Marine Link
Sunday, July 22, 2018

South Korea News

Samsung Heavy Industries Bags Two Special-Purpose Ships Order

Image: Samsung Heavy Industries

South Korea’s shipbuilder Samsung Heavy Industries (SHI) has received a contract to construct two special-purpose ships for an unnamed European company. According Yonhap, the deal has a value of around KRW 266.1 billion (USD 240 million). The report said that the special-purpose units are scheduled for delivery to the European owner by the end of January 2021. SHI declined to identify its client and the nature of the special-purpose ships. Last month, SHI won contract for building four shuttle tankers of total 152…

Asian Refiners Rush to Secure Feedstock as Trade War Looms

File Image (CREDIT: AdobeStock / © Carabay)

U.S. tariffs on Chinese goods came into effect Friday; China retaliates, duty on U.S. crude possible. Asian oil refiners are racing to secure crude supplies in anticipation of an escalating trade war between the United States and China, and as Washington plans tough sanctions against Iran aimed at shutting the country out of oil markets. As part of a wave of retaliation for Friday's U.S. tariffs, China has threatened a 25 percent duty on imports of U.S. crude. Meanwhile, Washington's new sanctions against Tehran are due to kick in from November.

Samsung Heavy Industries Delivers New Vessel to Nordic American Tankers

Image: Nordic American Tankers

South Korea's Samsung Heavy Industries (SHI) delivered the first new building, named Nordic Aquarius, to Nordic American Tankers (NAT). The Bermuda-based NAT said in a press release: "We have previously advised you of the new buildings coming from Samsung shipbuilding in South Korea in 2018, the first one now in July. The second ship is scheduled for delivery at the end of August and the third one at the end of October. It said that over the years they have received several new buildings from Samsung. All transactions have been performed in a flawless way.

d'Amico International Shipping Sells Handy Vessel Cielo di Milano

Cielo Di Milano. Photo: Port of Hamburg

d’Amico International Shipping nnounced that its operating subsidiary d’Amico Tankers (Ireland)  signed a memorandum of agreement for the sale of the MT Cielo di Milano, a 40,081 dwt handy product tanker vessel, built in 2003 by Shina Shipbuilding, South Korea for a consideration of US$ 8.025 million. This transaction allows d’Amico Tankers to generate around US$ 2.4 million in cash, net of commissions and reimbursement of the Vessel’s existing loan, contributing to the liquidity of the international marine transportation company operating in the product tanker market.

d'Amico International Shipping Sells MT High Trust

MT High Trust. Photo: © Robert Weber, Marinetraffic.com

Luxembourg-based d’Amico International Shipping announced that its operating subsidiary d’Amico Tankers signed a memorandum of agreement and bareboat charter contract for the sale and leaseback of the MT High Trust for a consideration of US$ 29.5 million. The marine transportation company operating in the product tanker market said that High Trust is a 49,990 dwt medium-range product tanker vessel, built in 2016 by Hyundai-Mipo, South Korea. Thistransaction allows d’Amico Tankersto generate at the vessel’s delivery around US$ 11.9 million in cash…

Container Ship “Afif” Named in London Gateway

Photo: Hapag-Lloyd

It took British Maritime Minister Nusrat Ghani just one go to activate the mechanism that sent a big champagne bottle crashing against the massive sidewall of the “Afif”. This marked the official naming of the 15,000 TEU container ship on 16 July 2018. The name “Afif” is of Arabic origin and means “purity” and “honesty”; also, Afif is a city in central Saudi Arabia. The ship is technically equipped to use LNG fuel. With its ten sisters, “Afif” belongs to the category of “Ultra Large Container Vessel”, the second-largest ship class in Hapag-Lloyd’s fleet.

APM Terminals' New Gateway to Iraq

Photo: APM Terminals

New pre-arrival clearance protocols and reduced terminal handling charges for containers in transit, mean that Jordan’s deep-water Aqaba Container Terminal (ACT), located on the Red Sea, is now a realistic alternative maritime gateway for Iraq-bound cargo. Containers imported into Iraq will no longer have to be trans-loaded onto new trucks as they cross the Jordanian/Iraqi border. “The Aqaba Container Terminal has been working hard over the years to develop a competitive gateway to Iraq," says ACT Managing Director Steven Yoogalingam.

Hyundai Merchant Marine Signs LoI for 20 Vessels

Photo: Hyundai Merchant Marine Co

South Korea's Hyundai Merchant Marine (HMM) has selected  country’s three major shipbuilder and signed letters of intent (LOIs) with them to build 20 container carriers by mid-2021, reported Yonhap. According to company sources, as quoted by Reuters, the South Korea’s largest shipper believes that through the acquisition of the most technologically advanced mega container ships, it can strengthen cost competitiveness and react rapidly to the international environmental regulations.

Wilhelmsen Ship Management Goes to Southampton

Haakon Lenz (left) and Carl Schou. Photo: Wilhelmsen Ship Management

Wilhelmsen Ship Management (WSM) adds another ship management office in Southampton, England, to increase their global footprint in the region. “Southampton is a city with one of the longest histories in the maritime industry. It has an established maritime cluster of infrastructure and human resources that we can tap into immediately to support growth,” said Carl Schou, President of WSM. WSM’s Southampton office has an initial staff of five and 11 vessels in management for now.

MOL's FSRU Challenger for Hong Kong LNG Terminal Project

Photo: MOL

Mitsui O.S.K. Lines (MOL) announced that MOL, has entered into a preliminary agreement to supply a Floating Storage and Regasification Unit (FSRU), as well as Jetty Operation & Maintenance Services for the Hong Kong Offshore LNG Terminal Project on a long term contract. MOL will utilize the "MOL FSRU Challenger" built in 2017 with a storage capacity of 263,000m3 which remains the largest FSRU in the world today, to provide services to the Hong Kong Offshore LNG Terminal Project. The FSRU was constructed at Daewoo Shipbuilding & Marine Engineering Co., Ltd.

What Can Beijing Do if China-US Trade Row Worsens?

© Dmitry V. Petrenko / Adobe Stock

China and the United States sank into a deepening trade conflict that roiled financial markets Tuesday after U.S. President Donald Trump threatened to impose tariffs on an additional $200 billion of Chinese products, prompting Beijing to accuse Washington of starting a trade war.Trump said Monday his threat was retaliation for China's decision to raise tariffs on $50 billion of U.S. goods over the weekend, a move that itself was in response to additional U.S. tariffs on Chinese…

TOP Ships Announces Time Charter With Cargill International SA

TOP Ships Inc. an international owner and operator of modern, fuel efficient "ECO" tanker vessels currently focusing on the transportation of petroleum products, has announced that it entered into a sale and leaseback agreement and a 5 year time charter with Cargill International SA (“Cargill Ocean Transportation”) on June 29, 2018, a leading vessel operator and freight-trading business in the bulk shipping sector, for its newbuilding vessel Hull No 8242 currently under construction at Hyundai Mipo Dockyard Co., South Korea. Consummation of the deal is expected to take place on the vessel’s delivery date currently planned for January 2019. Following the sale, the company will bareboat charter back the vessel and immediately put it on a 5 year time charter with Cargill Ocean Transportation.

BP Long on Millions of Barrels of Crude off China

File Image: A loaded VLCC underway (CREDIT: EuroNav)

BP operates largest teapot marketing team among majors; four BP-chartered tankers have trouble unloading off China. Four supertankers chartered by energy major BP have been held up or delayed off China's east coast over the last two months, unable to fully discharge oil as slowing demand from the country's private refiners starts to impact global markets. Two of the four BP-chartered very large crude carriers (VLCCs) are still off Shandong province holding half their cargoes of Angolan crude oil…

Largest Oil Shipment Sent from Vancouver to China Since 2015

© Max Wei / MarineTraffic.com

An Aframax tanker is scheduled to deliver the largest shipment of crude oil from Vancouver to China since January 2015 later this month, Thomson Reuters trade flow data show.For years, Canadian officials have pushed for an escalation in crude exports to rapidly growing Asian markets, but companies in the oil-rich Alberta have limited capacity to move crude to the nation's western coastline.That makes Canadian crude exports from Vancouver to Asia rare, but shipments have picked up in recent months, with oil tankers to China, Thailand and South Korea departing in April and July.

Cudós Tapped to Lead Engineering and Construction for SENER

SENER  appointed Jorge Sendagorta CudĂłs to be head of the Engineering and Construction area. Photo: Sener

SENER  appointed Jorge Sendagorta Cudós to be head of the Engineering and Construction area. He was, until now, the country manager of SENER in Mexico. SENER's Engineering and Construction area, which will be managed by Cudós, comprises three Business Units: Infrastructure and Transport; Renewables, Power, Oil & Gas; and Marine. It has branches in Algeria, Argentina, Brazil, Canada, Colombia, South Korea, Chile, China, United Arab Emirates, Spain, USA, Morocco, Mexico, Portugal, UK, and South Africa.Cudós joined SENER in October 2012 in the energy sector.

Seanergy Maritime Holdings Refinances Two Capesize Vessels

Photo: Seanergy Maritime Holdings Corp.

Seanergy Maritime Holdings announced that it has successfully completed the refinancing of a previous loan facility secured by M/Vs Lordship and Knightship. Both vessels are Capesize bulk carriers built in 2010 in South Korea, purchased by Seanergy in 2016. The original maturity of the Facility was December 2019. M/V Knightship was refinanced in June 2018 through a sale and leaseback transaction with AVIC International Leasing Co., Ltd., a major Chinese state-owned financing institution.

First of Six New LNG Carriers Delivered to BP

(Photo: BP Shipping)

BP Shipping has taken delivery of British Partner, the first of a half dozen new 173,400 cubic meter capacity liquefied natural gas (LNG) carriers to be delivered through 2018 and 2019 from the DSME shipyard in South Korea.BP Shipping, which launched a fleet rejuvenation program in 2016 that includes 32 new vessels for delivery over a three-year period, says the six new Partnership class ships will increase its ability to transport LNG in emerging new markets, such as Pakistan, Jordan, Egypt and Bangladesh, in addition to established markets, such as India, China, the U.S.

S.Korea LNG Imports Set to Ease from Record

© alexyz3d / Adobe Stock

South Korean imports of liquefied natural gas are set to ease from record levels racked up in the first-half of the year, with appetite for the fuel from utilities seen fading as a raft of nuclear power stations come back online.The country's imports of the commodity jumped nearly 16 percent year-on-year to a record 22.7 million tonnes in the first six months of 2018, according to customs data in mid-July, boosted by demand from power firms as around half the nation's 24 nuclear…

Ice-Breaking LNG Carrier Vladimir Rusanov First Call at PetroChina LNG Jiangsu Terminal

China COSCO Shipping, Executive Vice President, Sun Jiakang (first from left) PAO Novatek, Chairman of the Management Board Leonid Mikhelson (second from left) Director of the National Energy Administration of China, Nur Bekri (fourth from left) Minister of Energy of Russia, Alexander Novak (fourth from right) CNPC, Board Director, President, Zhang Jianhua (third from right) MOL, Senior Managing Executive Officer, Takeshi Hashimoto (first from right). Photo: Mitsui O.S.K. Lines

Mitsui O.S.K. Lines (MOL) announced that the Ice-Breaking LNG Carrier "Vladimir Rusanov", which is jointly owned by MOL and China COSCO Shipping Corporation Limited for the Yamal LNG project, made its first call at PetroChina LNG Jiangsu Terminal in China on 17 July.A ceremony celebrating this milestone was held on 19 July.At the end of March 2018, the vessel started transportation services for LNG produced by the Yamal LNG plant at Sabetta port in Russia. For its latest voyage…

Euronav Sells Suezmax Cap Jean

Photo: Euronav

Tanker company Euronav NV announced that it has sold the Suezmax Cap Jean (1998 – 146,643 dwt) for USD 10.6 million. The vessel was delivered to her new owners on June 8th. The Company will record a capital gain of approximately USD 10.6 million in the current quarter. The sale of the Cap Jean is part of a fleet rejuvenation program. Together with the sale Euronav is taking in operation four new Suezmax vessels, of which two have already been delivered, with the remaining two due for delivery from the Hyundai yard in South Korea (HHI) during summer 2018.

Tiny Japan Shipping Shares Jump on North Korea Detente Hopes

© Alexey Lesik / Adobe Stock

Shares of small Japanese shippers jumped this week after the historic summit between U.S. President Donald Trump and North Korean leader Kim Jong Un sparked hopes of news business ties with the reclusive country.Japanese retail investors are snatching up shares of the firms that may benefit from a potential thaw between Tokyo and Pyongyang, even though the Japanese government has been a staunch supporter of "maximum pressure" on North Korea.Shares of Rinko Corp, a marine transportation company…

Industry Presents on Marine Accidents and Salvage

Matthew Bierwagen, Resolve Marine Naval Architect UK (Photo: John Cagni)

A series of presentations organized and presented jointly by Resolve Marine Group and the SNAME - Greek Supper Section was held Wednesday, June 6 at the Posidonia 2018 exhibition in Athens.The two-hour event included a total of four presentations – two from SNAME and two from Resolve  â€“ focused on the issues of direct and prompt response to merchant vessels’ accidents and damages that have shaken the global shipping community over the past three years.The event was attended by…

LNG Trade Grew 10% in 2017 -EIA

© Wojciech Wrzesien / Adobe Stock

Global liquefied natural gas (LNG) trade grew by 10 percent last year due primarily to growing liquefaction capacity in the Australia and the United States, the U.S. Energy Information Administration (EIA) said on Monday.LNG trade reached 38.2 billion cubic feet per day (bcfd) in 2017, up 3.5 bcfd from 2016 and the largest annual volume increase on record, the EIA said, citing the Annual Report on LNG trade by the International Association of Liquefied Natural Gas Importers (GIIGNL).New liquefaction export capacity commissioned in Australia…

Maritime Reporter Magazine Cover Jul 2018 - Marine Communications Edition

Maritime Reporter and Engineering News’ first edition was published in New York City in 1883 and became our flagship publication in 1939. It is the world’s largest audited circulation magazine serving the global maritime industry, delivering more insightful editorial and news to more industry decision makers than any other source.

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