Marine Link
Thursday, March 28, 2024
SUBSCRIBE

North Asia News

05 Feb 2024

Asia LNG Imports Are Robust, But Record Supply Keeps Spot Prices Muted

© vladsv / Adobe Stock

The spot price of liquefied natural gas (LNG) is continuing to meander at low levels amid ample supply from major exporters and signs that winter demand is easing in the top-importing regions of Asia and Europe.The spot price for LNG delivered to north Asia ended at $9.60 per million British thermal units (mmBtu) in the week to Feb. 2, up slightly from the seven-month low of $9.50 the previous week.Spot LNG prices have broken their usual seasonal pattern of rising during the northern winter and again in summer…

01 Feb 2024

Westwood Shipping Lines Rebrands as Swire Shipping

(Photo; Swire Shipping)

Swire Shipping announced that Westwood Shipping Lines, a niche vessel operator it acquired in June 2022, has changed its name to Swire Shipping.According to Sire, the rebrand—which took effect February 1—will help Westwood to leverage synergies and capabilities in containers, networks, and projects across the global Swire Shipping network to better serve customers throughout North America, Japan, South Korea and China.“The integration of Westwood Shipping Lines reflects our continued investment and expansion in the North Pacific.

19 Dec 2023

How Could Red Sea Attacks Affect Oil and Gas Shipping?

© Vallehr / Adobe Stock

Several shipping companies and a few liquefied natural gas (LNG) tankers have decided to avoid the world's main East-West trade route, following attacks launched by Yemen's Houthi group on commercial ships at the southern end of the Red Sea.The attacks raised the specter of another bout of disruption to international commerce following the upheaval of the COVID pandemic, and prompted a U.S.-led international force to patrol waters near Yemen.IS THE RED SEA ROUTE IMPORTANT FOR…

26 May 2023

Asian Spot LNG Prices Slide for Fifth Straight Week

© Anatoly Kolodey / Adobe Stock

Asian spot liquefied natural gas (LNG) prices have weakened for the fifth consecutive week on muted demand due to healthy stocks, remaining at their lowest level in two years.The average LNG price for July delivery into north-east Asia was down 3% from the previous week at $9.50 per million British thermal units (mmBtu), the lowest since early May 2021, industry sources estimated."North Asia remains largely void of demand. Prices have continued to walk down week-on-week and support hasn't been helped by Japanese utilities selling into an already weak market…

14 Nov 2022

Singapore Marine Fuel Sales Hit One-year High in October

© anekoho/AdobeStock

Marine fuel sales in Singapore surged to a one-year high in October, latest official data showed on Monday, as more competitive prices attracted ships to refuel at the world's top bunkering hub. October bunker sales totaled 4.25 million tonnes, climbing 7% from September, while vessel arrivals for bunkering at Singapore rose 9% month-on-month at 3,431 vessel calls, data from Singapore's Maritime and Port Authority showed. Prices for ship refueling were lower in Singapore in October, compared with other regional bunkering ports such as Zhoushan and South Korea, bunker fuel traders said.

08 Jul 2022

Strong LNG Demand to Keep Freight Rates Firm in 2022, Beyond

© NPershaj / Adobe Stock

Tanker rates to ship liquefied natural gas (LNG) are expected to remain firm as market players try to secure cargoes for winter demand amid soaring LNG prices and tight global supply, industry sources said on Friday.The global LNG market has recently tightened further after the war in Ukraine and a major outage at major U.S. facility Freeport LNG curtailed U.S. LNG supply, pushing players to secure vessels for longer terms that extend at times to a year.Spot tanker rates across the Pacific hit a record high at $335…

08 Jul 2022

Asia Spot LNG Prices Rise on Uncertainty over Nord Stream, Japan Supplies

Asian spot liquefied natural gas (LNG) prices jumped this week on fears of possible Russian supply disruptions to Japan and on rising demand due to a heatwave and concerns over the return of the Nord Stream pipeline after its planned 10-day maintenance.The average LNG price for August delivery into north-east Asia was estimated at $41 per million British thermal units (mmBtu), up $2, or 5.1%, from the previous week, industry sources said.This is the highest level seen in four…

08 Jun 2022

Mitsubishi Shipbuilding Earns AIP for LCO2 Spherical Cargo Tank System

The ceremony took place at Posidonia 2022, the international shipping exhibition. (Photo: Bureau Veritas)

Bureau Veritas (BV) said it has delivered an approval in principle (AIP) to Mitsubishi Shipbuilding – part of Mitsubishi Heavy Industries (MHI) Group – for a spherical cargo tank system for liquefied CO2 (LCO2) carriers.LCO2 carriers transport liquefied CO2 in a low temperature, high pressure state. Independent Type C tanks are typically used for the cargo tank system. Until now, various tank structures have been available, including cylindrical, bilobed and trilobed designs.Mitsubishi Shipbuilding has developed a new spherical cargo tank system for LCO2 carriers…

02 Jun 2022

Korean Shipbuilder Can't Accept New FSRU Orders as Capacity Full

Credit: Karel/AdobeStock

Korea Shipbuilding & Offshore Engineering (KSOE) has mostly filled its order book for the next 2-1/2 years as the pandemic drove demand for container ships, leaving little room to meet the needs of the liquefied natural gas (LNG) sector, a senior company executive said.With U.S. LNG exports rising, more LNG carriers are traveling longer distances to customers in North Asia and Europe while European countries have snapped up floating storage and regasification units (FSRUs) as they ramp up LNG imports to replace Russian gas supplies in the wake of the Ukraine crisis.However…

26 Apr 2022

India's ONGC Struggling to Move Russian Oil

© momentscatcher / Adobe Stock

India's Oil and Natural Gas Corp (ONGC) is struggling to find a vessel to ship 700,000 barrels of crude from Russia's Far East, in a growing sign that complex trades involving one of Moscow's biggest partners are being interrupted by Western sanctions, sources say.Several Indian companies including ONGC have stakes in Russian oil and gas assets, and India has been buying more Russian crude since Moscow invaded Ukraine, snapping up the popular Urals crude grade, while other buyers…

06 Oct 2021

Asia LNG Price Jumps by 40% to Record High

An LNG tanker in Australia - Credit: 4680.photos/AdobeStock

Asia liquefied natural gas (LNG) spot prices surged by 40% to a record high of over $56 per million British thermal units (mmBtu) on Wednesday, amid a global energy crunch and low gas inventories.Price agency S&P Global Platts' Japan-Korea-Marker (JKM), which is widely used as a spot benchmark in the region, climbed to $56.326 per mmBtu on Wednesday for a cargo delivered into North Asia in November, up $16.65 from Tuesday, its data showed.This works out to roughly over $320 per barrel of oil equivalent.

23 Sep 2021

BV Approves Design for World's Largest Gas Carrier

(Image: CSSC Group)

Classification society Bureau Veritas said it has issued novel design approval for what will be the world’s largest very large gas carriers (VLGC).The new 93,000-cubic-meter (CBM) capacity Panda 93P VLGC design has been developed by Jiangnan Shipyard, part of the CSSC Group (China State Shipbuilding Corporation), as an evolution of of the shipyard’s Panda gas carrier series, featuring optimized hull-form to allow increased cargo capacity without significant increases in fuel consumption.

30 Jul 2021

Itochu-led Ammonia as Marine Fuel Study Attracts 23 New Firms

Credit: aigarsr/AdobeStock

Japan-based Itochu Corporation has this week formed a joint study framework of 23 companies and organizations with the objective of collaboratively discussing common issues in pursuit of the utilization of ammonia as an alternative marine fuel, Bureau Veritas said Friday.The aim of the Joint Study Framework is to verify and organize common issues regarding the use of ammonia as a maritime fuel, which is a new challenge for maritime stakeholders. Also, BV said this was a step toward…

12 Jan 2021

China's Ban on Australian Coal Forces Trade Flows to Realign

© Parilov / Adobe Stock

China's effective ban on imports of Australian coal is forcing a realignment of flows between the world's two biggest importers and two largest exporters.Indonesia and Australia dominate the global seaborne coal trade, with the Southeast Asian nation tops in thermal coal, used mainly in power plants, while Australia is the biggest shipper of coking coal, used to make steel, and the number two in thermal coal.China is the world's biggest coal importer, while India ranks second.China's major coal supplier was Australia…

12 Nov 2020

Swire Shipping Deploys MV Lae Chief on (NAX) Service

MV Lae Chief is the first out of three 2,750TEU newbuilds that will be deployed on Swire Shipping’s NAX service. Its sister vessels, MV Noumea Chief and MV Suva Chief, are expected to be deployed into service in 2021. Image: Swire Shipping

Swire Shipping deployed its first 2,750TEU newbuild, MV Lae Chief, on its upgraded North Asia Express (NAX) service. Launching the new fixed-day fortnightly service with her maiden voyage, the vessel made her first port call in Shanghai on November 5, 2020.The new 2,750-TEU vessel is fitted with three 45mt cranes capable of dual lifts enabling it to carry all cargo types, including breakbulk, out of gauge and reefers. With strengthened tank tops to 20 t/m², MV Lae Chief is capable of carrying breakbulk such as steel and forest products…

19 Oct 2020

Mitsubishi Shipbuilding Gains BV Approval for New LNG Fuel System

Kazuo Yamashita, Chief Executive, Japan – Bureau Veritas Marine & Offshore presenting AiP certificate to Naoki Ueda, Executive Vice-President, Mitsubishi Shipbuilding (Photo: Bureau Veritas)

Mitsubishi Shipbuilding Co., Ltd., part of Mitsubishi Heavy Industries (MHI) Group, has been granted approval in principle (AIP) by Bureau Veritas (BV) for a liquefied natural gas (LNG) fuel gas supply system (FGSS) for marine four-stroke dual fuel engines. The approval was confirmed in a presentation ceremony at Mitsubishi Shipbuilding’s Headquarters in Yokohama.The FGSS comprises an LNG fuel tank, gas supply unit, control systems and other relevant equipment. The system was developed mainly to be installed on coastal ferries and small to mid-sized cargo ships.Claude Maillot…

08 Oct 2020

Danish Offshore Wind Installation Firm Set for Oslo IPO. Picks New Name

Illustration of SBO's new OWF installation vessel

Danish offshore wind turbine transportation and installation company Swire Blue Ocean (SBO) is getting ready for listing on the Oslo Stock Exchange, to position the company for the next phase of its growth.Also, Swire Blue Ocean, as a subsidiary of Swire Pacific Offshore, will be rebranded and renamed Cadeler. The company said the new name would reflect the company’s Scandinavian maritime heritage "and its commitment to excellence in maritime operations."In connection with the Mikkel Gleerup…

28 Jul 2020

LR Names Marine & Offshore President for SAMEA

Mike Holliday - LR's Marine & Offshore president for South Asia, the Middle East, and Africa (SAMEA) - Credit: LR

LR has appointed Mike Holliday as Marine & Offshore president for South Asia, the Middle East, and Africa (SAMEA).In his new role, Holliday will lead LR’s Marine and Offshore operations across SAMEA, primarily based in Singapore, and be responsible for developing the business in current and emerging markets as well as identifying growth opportunities in the region including key gas, naval and offshore projects.Holliday’s remit will also include LR’s traditional portfolio such as classification…

08 Jul 2020

BV Appoints Gregg-Smith as China Chief Executive

Alex Gregg-Smith (Photo: Bureau Veritas)

Testing, inspection and certification (TIC) services company Bureau Veritas (BV) announced Alex Gregg-Smith has joined the BV group as Marine & Offshore Country Chief Executive, China.Reporting to Claude Maillot, Senior Vice President North Asia Zone, Gregg-Smith is based in Shanghai."We are delighted to have Alex back onboard with BV – and in such an important role," Maillot said. "China is so central to our activities, both for new construction and ships in service, so we needed someone with the expert background in classification that Alex provides.

19 Jun 2020

'Strong Interest' in China's New Marine Fuel Contract

Illustration by tawatchai1990 - AdobeStock

China's marine fuel futures contract that debuts on Monday on the Shanghai International Energy Exchange (INE) is likely to attract strong interest, despite weakened ship fuel demand amid the coronavirus pandemic, industry participants said. The new low-sulphur fuel oil (LSFO) contract features marine fuel meeting stricter international emissions rules and is the latest commodity futures product - and second oil contract after Shanghai crude - open to foreign investment. With few competitors…

03 Mar 2020

BV Appoves Cryo-Powered Regas System Design

(L to R): H.G. Son, DSME Tokyo Representative; Kazuo Yamashita, Country Chief Executive, Bureau Veritas Marine & Offshore, Japan; Yoshikazu Kawagoe, Senior Managing Executive Officer and Chief Technical Officer, Mitsui O.S.K. Lines; and Hiroyuki Nakano, Executive Officer, Energy Transport Business, Mitsui O.S.K.Lines  (Photo: BV)

Bureau Veritas Marine & Offshore (BV) has issued the first approval in principle for a new cold energy ‘Cryo-Powered’ regas system for use in FSRU applications.The approval has been issued to both Mitsui O.S.K. Lines, Ltd. (MOL) and Daewoo Shipbuilding & Marine Engineering Co., Ltd (DSME). The ‘Cryo-Powered Regas’ system is a cold power generation technology based on the Organic Rankine Cycle - a proven technology used in multiple onshore LNG terminals for decades.This will be the first time the system has been developed for use in a floating terminal.

18 Mar 2020

Darley Named LR Marine and Offshore COO

Mark Darley (Photo: Lloyd’s Register)

Lloyd’s Register (LR) said it has named Mark Darley as Marine & Offshore (M&O) Chief Operating Officer.Darley, who joined LR on graduation as a marine surveyor 20 years ago, is currently M&O President for North Asia and has held leadership positions in the UK, South Asia and the Americas. He will continue to be based out of Shanghai, close to the heart of LR’s core new construction business in North Asia.LR said it will recruit for a new North Asia President with Darley fulfilling this role until a replacement is appointed.

04 Dec 2019

LR Approves New LNG-Fueled VLCC Design

The UK-based maritime classification society Lloyd’s Register (LR) has granted approval in principle (AiP) to a quartet for an LNG-fueled VLCC design that uses a prismatic GTT Mark III membrane LNG tank.The AiP was granted to China Merchants Energy Shipping (CMES), CNOOC Gas and Power Group, Dalian Shipbuilding Industry (DSIC), and Gaztransport and Technigaz(GTT).The main objectives of the AiP include developing a specification for a dual fuel VLCC that meets the IMO’s GHG 2030 emission limitations and preparing the relevant design drawings.CMES and CNOOC G&P, with assistance from LR and GTT, also performed an economic analysis in terms of capital expenditure (CAPEX) and operating expenditure (OPEX).