28732 members and growing – the largest networking group in the maritime industry!

LoginJoin

Friday, January 24, 2020

Cosco Shipping News

Ports in Singapore have started screening inbound travelers on passenger and commercial vessels for coronavirus symptoms (© hit1912 / Adobe Stock)

Coronavirus Places Shipping on High Alert

The Wuhan coronavirus outbreak has placed the shipping industry on high alert amid a rising death toll in China and reports that the fast-spreading illness is reaching new shores.The flu-like coronavirus, first identified in Wuhan, Hubei Province, China on December 31, has killed more than two dozen people in China and is believed to have infected more than 900 worldwide, according to several media reports. Cases have been confirmed in Beijing, Shanghai and Guangdong, and internationally in travelers returning from China to Japan…

Image: Kawasaki Heavy Industries

Kawasaki Delivers Newbuild Bulker

Japanese shipbuilder Kawasaki Heavy Industries  (KHI) has delivered the bulk carrier FJ Viola, with a capacity of 61,000 DWT, for F.J.Lines Inc. at the Dalian Cosco KHI Ship Engineering Co., Ltd. (DACKS).DACKS is located in Dalian City, China and operated jointly with China Cosco Shipping Corporation Limited.According to a press release from KHI, The vessel has a flush deck with a forecastle and five holds that are designed for optimum transport of grains, coal, ores and steel…

Image: Mitsui O.S.K. Lines, Ltd.

Yamal LNG Gets New LNG Vessel

Japanese shipping giant Mitsui O.S.K. Lines (MOL) has held a naming ceremony for an LNG carrier, jointly ordered by MOL and China COSCO Shipping.The naming ceremony for the LNG Merak carrier was held on Wednesday, January 8, at Hudong-Zhonghua Shipbuilding yard, according to MOL.The "LNG Merak" is the second of four newbuilding LNG Carriers for the Yamal LNG Project announced at the end of June, 2017, and the sister vessel of the "LNG Dubhe" which was delivered at the end of last…

Image: COSCO Shipping

COSCO Shipping and CNOOC Sign Pact

China’s largest offshore oil and gas producer China National Offshore Oil Corporation (CNOOC) and Chinese state-owned shipping and logistics giant China Ocean Shipping Company (COSCO) signed a strategic cooperation framework agreement.Capt. Xu Lirong, Chairman of COSCO Shipping, Wang Dongjin, Chairman of CNOOC, Mr. Fu Gangfeng, Director of the Board and President of COSCO shipping and Xu Keqiang, Vice President of CNOOC witnessed the signing of the agreement.Huang Xiaowen, Executive Vice President of COSCO Shipping and Ms.

© Vladimir Serebrianskiy / Adobe Stock

US Renews Waiver on COSCO's Dalian Tanker Unit

The Trump administration on Thursday renewed a waiver for companies to wind down transactions with the Dalian unit of a Chinese tanker company on which it had imposed sanctions in September for allegedly transporting Iranian oil.The waiver, good until Feb. 4, 2020, allows activities and transactions "ordinarily incident and necessary to the maintenance or wind down of transactions" including offloading of non-Iranian crude oil involving COSCO's Dalian Shipping Tanker Co, the U.S.

Image: APM Terminals

Vado Gateway Container Terminal Opened

The international container terminal operating company APM Terminals (APMT) said it has opened a new container terminal in Vado Ligure, on the Italian Riviera, which will be capable of handling 900,000 TEUs of containerized cargo.APMT has a 50.1% share in the “Vado Gateway,” while Cosco Shipping Ports has a 40% share and Qingdao Port International has a 9.9% share. APMT said the project is part of the “New Silk Road.” Chinese firms have invested in more than a dozen European ports…

Chinese Tanker Spurns Malaysian Inspections

An oil tanker, which shipping data showed was managed by a Chinese company under U.S. sanctions, refused to allow an inspection by maritime authorities while anchored in Malaysian waters, Malaysia's maritime agency said.Silvana III's commercial manager is Kunlun Shipping Co Ltd, according to shipping transparency website Equasis.org.Kunlun is one of several firms placed under U.S. sanctions this year for alleged involvement in transporting oil from Iran.The Malaysian Maritime Enforcement Agency (MMEA) said the Silvana III, which anchored off Kuala Kurau on Malaysia's west coast on Dec.

Image: Qingdao Port

Qingdao Port Buys Stake in Cosco Abu Dhabi

China-based Qingdao Port International Development has agreed to purchase a 33% stake in COSCO Shipping Ports (Abu Dhabi), a deepwater terminal located in Khalifa Port, for US$59m.Abu Dhabi Terminal is a joint venture company established in the United Arab Emirates.The investment, which will be made through Qingdao Port's Hong Kong subsidiary QDP International Development, will give the port operator a 30 percent holding in the CSP Abu Dhabi Terminal at Khalifa Port in which the Hong Kong-based firm holds a 90 percent stake…

AdobeStock / © Jose Gill

U.S. Assures Banks on COSCO Shipping Sanction Rules

The Trump administration assured U.S. banks on Wednesday that they can temporarily process U.S. dollar transactions on Chinese shipping companies it had previously sanctioned for allegedly transporting oil from Iran, in a move meant to blunt the impact of the sanctions on global shipping markets.The administration slapped sanctions on Sept 25 on Dalian units of Chinese shipping company COSCO, a move that pushed global freight costs to record highs. The Treasury Department's Office of Foreign Assets Control, or OFAC, said in the guidance on Wednesday it "would not expect the intermediary U.S.

Pic: CargoSmart

CargoSmart Intros Connected Reefer Solution

CargoSmart, the provider of global shipment management software solutions, announced its brand-new CargoSmart Connected Reefer Solution, a one-stop reefer cargo management solution for ocean carriers and shippers.The AI and IoT-enabled solution features end-to-end information transparency, including enhanced reefer container Pre-Trip Inspection (PTI) support, real-time container status monitoring updates, and predictive cargo arrival status. It allows carriers to offer best-in-class performance to shippers with lowered operating costs.

Photo courtesy of Shell

Shell Marine Wins Contract for COSCO

Shell Marine won a contract to supply lubricants for five 62,000 dwt multi-purpose pulp carriers due delivery to COSCO SHIPPING Specialized Carriers Co Ltd in 2019 and 2020.The lubricants contract calls for delivery of the two-stroke engine cylinder oils Shell Alexia 100 and Shell Alexia 40 and the multi-functional lubricants Shell Melina S30 and Shell Argina S3 40. Alexia 100 and Alexia 40 are part of Shell Marine’s portfolio of cylinder oils protecting two-stroke engines across a full range of vessel operating profiles…

Photo: Cosco Shipping Group

Cosco Acquires Stake in Greek Intermodal Firm

OceanRail Logistics, part of the Cosco Shipping Group, acquired 60% of the Greek railway company Piraeus Europe Asia Rail Logistics (PEARL) as part of its plan to develop its intermodal transport services network.OceanRail specializes in sea-rail intermodal transport with the Piraeus Port as the hub and related logistics business, while PEARL is a Greece-based company engaged in railway operations.The China-Europe Land-Sea Express Line, which starts from the Piraeus Port in Greece and expands to the hinterland of Central and Eastern Europe…

Pic: TORM

Product Tanker Freight Rates Rebounds

Product tanker freight rates softened in the third quarter of 2019 but rebounded strongly at the start of the fourth quarter following an increase in crude tanker rates that began after the attacks on Saudi Arabian oil facilities and accelerated dramatically to multi-year high levels at the end of September when the US imposed sanctions on two subsidiaries of China's COSCO Shipping.Denmark-based TORM said that growth in global demand for oil products generally remained subdued…

Image ©Piraeus

$154.5Mln EIB backing for Greek Port

The European Investment Bank (EIB) on Monday formally agreed to provide 140 million euros (USD $154.5 million) to support expansion and upgrading of Piraeus Port, Greece's main port.The largest ever loan for port investment in the country by Europe’s long-term lending institution, will support the implementation of part of investments at the Port of Piraeus in a total investment plan of more than EUR 600 million. The 20-year loan was signed in Athens in the presence of Prime Minister of Greece Kyriakos Mitsotakis…

Photo: Massachusetts Port Authority

Boston’s Conley Terminal Receives Two New RTG Cranes

On Saturday, November 2nd, the Massachusetts Port Authority (Massport) received two new rubber-tired gantries (RTGs), increasing the number of RTGs at the Paul W. Conley Container Terminal to 16. Adding equipment is part of an $850 million investment to keep Conley Terminal competitive and efficient with truck turntimes averaging under 35 minutes. Another two RTGs were also delivered back in May. The Port of Boston contributes over $8 billion to the regional economy and supports more than 9,000 direct jobs.

AdobeStock / © Jose Gill

Unipec Resumes Using COSCO Tankers

China's Unipec has resumed using tankers owned by COSCO weeks after it suspended bookings due to U.S. sanctions on some of the Chinese shipping company's subsidiaries, trade sources said on Tuesday.Refinitiv data showed one COSCO owned tanker - belonging to a subsidiary not affected by the U.S. sanctions - was sailing to Asia with a cargo of oil chartered by Unipec, the trading arm of Asia's top oil refiner, Sinopec.Sinopec officials did not immediately respond to requests for comment after business hours.In one of the biggest sanctions actions taken by the U.S.

Photo: © HHM / Dietmar Hasenpusch

Hamburg, India Sea Trade Up by 17%

In the 2019 first half, 106,000 TEU - 20-ft standard containers - were handled in Hamburg on direct services with Indian ports, a gain of 17 percent. This brought India up into tenth place in Hamburg’s ranking of its trading partners for container transport.With Hapag Lloyd and its partner shipowners ONE, YML and COSCO offering an additional weekly sailing from Hamburg on the IEX - South-East India–Europe Express service from November onwards, the prospects for further growth are good.Ten liner services link the Port of Hamburg with India.

Pic: Piraeus Port Authority

PIRAEUS I Floating Dock Ready for Ops

Greece's Piraeus Port Authority (PPA) announced that the "PIRAEUS I" floating dock is available again for ship repair works."PIRAEUS I floating dock has been delivered for use and is operating again after scheduled maintenance works," said an announcement from PPA.PIRAEUS I is 202 m. long, with inner width 31 meters, has lifting capacity of 15,000 tons and can serve ships with capacity of 40,000 tons.During the first nine months of 2019, the ship repair activity at the port of Piraeus is showing an increase…

Pic: Duisburger Hafen AG (duisport)

Duisburg to Open New Trimodal Terminal

The largest trimodal  container terminal in the European hinterland is being developed in the Port of Duisburg.Duisburger Hafen AG (duisport) is set to build a US$111.2mln  new 220,000 m² trimodal container terminal on the site of its current coal island in response to a sharp decline in coal handling as a result of the energy transformation.The trimodal terminal is to be developed with duisport’s intermodal partners COSCO Shipping Logistics, Hupac SA and HTS Group and aims to…

Yamal LNG Tanker JV No Longer Under Sanctions

Teekay LNG's liquefied natural gas (LNG) tanker venture, the Yamal LNG Joint Venture, is no longer subject to U.S. sanctions after a change of ownership at its partner China LNG Shipping (Holdings) Ltd, Teekay companies said late on Tuesday.Teekay LNG and China LNG Shipping each own half of Yamal LNG Joint Venture.

Pic: Teekay Group

Teekay Resolves China LNG JV Issues

Teekay LNG’s 50/50 joint venture with China LNG, which owns four on-the-water ARC7 LNG carriers and two ARC7 LNG carrier newbuildings, is also no longer classified as a “blocked person” under Office of Foreign Assets Control (OFAC) rules.According to a press release from the owners and operators of LNG carriers, providing LNG and LPG marine transportation services firm, Teekay Corporation and Teekay LNG Partners announced that COSCO Shipping Energy Transportation, a COSCO group firm…

AdobeStock / © Jose Gill

U.S. Sanctions Bite; Traders Shun 300 Tankers

Nearly 300 oil tankers globally have been placed off limits as companies fear violating U.S. sanctions against Iran and Venezuela, driving freight rates to new highs, industry sources said.The move has taken roughly 3% of the global oil tanker fleet out of the market, according to industry sources and data on Refinitiv Eikon, sending rates soaring to secure tankers to ship oil, particularly to Asia."Freight rates are going through the roof and people are getting very nervous with the cost of shipping…

AdobeStock / © Kasto

CNOOC Seeks Replacements for Sanctioned COSCO LNG Tankers

China National Offshore Oil and Gas Company (CNOOC) is on the hunt for liquefied natural gas (LNG) tankers to charter, several industry sources told Reuters, looking to replace ships it had previously hired that are linked to a Chinese company sanctioned by the United States for allegedly transporting Iranian oil.The company, COSCO Shipping Tanker (Dalian), is one of four Chinese firms on which the Trump administration imposed sanctions on Sept. 25, in what it described as the biggest sanctions taken by the U.S.

File Image: A Piraeus cruise terminal berth (CREDIT: AdobeStock / © anastasiia Usoltceva)

Greece Trims Piraeus Port investment plan

Greece has trimmed an investment plan by Piraeus Port Authority (PPA) to boost operations at one of Europe's largest harbours, rejecting proposals for a new container terminal.PPA, majority owned by China's COSCO Shipping , had submitted to Greece's shipping ministry an 800-million-euro plan, which included a new cruise ship terminal, a mall and four hotels in the port.PPA had also proposed to build a fourth container terminal that would boost Piraeus' total throughput to 10 million…

AdobeStock (Credit Carabay ©)

COSCO Tankers Disable AIS as Sanctions Bite

About one-third of the oil tankers owned by COSCO Shipping Tanker (Dalian) have shut off their ship-tracking transponders since the United States imposed sanctions on the company for allegedly shipping Iranian crude, shipping data showed.From Sept. 30 to Oct. 7, a total of 14 COSCO Dalian ships, six of which carry some oil, stopped sending location data from their automatic identification system (AIS), ship tracking data on Refinitiv Eikon showed. The U.S. imposed the sanctions on Sept.

Asian oil suppliers face high tanker charter rates following new U.S. sanctions against Chinese oil transporter COSCO. (Photo © Adobe Stock / Vladimir)

Oil Freight Rates Rocket After U.S. Sanctions COSCO

Oil freight rates in the Middle East and Asia have increased by almost 20 percent today following new US sanctions on units of Chinese company COSCO for its alleged involvement in ferrying crude oil out of Iran.In what the U.S. State Department has described as “one of the largest sanctions actions the U.S. has taken” since restrictions were re-imposed on Iran in November 2018, two units of COSCO, as well as other companies, were named in claims of involvement in sanctions-breaking Iranian oil shipments.Asian oil buyers have been rushing to the shipping market to charter vessels…