mode and negotiations continue with COSCO to find a workable commercial solution.If no agreement is reached, Prosafe has the right to claim cancellation of the newbuild contracts due to delay, and claim repayment of the instalments paid including interest of approximately $60 million in total…

Cosco Shipping Gets US 'Go-Ahead' for OOCL Deal

Photo: Cosco Shipping

China’s Cosco Shipping Holdings Co received the clearance  of a U.S. national-security review body, removing a major overhang of the USD 6.3 billion deal of taking over Orient Overseas International Ltd (OOCL). According to a Reuters' report, the U.S. Committee on Foreign Investment in the United States had notified it that it does not have any outstanding security issues following an agreement with the U.S. government to divest the Long Beach container terminal business to a third party. Cosco said the U.S.

"Vladimir Rusanov" Completes First Eastern Transit

Photo: Mitsui O.S.K. Lines

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.

Hapag-Lloyd Cutting Costs as Fuel Prices Rise

(Photo: Hapag-Lloyd)

German shipping company Hapag-Lloyd is cutting costs to cope with a rise in fuel prices that led it to slash full year earnings forecasts last month, its chief executive told shareholders on Tuesday."Major cost positions have risen more than initially expected and are pressuring operating margins," CEO Rolf Habben Jansen said in Hamburg."We are responding short-term to this development through forceful cost management and will keep Hapag-Lloyd competitive this way," he added.Among the measures being taken are accepting more valuable cargo…

Cosco Shipping Ports Net Profit Soars by 70.1% for H1 2018

Photo: Cosco Shipping Ports

Cosco Shipping Ports (CSP), one of the world’s largest container terminal operators, said despite the the US-China trade war, as it posted a 70.1 percent jump in adjusted profit for the first six months ended 30 June 2018."2018 is a year full of challenges. Sino-US trade frictions, the rise of trade protectionism, geopolitical uncertainties and the upward trend of interest rates have the potential to place serious pressure on the development of global trade. Despite all these uncertainties…

Ice-Breaking LNG Carrier Vladimir Rusanov First Call at PetroChina LNG Jiangsu Terminal

China COSCO Shipping, Executive Vice President, Sun Jiakang (first from left) PAO Novatek, Chairman of the Management Board Leonid Mikhelson (second from left) Director of the National Energy Administration of China, Nur Bekri (fourth from left) Minister of Energy of Russia, Alexander Novak (fourth from right) CNPC, Board Director, President, Zhang Jianhua (third from right) MOL, Senior Managing Executive Officer, Takeshi Hashimoto (first from right). Photo: Mitsui O.S.K. Lines

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…

Mega Containership Equipped with ABB Turbochargers

COSCO Shipping Universe (Photo courtesy ABB)

ABB turbochargers installed on board China’s largest containership help to ensure optimal performance and fuel efficiency.The flagship in COSCO SHIPPING Lines’ Universe mega containership series, the 21,000+ TEU COSCO Shipping Universe, was delivered in June 2018 by Chinese shipbbuilder Jiangnan Shipyard (Group) Co. Ltd. The vessel is equipped with three ABB A180-L two-stroke turbochargers to match the diesel main engine and four ABB TPL67-C33 4-stroke turbochargers to match four auxiliary engines.COSCO SHIPPING Lines Co.…

Cosco Forms Joint Venture with Furuno

(Photo: Furuno)

China’s Cosco Shipping Technology (CS Tech) has teamed up with Japan’s Furuno Electric and Heisei Trading to form a joint venture in the maritime navigation and communications market.The Shanghai based Cosco Shipping Furuno Navigation Technology will provide equipment, systems and related services for domestic and international shipping fleets as well as inland waterways vessels. The consortium will also examine future research possibilities concerning safer, more secure and efficient ship operation.Yukio Furuno…

COSCO Shipping's H1 Profit Falls 98 pct

File Image: CREDIT AdobeStock / © Maria Ignatova

China's COSCO Shipping Holdings Co Ltd on Thursday said first-half profits fell 97.8 percent as it grappled with higher costs and a slide in freight rates.China's largest shipping group, which has bought a Hong Kong peer to become the world's third-largest container liner, said January-June net profit was 40.8 million yuan ($6 million), down from 1.86 billion yuan in the same period last year.After a prolonged slump, the global container shipping industry entered a period of recovery last year.

Upgraded Wärtsilä 20 Engine Attracts Multiple Orders

Photo: Wärtsilä

Wärtsilä has received a series of notable orders for the upgraded version of its Wärtsilä 20 engine.A total of 33 engines have been ordered for merchant auxiliary power application in three major shipbuilding projects. The orders, which were booked in June, have been contracted with Wärtsilä Qiyao Diesel Company Ltd (WQDC), the joint venture company of Wärtsilä and Shanghai Marine Diesel Engine Research Institute (SMDERI).The engines will be installed in 11 new vessels being built in shipyards owned by China Shipbuilding Industry Corporation (CSIC).

COSCO Shipping Lines Comes to Bosnia

File Photo: Cosco

China's largest state-owned international and domestic container shipping and related services company COSCO shipping lines is opening its first branch in Sarajevo of Bosnia and Herzegovina.The Sarajevo office was opened within the “One Belt – One Road” (Maritime Silk Road) initiative. As its fourth regional office, it will add Bosnia to Croatia and Serbia, where COSCO already operates. The Maritime Silk Road is a sea route connecting China, Southeast Asia, Oceania, Europe and North Africa.FENA news agency quoted Meliha Mujezinovic…

Maritime Ports Pushed to Up Cyber Security

© Bits and Splits/AdobeStock

Resilience planning, Info Sharing Take Spotlight“Oh what a tangled web we weave, when first we practice to deceive.” That old chestnut gets turned on its head when it comes to port cyber security. It’s more like “Oh what a tangled web we’ve woven, so much harder to stop data stolen.”Ports today have the physical aspect of security pretty well nailed shut - gates, locks, fencing, alarms, cameras, drones, etc. As Chris Mason, Rajant Corp.’s director of sales for EMEA, notes, “Every…

APM Terminals Gothenburg Performs Well

Image: APM Terminals

This year has seen record-breaking performance at APM Terminals Gothenburg and the return of major shippers and consignees to the terminal. Progress is set to continue as efficiency increases through automation, including self-service gates and Optical Character Recognition (OCR) for rail and truck gates due later this year.Over the last year, APM Terminals Gothenburg has implemented a number of concrete initiatives to improve the customer experience. These include maintaining satisfactory and stable production…

Prosafe Signs Pact with Cosco

Image: Prosafe

Norwegian contractor Prosafe and COSCO Shipping (Qidong) Offshore Co have come to an agreement on three newbuild offshore accomodation units being built in China."Prosafe has reached agreements with COSCO and its lenders which will transform the company’s fleet, market position and earnings potential, and secure a significantly enhanced financial runway," said a statement from the company.The agreement allows for flexible delivery and long-term financing of Safe Eurus, Safe Nova and Safe Vega.

COSCO-OOIL Merger Has Great Synergy: Xu, Tung

Tung Chee Chen. Photo: Orient Overseas (International) Limited

The merger of Orient Overseas (International) Limited (OOIL) and COSCO Shipping Holdings offers can effectively combine the respective strengths of both and optimize our global network, thereby achieving greater economies of scale and synergies,  incoming Chairman of OOIL, Captain Xu Lirong, said commenting on the deal.This transaction is a common choice for both sides to follow the development trend of container shipping industry and realize sustainable development, he added."I…

LNG Carrier CESI Lianyungang Delivered

CESI Lianyungang. Photo: Mitsui O.S.K. Lines, Ltd.

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.

ABB Ability Lands Deal for Nine Heavy Lift Vessels

Photo courtesy of ABB

ABB Ability Marine Advisory System – OCTOPUS marine software will map the safest and most efficient routes for a fleet of heavy lift vessels servicing the expansion of a giant oil field in Kazakhstan.ABB has secured a series of contracts for nine heavy lift vessels transporting modules for the Tengiz oil field expansion by Tengizchevroil (TCO). OCTOPUS will enhance the safety and efficiency of the heavy-lift vessels carrying out the transportation work by indicating the optimal route based on weather and forecasted vessel motions.TCO has contracted China’s biggest shipping company…

20,000 TEU Cosco Shipping Gemini Delivered

Photo: Cosco Shipping Lines

The 20,000 TEU containership Cosco Shipping Gemini was officially named and delivered. The vessel was built by the Chinese shipyard Dalian Shipbuilding Industry (DSIC) for Chinese owner Cosco Shipping Lines. Chief Financial Officer of Cosco Shipping, Sun Yueyin, attended the naming ceremony. She named the vessel and cut the ribbon. President and Deputy Party Secretary of China Shipbuilding Industry Corporation (CSIC), Sun Bo; Party Secretary of Cosco Shipping Lines, Qian Weizhong…

EU Suspects Tax Fraud at China's New Gateway to Europe

© milangonda / Adobe Stock

European Union and Italian authorities are investigating suspected wide-scale tax fraud by Chinese criminal gangs importing goods via Greece’s largest port of Piraeus, a trade gateway between China and Europe, officials said.“The VAT is completely evaded, with enormous damage to the national tax authorities and to the community,” Fabio Botto, of the Italian Central Anti-fraud Office’s special investigative unit, said in an interview.He said the suspected scam at Piraeus, part of China’s vast Belt and Road infrastructure project…

US Questions COSCO's Long Beach Terminal Takeover

(File photo: OOCL)

A U.S. national security review has raised concerns about a takeover by China's COSCO Shipping Holdings Co of a large container terminal in Long Beach, California, the Wall Street Journal reported on Friday.The terminal is part of COSCO's planned $6.3 billion deal to buy shipping firm Orient Overseas International Ltd (OOIL) , the Journal reported, citing people familiar with the matter.COSCO executives met with officials at the Committee on Foreign Investment in the United States (CFIUS) this week and proposed to divest or carve out the Long Beach terminal to ease U.S.

Maritime Reporter Magazine Cover Sep 2018 - Maritime Port & Ship Security

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