Mega Ship MOL Tribute Under BSM Management
Bernhard Schulte Shipmanagement (BSM) has announced that the 20,146 TEU containership, MOL Tribute, came into full management of the Hong Kong Ship Management Center on July 10, 2017. Built by Samsung Heavy Industries in South Korea, MOL Tribute is 400 meters in length having a deadweight of 196,877 MT, with her sister ship, MOL Tradition, scheduled to enter Hong Kong management at the end of August. Through these milestones, BSM becomes part of a select group of operators that have the expertise to manage some of the world’s largest containerships.
DSME Bags 4 VLCCs Order from Angelicoussis
South Korea’s Daewoo Shipbuilding & Marine Engineering (DSME) won its second order from Maran Tankers Management (MTM), a subsidiary of Greek shipping giant Angelicoussis Shipping Group, to build four very large crude carriers (VLCCs). Yonhap quoted a regulatory filing of Daewoo saying that it will deliver the 318,000-ton vessels by Aug. 20, 2019. The vessels, 336 meters long and 60 meters wide, will be powered by eco-friendly and fuel-efficient engines, the shipyard said. Daewoo did not reveal the value of the latest deal.
HMM Meets Vietnamese Delegation
On June 29, Vice Minister of Transport in Vietnam, Nguyen Van Cong accompanied by delegates from Vietnam Maritime Administration (VMA) and Vietnam National Shipping Lines (Vinalines) visited Hyundai Merchant Marine(HMM). The delegates arrived Korea on 26th at the invitation of Busan Port Authority (BPA). HMM CEO, Yoo Chang-Keun and executives have attended the meeting, discussing various cooperative methods for port business in Vietnam. The Vietnamese delegation was in Korea to attend Korea Maritime Week.
US Sanctions Chinese Shipping Firm over North Korea Ties
The U.S. Treasury Department said on Thursday it was placing financial sanctions on two Chinese nationals and a Chinese shipping company over their ties to North Korea stemming from its nuclear program. The department said in a statement it was sanctioning Wei Sun for links to the Foreign Trade Bank of the Democratic People's Republic of Korea, Hong Ri Li for his links to North Korean banking executive Song-hyok Ri, as well as the Dalian Global Unity Shipping Co Ltd of Dalian, China. (Reporting by Eric Walsh)
Aqualis Lands Audit Work for LNG Carrier
Offshore marine and engineering consultancy Aqualis Offshore, part of Oslo-listed Aqualis ASA, said it has been contracted by Hyundai Samho Heavy Industries Co. Ltd to provide an engineering study of a new-build liquefied natural gas (LNG) carrier the yard is constructing for Teekay LNG. Aqualis Offshore’s work scope is to provide failure modes and effects analysis (FMEA), hazard dentification (HAZID) and hazard and operability (HAZOP) studies for the boil-off gas handling system and fuel gas system on board the vessel. Aqualis Offshore will also provide FMEA-studies of the vessel’s propulsion redundancy and steering system as well as…
Qatar LNG Flows Unaffected by Crisis -Shell
Qatari exports of liquefied natural gas (LNG) remain stable amid ongoing tension between the world's biggest LNG exporter and its neighbours, an executive for Royal Dutch Shell said on Monday. "LNG flows remain stable, cargoes are going into the market," said Steve Hill, Executive Vice-President for Gas and Energy Marketing and Trading at Shell, one of the world's biggest LNG traders. "Qatar is a very credible and competent LNG producer," Hill said at an industry event in Istanbul. Saudi Arabia, the United Arab Emirates, Bahrain and Egypt cut ties with Qatar on June 5, accusing it of backing terrorism. Doha has denied the allegations. Qatar said on Monday that its exports, including of LNG, to Japan, India, South Korea and China had not been affected by a the boycott.
ICTSI Subic on Growth Path
International Container Terminal Services, Inc.’s (ICTSI) new Container Freight Station (CFS) at the Subic Bay Freeport is at the forefront of ensuring the faster movement of goods in the Northern and Central Luzon markets. The two regions continue to grow, driven by industrial centers like Subic, Clark, Bataan, and Tarlac. Launched last year, the CFS is one of Subic Bay International Corp.’s (SBITC) value-added services. The CFS, envisioned to serve as a regional distribution center (RDC)…
Korea Line Signs USD 1.15 bln LNG Shipping Deal from KOGAS
Korea Line Corporation (KLC) has secured a KRW 1.27 trillion (USD 1.1 billion) contract to transport liquefied natural gas (LNG) for its compatriot Korea Gas Corporation (KOGAS). Yonhap reported that under the deal with Korea Gas Corp. (KOGAS), Korea Line will transport LNG through May 30, 2037, the company said in a regulatory filing. Other details of the contract were not revealed. In 2013, Korea Line was taken over by SM Group, a midsized shipping group. Korea Line currently operates some 30 vessels…
Korean Shipbuilding Parts Export to China Surge
China's imports of shipbuilding parts and equipment produced by South Korean firms surged this year, Yonhap reported. The report quoted Korea Trade-Investment Promotion Agency (KOTRA) saying that China's imports of South Korean shipbuilding parts and equipment reached US$28.3 million in the first four months of the year, sharply up 37.6 percent from a year earlier. During the cited period, China's overall purchase of such parts edged down 0.9 percent on-year to $71.5 million, the report said.
Nakilat Takes LNG Carrier In-House
Qatar Gas Transport Company (Nakilat) has assumed full ship management and operations of Q-Flex LNG carrier Al Sheehaniya from STASCo (Shell Trading and Shipping Company) with effect from 6 July 2017, as part of the planned and phased transition announced on 19th October 2016. With a cargo carrying capacity of 210,200 cubic meters, Al Sheehaniya is wholly-owned by Nakilat and chartered by Qatargas. The vessel built in South Korea by Daewoo Shipbuilding & Marine Engineering was delivered in February 2009 and has been in service ever since.
Rays of Hope Seen for German Marine Equipment Suppliers
Germany’s marine and offshore equipment suppliers will have to continue efforts this year to respond to the continuing weak demand from other countries and growing competition in global shipping markets, says German Engineering Federation (VDMA) who reported a decline in orders in the maritime sector in 2017 as sales slid slightly to €11.1 billion ($12.7 billion). However, according to VDMA, the general situation in mechanical engineering industry and digitalization show encouraging signs as companies stand to benefit from developing new markets…
Samsung Heavy to Cut Its Workforce
South Korea’s shipbuilder Samsung Heavy Industries (SHI) is looking to further cut its workforce, and have employees return part of their salaries in order to cut costs, according to Yonhap News Agency. SHI unveiled a self-restructuring program that centers on cutting the workforce and having executives return part of their salaries last year, in order to tide over a protracted slump in the shipbuilding sector. The report said that Samsung Heavy was forced to reduce its workforce by 1,500 in 2016 through an early retirement scheme.
Rickmers-Linie Appoints Korea Maritime
Rickmers-Linie GmbH & Cie. KG, the German based global breakbulk, heavy lift and project cargo specialist, has appointed Korea Maritime Co.,Ltd., Seoul as its new agent in South Korea effective September 18. Rickmers-Linie and Seabridge Korea Ltd., Seoul, have agreed to terminate the existing agency agreement effective 17 September 2006. As of 18 September, all Rickmers-Linie’s activities in South Korea will be handled by Korea Maritime Co., with the first vessel being the MV Rickmers New Orleans, scheduled to arrive in Masan on September 21.
South Korea Wants 3 More Aegis Warships
The South Korea Navy has requested three more Aegis destroyers to strengthen the country’s defense against North Korea and to cover territorial disputes in the region according to a military official cited by 'The Korea Times'. Under a Navy buildup project started in 2004 to bolster defense against North Korea, South Korea began to build Aegis destroyers and currently has three 7,600-ton warships ― the King Sejong the Great, the Seoae Ryu Seong-ryong and the Yulgok Yi I. The South Korea Navy has sought to increase its fleet to cope with rising regional tension in the wake of North Korea’s third nuclear test conducted earlier this year and ongoing territorial disputes between China and Japan. Source: 'The Korea Times'.
South Korea Mulls Maritime Study with North Korea
South Korea would propose a joint research with North Korea to develop marine resources and ocean tourism, reports Korea Herald. South Korea’s Maritime Affairs and Fisheries Ministry pointed out the need of an excavation of North Korea’s marine resources, and development of ecotourism content and infrastructure to attract Asian tourists. The plan is to work together on eco-friendly marine tourism measures with North Korea, and designate uninhabited islands as “Islands of Peace” where they can develop resources together.
North Korea Fires Missiles in Show of Force
Missiles flew far enough to reach any part of S.Korea. North Korea fired three ballistic missiles on Tuesday which flew between 500 and 600 km (300-360 miles) into the sea off its east coast, South Korea's military said, the latest in a series of provocative moves by the isolated country. The U.S. military said it detected launches of what it believed were two Scud missiles and one Rodong, a home-grown missile based on Soviet-era Scud technology. North Korea has fired both types numerous times in recent years, an indication that unlike recent launches that were seen as efforts by the North to improve its missile capability, Tuesday's were meant as a show of force.
Nakilat Transitions LNG Carrier to In-house Management
Nakilat has assumed full ship management and operations of Q-Flex liquefied natural gas (LNG) carrier Al Sheehaniya from STASCo (Shell Trading and Shipping Company Ltd.) with effect from July 6, 2017, as part of the planned and phased transition announced on October 19, 2016. With a cargo carrying capacity of 210,200 cubic meters, Al Sheehaniya is wholly-owned by Nakilat and chartered by Qatargas. The vessel built in South Korea by Daewoo Shipbuilding & Marine Engineering was delivered in February 2009 and has been in service ever since.
China's Q1 Trade with N.Korea up Despite Sanctions
China's trade with North Korea rose in the first quarter in spite of tough new international sanctions this year targeting Pyongyang's banned nuclear program, including curbs on coal imports. Imports from the isolated country, consisting mainly of coal and clothes, rose 10.8 percent from a year earlier, customs spokesman Huang Songping said on Wednesday. China's exports to North Korea in the first quarter rose 14.7 percent from a year earlier in yuan terms, Huang told a news conference. China is North Korea's only major ally and most important trade partner. Exports consisted of electromechanical products, labor-intensive and agricultural products.
Rickmers Establishes Korea Subsidiary
Rickmers-Linie, the Hamburg-based specialist for breakbulk, heavylift and project cargo, is expanding its network of own subsidiaries in Asia and will establish a new subsidiary, Rickmers (Korea) Inc, in Seoul effective November 1, 2007. “With its export oriented industry and as a significant location for shipping and related industries, Korea is one of our key markets in the Far East. Thus it was a logical decision to establish our own office in Seoul. The new subsidiary will primarily take over the role of Rickmers-Linie’s agent in Korea and moreover will be the representative office for Rickmers Group in Korea,” explained Gerhard Janssen, General Manager Marketing & Sales at Rickmers-Linie.
New Catamaran Ferry for South Korea Launched
A newly built 50-meter high-speed catamaran passenger ferry for Seaspovill of South Korea, SeaStar 11, has been launched at Austal Limited’s shipyard in the Philippines. Austal said it was awarded the A$16 million (US$12.1 million) contract to build the Incat Crowther designed catamaran in June 2016, following Seaspovill’s satisfaction with a pre-owned Austal vessel, Seastar 3, constructed in 1998. Incat Crowther said it worked with Seaspovill to develop the design of the vessel, offering improvements over an off-the-shelf production design.
Seoul's Effort to Calm Shipping Sector Storm
South Korea will pump $9.5bn (11 trillion won) into state-run policy lenders reeling from huge losses on loans made to the beleaguered shipbuilding and shipping sectors to help them deal with further corporate distress, says FT. South Korea's fund will support two state-run banks most exposed to shipping and shipbuilding firms currently being restructured. The China slowdown is partly to blame. The two state-run banks to be capitalised are Korea Development Bank (KDB) and the Export-Import Bank of Korea (KEXIM).
Korea to Create $1.2bln Shipping Fund
The South Korean government will create a US$1.2 billion ship investment fund to aid the shipping industry which has been struggling due to decreasing global trade. A report by South Korea's Yonhap News Agency said the fund will help shippers buy and sell vessels with less financial risk. The fund, aims to "aid the shipping industry which has been struggling due to decreasing global trade". Fund will "help shippers buy and sell vessels with less financial risk as the Korea Trade Insurance Corp. and the Korea Maritime Guarantee Insurance Co.
AVEVA Expands in Korea
AVEVA opened a new office in Seoul, Korea, that incorporates a dedicated product training center, following an increased demand for AVEVA solutions. The office will also host sales, marketing, product support, and administration functions for AVEVA customers in Korea. “This new office, in particular the product training centre, enables AVEVA to offer a better service to our customers”, said EunJoo Park, Senior Executive Vice President of Korea and Japan division, AVEVA. “We can vastly increase the number of participants at this new training centre, as well as host more meetings. AVEVA has had offices in Korea for over ten years. In this time we have seen an increased demand for trained users in AVEVA products and solutions across the Plant and Marine industries.