S&P Upgrades MOL‘s Long-term Credit Rating to BBB-
MOL Plc. has been upgraded to BBB- investment grade long-term credit and issuer rating with stable outlook by Standard and Poor’s (S&P). S&P concluded that the upgrade to investment grade credit rating was justified by the improvement in MOL’s current and forecasted credit metrics, thanks to the company’s strong performance and supportive industry conditions. S&P added that MOL demonstrated the benefits of its integrated business model, delivered on its cost optimization program…
Moody's on Shanghai Port Tariff Cut
Moody's Investors Service says that the announcement by China's National Development and Reform Commission (NDRC) of a cut in the handling tariff for import and export containers is credit negative for Shanghai International Port (Group) Co., Ltd (SIPG), but will not immediately affect SIPG's A1 issuer rating or the A2 backed senior unsecured bond ratings of Shanghai Port Group (BVI) Holding Co., Ltd. The ratings outlook remains stable. "The reduction in tariff will negatively impact SIPG's profitability and cash flow generation capability from 2018 onwards…
Wärtsilä Launches Fuel-Saving Pre-Swirl Stator
EnergoFlow is a new energy saving solution that will return ship operators’ investment in less than two years, according to its developer Wärtsilä. By reducing the power losses which occur in the propeller’s slipstream with an optimised inflow, Wärtsilä’s solution improves fuel efficiency by up to 10 percent. The technology group Wärtsilä launches the newest solution in its propulsion efficiency portfolio during November. The product will be introduced at the Europort event in Rotterdam, the Netherlands, on Tuesday, November 7.
Finland's Manga LNG Terminal Gets First Cargo
The first shipload of liquefied natural gas (LNG) arrival to the LNG import terminal in Tornio, Finland, on Sunday November 19, 2017. The Manga LNG natural gas import terminal in Röyttä Harbor, Tornio, is a joint venture of the industrial companies Outokumpu and SSAB Europe, the energy company EPV Energy and the LNG company Skangas. LNG was shipped to the terminal by Coral Energy, a time-chartered LNG carrier operated by Skangas. Once completed in summer 2018, the import terminal will be the largest LNG terminal in the Nordic countries and the second LNG terminal in Finland.
Antwerp Port Acquires NMP
Antwerp Port Authority is to acquire Nationale Maatschappij der Pijpleidingen (NMP) from its current shareholders Ackermans & van Haaren and Electrabel. With the takeover Antwerp Port Authority will gain ownership and control of 720 km of pipelines, 90% of which serve the chemical and petrochemical companies in the port of Antwerp and its hinterland. The Port Authority is paying 44 million euros for the NMP shares. “Pipelines are the ideal mode of transport for the chemical industry and oil refining,” explains Port Authority CEO Jacques Vandermeiren.
Qatar LNG Flows Unaffected by Crisis -Shell
Qatari exports of liquefied natural gas (LNG) remain stable amid ongoing tension between the world's biggest LNG exporter and its neighbours, an executive for Royal Dutch Shell said on Monday. "LNG flows remain stable, cargoes are going into the market," said Steve Hill, Executive Vice-President for Gas and Energy Marketing and Trading at Shell, one of the world's biggest LNG traders. "Qatar is a very credible and competent LNG producer," Hill said at an industry event in Istanbul. Saudi Arabia, the United Arab Emirates, Bahrain and Egypt cut ties with Qatar on June 5, accusing it of backing terrorism. Doha has denied the allegations. Qatar said on Monday that its exports, including of LNG, to Japan, India, South Korea and China had not been affected by a the boycott.
Teekay LNG Reports Profit in 4Q
Teekay LNG Partners has reported GAAP net income attributable to the partners and preferred unitholders of $84.4 million and adjusted net income attributable to the partners and preferred unitholders of $29.0 million in the fourth quarter of 2016. “During the fourth quarter, the partnership continued to generate stable cash flows supported by a diversified portfolio of long-term contracts totaling approximately USD 12 billion in forward, contracted revenue and with a weighted average remaining contract length of 13 years,” Mark Kremin, President and CEO of Teekay Gas Group, noted.
DP World Rating Upgraded by Fitch
Fitch Ratings recently upgraded DP World Limited’s Long-Term Issuer Default Rating (IDR) to BBB from BBB- and its Short-Term IDR to F2 from F3. The rating outlook is stable. The upgrade follows on the Fitch announcement in November 2015 that DP World’s outlook had been revised to Positive from Stable. It reflects the global trade enabler’s strong performance and stable cash flow generation supported by its geographical diversification, high utilisation rate of terminals and the long-term maturity of its main flagship operation in Jebel Ali, Dubai, UAE.
Tsakos Announces Long Term Time Charters
ATHENS, GREECE – May 9, 2011 - Tsakos Energy Navigation Limited (“TEN” or the “Company”) (NYSE:TNP) today announced two long-term fixtures with minimum and profit sharing provisions to a major Far Eastern entity for two suezmax tankers to be delivered in mid-May and mid-July of this year in South Korea. The charters, of eleven and twelve-year periods will commence upon delivery and are expected to generate combined gross revenues, assuming only the minimum rates, of approximately $200 million.
Shell CEO: US Should Export Oil, Embrace Global Markets
The head of energy company Royal Dutch Shell said on Tuesday that U.S. policymakers should lift the crude oil export ban because allowing the shipments would make global energy system more stable. "Policy makers here in the U.S. should embrace a truly liberalized diverse and global energy market," Shell CEO Ben van Beurden told a conference on energy at Columbia University. U.S. oil and natural gas exports "would reinforce the long term future of North American energy production," significantly improve the U.S. balance of trade, and "help to make the global energy system much more stable," he said. The United States has banned oil exports since the 1970s Arab oil embargo…
Engines Selected for CMA CGM’s LNG Mega Ships
WinGD X-DF engines will power CMA CGM’s record setting containerships. French shipping line CMA CGM has chosen WinGD’s largest, 92 cm bore, dual-fuel low-speed engine to power its series of groundbreaking box ships – presently the largest on order globally, and the first ultra large container vessels with capable of running on liquefied natural gas (LNG). The series of nine ultra-large 22,000 TEU capacity containerships will be built at Hudong-Zhonghua Shipbuilding (Group) Co., Ltd.
Optimarin Offering 5-year Parts and Service Guarantee
Norwegian-headquartered ballast water treatment (BWT) specialist Optimarin said it has become the first manufacturer to offer a five-year parts and servicing guarantee. It’s a move that, according to CEO Tore Andersen, has the potential to redefine ship owners’ expectations from suppliers in this ultra-competitive sector. Optimarin said such long-term plans are enabled by its backing from a stable group of investors, together with its considerable order book. The Optimarin Ballast…
Iceland Accedes to Air Pollution Treaty
The International Maritime Organization (IMO) treaty covering the prevention of air pollution from ships has been ratified by Iceland, bringing the total number of contracting States to 89, and representing more than 96% of world merchant shipping tonnage. The MARPOL Annex VI treaty limits the main air pollutants contained in ships exhaust gas, including sulphur oxides and nitrous oxides, and prohibits deliberate emissions of ozone depleting substances. It also includes energy-efficiency measures aimed at reducing greenhouse gas emissions from ships.
Statoil Criticizes British Gas Plan
Statoil said Britain risks losing out on gas imports if it does not change its pricing system for bringing natural gas onto the mainland from offshore fields. Rune Bjornson, managing director of Statoil (UK) Limited, said the recently introduced system of auctioning entry capacity, or access rights to the national pipeline system, produced very high, volatile prices. "We are not happy with the regime. We would like to have a predictable, stable regime which is more reflective of actual costs," Bjornson told Reuters in an interview. The erratic prices produced by the auction system will discourage producers like Statoil, one of Europe's main gas suppliers, from supplying gas into Britain where demand for natural gas is booming, he said.
Boskalis 2012 Revenue Up, Profits Slightly Down
Royal Boskalis Westminster N.V. (Boskalis) publishes theirl financial report for 2012. Royal Boskalis Westminster N.V. (Boskalis) achieved a record revenue of EUR 3.1 billion in 2012 (2011: EUR 2.8 billion). Net profit amounted to EUR 250 million, thus remaining virtually stable compared to 2011 (EUR 254 million). Despite the slight decline in net profit and a substantial increase in the number of outstanding shares as a consequence of the recent equity issue in connection with the acquisition of Dockwise, Boskalis intends to pay-out an unchanged dividend of EUR 1.24 per share. EBITDA dropped to EUR 568 million (2011: EUR 591 million) and the operating result (EBIT) fell to EUR 337 million (2011: EUR 354 million).
Fitch Affirms Adani Ports and SEZ at ‘BBB-‘
Adani Ports and Special Economic Zone Limited (APSEZ) today informed the Stock Exchanges that Fitch Ratings, Singapore has affirmed India-based APSEZ’s Long-Term Foreign-Currency Issuer Default Rating (IDR) at ‘BBB-‘. According to Fitch, the Outlook is Stable. The agency has also affirmed APSEZ’s senior unsecured rating at ‘BBB-‘ and the ‘BBB-“ rating on its USD 650m 3.5% senior unsecured note due 2020. Mr. Karan Adani, Chief Executive Officer of APSEZ said “The rating affirmation…
USN Chooses Hoffer System for Energy Dashboard
Hoffer Flow Controls, Inc. recently received a new contract from the U. S. Navy Sea Systems Command to supply fuel flow measurement systems as a part of the U.S. Navy’s Energy Dashboard Program. Hoffer fuel measurement systems are currently incorporated into the “Energy Dashboard Proof-of-Concept System” aboard several of the US Navy DDG51 class ships. The new contract will expand significantly the number of ships equipped with these systems. The “Energy Dashboard” uses an integrated condition assessment system…
Moody's: Sale of Inland River Barge Ops is a "Credit Negative" for United Maritime
New York, April 24, 2012 -- Moody's issued a press release on the planned sale of United Maritime Group, LLC's ("UMG", B2 stable) inland river barge operation, United Barge Line, LLC ("UBL") to Ingram Barge Company (not rated) for $222 million, calling it is negative for the company's credit profile. UMG's business profile will change and cash flow generating capacity will meaningfully reduce with the divestiture of its inland river barging operations. However, net proceeds likely in excess of $200 million could fund the repayment of a significant portion of UMG's indebtedness. For further information, please see www.moodys.com
Alfa Laval Debuts FlowSync
Flow optimization of the separator feed increases protection from cat fines while decreasing energy use. The new Alfa Laval FlowSync is a single solution for automatic flow control, unique in its ability to steer multiple separator feeds simultaneously. Alfa Laval FlowSync is an automatic control system that synchronizes the oil feed to Alfa Laval separators with the engine load. By matching the flow of fuel to the engine’s needs, it increases retention time in the separator bowl, giving the separators the best possible conditions for doing their job.
LNG Market Outlook by Flex LNG
The LNG shipping market tightened throughout the third quarter, and rates increased sharply in October following gradual increases since May. This was due in part to strong LNG demand from China which helped to widen the arbitrage between spot LNG import prices in Europe, U.S. and Asia. This led to increased cargoes from the Atlantic basin and an associated increase of average sailing distances. The current market dynamic is supportive for a further increase in rates during a seasonally strong period of the year.
Iran War Games Target Mock-up U.S. Ship
Iran's elite Revolutionary Guards staged war games in the Strait of Hormuz on Wednesday, including a gunboat attack on a model U.S. warship, in Tehran's latest display of military muscle in a Gulf shipping channel vital to world oil exports. The Shi'ite Muslim Islamic Republic sees the Gulf, between Iran and the Sunni Arab states, as its own backyard and believes it has a legitimate interest in expanding its influence there. A ceremony marking the exercises was attended by commanders of the Guards, an influential military force led by anti-Western hawks, as well as by parliament speaker Ali Larijani. "With attention to the situation in the region…
Sea Wave Power Stations Contract for SDE Energy
Israel-based SDE Energy Ltd has signed an agreement with the Conakry government for the development of a 100MW sea wave power plant along the coastline of Guinea Conakry, West Africa. This project is intended to help Conakry become more independent and with a stable power supply that can solve all its energy problems. Due to the high oil prices and the rising costs of electricity, sea-wave energy production has emerged to become today a proper viable alternative for renewable energy production. S.D.E says it is continuing to expand throughout the world. The company adds that it has signed agreements worldwide for the construction of power plants through joint ventures and agreements with companies that are backed by government agencies.
US Ports Pose Low Risk Despite Volume Swings
Stand-alone U.S. port ratings remain largely in the 'A' category despite volume fluctuations during economic downturns, according to a new Fitch Ratings report. 'Approximately 95% of port sector ratings currently have Stable Outlooks, demonstrating the relatively low credit risk and the resilience of port cash flows,' said Emma Griffith, Director in Fitch's Global Infrastructure Group. Fitch upgraded the rating on two ports during the past 12 months (Virginia Port Authority to…