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Monday, October 22, 2018

Korea News

Ice-class LNG Carrier Rudolf Samoylovich Delivered

Rudolf Samoylovich (Photo: Teekay)

The second 170,000-cubic-meter ice-class liquefied natural gas (LNG) carrier provided by Teekay to the Yamal LNG project was delivered to the charterer in Sabetta, Russia, in September.The new ship, Rudolf Samoylovich, was delivered on September 6, nearly three months earlier than anticipated, at the request of the charterer.The vessel joins the Eduard Toll as the second of six Arc-7 LNG carriers that Teekay will provide to the Yamal LNG project by 2020.The vessel transited the…

South Korea's SK Group to Sell SK Shipping

Photo: SK Shipping

South Korea's large family-owned business conglomerate SK Group is planning to get out of shipping by offloading shipping subsidiary SK Shipping Co., on account of the debt burden amid an industry slowdown.According to a report in the Pulse, SK Holdings Co., the holding entity of SK Group, is reportedly seeking to sell a majority of its stake in SK Shipping to local private equity firm Hahn & Co. for an estimated 1.5 trillion won ($1.3 billion).Hahn & Company is said to be reviewing…

NKBMS Applies for US BWMS Type Approval

© sunsinger / Adobe Stock

The U.S. Coast Guard Marine Safety Center (MSC) received its 18th application for ballast water management system type approval for the NK-O3 BlueBallast II Plus ballast water management system manufactured by South Korea's NKBMS Co. Ltd.MSC will review the application for compliance with U.S. Coast Guard regulations in 46 CFR 162.060. Once it has been determined that the application meets the requirements, the MSC will issue a type approval certificate.BWMS type approval applications and approval certificates are posted on MSC’s website.

AET Names its First LNG-Fueled Aframax Pair

Pic: AET Tankers Pte Ltd

Petroleum and chemical tanker owner and operator  AET Tankers has named and welcomed its first LNG dual-fuelled aframax vessels, Eagle Brasilia and Eagle Bintulu.According to a press release of the Singapore-based company, the ceremony for the vessels was held at the Samsung Heavy Industry Co Ltd’s (SHI) shipyard in Geoje, South Korea. Both vessels have been taken on long-term charterby Shell International Trading and Shipping Company Limited (Shell), primarily for operations in the Atlantic Basin…

The Standard Club Withdraws from Underwriting at Lloyd's

The world’s fourth largest P&I club announced Thursday that it is withdrawing from underwriting at Lloyd’s from 2019.The Standard Club had established a syndicate in 2015 to underwrite marine and energy risks. It represented one strand of the club’s broadly-based strategy to provide its members with a wider range of insurance covers to meet their needs and diversify the club’s source of revenues.The club said it in press release that remains committed to these strategic aims but it has concluded that current overcapacity and a weak pricing environment have made Lloyd’s a challenging environment for it to develop a profitable underwriting business with sufficient scale.The club is exploring alternative approaches to provide its members with additional insurance covers…

Hyundai Samho Heavy Bags LNG Capesize Pair Order from H-Line

Pic: Hyundai Heavy Industries

South Korean midsized shipping company H-Line, owned by local private equity firm Hahn & Co, has ordered two liquefied natural gas (LNG)-powered 180,000 dwt capesizes at Hyundai Samho Heavy Industries (HSHI).A report by Yonhap, quoting the Ministry of Oceans and Fisheries sources, said that the LNG-powered 180,000-ton vessels will be used on a route between South Korea and Australia starting from 2021.According to the Ministry, the bulk carriers will be the first LNG ships in South Korea to sail on a foreign shipping route.Hyundai Heavy Industries Co.…

Hyundai Merchant Marine to Spend $2.8 Bln on 20 Containerships

(File photo: Hyundai Merchant Marine)

South Korea's largest shipping line Hyundai Merchant Marine (HMM) said it will invest 3.153 trillion won ($2.84 billion) for 20 new large containerships to be delivered by June 2021.In June this year, the company signed letters of intent for ship orders with South Korea's top three shipbuilders Hyundai Heavy Industries, Daewoo Shipbuilding & Marine Engineering (DSME) and Samsung Heavy Industries.DSME and Samsung will build seven and five 23,000 TEU vessels respectively, which are expected to deliver in the second quarter of 2020.

Saudi Aramco to Invest in China

In the presence of senior Vice President of Downstream Abdulaziz al Judaimi and Governor Yuan Jiajun ( R5), Vice President of International Operations Said Hadrami and Vice Givernor Zhu Congjiu signed the memorandum of understanding between Saudi Aramco and People’s Government of Zhejiang to acquire a share of Zhejiang Petrochemical’s new refinery project on the International Petroleum and Natural Gas Enterprises Conference (IPEC) 2018 in Zhoushan, east China’s Zhejiang province. Photo:  Saudi A

Saudi Aramco recently signed an MoU with Chinese Zhejiang provincial government during the 2nd International Petroleum and Natural Gas Enterprises Conference (IPEC), to acquire a share of Zhejiang Petrochemical’s new refinery project.Abdulaziz Al Judaimi, Sr. VP Downstream, said: "We are exploring opportunities for new refining and petrochemicals facilities, making further investments in China. Saudi Aramco has recently signed a crude oil supply agreement with Zhejiang Petrochemical (Rongsheng). This increase in customer base is due to our continuous focus and attention to the Chinese market.

Iranian Tanker Offloads Oil for Bonded Storage in China

© Shubham V. Patil / MarineTraffic.com

A vessel carrying 2 million barrels of Iranian oil discharged the crude into a bonded storage tank at the port of Dalian in northeast China on Monday, according to Refinitiv Eikon data and a shipping agent with knowledge of the matter.Iran, the third-largest producer in the Organization of Petroleum Exporting Countries (OPEC), is finding fewer takers for its crude ahead of U.S. sanctions on its oil exports that will go into effect on Nov. 4. The country previously held oil in…

World’s Largest LNG Bunker Vessel Sails for Delivery

Kairos (Photo: Nauticor)

The world’s largest liquefied natural gas (LNG) bunker supply vessel began its voyage from Hyundai Mipo Dockyard (HMD) in South Korea to the ship’s primary area of operation in Northwest Europe, on Wednesday.The 7,500 m³ capacity Kairos is the world’s largest LNG bunker supply vessel. It will be ready for operations before the end of 2018.Mahinde Abeynaike, CEO of Nauticor, which holds 90 percent of the joint venture that charters the vessel, said, “The arrival of the Kairos in the Baltic Sea will set a milestone for LNG as a ship fuel.

Croatian Shipbuilders Strike Again Over Late Salary

© burnel11 / Adobe Stock

Workers at Croatia's largest shipbuilding group Uljanik on Monday held their second strike in less than two months, this time over unpaid salary for September.In late August, the workers downed tools because of uncertainty over payments for July and August. Those two months' salaries were secured after the government reached a deal with a local bank.Uljanik owns two docks, with some 4,000 workers, located in the northern Adriatic cities of Pula and Rijeka. Some 1,500 started a…

Four LNG Carriers Transit Panama Canal in One Day

The Panama Canal transited four LNG vessels in one day, marking a first for the waterway. (Photo: Panama Canal Authority)

The transit of four liquefied natural gas (LNG) carriers through the Panama Canal’s Neopanamax Locks in a single day marks a new milestone for the canal and reinforces its capacity to handle growing demand from the U.S., where several new LNG export terminals are scheduled to begin operating.On Monday, the vessels Ribera del Duero Knutsen with a cargo capacity of 173,000 m3 and Maran Gas Pericles with cargo capacity of 174,000 m3 transited northbound, while Torben Spirit with a cargo capacity of 174…

World Shipping Council Names Tim Wickmann as New MD, Asia

Pic: World Shipping Council

The World Shipping Council (WSC) is pleased to announce that Tim Wickmann is joining WSC as its new Managing Director, Asia.Wickmann served most recently as CEO of MCC Transport and has worked in various leadership positions in international liner shipping for the last three decades.“The liner shipping industry is a global network and therefore needs consistent regulatory treatment across the globe. That requires the industry to have a coordinated voice on regulatory matters.

NYK Signs LNG Charter Deal with Total

Pic: NYK Line

NYK Line has signed a contract with Total Gas & Power Chartering Limited (TGPCL), a subsidiary of Total, a leading oil and energy company headquartered in France.The contract calls for TGPCL to charter from NYK a newly built liquefied natural gas (LNG) carrier for seven years, with an optional extension period of one year. The new vessel will be built by Samsung Heavy Industries Co. Ltd. in Korea and is due to be delivered in 2021.The LNG carrier will be equipped with a WinGD-made dual-fuel slow-speed diesel engine (i.e.…

Seanergy Maritime Holdings Buys One Vessel, Sells Two

Pic: Seanergy Maritime Holdings Corp.

Seanergy Maritime Holdings has anounced that it has signed agreement to acquire one modern capesize vessel and sale of two supramax vessels to become the only US-listed pure-play capesize vessel owner.The international shipping company that provides marine dry bulk transportation services said in a press release that  it has entered into definitive agreements with unaffiliated third parties for the purchase of a modern secondhand Capesize vessel and the sale of two Supramax drybulk vessels.The transactions are expected to be completed in the fourth quarter of 2018.

Samsung Heavy Industries Wins a LNG Carrier

Pic: Samsung Heavy Industries(SHI)

South Korea's shipbuilder Samsung Heavy Industries (SHI) has clinched a new contract  for a  liquefied natural gas (LNG) newbuilding.According to a press statement from the company, the contract is worth KRW 212 billion (USD 185 million). The newbuilding will have a capacity of 174,000 cubic meters, it added.The ship will be delivered to an unnamed shipowner from the Oceania region by the end of January 2021, SHI said.The latest LNG carrier contract comes two weeks after Japanese…

Build It and They Will Buy: The New World of LNG Canada

Rendering of the LNG export facility (Image: LNG Canada)

The first major liquefied natural gas (LNG) project to be approved globally in five years will be built in Canada, but its underlying philosophy appears to be more closely allied to the Australian concept of "she'll be right, mate."The LNG Canada project was given the green light on Tuesday by Royal Dutch Shell, which is leading the $31 billion venture along with partners Petronas, Mitsubishi, PetroChina and Korea Gas.What makes the first export plant on Canada's west coast different…

GTT Inks MOU with Dongsung Finetec

French engineering company GTT said it has signed a Memorandum of Understanding (MOU) with Korean thermal insulation specialist Dongsung Finetec to commercialize GTT's LNG Brick technology for liquefied natural gas (LNG) as fuel applications.LNG Brick will eventually be built by Dongsung Finetec and will be outfitted on a large range of commercial vessels such as container vessels, bulk carriers and pure car and truck carriers (PCTC).With the entry into force of the International Maritime Organization's global sulphur cap regulations in January 2020, limiting sulphur emissions to 0.5 percent throughout the whole world seas, and considering the economics of LNG…

Fredriksen's Flex Raises $300 Mln for LNG Newbuilds

© Anatoliy Matronyuk / MarineTraffic.com

Flex LNG, controlled by Norwegian-born billionaire John Fredriksen, has raised $300 million in a private placement of shares to help pay for five new vessels costing $918 million, it said on Thursday.Fredriksen's companies typically add high-yield bond issues and bank loans at a later time to pay the cost not covered by share sales.When the vessels are delivered from the yards of South Korea's Daewoo (DSME) and Hyundai (HHI) in 2020 and 2021, Flex LNG will have a fleet of 13 ships, Flex said.Fredriksen himself bought shares for $100 million, cutting his overall stake in the firm to 44.6 percen

US Oil Exports to Asia May Slide Further

© Anatoly Menzhiliy / Adobe Stock

Rising shipping rates have increased the costs of shipping oil from the United States to Asia and may further the restrict the flow of U.S. oil to the region later this year, multiple trade and shipping sources said on Thursday.Freight rates for tankers that carry crude oil have soared globally, buoyed by peak seasonal demand, weather disruptions and higher bunker fuel costs, the sources said.The cost of chartering a Very Large Crude Carrier (VLCC) capable of carrying 2 million barrels of crude from the U.S.

European Shippers Call for Action Against Unfair Trade

Pic: SEA Europe

European Shipowners and Maritime Technology Industry call for decisive actions against unfair trade practices and in favour of global playing field.The European Shipyards and Maritime Equipment Association SEA Europe and the European Community Shipowners’ Associations (ECSA) welcome the recent statement of EU Trade Commission Cecilia Malmström against unfair trade practices in the Far East.The trade associations representing respectively European shipbuilding and maritime equipment…

Interview: Jeong-kie Lee, Chairman, Korean Register & IACS

Jeong-kie Lee, Chairman and CEO, Korean Register

This month we caught up with Jeong-kie Lee, Chairman and CEO of the Korean Register and also the Chairman of the International Association of Classification Societies (IACS), for his insights on the dominant trends moving the maritime industry into the future.The maritime industry has been challenged, to say the least. Today, where do you see challenge? Where do you see opportunity?The maritime industry is in a state of extreme upheaval, with private and public organizations having to deal with a wide range of ever changing…

Container Logistics Blockchain Pilot Launched in Rotterdam

Pic: ABN Amro

The Port of Rotterdam Authority, Samsung SDS and ABN AMRO are preparing to launch a container logistics blockchain pilot.The pilot will seek to use blockchain technology to build a platform for efficient and paperless administration processes for the international finance and logistics surrounding container transport. The result should make it just as easy to transport, track and finance goods and services as it is to order a book online.Currently payments, administration and…

Maritime Reporter Magazine Cover Oct 2018 - Marine Design Annual

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