Marine Link
Thursday, March 28, 2024
SUBSCRIBE

Northern Asia News

07 Jan 2021

Japan Faces LNG Shortage Amid Supply crunch, Cold Weather

© vladsv/AdobeStock

JERA, Japan's biggest electricity generator and the world's largest buyer of liquefied natural gas (LNG), is operating gas- power plants at lower rates as it runs down inventories amid rising heating demand as temperatures drop.The company joins other Japanese power generators reducing run rates on their gas plants as they compete with LNG buyers across northern Asia scrambling to secure supplies, sending prices higher.Tight fuel supplies are also highlighting vulnerabilities in Japan's electricity grid that make it harder to swap power supplies between areas a decade after the Fukushima nucle

22 Jun 2020

China to Be Self-reliant in IMO-compliant Fuel

© masterskuz55 / Adobe Stock

Chinese refiners have the capacity to produce 18.1 million tonnes of low-sulphur fuel oil (LSFO) this year, which would make the country self-sufficient in the new shipping fuel, an official with state major PetroChina said on Monday.China has been striving to reduce its reliance on bunker fuel imports and is aiming to create its own marine fuel hub to supply northern Asia.About 20 refineries, mostly under state-run Sinopec Corp, PetroChina, CNOOC and Sinochem, installed equipment to produce 0.5% sulfur fuel that meets International Maritime Organization (IMO) rules that came into force at the

27 May 2020

China's VLSFO Exports Rose By a Third in April

© James Steidl / Adobe Stock

China's low-sulphur marine fuel exports rose by a third in April compared with March to the highest level yet after it waived export taxes for domestic refiners to meet shipping demand, Chinese customs data showed.Chinese refiners began exporting in January very low sulphur fuel oi (VLSFO) with a maximum sulphur content of 0.5% to comply with emission rules for ships from the International Maritime Organization.Data from China's General Administration of Customs showed April exports of the ship fuel reached nearly 1.43 million tonnes…

26 Feb 2020

Global LNG Exports Reach 362MT in 2019

During the fourth quarter of 2019, spot LNG freight rates continued to strengthen with average reported headline rates for MEGI/X-DF LNG carriers increasing by 66% from $74,800 per day to $123,800 per day, according to Flex LNG.Rates increased steadily due to higher demand preparing for winter in Northern Asia, as well as continued floating storage, Flex LNG said.Trading patterns and LNG pricing however, continue to favor Europe as the main destination for incremental uncommitted LNG volumes due to the low spread in gas prices between Asia and Europe, as well as greater infrastructure capacity in Europe for regasification and storage.According to industry sources…

31 May 2019

Spot LNG Freight Rates Plummets in Q1: Flex LNG

During the first quarter 2019, spot LNG freight rates plummeted from the record levels seen in the previous quarter, said Flex LNG, the company controlled by billionaire John Fredriksen.Asia winter demand came in lower than expected due to an unseasonably mild weather in northern Asia, coupled with Japanese nuclear power plants restarting as well as an oversupplied LNG market due to start-up of new LNG production, said the emerging player in the LNG shipping.Asian LNG prices moved lower, trading closer to or at par with key US and European LNG markers, preventing arbitrage opportunities between the markets. Despite significant growth in liquefaction and exported volumes…

01 Nov 2018

Gaslog Mulls Buybacks, Extra Dividends as Rates Soar

File Image: a typical LNG carrier underway / CREDIT AdobeStock /© Fotmart

Gaslog, a liquefied natural gas (LNG) carrier, said on Thursday it was considering extra dividends or a share buyback after reporting record profit due to soaring shipping rates, which are expected to remain elevated for the next year or two.The U.S.-listed company is the world's largest independent owner of LNG shipping vessels with long-term charters with Royal Dutch Shell, a major LNG trader, and Cheniere Energy , a new U.S. LNG producer and trader, amongst others.LNG shipping…

26 Jun 2018

World’s Largest Port Joins IAPH

The Ningbo Zhoushan Port Group, which manages the port complex of Ningbo and Zhoushan in China, decided to join the International Association of Ports and Harbors (IAPH). That was confirmed following the Maritime Silk Road Port International Cooperation Forum, which took place in Ningbo mid-June. IAPH President Santiago Garcia Milà gave a keynote address at the Forum and met on this occasion with Ni Chenggang, the Vice General Manager of Ningbo Zhoushan Port Group to conclude the membership arrangement. Ningbo and Zhoushan represent the largest port complex in the world. In 2017, the port group handled a total cargo throughput of one billion tons. The port complex is part of the Maritime Silk Road and has the largest deep-water facilities in China.

28 Dec 2017

China's Ningbo-Zhoushan Becomes World's Top Port

China's super-large port Ningbo-Zhoushan, the busiest port in China, saw an annual cargo throughput of 1 billion tonnes, becoming the first one  globally to reach this volume, according to data provided by the port. The port in East China's Zhejiang province deepened cooperation with major shipping companies and harbors along the Belt and Road, adding five sea routes to raise its total to 86. It also signed cooperation agreements with 20 other ports, Xinhua reported Mao Jianhong, chairman of Ningbo Zhoushan Port Group as saying. Ningbo-Zhoushan port handled over 10 million standard containers from countries and regions along the Belt and Road this year, up 16 percent year on year, he added.

20 Jan 2017

Shippers Avoid New "pirate hotspot" west of Philippines

Piracy has surged in Sulu, Celebes Seas; waters part of route carrying iron ore to Asia. A surge in piracy to the west of the Philippines is forcing shipowners to divert vessels through other waters, stoking their costs and extending the time it takes to transport goods such as Australian iron ore to key Asian destinations. There have been 16 attacks since last March on ships in the Sulu and Celebes Seas, through which about $40 billion worth of cargo passes each year, according to the Regional Cooperation Agreement on Combating Piracy and Armed Robbery against Ships in Asia (ReCAAP). That government-backed anti-piracy organisation says over a dozen crew are currently being held hostage by Filipino Abu Sayyaf militants, all from ships sailing through the Sulu and Celebes Seas.

20 Jul 2015

Maersk Starts Weekly Service through Port of Jacksonville

The Port of Jacksonville (JAXPORT) has welcomed the 4,400 teu AS Mariana, the first ship in Maersk Line’s new weekly service to Asia through at the port’s Blount Island Marine Terminal. JAXPORT has officially announced the addition of the world’s No. 1 container shipping company to the growing number of global carriers with regular container cargo service through Jacksonville. This addition service means that nine of the world’s top 10 global container carriers now offer their customers the opportunity to move containers into and out of Northeast Florida. “What better way to illustrate JAXPORT’s increasingly visible role in international trade than to welcome the world’s largest container line,” said JAXPORT Executive Vice President and Chief Commercial Officer Roy Schleicher.

27 Jan 2015

Carnival, China Merchants Sign MOU

MOU will explore both Port & Destination Development and Ship-Owning joint ventures with the goal of potentially launching China’s first world-class domestic cruise brand. Carnival Corporation & plc has  signed a memorandum of understanding (MOU) with China Merchants Group (CMG) to explore the possibility of two joint ventures designed to accelerate the development and growth of the overall cruise industry in China. Ship-Owning Joint Venture: Carnival Corporation and CMG will explore a joint venture that would own and operate its own cruise ships as part of the first-ever domestic Chinese cruise line specifically targeted to the Chinese market.

06 Dec 2014

American Club Strengthens Asia Presence

Katherine Wang, who is well known in Asian P&I circles, has joined the American Club as assistant vice president and marketing manager for Greater China and Northern Asia. In the first instance she will be stationed in the Hong Kong office of the club's managers, Shipowners Claims Bureau, and thereafter will be deployed to Dalian in Northern China - where in fact she graduated from Dalian Maritime University, obtaining her Bachelor’s Degree in International Shipping Transportation. Ms Wang joins SCB from another international group P&I club, where she was employed as an underwriter. Prior to that, she worked at China Shipping (Hong Kong) Marine Co. Ltd. in its chartering department, specialising in the dry bulk sector.

06 Mar 2014

CaroTrans Boosts Services to Central America

March 6 marks the start of a new service from Los Angeles gateway. CaroTrans, a global NVOCC (non-vessel operating common carrier) and ocean freight consolidator, has announced a new weekly, direct, all-water LCL (less than container load) service from the U.S. West Coast to all points in Central America including: Belize, Costa Rica, Guatemala, Honduras, Nicaragua, El Salvador and Panama. This distribution network delivers full coverage of Central American locations via secure, bonded, on-forwarding. U.S.

08 Jan 2014

CaroTrans, MOLAX LINE Partner for U.S.-Northern Asia Service

CaroTrans, a global NVOCC (non-vessel operating common carrier) and ocean freight consolidator, announced a new cooperation with MOLAX LINE, an independent NVO in South Korea, which the companies say will create a stronger, more robust LCL service network in the transpacific trade. The CaroTrans-MOLAX alliance will offer secure, local service for import and export cargo moving between the U.S. and Northern Asia. CaroTrans has an extensive North American network of 14 branch offices and 24 CFS (container freight stations). In Busan, MOLAX owns and operates a 380,000 sq. foot warehouse and will have a second warehouse of 360,000 sq. feet completed mid-2014.

23 Oct 2013

Stena Polaris Completes Northeast Passage

After 35 days at sea, the Stena Polaris has arrived at the port of Yousu in South Korea. She has sailed via the icy and harsh Northeast Passage along Russia’s northern coast. After arriving at her final destination, the ship was celebrated with representatives of the South Korean government, the corporate management of both Hyundai and the Stena Group and the port authorities attending. The Stena Polaris began her voyage on September 17 in the port of Ust Luga in the Gulf of Finland with a cargo of 44,000 tons of naphtha.

15 Oct 2013

Stena Tanker Sails the Northeast Passage

Stena Polaris

The Stena Polaris is approaching its destination – the port of Yosu in South Korea. Her voyage began on September 17 in Russian Ust Luga in the Gulf of Finland, and she is expected to arrive in Yosu in about a week. For part of the voyage of 8,400 nautical miles, the tanker sailed in a convoy headed by a Russian nuclear powered icebreaker through the harsh Northeast Passage. Sailing via the Northeast Passage offers the expansive Northern Asia opportunities to speed up the freight routes to and from the region.

09 Jun 1999

Evergreen Expands Australia Shipping Service

Evergreen Marine Corp. will reportedly restructure its Australian service to incorporate direct calls between Australia and ports in northern Asia from July 1999.