COSCO Makes Liverpool Call
The Port of Liverpool welcomed a vessel call from COSCO on Wednesday.The MV Jork called at Liverpool after a stop in Rotterdam before returning with U.K. exports. In Liverpool it unloaded mainly high value Asian goods for fast delivery into the supply chain across the U.K.The Port of Liverpool boasts a consistent truck turnaround time of less than 40 minutes, unrivaled by its peers in the South – meaning cargo is expected to be at its final destination hours after discharge on…
CNOOC to Expand Jiangsu Binhai LNG Project
China's CNOOC plans to expand its LNG project in eastern Jiangsu province to meet rising demand from more regions, state-media China News reported citing a project manager from CNOOC.CNOOC will lift the storage tank facility of each of the four tanks linked to the Jiangsu Binhai LNG receiving terminal to 220,000 cubic meters, up from 160,000 cubic meters, China News said.Total investment in the project rose to 17 billion yuan ($2.46 billion), up from 14.4 billion yuan, China News said.The terminal and its storage tanks will be able to serve a broader region including the provinces of Jiangsu,
Klaveness Combination Carriers Seeks Fund for CLEANBU Vessels
Norwegian shipping company Klaveness Combination Carriers AS holds several attractive growth options and is now launching a contemplated private placement of shares with total gross proceeds of approximately USD 45-70 million.The owner and operator of modern combination carriers said that current investors, management and previous CABU investors will subscribe for USD 25 million.Klaveness Combination Carriers AS (KCC), with its nine CABU vessels in operation and five CLEANBU vessels on order, is the leading owner and operator of modern combination carriers.
China to Slash Ship Emissions in Ports Earlier than Expected
Major ports around the Yangtze River Delta will impose tighter rules on emissions from vessels in and around the ports starting on Oct. 1, a newspaper run by China's Ministry of Transport said in a report.The ports affected are Shanghai, the world's biggest container port, as well as ports in Jiangsu and Zhejiang provinces. The report in the China Water Transport newspaper was dated Aug. 24.That is earlier than the implementation date of Jan. 1, 2019 announced previously.China's…
Scorpio Bulkers Back in the Black
With a net profit of USD 0.8 million, Scorpio Bulkers shows positive results in the second quarter of 2018 compared to a net loss was USD 13.4 million for the the same period in 2017.Total vessel revenues for the second quarter of 2018 were $60.6 million, compared to $37.7 million for the same period in 2017.The shipping company, which owns and operates dry bulk carriers, took delivery of the SBI Lynx, a Kamsarmax vessel, from Jiangsu Yangzijiang Shipbuilding last month.During the second quarter of 2018…
Ice-Breaking LNG Carrier Vladimir Rusanov First Call at PetroChina LNG Jiangsu Terminal
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…
Novatek Ships First LNG Cargo to China via Arctic
Russian natural gas producer Novatek delivered on Thursday the first ever liquefied natural gas (LNG) cargo to China via the Northern Sea Route (NSR) alongside the Arctic coast, which drastically cuts delivery time to Asian consumers.The shipments of LNG from Yamal LNG project via the NSR to China cuts transportation time and costs in comparison to other routes such as Suez Canal.Novatek said a ceremony was held to commemorate the arrival of LNG tankers Vladimir Rusanov and Eduard Toll with cargo capacity over 170…
As Trade War Escalates, China's Steel Exports are Rising
The European Commission will this week unveil its proposed provisional "safeguard" measures to limit steel imports in response to the imposition of 25 percent tariffs on steel imports by the United States.The European Union fears that the U.S. tariff barrier will simply divert more steel into its marketplace. Others are equally concerned, with India also planning its own "safeguards".Such is the ripple effect of tariffs. Walls beget more walls.As the steel trade war heats up,…
"Vladimir Rusanov" Completes First Eastern Transit
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, has successfully arrived at the Bering Strait. The vessel carried out a LNG loading operation in the Yamal LNG plant at Sabetta port, before sailing for the Far East via the Northern Sea Route on 25 June. The vessel safely arrived at the Bering Strait on 6 July, and is planning to call Jiangsu Rudong port in China for an unloading operation of its LNG cargo.
Klaveness Combination Carriers Orders Fifth Carrier
Norwegian shipping company Klaveness Combination Carriers (KCC) has declared an option for the construction of a combination carrier with Jiangsu New Yangzi Shipbuilding Co., Ltd in China. The delivery date is scheduled for second quarter 2020. KCC already has four sister vessels under construction at the same yard with delivery in 2018-2020. Following the declaration, the KCC fleet will grow to 14 vessels by 2020. The company holds options for further vessels. "Our fleet of combination carriers and container vessels set standards for efficient and environmentally friendly shipping.
CNOOC to Build $2.17B LNG Terminal
China National Offshore Oil Company, or CNOOC, plans to build a receiving terminal of liquefied natural gas in the eastern province of Jiangsu- expected to cost $2.17 billion, local media reported .The project, located in the city of Yancheng, will include a berth to anchor 100,000 ton vessels, land-based storage and a pipeline grid.
10,000 TEU Vessel Delivered to Seaspan
Seaspan Corporation said it has accepted delivery of the CMA CGM Cochin, a 10,000 TEU containership that will commence a fixed rate time charter with CMA CGM S.A. for a three year term with an option to extend for an additional three years.The new containership, which was constructed at Jiangsu Yangzi Xinfu Shipbuilding Co., Ltd. and Jiangsu New Yangzi Shipbuilding Co., Ltd., is the second in a series of four 10,000 TEU vessels under time charter to CMA CGM that are scheduled to deliver in the first half of 2018.
Scorpio Bulkers Refinances Ultramax Vessel
Monaco-based Scorpio Bulkers announced that the Company has entered into a financing transaction in respect of one of the Company’s Ultramax vessels with an unaffiliated third party in Japan. As part of the transaction, the Company will sell a 2015 Japanese built Ultramax dry bulk vessel, SBI Tango, for a consideration of $19.0 million and then lease it back from the buyer through a five-year bareboat charter agreement at a rate of $5,400 per day. If converted to floating interest rates…
Scorpio Bulkers Gets Loan for Kamsarmax
Monaco-based international shipping company Scorpio Bulkers said it has received a commitment for a loan facility of up to $12.75 million from a leading European financial institution to finance the Company’s Kamsarmax bulk carrier. The bulker will be delivered from Jiangsu New Yangzijiang Shipbuilding in China in the third quarter of 2018. The loan facility has a final maturity date of five years from delivery and bears interest at LIBOR plus a margin of 2.40% per annum. The terms and conditions are similar to those set forth in the Company's existing credit facilities.
Abu Dhabi Ports, China Trade Council Sign MoU
Abu Dhabi Ports inked a new agreement with the China Council for the Promotion of International Trade to explore new commercial opportunities between Chinese companies interested in investing in Khalifa Industrial Zone Abu Dhabi (KIZAD) and Khalifa Port Free Trade Zone (KPFTZ), which is considered the largest free trade zone in the region. The Memorandum of Understanding (MoU) was signed by Abdulla Al Hameli, Executive Vice President - Corporate Support at Abu Dhabi Ports and Zhou Guangyao, Representative of the China Council for the Promotion of International Trade for the GCC region.
Huge Ore Carrier Delivered to Vale
Shandong-based Qingdao Beihai Shipbuilding Heavy Industry Co, a subsidiary of Wuchang Shipbuilding Industry Group Co, delivered a very large ore carrier (VLOC) to Brazilian miner Vale SA, said Chinese state media. China Daily said that the ship, named Ore Tianjin, has 400,000 metric tons' carrying capacity and is the first VLOC the group has made for Industrial and Commercial Bank of China Leasing. Aiming to reduce the shipping cost by increasing capacity and enhance the operator's global competitive edge…
Scorpio Bulkers Acquires Four Vessels
Scorpio Bulkers, announced that it has entered into two separate agreements with unaffiliated third parties to acquire three Ultramax dry bulk vessels and one Kamsarmax dry bulk vessel. The deal was for an aggregate of $90 million, of which $77.1 million is payable in cash and the remaining consideration is in the form of approximately 1.592 million common shares of the Company to be issued to one of the sellers. All of the Ultramax vessels were built at Chengxi Shipyard Co Ltd in China, of which two were delivered in 2014 and one was delivered in 2015.
China Unveils Huge Island Building Vessel
China has has unveiled a massive island-building vessel, which has been called “a magic island-maker” by its designer and is considered the most powerful vessel of its type in Asia, the state media reported. Named Tian Kun Hao, the ship is reported to have a deck the size of nine basketball courts and be capable of dredging up to 6,000 cubic meters an hour and digging as deep as 35 meters under the sea floor. The ship, capable of building artificial islands of the sort the country has constructed in the contested South China Sea…
Algoma Niagara Arrives Sept Iles Port
Algoma Central Corporation, a leading provider of marine transportation services, announced that the first Equinox Class self-unloader, the seaway-max size Algoma Niagara, arrived at the Canadian port of Sept Iles, Quebec on November 1st. The Algoma Niagara is the fifth Equinox Class vessel in Canada and she joins her four gearless sister ships in the Algoma fleet. The vessel is currently undergoing inspections and re-flagging as a Canadian vessel before beginning commercial operations.
Navibulgar Orders Up to Six Bulkers
Bulgarian ship owner Navigation Maritime Bulgare (Navibulgar) confirmed the building of another two high-efficiency up-to-date 45000t bulk carriers. This deal is a continuation of the contract for four + two newbuildings of DWT 45 000 t, signed in July this year with one of China’s three largest shipyards. According to local press reports the Chinese yard is Jiangsu Yangzijiang Shipbuilding. The order constitutes another step toward the implementation of Navibulgar’s objective to operate toward the middle of the 2020s its own fleet of 1.5 million tons of average age below seven years.
APL Adds New Korea China Straits Service
APL has launched a new Korea China Straits (KCS) service to serve the Asian markets of China, Korea, Singapore, Malaysia, Indonesia and the Philippines. The weekly service will link Nansha in South China to the Straits of Singapore and Port Klang as well as Indonesia; offer transit between Indonesia and Manila; and call Lianyungang in Jiangsu where few carriers provide access to. APL said the KCS service will reinforce its footprint in Intra-Asia and injects new capacity that allows APL to transport shipments from North Asia to its network of ports across Southeast Asia.
Yangzijiang Shipbuilding Q2 Profit Surges 73%
China’s Yangzijiang Shipbuilding Holdings reported a 73 percent increase in second-quarter net profit, helped by higher revenue from the construction of larger-size vessels, Reuters reported. The company, which specialises in dry-bulk carriers, posted a net profit of 719.92 million yuan (S$146 million) for the second quarter ended June 30, 2017. Revenue increased 27 per cent year on year to 3.79 billion yuan in Q2 due to higher contributions across its different businesses.
Star Bulk Acquires Supramax
Star Bulk Carriers, a global shipping company focusing on the transportation of dry bulk cargoes, has announced that it has entered into a definitive agreement to acquire a Supramax dry bulk carrier from an unaffiliated third party. The acquisition will be partly financed through debt secured from a financial institution. The Vessel has a carrying capacity of 56,582 deadweight tons and was built to high specifications at Jiangsu Hantong Shipyard, China in 2011. The Vessel is expected to be delivered to Star Bulk during the month of July 2017.
Rickmer's Group Worth $740 Million
Following last month’s news that Singapore Based Rickmers Maritime Trust is to be wound up, Rickmers Holding AG released a statement on April 19 reporting that an understanding had been reached regarding restructuring of the Rickmers Group. It is understood that sole shareholder Bertram Rickmers will reduce his shareholding to below 25 percent, while the remaining 75 percent will be taken by lenders and bondholders. The value today of the Rickmers Group (a Rickmers Holding AG subsidiary) sits at $740 million, according to VesselsValue.
Star Bulk Acquire Two Modern Kamsarmax Vessels
Star Bulk Carriers, a global shipping company focusing on the transportation of dry bulk cargoes, announced that it has entered into definitive agreements to acquire two modern Kamsarmax drybulk carriers from an unaffiliated third party for an aggregate total consideration of approximately US$30.3 million. Each of the Vessels has a carrying capacity of 81,713 deadweight tons and was built with high specifications at Jiangsu New Yangzijiang in 2013. The Vessels are expected to be delivered to Star Bulk between March and May 2017.
G E Adds a Kamsarmax Dry Bulk Carrier Jag Ajay
The Great Eastern Shipping Company took delivery of a new building Kamsarmax dry bulk carrier Jag Ajay. Great Eastern Shipping Company Ltd has informed the Bombay Stock Exchange regarding a Press Release dated June 30, 2016 titled: G E Shipping takes delivery of a new building Kamsarmax Dry Bulk Carrier "Jag Ajay". The vessel was ordered by GE Shipping in December 2013 and has been built at Jiangsu New Yangzi Shipbuilding Co. Ltd., P.R. China. With the inclusion of this vessel…