China's Fuel Clampdown Curbs Its LCO Imports
China’s imports of light cycle oil (LCO) are set to fall in coming months as authorities crack down on its illicit trading and sales in South China, dealing a blow to the $10 billion market and to refiners in top supplier South Korea.China’s imports of the cheaper but more pollutive diesel blending fuel nearly doubled to record levels in 2020, but a clampdown in top oil consuming Guangdong province has curbed demand.The amount of South Korean LCO, a refinery by-product, to be loaded for shipment to China in May is down 60% from March while spot premiums have halved…
POSH Terasea Forms World’s Largest and Youngest Fleet
PACC Offshore Services Holdings (POSH), through its EPIC division, has announced the formation of a joint venture company POSH Terasea Pte Ltd with Terasea Pte Ltd (Terasea). POSH will contribute to the JV a fleet of five specialized Anchor Handlers (12000BHP to 13500BHP) while Terasea contributes four units of newbuilding modern deepwater 16000BHP Anchor Handlers, to be delivered successively over the next 11 months. With this merger, Posh Terasea will operate the largest and youngest fleet of vessels for the ocean towage market.
ISU: Fresh Thinking Needed
International Salvage Union (ISU) President Arnold Witte had called on all sectors of the shipping and insurance industries to approach the issue of salvage and spill prevention with “fresh thinking and open minds.” Speaking at the ISU’s Associate Members’ Day conference in London on April 2, he said the cost of failure to prevent pollution can run into billions. Against this background he urged the P&I community – responsible for payment of pollution claims – to accept that new approaches to reward for salvage and spill prevention have a significant role to play in reducing the financial impact of pollution claims and, at the same time, contributing to lower levels of ecological and economic damage.
ISU Conference to Include Casualty Simulation
The significance of Lloyd’s Form (LOF), will provide the focus for the International Salvage Union’s Associate Members’ Day conference in London on April 2. This theme was chosen as 2008 is LOF’s centenary year. Peter Lee, the ISU’s Vice-President, will provide an overview of salvage in the Far East. The morning programme also includes a paper marking LOF’s Centenary year. The Lloyd’s Form theme will continue with a presentation from ISU President Arnold Witte on “LOF and the defence of the marine environment.” This will examine, inter alia, the case for Environmental Salvage Awards. The conference then departs from its normal structure. The entire afternoon will be devoted to a major casualty simulation, concerning a challenging LOF salvage operation.
SEMCO Orders Two Tugs
Signing for new tugs: pictured (l/r) are: Peter Lee, General Manager of Semco; V. Sivarajan, Managing Director of Semco parent PSA Marine; Tokuro Takagi, Executive Officer, USC; and Tetsuro Morita, Team Leader, Newbuilding and Commercial Vessels, USC. Following up on the delivery of two 165 tons bollard pull towing/salvage tugs in early 2004, Semco Salvage & Marine Pte Ltd has taken a step in renewing and enhancing fleet capability. The PSA Marine subsidiary has signed with Universal Shipbuilding Corp (USC) of Japan for two 150 tons towing/salvage tugs (with an option for a third). The contract was signed by V. Sivarajan, Managing Director of PSA Marine, and Peter Lee, General Manager of Semco.
