Awilco Refinances LNG Fleet
Norwegian liquefied natural gas (LNG) transportation company Awilco agreed and signed a term sheet for the financing of its two liquefied natural gas carriers with an Asia-based company.The refinancing for the two 2013-built 156,000-cbm TFDEs WilForce and WilPride, has been structured as a sale/leaseback similar to the current financing of the vessels, said a press note from the pure play LNG transportation provider, owning and operating LNG vessels intended for international trade.Awilco LNG says it expects the new financing to close during the fourth quarter of this year…
ABS, MOL in Landmark Gas Carrier Pact
ABS and Mitsui O.S.K. Lines Ltd. (MOL) have signed a Memorandum of Understanding (MOU) to collaborate on up to 14 new gas carriers.The agreement covers seven new-build Very Large Ethane Carriers (VLEC) and up to seven new-build Liquefied Natural Gas Carriers (LNGC) designed to carry gas from the U.S. to China and other global markets.ABS will provide plan review, survey, inspection and other classification services for vessels, machinery and equipment as well as assist with managing the requirements for foreign flag carriers calling at U.S.
Ever Larger LNG Tankers Head for Panama Canal
A 'Q-Flex' LNG tanker, the world's second-largest class of liquefied natural gas carriers, is set to pass through the Panama Canal for the first time, the canal's CEO said, expanding the Americas to Asia trade route for the fast-growing commodity.The 'Al Safliyah', which can carry about 210,000 cubic metres of LNG, is on its way to Panama from the North Pacific after discharging a cargo from Qatar into Korea Gas Corp's (KOGAS) Tongyeong terminal on April 21, shipping data in Refinitiv Eikon showed."This is the first Q-Flex to transit the Panama Canal…
BW Group Buys LPG Carrier Epic Gas
The world’s biggest operator of liquid petroleum gas ships BW Group has purchased majority stake of Epic Gas and is looking to buy the remaining shares completing the takeover.BW, based in Norway and Singapore, is making the move after acquiring a 54.7% stake from existing owners, said a press release.With the acquisition of the majority stake BW has launched an unconditional tender for all the remaining shares in Epic Gas at a price of $1.60 per share, plus an additional $3.5m divided across all the shares acquired in the offer…
Hyundai Samho Heavy Bags USD 200mln Order for LNG Carrier
South Korean shipbuilder Hyundai Samho Heavy Industries (HSHI) has won a $ 200 million contract for the construction of a 174,000-cubic-meter LNG vessel for NYK Line, said a report in Yonhap. HSHI is set to deliver a carrier that can hold 174,000 cubic meters of LNG to Japanese shipping company by 2020. The report said that it marked the first time that Hyundai Samho Heavy Industries has won an order from a Japanese company in 13 years. This year, Hyundai Samho Heavy Industries, an affiliate of Hyundai Heavy Industries (HHI), won orders to build seven vessels.
International Seaways Acquires Six VLCCs
International Seaways has entered into a binding letter of intent to acquire the holding companies for six 300,000 DWT VLCCs with an average age of 1.7 years from Euronav NV in connection with the closing of Euronav’s announced acquisition of Gener8 Maritime, Inc. (GNRT). The purchase price for the six-vessel acquisition is $434 million, inclusive of assumed debt. The six vessels that INSW has agreed to acquire include five 2016-built VLCCs and one 2015-built VLCC, each constructed at Shanghai Waigaoqiao Shipbuilding Co.…
International Seaways Acquires Two Suezmax Tankers
International Seaways announced it has entered into an agreement to acquire two Suezmax tanker newbuildings constructed at Hyundai Samho Heavy Industries shipyard. The vessels are expected to deliver to the Company by the end of July 2017. The transaction remains subject to customary closing conditions. International Seaways intends to fund the vessel acquisitions from available liquidity. Following the delivery of these two vessels, International Seaways will have a total fleet of 57 vessels…
SVEZA OK'd to Supply Plywood for LNG Carriers
SVEZA Ust-Izhora plywood mill recently obtained the GTT (Gaztransport & Technigaz) Approval confirming compliance with specification of containment system for liquefied natural gas carriers. SVEZA Group is a leader in birch plywood production, and it reportedly has become the first Russian domestic producer certified to deliver to LNG-carriers manufacturers. The company's target is to gain at least a 30% share of the market with the estimated annual volume of 60,000 cubic meters of plywood. SVEZA Group has become the fourth company in the world certified by GTT.
Cochin Shipyard Gears Up for IPO
India’s biggest shipbuilder under state control, Cochin Shipyard Ltd (CSL) is looking to file documents for its initial public offering (IPO) with the markets regulator by the end of this month, reports Live Mint. According to sources, CSL is all set to file documents for its IPO of Rs 600 crores ($90 million) with the Securities and Exchange Board of India (SEBI). The plan is part of its effort to expand and construct larger vessels and also undertake ship repair and fabrication. In addition, the government will sell 10% of its stake through the IPO.
Yangzijiang Shipbuilding to Slash 2,000 More Jobs
Chinese shipbuilder Yangzijiang Shipbuilding Holdings Ltd said it plans to cut 2,000 additional jobs, just under 10 percent of its current workforce, stepping up efforts to cut costs as new vessel orders slide amid a volatile global economy. The Singapore-listed firm, which says it is one of the largest private shipbuilding companies in China, has already cut about 4,000 jobs this year, a spokesperson said late on Thursday, bringing its current workforce to 22,000. Earlier this month, it said revenue was nearly halved in the second quarter as it soaked up a broad industry downturn. The company, which has four shipyards in China's Jiangsu province…
Parker to Supply Three Arctic Vessels
Parker Bestobell Marine, a supplier of cryogenic valves and part of Parker, a leader in motion and control technologies, has received a major new order from DSME (Daewoo Shipbuilding & Marine Engineering) in South Korea to supply cryogenic valves for three new vessels. The company’s valves will be used in the cargo handling systems, including the main discharge line that controls the initial flow of LNG from the cargo tanks when pumping starts. The three vessels are part of the…
COSCO Launches World's Largest Oil Tanker Fleet
China's largest shipping company by fleet size China COSCO Shipping Co has officially launched COSCO Shipping Energy Transportation Co in Shanghai on Monday, creating the world's largest oil tanker fleet in terms of both ship numbers and deadweight tonnage, says a report in China.org.cn. With a total of 105 oil tankers, including nine liquefied natural gas carriers and a deadweight tonnage of 17.04 million, the new company has the world's biggest fleet of oil tankers and the largest transport capacity of its kind.
Hyundai Bags Order for 2 LNG Carriers from SK Shipping
Hyundai Heavy Industries Co. (HHI) struck a $400 million worth deal to build two liquefied natural gas (LNG) carriers for SK Shipping Co., a Korean shipowner. According to the sources, the vessel can carry 180,000 cubic meters of LNG. The vessels will be delivered starting in the first half of 2019, the sources said. Meanwhile, a press release from the French LNG containment specialist GTT said that it has received an order for two new LNGCs (Liquefied Natural Gas Carriers) for HHI. The vessels will be built at Hyundai's shipyard in Ulsan for SK Shipping. Delivery is scheduled in 2019.
GTT Receives Order for Two LNG Carrier Newbuilds
GTT has received an order from Hyundai Heavy Industries (HHI) for two new liquefied natural gas carriers (LNGCs) to be built at HHI’s shipyard in Ulsan for SK Shipping, a Korean shipowner. Delivery is scheduled in 2019. The vessels, designed according to the new IGC standards published in 2016, will be equipped with GTT's Mark III Flex membrane technology. Mark III Flex is particularly well-suited for the highly efficient XDF propulsion system installed on SK Shipping's LNG carriers, as the technology offers a high level of insulation performance. “GTT is very pleased to continue our collaboration with HHI. This new contract demonstrates HHI's confidence in GTT technologies which already equip some fifty LNG carriers in service built by the shipyard…
Chinese Shipyard New Orders Slump
Drop in commodity prices has slashed global demand for bulk carriers, pushing shipyards out of business, says Chinese news agency Caixin. Huai Jinpeng, a vice minister from the Ministry of Industry and Information Technology, which oversees the sector said that the industry is plagued by excess capacity even after many large private ship makers have gone bankrupt or stopped production. China alone will build ships with a total carrying capacity of 80 million tons next year, equal to the forecasted increase in global demand, estimates from the ministry showed.
First LPG Carrier Order for MHI Shipbuilding
Mitsubishi Heavy Industries Shipbuilding Co., Ltd., a group company of Mitsubishi Heavy Industries, Ltd. (MHI), announced it has received an order from Astomos Energy Corporation for a very large liquefied petroleum gas (LPG) carrier. The order marks the very first to be received by Mitsubishi Heavy Industries Shipbuilding since the company's launch on October 1. The LPG carrier on order is identical to the four vessels Astomos Energy has already ordered to MHI since 2013. According to the builder…
ABS to Class Two More Kogas LNG Carriers
ABS has been selected to class two Liquefied Natural Gas Carriers (LNGCs) for SK Shipping, featuring the KC-1 cargo containment system (CCS). The agreement brings to five the number of LNGCs to be built to joint ABS/KR class for Korea Gas Corporation (KOGAS), the world's largest LNG importer. "ABS has a long association with South Korea's shipowners and shipbuilders and has supported them as they push the development of ships and systems to new levels of innovation and efficiency," says ABS Chairman, President and CEO Christopher J. Wiernicki.
Maritime Security Experts Convene in San Diego
Maritime security experts from federal, state and local jurisdictions are meeting in San Diego this week as part of Maritime Security 2015 West. Attendees from Turkey, Japan, United Arab Emirates, France, U.K., and New Zealand joined participants from across the U.S. and Canada to examine challenges and share solutions. A special tour of the Unified Port of San Diego was conducted to offer a glimpse behind the scenes of some of the port’s busy terminals handling commodities ranging from soda ash to bananas to automobiles.
GasLog Partners in $ 483 mi Acquisition Deal
GasLog Partners LP and GasLog Ltd. announced today that they have entered into an agreement for the Partnership to purchase from GasLog, the sole member of the Partnership’s general partner, 100% of the shares in the entities that own and charter the Methane Alison Victoria, Methane Shirley Elisabeth and Methane Heather Sally, for an aggregate purchase price of $483 million (the “Acquisition”), which includes $3 million for positive net working capital balances to be transferred with the vessels.
Japan's First High Pressure Fuel Gas System Ordered
Bestobell Marine, part of the President Engineering Group (PEGL), has received an new order to supply its globe and check valves for Japan’s first high pressure fuel gas system that will be installed within a marine vessel. The order will see Bestobell Marine supply a number of its cryogenic globe and check valves to be installed in two sister ships being built by Imabari Shipbuilding Group in Japan for Elcano. Bestobell Marine’s valves are required for the carrier’s MAN ME-GI engines, where natural gas is injected into the engine at over 300bar pressure.
GTT Seeks to Industrialize its Mark V Tech
Gaztransport & Technigaz (GTT) informs it has signed a cooperation agreement with the South Korean shipbuilder Samsung Heavy Industries to industrialize its new Mark V technology, adding that a second agreement is also being finalized with Hyundai Heavy Industries. These two partnerships will allow the commercialization of GTT’s Mark V technology during 2015, GTT said. The agreement includes the building by the shipbuilder of a mock up dedicated to final developments and related tests. Philippe Berterottière, chairman and CEO of GTT, said, "These agreements illustrate the quality of the partnership we have with the shipyards and high trust they give to our technologies.
Expanded Panama Canal to be Operational by April 2016
The widened Panama Canal is expected to finally be up and running in April 2016, after months of delays and cost overruns, AFP reports. The expansion project area will allow bigger ships to transit, with two new sets of locks, one on the Pacific side and one on the Atlantic side. Grupo Unidos Por el Canal (GUPC) is carrying out the extensive upgrade to the canal's system of locks, to allow the waterway to accommodate ships carrying up to 14,000 containers of freight - triple the current size.
Japan Seeks Share of LNG Carrier Shipbuilding Market
Japanese market players ramp up their design efforts for fuel-efficient engines to challenge Korean yards as demand for super-cooled fuel is set to soar, says a report in South China Morning Post. A total of 50 to 60 LNG ships annually are forecast to be delivered globally in 2017 and 2018, aided by US shale export projects, according to an estimate by analyst Masanori Wakae at Mizuho Securities. Of the total, 12 to 15 ships may be delivered by Japanese suppliers, with the remainder likely to be supplied by the Koreans.