GAIL Scraps $7-bn LNG Tender
Indian state-owned energy firm GAIL India Ltd has scrapped a USD 7 billion tender for hiring newly built ships to ferry LNG from US after bidders did not agree to 'Make-in-India' terms, says a report by PTI. Gail will now hire the ships from the global spot or current market to transport LNG. Gail, which was forced by the oil ministry to add the ‘Make-in-India’ condition to its tender, will now hire the ships from the global spot or current market to transport LNG, a senior official with knowledge of the matter said.
MOL to Upgrade Container Service
Mitsui O.S.K. Lines, Ltd. (MOL) has announced an upgrade to its Asia-East Coast South America Service (CSW). From July 2011 through 2012, MOL will launch a total of 10 new 5,600 TEU container ships and replace the currently-operated vessels. The newbuilding ships will adopt a new wide-beam and shallow-draft design, featuring high loading capacity and compatibility with shallow-draft ports in South America, as well as superior fuel efficiency. Moreover, effective July 2011, MOL will assign an additional ship to CSW with a total of 13 ships, which allows sufficient time and enhance the schedule stability with a revised schedule. Along with the fleet expansion, MOL will begin chartering space to a consortium of Nippon Yusen Kabushiki Kaisha (NYK Line), Kawasaki Kisen Kaisha, Ltd.
India Approves Shipping Corp LNG Joint Venture
The Indian government on March 4 approved state-run Shipping Corporation of India Ltd.'s plan to take a 33.8 percent stake in a new Panama-based liquefied natural gas (LNG) transportation company. Shipping Corp. will invest $21 million in the firm, in which Japan's Mitsui OSK Lines Ltd., Nippon Yusen Kabushiki Kaisha and Kawasaki Kisen Kaisha Ltd. would be other partners. The new company would transport LNG for India's state-run Petronet LNG Ltd., which operates a 5-million-tonne LNG terminal in Dahej on India's west coast. The company would transport 2.5 million tonnes of LNG for an expanded facility at Dahej. Petronet LNG has a long-term contract with Qatar's Rasgas to buy 7.5 million tonnes of LNG for its terminal.
Study, Modernizing Shipbuilding in Russia
Three Japanese companies - Mitsubishi Heavy Industries, Ltd. (MHI), Nippon Yusen Kabushiki Kaisha (NYK Line) and Mitsui & Co., Ltd. - have signed an agreement with United Industrial Corporation (OPK), one of Russia's largest diversified corporations, to implement a feasibility study on constructing large-size liquid natural gas (LNG) carriers at the shipyards of an OPK affiliate. Under the feasibility study, the three Japanese companies will consider modernization of the shipbuilding facilities at the OPK affiliate to enable construction of large-size LNG carriers. The three partners also look to cooperate with the shipyards, once modernization is completed, in participating in businesses related to future Russian LNG projects.
S. African Competition Watchdog Fines Japanese Shipping Firm
South Africa's competition watchdog has recommended Japanese shipping firm Nippon Yusen Kabushiki Kaisha Ltd (NYK) pay a 104 million rand ($8.5 million) penalty for price-fixing and collusion in the transport of cars. The Competition Commission said on Tuesday NYK had admitted guilt and agreed to pay the fine after an investigation into collusion involving several shipping firms. "The Commission found that NYK colluded on 14 tenders with its competitors for the transportation of motor vehicles by sea," competition authorities said in a statement. The ultimate decision rests with the Competition Tribunal, which in most cases backs deals approved by the commission.
ISS Awarded NYK Liner Agency in Australia
Maritime and logistics service provider Inchcape Shipping Services (ISS) has been awarded the NYK Liner agency in Australia. Part of transportation company Nippon Yusen Kabushiki Kaisha Group, NYK Line container services has appointed ISS to represent its New Zealand Singapore service (NZS) and North Asia-New Zealand (NZJ) service from July. Under this new agency agreement, ISS Brisbane will handle the full liner agency function including sales, customer service, operations and accounting for NYK Line in Australia. ISS will also support imports from the Far East and South East Asia with weekly sailings on both strings, as well as focus on northbound service volumes from Brisbane to South East Asia and beyond.
FPSO Turritella Producing, On Hire
SBM Offshore stated that FPSO Turritella is formally on hire as of September 2, 2016 after achieving Commencement of Commercial Production (CoCP). The CoCP certificate was issued on September 8, 2016. The vessel is installed in Shell's Stones development located in 2,896 meters (9,500 feet) of water approximately 320 kilometers (200 miles) offshore Louisiana in the Walker Ridge area. The lease and operate contracts include an initial period of 10 years with future extension options up to a total of 20 years.
Appoints New Member to Advisory Board
The Panama Canal Authority (ACP) has appointed Nippon Yusen Kabushiki Kaisha (NYK Line) President Koji Miyahara as its newest Advisory Board member. This appointment helps strengthen the Canal's focus in maritime shipping and provides the Board with representation from Japan, one of the largest users of the Panama Canal. Additionally, Mr. Miyahara will play a key role in the implementation of the ACP's expansion plans. The Advisory Board was founded in 1999 at the time of the transfer of the Canal to Panama. The members of the Advisory Board provide strategic counsel to the ACP and its Board of Directors on issues related to the management and administration of the Canal, including finances, insurance, operations and permanent modernization.
NYK Line, Transnational Diversified Maritime Academy Opens
Nippon Yusen Kabushiki Kaisha (NYK) and the Transnational Diversified Group (TDG) welcomed around 950 students and guests to the grand opening of the new NYK-TDG Maritime Academy in Canlubang, Philippines. NYK and its business partner TDG decided to establish this maritime college, which will educate and train future crew members during their school years so that they will not only be able to handle issues involving management but will also gain practical knowledge that is required on board vessels. Those attending the event included Gloria Macapagal-Arroyo, president of the Philippines; Philippine government officials; Koichiro Yamazaki, Japanese ambassador to the Philippines; and parents and family members of the 120 excited new students.
Japanese Shipping Companies in Troubled Waters
Though the challenging market conditions in the container shipping industry continued to add pressure to Japan’s major shipping companies, turnaround seen as write-downs set to fizzle out, earnings forecasts upgraded, reports Nikkei. Nippon Yusen Kabushiki Kaisha (NYK Line) reported the largest net loss for the nine-month period which amounted to JPY 226 billion ($ 1.98 billion) in the first nine months of fiscal year 2016 ended December 31. Kawasaki Kisen Kaisha (K Line) concluded…
Japanese Shippers Trim Fleets
The three big Japanese marine transport firms - Nippon Yusen Kabushiki Kaisha (NYK Lines), Mitsui O.S.K. Lines and Kawasaki Kisen - are decreasing the number of containerships and bulk carriers in their fleets by 10%, reports Nikkei. This is due to weak market conditions and in response to a persistently bleak business environment brought on by a supply glut. The trio operated 1,266 of the ships in all at the close of the fiscal year ended in March, but that number will fall by 122 ships. While Mitsui O.S.K.
New LNG Carrier Delivered for Petronet
A consortium comprising Nippon Yusen Kabushiki Kaisha (NYK), Mitsui O.S.K. Lines, Ltd. (MOL), Kawasaki Kisen Kaisha, Ltd. (“K” Line), and the Shipping Corporation of India Ltd. (SCI) took delivery of a new liquefied natural fas (LNG) carrier on November 30, 2016, in South Korea. The vessel, Prachi, has a capacity of 173,000 m3 and was built to order by Hyundai Heavy Industries Co. Ltd. based on a long-term time charter contract with Petronet LNG Limited (PLL). A naming ceremony for the ship was held on October 18, 2016.
Japan's Big Three Shipping Lines Form 3rd Largest Alliance
Japan’s three largest shipping companies - Nippon Yusen Kabushiki Kaisha (NYK), Mitsui O.S.K Lines (MOL), and Kawasaki Kisen Kaisha (“K” Line) - and three other carriers worldwide will form the world's third-largest container shipping alliance, reports Nikkei. South Korea's Hanjin Shipping, Germany's Hapag-Lloyd and Taiwan's Yang Ming Marine Transport, on Friday agreed to join forces. The new partnership will begin operations in April 2017 for five years, subject to regulatory approval. The three Japanese shippers will adjust their ports of call and operating schedules on duplicate routes.
MOL: New Containerships to Upgrade Service
Mitsui O.S.K. Lines, Ltd. announced an upgrade to its Asia-East Coast South America Service (CSW). From July 2011 through 2012, MOL will launch a total of 10 new 5,600 TEU containerships which will replace its currently-operated vessels on the CSW. The newbuilding ships will adopt a new wide-beam and shallow-draft design, featuring high loading capacity and compatibility with shallow-draft ports in South America. Moreover, effective July 2011, MOL will assign an additional ship to CSW with a total of 13 ships, which allows sufficient time to revise the existing schedule. Along with the fleet expansion, MOL will begin chartering space to a consortium of Nippon Yusen Kabushiki Kaisha (NYK Line), Kawasaki Kisen Kaisha, Ltd. (“K” Line), Hyundai Merchant Marine Co., Ltd.
Former Shipping Execs Indicted on Price-fixing
Three former executives of ocean freight shipping firms have been indicted for participating in a long-running price-fixing conspiracy, the U.S. Justice Department announced. The executives – Yoshiyuki Aoki, Masahiro Kato and Shunichi Kusunose – have been brought up on felony charges for allegedly allocating customers and routes, rigging bids and fixing prices for the sale of international ocean shipments of roll-on, roll-off cargo to and from the U.S. and elsewhere, including the Port of Baltimore. The affected cargo included cars, trucks, construction equipment and agricultural equipment.
NYK, YLK Hold Joint Training Program
From October 19 to 23, Nippon Yusen Kabushiki Kaisha and Yusen Logistics Co. Ltd. jointly conducted their 2015 Global NYK/YLK Week, a training program targeting NYK and YLK staff from offices around the world. Twenty-five overseas staff members — 12 from NYK and 13 from YLK — were nominated from the Group’s global business bases to attend the program along with two Japanese staff members from each company’s headquarters in Tokyo. This training program has been jointly held by NYK and YLK since 2012 to deepen the interchange among the participants across national…
Yusen Container Terminal Draft EIS/EIR Released
The Port of Los Angeles and U.S. Army Corps of Engineers have prepared a Draft Environmental Impact Statement/Report (EIS/EIR) for the Yusen Terminals Inc. (YTI) Container Terminal Improvements Project, located at Berths 212-224 at the Port of Los Angeles, on the north side of Terminal Island along the Cerritos Channel, near the East Basin. The proposed project entails improving Berths 214-216 wharves, increasing berth depth from -45 to -53 feet, and improving Berths 217-220 wharves to make way for 100-foot gauge gantry cranes, as well as deepening to a -47 feet berth depth. The project will also construct additional on-dock rail yard capacity for YTI.
NYK, MOL and K Line to Merge Container Shipping Businesses
Kawasaki Kisen Kaisha, Ltd., Mitsui O.S.K. Lines Ltd. and Nippon Yusen Kabushiki Kaisha will establish a new joint-venture company to integrate the container shipping businesses. The shippers have agreed, after the resolution by the board of directors of each company, and subject to regulatory approval from the authorities, to establish a new joint-venture company to integrate the container shipping businesses, including worldwide terminal operating businesses excluding Japan, of all three companies and to sign a business integration contract and a shareholders agreement.
SBM Offshore Completes $1.55 bln FPSO Financing
SBM Offshore announced it has today completed the project financing of FPSO Cidade de Saquarema for a total of $1.55 billion, marking the largest project financing in the company's history. Project financing was secured by a consortium of 16 international banks with insurance cover from four Export Credit Agencies (ECA): Atradius Dutch State Business N.V. (Atradius), Nippon Export and Investment Insurance (NEXI), Servizi Assicurativi del Commercio Estero S.p.A. (SACE) and UK Export Finance (UKEF). The facility is composed of three separate tranches totaling $1.55 billion with a 5.1 percent weighted average cost of debt and fourteen year post-completion maturity: Atradius covered tranche of $800 million including SACE $167 million and UKEF $53 million…
L.A. to Review YTI Improvement Proposal
The Los Angeles Harbor Commission approved a resolution initiating an Environmental Impact Statement/Environmental Impact Report (EIS/EIR) on a proposed berth-improvement project by Yusen Terminals Inc. (YTI). Start of the EIR process is the first step in YTl’s proposed plan to deepen and improve its terminal facilities, allowing the terminal operator to accommodate next-generation vessels and increase cargo volume at its site. “Terminal modernization and improvements such as those proposed by Yusen Terminals Inc. are key to the Port of Los Angeles’ long-term global competitiveness and success,” said Port Executive Director Geraldine Knatz, Ph.D.
Nor-Shipping 2013 Announce Speaker Lineup
Nor-Shipping 2013 opens just three months from now with a cast of speakers featuring top executives from world-leading companies covering the entire value chain of themaritime industry – from shipowners and technology and service companies to regulators and financiers. Among speakers welcoming delegates to the Opening Conference on June 4 will be Norway’s Minister of Trade and Industry Trond Giske, who will provide a governmental perspective, and IMO Secretary-General Koji Sekimizu, who will share regulatory insights.HRH Crown Prince Haakon of Norway will also attend.
FPSO Turritella Financing Completed
The Turritella joint venture led by SBM Offshore has completed the project financing of FPSO Turritella for a total of $800 million. Project financing was secured by a consortium of 12 international banks with an average cost of debt of 3.5 percent over the 10 year post-completion maturity. FPSO Turritella is owned and operated by a joint venture owned by affiliated companies of SBM Offshore (55 percent), Mitsubishi Corporation (30 percent) and Nippon Yusen Kabushiki Kaisha (15 percent). The vessel is a typical Generation 2 design with a processing capacity of up to 60,000 barrels of oil per day and 15 mmscf/d of gas treatment and export.
First Dual-fuel LNG Car Carrier Christened
United European Car Carriers (UECC), daughter company of Nippon Yusen Kabushiki Kaisha (NYK) and Wallenius Lines, signed a contract in 2014 for the construction of two dual fuel LNG Pure Car and Truck Carriers. The first vessel, de ms AUTO ECO, left the shipyard in China in September and arrived in November in Zeebrugge. On November 21, the ms AUTO ECO was christened at the terminal of International Car Operators (ICO) in the Zeebrugge inner port. The godmother of the ship is Claire Tillekaerts, CEO of Flanders Investment & Trade.