MISC Wins FSO Charter Contract in Vietnam
Malaysian shipping group MISC Berhad (MISC) has received a time charter contract from Idemitsu Kosan (IKC) for the provision of a floating, storage and offloading (FSO) vessel in Vietnam.The energy-related maritime solutions and services provider said in a press release that the contract that it received through its 51%-owned joint-venture with PetroVietnam Technical Services Corporation (PTSC) i.e. Malaysia Vietnam Offshore Terminal (L) Limited (MVOT), represents the expansion…
South Korea's April Exports Fall Unexpectedly
South Korean exports declined in April for the first time in 18 months, unable to keep up with 2017’s brisk pace as global demand softened, adding to worries about the country’s trade outlook amid the risk of a deepening U.S-China trade conflict.Exports fell 1.5 percent to $50.1 billion from a year earlier, marking the first decline since October 2016 when shipments fell 3.2 percent, government data showed on Tuesday. Economists polled by Reuters had forecast 4.1 percent growth.Imports increased 14.5 percent to $43.4 billion…
Bahri Tanker NCC Amal Carries Chemical Cargo to China
National Shipping Company of Saudi Arabia (Bahri) announced the transportation of the first chemical shipment from Aramco Trading Company (ATC), a wholly-owned subsidiary of Saudi Aramco that trades refined, liquid chemical and polymer products, via ‘NCC Amal,’ a 45,000 DWT Bahri chemical tanker which left Port of Rabigh heading to China. The shipment, which contains 25,000 metric tonnes of paraxylene (PX) and 20,000 metric tonnes of monoethylene glycol (MEG), marks the completion of Phase II of the Petro Rabigh Company (PRC) project…
SEA\LNG Ties with Two More Japanese Members
SEA\LNG, the industry coalition aiming to accelerate adoption of liquefied natural gas (LNG) as a marine fuel, has added two more Japanese members: "K" LINE Group and Uyeno Group. “K” LINE and Uyeno Group bring valuable insight from the thriving LNG value chain in Japan and elsewhere, and their acceptance into the coalition is demonstrative of SEA\LNG’s commitment to facilitating further growth in the region. Peter Keller, SEA\LNG chairman and executive vice president, Tote, said: “Collaboration…
S-Oil, Petronas Ink Long-term LNG Deal
South Korea's third-largest refiner S-Oil Corp signed a long-term liquefied natural gas (LNG) supply contract with Malaysia's Petronas for 15 years starting from next year, the North Asia company said on Friday. S-Oil expects to buy 700,000 tonnes of LNG per year from state-owned Petronas from March 2018 through March 2033, it said in a stock filing exchange. "We have inked the deal on good terms for our company amid the current favourable LNG market conditions," said the refiner in the filing. S-Oil, whose main shareholder is Saudi Aramco, declined to provide price details for the deal. The refiner said in a separate statement the deal was part of its efforts to ensure stable supplies of LNG.
Thailand’s MTT Arranges Emergency Response Framework
The Map Ta Phut Tank Terminal Company (MTT) has signed an official preparedness framework agreement with Ardent. The deal is the first of its kind in Thailand and is specifically structured to mitigate risk by pre-staging response elements and training Thai-based terminal operators to work with emergency management elements. MTT is a commercial port and storage terminal dedicated for liquid and gaseous petrochemical products. MTT terminal, comprising of four marine jetties and 33 storage tanks, is able to support more than 20 varieties of petrochemical products.
Anchor Handling Tug Supply Vessel Market Poised for Growth
The global market for anchor handling tug supply vessels is poised for growth from 2016-2020, according to a report by Research and Markets. In the report, which covers the present scenario and the growth prospects market based on total revenue generated from the different geographical regions, analysts forecast the global market for anchor handling tug supply (AHTS) vessels will grow at a compound annual growth rate (CAGR) of 13.88 percent during the period 2016-2020. “One trend which is boosting market growth is the rise in subsea vessel operations,” said an analyst from the research team.
Massive Investments for Antwerp Port
Massive investments in the port of Antwerp are coming in the next few years. The SEA-Invest group is planning construction of a new tanker terminal in the Delwaide dock representing an investment of 250 million euros. In the same dock the group will also operate an independent container terminal that it has acquired from Independent Maritime Terminal (IMT). This facility is currently located in the Hansa dock but will be moved to the Delwaide dock where there is space for further development with an additional investment of 50 million euros.
Turkey Reopens Key Shipping Route After Coup Attempt
Turkish maritime authorities have reopened Istanbul's Bosphorus Strait to transiting tankers after shutting it earlier on Saturday for several hours following what the government said was an attempted coup by a faction in the military. The Bosphorus is one of world's most important chokepoints for the maritime transit of oil with over three percent of global supply - mainly from Russia and the Caspian Sea - passing through the 17-mile waterway that connects the Black Sea to the Mediterranean. It also ships vast amounts of grains from Russia and Kazakhstan to world markets.
Iran Strikes $2.4bn Ship Order with Korea
Iran has placed orders worth around $2.4 billion with South Korean shipyards for the construction of ships to carry Iran’s oil and petrochemical products, The Wall Street Journal says. The orders have been placed by the Islamic Republic of Iran Shipping Lines (IRISL) and the oil producer Iranian Offshore Oil Company (IOOC). The Korean companies involved in the case are Hyundai Mipo Dockyard, which is a subsidiary of shipbuilding giant Hyundai Heavy Industries Group, as well as Daewoo Shipbuilding and Marine Engineering Company.
FESCO Trans-Caspian Service Links Russia and Iran
FESCO Transportation Group, in cooperation with the Maritime port of Olya, is launching the Trans-Caspian intermodal service FESCO Russia Iran Service (FRIS), to carry out freightage between Russia and Iran. The service includes shipping over the Caspian, railway and/or motorway transportation over Russia, highway transportation over the territory of Iran, as well as transshipment in ports Olya and Nowshahr or Bandar-e Anzali. Accepted for shipping are containerized and general cargoes; the shipping is performed in accordance with FESCO’s through bill of lading.
Iranian Ships Start Calling at Antwerp port
The Iranian shipping company Islamic Republic of Iran Shipping Lines (IRISL) called at the port of Antwerp with one of its ships this week, for the first time since economic sanctions were lifted. The honour of being the “first” Iranian ship in Antwerp’s waters fell to the container carrier Azargoun which moored at the Antwerp Gateway terminal in the Deurganck dock. A deputation of representatives from the Port Authority, the ship’s agent PWL and the terminal operator went on board to welcome the ship’s master and crew.
Japan's MHI Bags Indian Oil's LNG Storage Tank Contract
Indian Oil Corp (IOC) has awarded a contract to build two football stadium-sized liquefied natural gas (LNG) storage tanks at its upcoming Ennore LNG import terminal in Tamil Nadu to Mitsubishi Heavy Industries Pvt Ltd (MHI) of Japan. "We have received an EPC (engineering, procurement and construction) order from Indian Oil to construct two LNG storage tanks. The LNG tanks will be the main facility at the first LNG receiving terminal to be constructed on India's east coast. This is also the first LNG storage tank order that MHI has received from India.
Investment Impact in Inland Waterways System
The National Waterways Foundation (NWF) has commissioned and released a two-year, ground-breaking study by the University of Tennessee and the University of Kentucky, “Inland Navigation in the United States: An Evaluation of Economic Impacts and the Potential Effects of Infrastructure Investment” (November 2014). The study examines the waterways’ national economic return on investment and the need for and benefits of an accelerated program of waterways system improvements that sustain and create American jobs.
Study Examines Impacts of Inland Waterway Investment
The National Waterways Foundation (NWF) has commissioned and released a two-year study to examine the U.S. inland waterways’ national economic return on investment and the need for and benefits of an accelerated program of waterways system improvements that sustain and create American jobs. The study, conducted by the University of Tennessee and the University of Kentucky and entitled “Inland Navigation in the United States: An Evaluation of Economic Impacts and the Potential Effects of Infrastructure Investment” (November 2014)…
Chevron - First Gas from Bangladesh Bibiyana Project
Chevron Corporation today announced that its Bangladesh subsidiary has commenced natural gas production from the Bibiyana Expansion Project in the northeastern part of the country. The project included an expansion of the existing gas plant to process increased natural gas volumes from the Bibiyana Field, additional development wells and an enhanced gas liquids recovery unit. The project is expected to boost Chevron-operated natural gas production capacity in Bangladesh by more than 300 million cubic feet per day to 1.4 billion cubic feet per day. In addition, the project is expected to increase the company-operated natural gas liquids production capacity by 4,000 barrels per day to 9,000 barrels per day. Chevron’s Bangladesh subsidiary has a 99 percent working interest in Bibiyana.
AMP's Allegretti Questions Jones Act Critics
Tom Allegretti, Chairman of the American Maritime Partnership (AMP), the voice of the domestic maritime industry, today highlighted the continued renaissance of the nation’s maritime sector, particularly its robust response to meet new water transportation demands created by the surge in domestic energy production. “The domestic maritime industry, with the Jones Act as its statutory foundation, is investing heavily to meet the transportation demands of a booming energy economy,” Allegretti said.
New Director-General Appointed at Gazprom Export
Gazprom informs that due to a considerable increase in the day-to-day business and its geographical expansion, as well as product diversification within the Company’s international activities, Elena Burmistrova has been appointed Director-General of the Russian energy major's Gazprom Export subsidiary. Gazprom explains that Alexander Medvedev, Deputy Chairman of the Gazprom Management Committee will supervise the international business sector as well as social development and sports programs.
Technip Wins Consultancy Contract for RAPID Project
Technip, leader of a joint venture with Fluor, was awarded a substantial(1) Program Management Consultancy (PMC) contract by PETRONAS for the Refinery and Petrochemical Integrated Development (RAPID) project located in the state of Johor, Malaysia. The PMC contract will include overall project and site management of the RAPID project and provision of Project Management Services for specific EPCC Packages within RAPID throughout the pre-award, engineering and procurement, construction and commissioning as well as warranty management and close-out phases. PETRONAS’ RAPID project is a world-scale integrated refinery and petrochemical complex…
Keppel Extends Strategy into China
Company signs agreement to manage a shipyard in Quanzhou, China. Keppel Offshore & Marine Ltd (Keppel O&M), through its wholly owned subsidiary, FELS Offshore Pte Ltd, has signed a management services agreement with Titan Petrochemicals Group Limited (Titan) - a company in which commodities trading conglomerate Guangdong Zhenrong Energy Co. Ltd. (GDZR) is a major shareholder - and Titan Quanzhou Shipyard Co. Ltd (TQS), to manage the TQS shipyard. TQS, located in Quanzhou in Fujian Province, is one of the largest shipyards in China, occupying a total area of 110ha with 3,600m length of coastline. When completed, TQS will have four ultra-large and wide dry docks…
Aegis Logistics commissioned ahead of schedule
Aegis Group, a Leader in Oil, Gas and Chemical Logistics, announced successful early commissioning of the 70,120 KL Bulk Liquid Terminal at Pipavav port on West coast of India. The Pipavav - Phase I expansion was initiated in February 2013 to set up Bulk Liquid Terminal of 1,20,000 KL & 2,700 MT of Gas Terminal & was targeted to commission in H2 FY2015. However, the best efforts of in-house project team resulted in advancement of project by six months. Over 50% Liquid Facilities has now been commissioned with 13 additional tanks operational with a storage capacity totaling to 70,120 KL.
BMT Designs Jetty for New Malaysia Refinery Construction
BMT Asia Pacific Pte Ltd (BMT), says it has completed a concept design for the Material Off Loading Facility (MOLF) at Petroliam Nasional Berhad’s (Petronas’) proposed Refinery and Petrochemical Integrated Development (RAPID) complex in southeast Johor, Malaysia. The RAPID project will help to address the growing need for petroleum and commodity petrochemical products in the Asia Pacific region. The proposed RAPID refinery will have a capacity of 300,000 barrels per day that will produce naphtha and liquid petroleum gas (LPG) feedstock for the RAPID petrochemical complex…
Annual Economic Sanctions Update
Iran Continues to Dominate U.S. Since last year’s update appeared in the May 2012 issue of Maritime Reporter & Engineering News, Iran has continued to dominate U.S. sanctions headlines. Significant actions by both the U.S. Congress and Department of the Treasury’s Office of Foreign Assets Control (OFAC) over the past year have increased sanctions against Iran substantially, and further initiatives are pending. Our 2013 update concentrates on these key developments, with particular focus on Iran sanctions of interest to the maritime community.