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Saturday, January 20, 2018

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Hindujas to Buy LNG from ONGC

Oil & Natural Gas Corporation Ltd (ONGC) and Hinduja Group signed a Memoranda of Understanding to form Joint Ventures to pursue global opportunities in Liquefied Natural Gas (LNG) and linked E&P business. The collaboration will leverage the E&P expertise of ONGC and the business-relationship advantage of the Hinduja Group in the hydrocarbon-rich Middle East, with business prospectivity benefits to both entities. The Memorandum of Understanding (MoU) between the company and Ashok Leyland Project Services (ALPS) provides for sourcing of Liquefied Natural Gas (LNG) at competitive terms, to be facilitated by ALPS. Pursuant to such sourcing…

Daewoo Forms Joint Venture with Nigerian National Petroleum

Daewoo Shipbuilding & Marine Engineering Co Ltd will enter the shipping business by forming a joint venture company with Nigerian National Petroleum Co, Daewoo Shipbuilding said. The joint venture, tentatively named Nigeria Daewoo Shipping Ltd, will have a capital base of 10 mln usd, with Daewoo Shipbuilding owning 51 pct and Nigerian National Petroleum the rest, Daewoo Shipbuilding said. Daewoo Shipbuilding will be in charge of the management and Nigerian National Petroleum will supply crude oil for shipping. Source: Forbes

KPN And Telstra Form Joint Venture

KPN (Royal Dutch Telecom) and Telstra have agreed to form a joint venture company by merging their respective mobile satellite communications businesses. The new company, which will trade as Station 12 - is positioned to be a major player in the global satcom industry. Contributing an approximate combined figure of $145 million in net tangible assets to launch the venture, with KPN holding 65 percent of equity shares and Telstra holding the remainder, the new company has projected an initial annual revenue around $250 million.

CSIC Forms Joint Venture with Wartsila

Wartsila Qiyao Diesel Co Ltd (Shanghai), a joint-venture between Finland-based Wartsila and the China Shipbuilding Industry Corporation (CSIC), was inaugurated on June 29. With paid-up capital of 250 million yuan, the company is located in Shanghai's Lingang Industrial Park, Nanhui District, and will mainly manufacture Wartsila's Auxpac generating sets. Source: Shanghai Daily News

SCS, NDT To Form Joint Venture

Stolt Comex Seaway and NKT Holding will reportedly create a new firm to make equipment for the offshore oil and gas industry.

Eni CEO Meets Rosneft CEO

Rosneft CEO Igor Sechin and Eni CEO Paolo Scaroni have met to discuss the progress of joint projects between the two companies offshore Russia in the Black Sea and Barents Sea, sanctioned in the strategic cooperation agreement signed on 25 April 2012. The executives in charge of the two companies’ upstream, downstream and offshore projects and the CEO of Saipem were also present at the meeting. As part of the agreement, Eni and Rosneft will form joint ventures (Eni 33.33%, Rosneft 66.67%) for the joint development of the Fedynsky and Tsentralno-Barentsevsky exploration licenses, located offshore Russia in the Barents Sea, and Zapadno-Cernomorsky, located offshore Russia in the Black Sea, areas with great mining potential.

Cummins and Mercury Marine to Form Joint Venture

Cummins Marine, a division of Cummins Inc., and Mercury Marine, a division of Brunswick Corporation, announced the formation of a 50/50 joint venture to supply integrated diesel propulsion systems to the worldwide recreational and commercial marine markets. The joint venture, Cummins MerCruiser Diesel Marine LLC, will be headquartered in Charleston, S.C. Under the terms of the agreement, Cummins will supply diesel engines 15 liters and below, including certain electronic displays and other hardware. Mercury Marine will supply the Mercury 1.7 liter, 2.8 liter, 4.2 liter and 7.3 liter diesel engines, drive units for sterndrive applications and their SmartCraft(R) electronic integration hardware. units.

Stolthaven Terminals Finalizes Joint-Venture Agreement

Stolt-Nielsen S.A. announced that its wholly owned subsidiary, Stolthaven Terminals BV (Stolthaven), signed a partnership agreement with CITIC Daxie Development Co. in Ningbo, China to establish a joint venture to design, construct, own and operate a state-of-the-art chemical and oil products terminal on Daxie Island, China. Stolthaven and CITIC Daxie Development Co. will each own 50% of the newly formed joint venture company, Stolthaven Ningbo, Ltd. The initial phase of development is anticipated to include the construction of 23 storage tanks, with a total capacity of 204,000 cubic meters at a total estimated investment of $44 million. Stolthaven's share of the initial investment is $22 million. The terminal is expected to be operational in 2008.

Oceaneering and DNV Form Joint Venture

Oceaneering International, Inc. announced that its Norwegian subsidiary, Oceaneering AS, has entered into a joint venture agreement with Det Norske Veritas (DNV) to provide a new inspection service capability to the offshore oil and gas, shipping, and other vessel-related markets utilizing a unique combination of Remotely Operated Vehicles (ROV) and Resonance Thickness Measurement (RTM) technology. The 50/50 joint venture company, Argus RTM AS, will be headquartered in Stavanger, Norway. Argus RTM AS will provide a high precision, time- and cost-effective service, utilizing ROVs and advanced plate thickness measurement technologies to help customers ensure the integrity of vessels and structures operating offshore and in other marine environments.

Privinvest Forms Shipbuilding JV in Angola

Middle East based shipbuilding group Privinvest announced the start of a major shipbuilding and maritime economy program with the Republic of Angola that will initially see the shipbuilder provide a range of vessels for the Angolan Navy. In parallel, Privinvest together with Simportex, will develop and operate a shipyard in Angola to build new ships, service ships and provide a wide range of servicing facilities for the existing fleet, Privinvest said. In addition to supplying a number of ships, Privinvest will be provide a Transfer of Technology to enable the construction of naval vessels in Angola. According to Privinvest, the initiative is a component of its investment strategy in Angola and the strengthening of business relations between Privinvest and the Republic of Angola…

Abu Dhabi Forms Joint Fast Containership Line

Abu Dhabi Investment Company has established Abu Dhabi Container Lines Limited (ADCL) with Norasia Shipping Limited, Switzerland. The new venture will acquire and operate a fleet of 10 fast containership vessels servicing Asian ports and the Pacific Northwest of the U.S. and Canada. The 10 technologically driven vessels, seven of which have already been delivered, move at speeds of 25 knots. The remaining three ships will be sent off between January and July 2000. Commercial and technical operations of the fleet are contracted with subsidiaries of Norasia for the vessels, which will provide weekly services from Asian ports to the Pacific Northwest and the Pacific Southwest.

Abu Dhabi Forms Joint Fast Containership Line

Abu Dhabi Investment Company has established Abu Dhabi Container Lines Limited (ADCL) with Norasia Shipping Limited, Switzerland. The new venture will acquire and operate a fleet of 10 fast containership vessels servicing Asian ports and the Pacific Northwest of the U.S. and Canada. The 10 technologically driven vessels, seven of which have already been delivered, move at speeds of 25 knots. The remaining three ships will be sent off between January and July 2000. Commercial and technical operations of the fleet are contracted with subsidiaries of Norasia for the vessels, which will provide weekly services from Asian ports to the Pacific Northwest and the Pacific Southwest.

Lockheed Martin, Northrop Grumman To Team For USCG Proposal

Lockheed Martin and Northrop Grumman Ingalls Shipbuilding announced the creation of a joint venture partnership under which the two major corporations will submit a proposed "best value" solution for the U.S. Coast Guard's Deepwater Program. This newly formed joint venture - Integrated Coast Guard Systems - formalizes a partnership underway for more than three years. The team is hosting its Functional Design Review (FDR) for the Coast Guard this week at Lockheed Martin's facility in Moorestown. The U.S. Coast Guard's Deepwater Program was established to recapitalize the organization's ships, aircraft and system platforms to support deepwater missions. The missions include Maritime Law Enforcement, Maritime Safety, National Defense and Marine Environmental Protection.

Halter and Bazan Form Joint Venture

Halter Marine, Inc., a subsidiary of Halter Marine Group, Inc., and Empresa Nacional Bazan de C.N.M., S.A., of Madrid, Spain, have formed Halter-Bazan, a joint venture to build Bazan-designed aluminum passenger/vehicle fast ferries at a Halter facility in the U.S. of an "Alhambra" Class fast ferry. Construction for an undisclosed customer is expected to begin in February 1999 on a 410 ft., 1,250 passenger/240 vehicle, diesel/waterjet, 40-knot monohull ferry. Completion is planned by year-end 2000. Halter-Bazan is negotiating an option for a second similar ferry for the same European operator. Bazan-built "Mestral" and "Alhambra" Class ferries are now operating on routes in Europe and South America.

Avista & SEACOR Tankers in Jones Act Shipping J/V

NASSCO shipyard sunrise: Credit NASSCO/Ken Wright.

Private equity firm Avista Capital Partners informs it has invested in a newly-formed joint venture (J/V) with SEACOR Tankers Inc., a subsidiary of SEACOR Holdings Inc. that operates a fleet of 7 U.S.-flag Jones Act vessels (5 owned and 2 chartered-in) in the U.S. coastwise trade transporting crude oil, petroleum and specialty chemical products. Under the terms of the joint venture, ACP III Tankers LLC, a wholly owned entity of Avista, will fund a portion of the equity required for the design and construction of three 50…

Daewoo, NNPC Form Joint Shipping Venture

DSME and the Nigerian National Petroleum Company (NNPC) have signed a Joint Venture Agreement to establish a world class shipping company. The shipping joint venture company will be called Nigeria Daewoo Shipping Ltd. (NIDAS). The scope of NIDAS will be local and international transportation of merchant goods, crude oil and petroleum products. The initial capital of NIDAS will be $10 million. The equity interests of DSME and NNPC in the shipping company will be 49% and 51% respectively. The joint venture will also have an offshore office which will be responsible for vessel operations and logistics. DSME has clear mid and long term goals and expects to fully participate in the oil and gas activities including the energy sector through its involvement in NIDAS.

Donjon, Smit Americas form Joint Venture

Marine salvage and response companies Donjon Marine Co., Inc. (Hillside, NJ) and SMIT Americas (Houston, TX) announced a new joint venture known as Donjon-SMIT, An OPA-90 Alliance. This new response organization has been created specifically for compliance and response services as required by the Oil Pollution Act of 1990 (OPA-90). The Joint Venture will begin providing services on December 31, 2004. Donjon and SMIT will continue to provide non-OPA-90 salvage and related services independent of one another, as they have for many years. Principals for Donjon-SMIT, An OPA-90 Alliance, are John Witte, Executive Vice President of Donjon, and Roger Elliott, President, for SMIT Americas.

Kotug, Seabulk Team Up in Bahamas

Buckeye Bahamas Hub. Photo: Marketwire

KOTUG International and Seabulk Towing have been awarded a contract with Borco Towing Company to carry out all towage operations at their Buckeye Bahamas Hub in the Bahamas. The contract will be performed through a newly formed joint venture between KOTUG and Seabulk: Kotug Seabulk Maritime. The Buckeye Bahamas Hub currently has over 26 million barrels of storage capacity and eight berths, including two VLCC-capable berths, making it the largest petroleum products terminal in the Western Hemisphere.

IRISL Looks West with New Vessels

Image: Islamic Republic of Iran Shipping Lines

The Islamic Republic of Iran Shipping Lines (IRISL) plans to become one of the world's top ten shipping lines. It plans to modernize its fleet and ally with international shipping majors to tap western markets , reports WSJ. Mohammad Saeidi, chairman of IRISL said that his company is planning a massive fleet expansion. It aims to re-enter western markets as Tehran exits a long period of sanctions that barred its vessels from calling at European and U.S. ports, the company’s chairman said.

Danaos buys 3 Boxships via new JV

Photo Danaos Corporation

Danaos Corporation announced today the acquisition of three vessels through a newly-formed joint venture, capitalizing on depressed asset prices in the resale market. The vessels were acquired by Gemini Shipholdings Corporation, a newly-formed entity ("Gemini") beneficially owned by Danaos and its largest stockholder. Danaos' initial 49% ownership interest in Gemini was acquired through an investment of $7.35 million. * The 6,422 TEU NYK Lodestar, built in 2001 at Samsung Heavy Industries, which has already commenced a 2 year time charter with NYK.

Horizon, Cal Dive Form Joint Venture

Horizon Offshore, Inc. has entered into a letter of intent with Cal Dive International, Inc. (CDI) to conduct reeled pipelay projects in deepwater areas of the U.S. Gulf of Mexico. The two companies will jointly fund construction of pipelay equipment to be used in conjunction with CDI's dynamically positioned (DP) vessel, the Sea Sorceress, currently undergoing conversion. In addition, Horizon will construct a pipe spooling facility at its Port Arthur, Texas, shore base. Once finalized, the joint venture will allow the two companies to perform small diameter pipelay projects in water depths of 800 feet and deeper, combining Horizon's…

Eimskip, Containerships and Kursiu Linija form Joint Venture

Shipping and logistics company Eimskip, Lithuania's Kursiu Linija and Finnish shipping and container company Container Finance Ltd have joined forces to create a door-to-door logistics providers. The new joint-venture company Containerships Group will be based in Helsinki and will operate eleven ships on services linking east and west Europe, the Baltic States and Russia. It will be the cornerstone of a much larger alliance including the services of its parent companies. Eimskip, which earlier this year completed the purchase of Kursiu Linija, has purchased 65 per cent of Containerships Group, the shipowning and logistics arm of Finland's Container Finance Ltd. Kursiu Linija will become a subsidiary of Containerships Group.

Wärtsilä, Hyundai form Joint Venture

Wärtsilä and Hyundai Heavy Industries Co. Ltd (HHI) signed an agreement to set up a 50/50-owned joint venture in Korea to manufacture dual-fuel engines for LNG (Liquefied Natural Gas) carriers. The total investment in the company will be EUR 58 million, Wärtsilä's share being EUR 29 million. The name of the company will be Wärtsilä Hyundai Engine Company Ltd and the intended location is in South Korea. The technology shift towards dual-fuel machinery in LNG carriers has significantly increased demand for Wärtsilä's dual-fuel engines. The main market is Korea. Demand in the market is forecast to continue growing in pace with the increasing demand for natural gas.

Maritime Reporter Magazine Cover Dec 2017 - The Great Ships of 2017

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