GasLog Sees Tighter LNG Shipping Market
GasLog, an international owner, operator and manager of liquefied natural gas (LNG) carriers, is predicting a tighter LNG shipping market, as increasing United States LNG output combines with a seasonal uptick in demand for gas, resulting in rising demand for shipping and higher utilization of the global fleet.These underlying trends in the LNG commodity and shipping markets point towards a structurally tighter market through 2020 and into 2021.As of October 28, 2019, the LNG fleet and orderbook (excluding floating storage and regasification units (FSRUs) and vessels with capacity below 100…
South Korea to Slash Passenger Vessel Emissions with ABB
ABB will install Port of Incheon’s first shore-to-ship power solution, enabling passenger vessels to cut emissions, noise and vibrations at berthABB has secured the contract covering South Korea’s commitment to sustainable shore-to-ship power, after a pilot scheme for passenger ships to plug into the local grid received the go ahead from Incheon Port Authority (IPA).In addition to a new $160 million ferry terminal opened in April 2019, Port of Incheon inaugurated South Korea’s largest cruise terminal in June this year.
Global LNG Demand 16% Up in Q2
Global liquefied natural gas (LNG) demand was 86 million tonnes (mt) in the second quarter, compared with 74 mt in the second quarter of 2018, an increase of 16%, said GasLog Ltd.The Monaco-headquartered international owner, operator and manager of liquefied LNG carriers said that higher European imports (up 110% year-on-year) accounted for most of the growth, while demand from Northeast Asia (Japan, China, South Korea and Taiwan) was flat year-on-year, according to Poten.Natural…
Global LNG Demand Up 16%: GasLog
Global liquefied natural gas (LNG) demand was 86 million tonnes (mt) in the second quarter, compared with 74 mt in the second quarter of 2018, an increase of 16%, said GasLog Partners, the international owner and operator of LNG carriers.Monaco-headquartered company quoted a Poten report which says that higher European imports (up 110% year-on-year) accounted for most of the growth, while demand from Northeast Asia (Japan, China, South Korea and Taiwan) was flat year-on-year.Natural…
PIL Upgrades SE Asia - Aus Services
Singapore-based shipping company Pacific International Lines Pte Ltd (PIL) announced improvements to its Southeast Asia to Australia services to meet the changing needs of the markets.PIL's current Australia-Asia Alliance Service 1 and 2 (AA1 & AA2) will be upgraded to offer more competitive transit times and better port connections.The enhanced AA1 and AA2 services will cover all major ports in Australia with effect from early August, shipper said in a press note.Port rotations of AA1 will be Laem Chabang – Singapore –Melbourne – Sydney – Brisbane - Singapore – Laem Chabang.
Record-Breaking Cargo Ship Visits JAXPORT
The Jacksonville Port Authority (JAXPORT), an international trade seaport on the St. Johns River in Jacksonville, Florida, set a new port record today with the arrival of the ZIM vessel Kota Pekarang, the largest container ship to ever call Jacksonville.The 11,923-TEU (container) vessel is operated by ZIM on a service offered by the 2M Alliance, comprised of Maersk, MSC, Hamburg Süd and strategic partners HMM and ZIM.The Kota Pekarang, which transited the Panama Canal from Northeast Asia before reaching the U.S.
Golar Bullish on LNG Market
Through the provision of cheaper and cleaner energy the liquefied natural gas (LNG) market will likely take market share from coal and oil and sustain industry growth levels of around 10% for the foreseeable future, said Golar LNG.The shipping company registered in Bermuda said that key markets continue to import record levels of LNG as they distance themselves from coal and nuclear, with Chinese and Korean 2018 demand up 41% and 18%, respectively.Lessons learned from gas shortages and last minute buying at the end of 2017 meant that China entered the winter buying market earlier in 2018.
Yang Ming Announces New Intra-Asia Service
Taiwanese ocean shipping company Yang Ming Marine Transport Corporation announced a new Intra-Asia service KVM(Korea–Vietnam–Malaysia Service) jointly operated by YM and APL Co. Pte Ltd through its CNC brand with effect on February 21st, 2019.The service will be operated with three 1,800-TEU container vessels, one by YM and two by APL Co. Ptd Ltd via its CNC brand.The full port rotation will be Kwangyang, Pusan, Kaohsiung, Ho Chi Minh, Port Kelang, Singapore, Haiphong, Kaohsiung, Kwangyang.
Cosco Opens New International Hainan-ASEAN Liner Route
The New International Land-Sea Trade Corridor (ILSTC) and COSCO Shipping 'Hainan-ASEAN (Singapore)' Liner Route, co-hosted by Hainan Provincial People’s Government and COSCO Shipping, was launched at Hainan Yangpu Xiaochantan Terminal owned by Hainan Harbor & Shipping Holding.Hainan Governor Shen Xiaoming announced the launch of the maiden voyage.The “Hainan-ASEAN (Singapore)” Liner Route opens a direct passage through which goods from China’s western regions can be shipped southward to Singapore via Yangpu Port…
ExxonMobil Drops USD 25 bln Canadian LNG Project
U.S. oil major Exxon Mobil Corp. has withdrawn its environmental assessment application for a $25-billion LNG export facility on the B.C. coast it proposed in 2015. No reasons given for withdrawing from environmental review process.“After careful review, ExxonMobil Canada and Imperial Oil Resources have withdrawn the WCC LNG project from the B.C. Environmental Assessment process,” a notice on WCC LNG website says. It also says that its websie will only be available until the end…
Moody's Rated Panama Canal with Stable Outlook
Moody's Investors Service reaffirmed the Panama Canal Authority's (ACP) A2 long-term rating with a stable outlook, based on its distinctive position as an infrastructure asset with a unique geographic advantage and business model, and its strong historical operational and financial performance.According to Moody's, the ACP's strong financial performance has resulted in better than anticipated financial metrics, driven by the successful operations of the Expanded Panama Canal.
Wison Bags FEED Contract for FLNG Project from Western LNG
Wison Offshore & Marine and Western LNG signed a technical service agreement (TSA) for the new floating liquefied natural gas (LNG) project that Western is developing in British Columbia, Canada.Pursuant to the TSA, Wison will develop the basis of design (BOD) and carry out front-end engineering design (FEED) for the proposed FLNG to be sited at the proposed facility.Western has also agreed to the appointment of Wison as the EPC service provider for the floating liquefaction plant upon project FID.Under the terms of the TSA…
Wison Wins FEED Contract for Canadian FLNG Project
Wison Offshore & Marine announced it has been awarded a contract to carry out front-end engineering design (FEED) for a proposed floating liquefied natural gas (FLNG) project sited in British Columbia, Canada.Wison said it has entered into a Technical Service Agreement (TSA) with the project’s developer Western LNG LLC, pursuant to which Wison will develop the basis of design (BOD) and carry out FEED wordk. Western also appointed Wison as the EPC service provider for the floating liquefaction plant upon project FID.Under the terms of the TSA…
President Kennedy Makes Maiden Call at Yokohama
Container carrier APL, together with the Yokohama Port and Harbor Bureau and Yokohama-Kawasaki International Port Corporation, celebrated the maiden arrival of containership President Kennedy at the Port of Yokohama, on July 21.Deployed for APL’s Eagle Express 1 (EX1) service, President Kennedy is the first of six vessels that were newly-named after former U.S. Presidents to call the Japanese port. Following this, the Yokohama port will be expecting President FD Roosevelt; President Wilson…
Thick Sea Ice Blocks Exports from Yamal LNG Plant
Thick sea ice is impeding Arctic shipments of liquefied natural gas (LNG) from Russia's newly-built export plant in Yamal, Russia's state-run nuclear-powered tanker company Rosatomflot said.Unseasonably severe ice conditions are also clogging routes to Asia through the Northern Sea Route (NSR), leading to the extension of the winter-spring navigation of Atomflot's nuclear ice-breakers, it said.The Novatek-operated LNG facility's fleet of LNG ice-breaking tankers aim to deliver gas to Northeast Asia along the NSR in summertime when ice sheets thin.In winter…
Busan Port Endeavors to Attract Shipping Alliances
Busan Port Authority carried out marketing activities to attract T/S cargo from three global major shipping alliances through visiting their Asian Pacific regional headquarters. The three global alliances, 2M(Maersk, MSC), OCEAN (CMA·CGM, COSCO, Evergreen, OOCL), THE(Hapag-Loyd, Yang-Ming, ONE), calling at Busan Port account for 80percent of global cargo volume. Busan Port handled 71 percent(7.28 million TEU) of their T/S cargo and it played a significant role in achieving 20 million TEU.
PIL, PSA, IBM Conclude Successful Blockchain Trial on Chongqing-Singapore Route
Singapore’s Pacific International Lines (PIL), port operator PSA International, and technology giant IBM Singapore have concluded a successful blockchain trial, having signed a memorandum of understanding in August 2017. Following the signing of the MOU, the companies worked on a Proof Of Concept (POC) exercise, built on IBM Blockchain Platform, applying and then testing a blockchain-based supply chain platform to track and trace cargo movement from Chongqing to Singapore via the Southern Transport Corridor.
Chinese Demand Ensures Asian LNG Rally Has Legs
Unexpectedly strong demand from China, along with rising oil and coal prices, should keep Asian liquefied natural gas (LNG) spot levels buoyant this winter. Despite rising supplies from new plants, spot prices have risen by 55 percent from their 2017 lows to $8.40 per million British thermal units (mmBtu) as Asian buyers also refilled summer stocks. With the peak demand October-March winter gas season almost underway, further price gains are expected. Nuclear outages in Taiwan and rising demand from Thailand…
US Navy Conducts Bilateral Drill with Japan and Korea
U.S. Navy ships are conducting simultaneous bilateral maritime exercises with the Republic of Korea Navy and with the Japan Maritime Self Defense Force today and tomorrow (April 25-26, local time). The destroyers USS Wayne E. Meyer (DDG 108) and ROKN Wang Geon (DDH 978) are conducting combined maritime exercises in waters west of the Korean Peninsula while the destroyers USS Fitzgerald (DDG 62) and JMSDF JS Chokai (DDG 176) execute combined maritime exercises in waters west of Japan. Both exercises demonstrate a shared commitment to security and stability in Northeast Asia as well as the U.S.
Myanmar Study Looks at Port Data Exchange
A feasibility study looking into the possible expansion of the Northeast Asia Logistics Information Service Network (NEAL-NET) has been undertaken in Myanmar, as part of a project co-funded by International Maritime Organization (IMO) and China. A team of consultants in Myanmar (5-6 March) met a range of stakeholders in the region and made a site visit to the port of Yangon. The aim is to gain a better understanding of existing systems of port logistics information and to identify the port or ports where NEAL-NET could be implemented.
Cambodia Study Looks at Port Data Exchange
A feasibility study to look into the possible expansion of the Northeast Asia Logistics Information Service Network (NEAL-NET) is being undertaken in Cambodia, as part of a project co-funded by International Maritime Organization (IMO) and China. NEAL-NET was established in 2010 by China, Japan and the Republic of Korea as a transnational, non-profit cooperative mechanism for logistics information exchange and technological cooperation. The envisaged expansion of NEAL-NET is expected to support the implementation of the revised Facilitation Convention…
Vessel Oversupply to Continue in Chemical Shipping
Chemical shipping vessel supply on major routes has been in surplus with many newbuilding deliveries and swing tankers flooding the market. As a result, freight rates on long-haul routes will continue to be challenged by surplus large vessels over the next two years, according to the latest edition of the Chemical Forecaster, published by global shipping consultancy Drewry. Time charter rates weakened in 2016, especially for larger tankers, and freight rates on major long-haul routes dropped.
COSCO Shipping Holdings to Buy Qingdao Port's Shares
COSCO Shipping Ports and Qingdao Port International (QPI) announced to enter into the Transaction Agreement, pursuant to which COSCO Shipping Ports will make strategic investment in QPI. Taking the proposed New H Share Issurance plan of QPI into consideration, the Subscription Shares will represent approximately 16.82% of the issued share capital of QPI, and COSCO Shipping Ports’ shareholding in QPI will increase to approximately 18.41% in total. Shanghai China Shipping Terminal Development Co., Ltd.