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Thursday, November 26, 2020

Mitsui News

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MOL Fined for Emissions Violations in California

Mitsui O.S.K. Lines has paid $253,300 in penalties to the California Air Resources Board for violating the Ocean-Going Vessel At-Berth Regulation, which requires cargo ships to reduce emissions while docked at the state’s busiest ports, including Los Angeles, Long Beach, Oakland, Hueneme, San Francisco and San Diego.The violations were discovered during routine audits of the company’s 2017 and 2018 vessel fleet visits to the Port of Oakland. CARB’s investigation revealed that from 2017 to 2018, Mitsui O.S.K.

(Photo: Trafigura)

Trafigura Offers COVID-19 Premium

Commodities trader Trafigura Beheer has become the first company to offer a defined Covid premium on an Asian syndicated loan, paying up to an extra 20bp all-in on its latest US$1bn-equivalent financing.The novel pricing structure is a first for Asia, if not globally, and could set a precedent for other price-sensitive borrowers looking to limit the long-term effects of the pandemic on their funding costs.Without the Covid premiums, the terms of Trafigura's new deal are little…

SwiftBulk Opts for Fuel Monitoring Solution on Kamsarmax Thestelia K

Shipping company SwiftBulk Holding Co. Ltd, a subsidiary of Tiptree Inc., has partnered with FUELTRAX to install EFMS (Electronic Fuel Monitoring System) and FUELTRAX Vision on its 2009-built Kamsarmax dry bulk carrier vessel the Thestelia K (82,000 dwt).SwiftBulk is implementing FUELTRAX EFMS to improve operating efficiency, decrease environmental footprint with consumption tracking and improve operating transparency. The EFMS on board includes direct fuel measurements via Coriolis…

Image: Imarsat

Report Examines Maritime Digitalization in Japan

A new study, ‘A quiet revolution - the maritime innovation ecosystem in Japan’, explores the commitments to Internet of Things (IoT)-based ship and crew management already made by corporate Japan, then goes on to offer unique insights into the country’s emerging start-up culture.The report, sponsored by Inmarsat is the first in a series of in-depth profiles into maritime technology and start-ups in specific countries. It builds on ‘Trade 2.0: How start-ups are driving the next generation of maritime trade’…

MPA Awards Two Bunker Licenses

The Maritime and Port Authority of Singapore (MPA) has awarded two new bunker supplier licences to Minerva Bunkering and TFG Marine, following its call for applications for new licences in December 2019.Bunkering services in the Port of Singapore and oil trading remain resilient despite the global COVID-19 pandemic. Bunker sales in Singapore grew 5.4%, from 12.07 million tonnes in the first quarter of 2019 to 12.72 million tonnes in the first quarter of 2020.MPA and Enterprise Singapore (ESG) welcome the entry of Minerva Bunkering and TFG Marine…

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Sumitomo Mitsui Trust Bank Joins the 'Poseidon Principles'

Sumitomo Mitsui Trust Bank (SMTB) joined the Poseidon Principles. The Principles were developed by international shipping banks, in collaboration with leading maritime industry players, to promote greener global shipping. They establish a common, global baseline to quantitatively assess and disclose whether financial institutions’ ship lending portfolios are in line with decarbonization targets.With SMTB’s commitment, Signatories to the Poseidon Principles now represent over $150 billion in loans to international shipping – more than a third of the global shipping finance portfolio.

(Photo: Canaveral Port Authority)

Port Canaveral Launches RO/RO Division

The official grand opening of the Port Canaveral vehicle processing facility was marked with a ribbon-cutting ceremony and the arrival of 730 new vehicles aboard the 653-foot-long vessel Wisteria Ace, the first vehicle carrier to call at the Port’s facility. The new automobiles were discharged at the Port’s 16-acre auto processing facility located alongside South Cargo Pier 4. Another carrier is scheduled to arrive next week with more than 850 new autos aboard.“A port-operated…

Japan Builds First Commercial OWF

After having reached financial close for offshore wind farms at Akita Port and Noshiro Port in Japan,  Akita Offshore Wind Corporation (AOW) has announced that it is to commence construction this month.The Offshore Wind Farms are comprised of the bottom-fixed offshore wind farm and the onshore substation and transmission lines and together are expected to be the first large-scale offshore wind power project in Japan established on a commercial basis.AOW was established in 2016…

MOL in Restructuring Excercise

Japanese shipping major Mitsui O.S.K. Lines (MOL) has unveiled a number of new restructuring measures effective April 1, 2020.According to a press release, the  marine transportation provider intends to establish three new divisions and integrate its two tanker divisions to achieve synergy.MOL will establish the Offshore Gas Project Division as an organization focused on businesses related to the LNG field in energy value chains (FSRU projects, LNG bunker vessel project, etc.) to accelerate the enhancement of the offshore business…

MOL Intros Lighthouse Information Platform

Japanese shipping company Mitsui O.S.K. Lines (MOL) has begun operation of a new data platform called ‘Lighthouse’, to provide real time transport information to dry bulk shipping customers and stakeholders.The platform is a service that allows those involved in the transport process, such as shippers and vessel operators, to safely, unitarily, and in real time, share and monitor various kinds of information related to ocean transport, such as vessel schedules ,weather, ocean conditions…

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…

Compared to conventional marine fuel oil, CO2 emissions per unit heat capacity are to be reduced more than 20% lower, with virtually no SOx emissions. Image: MHI

MOL Inks Deal with MHI for LNG-Fueled Ferries

Mitsubishi Shipbuilding Co., Ltd. signed a contract with Mitsui O.S.K. Lines (MOL) to build two LNG-fueled ferries, the first such project in Japan. These vessels will be built at the Shimonoseki Shipyard & Machinery Works, with deliveries scheduled for the end of 2022 to early 2023. Ferry Sunflower Limited based in Oita, will operate the ferries on its Osaka-Beppu route.The ferries will be about 199.9m long and 28.0m wide, with gross tonnage of approximately 17,300 tons. They will have maximum prescribed capacity for 763 passengers…

MOL Secures Green Loan for LNGBV

Japanese shipping giant Mitsui O.S.K. Lines has signed its first green loan, which it plans to use to partially finance the construction of the world's largest liquefied natural gas bunkering vessel (LNGBV).The 18,600 cubic meters (cbm) LNGBV for Total will be owned and operated by MOL. Last year, Total and MOLsigned a long-term charter contract for a pioneer LNG bunker vessel.The loan is provided by BNP Paribas (BNPP) and the Export-Import Bank of China (CEXIM), with both banks acting as Mandated Lead Arrangers and BNPP acting as Sole Green Structuring Advisor.

AdobeStock / © Jose Gill

U.S.-Europe Tanker Rates at Record Highs

Rates for Aframax-class crude oil tankers leaving the U.S. Gulf Coast hit a record this week, according to three shipbrokers, reflecting strong demand in Europe and the Mediterranean for low-sulfur crude.Equinor ASA and Unipec, the trading arm of China's top refiner Sinopec, provisionally chartered Aframax tankers Everest Spirit and Nordorchid, respectively, this week at rates of 245 worldscale points, according to one broker and Refinitiv Eikon data. Both vessels are headed to Europe.The worldscale rate translates to about $60…

Grieg Star Adds Newbuild to Fleet

Norwegean shipping company Grieg Star has taken the 64,000 DWT Star Gaia on a long term tariff contract (lTTC) deal for seven years.Star Gaia is a part of the G2 Ocean bulk pool. G2 Ocean is a joint venture of two of the breakbulk and bulk shipping companies: Gearbulk and Grieg Star.Star Gaia is a newbuild conventional bulk vessel, built at Mitsui Chiba Shipyard in Japan. She was named and delivered to us on the 27th of November, with our Head of Finance, Nicolai Hafeld Grieg, present.“We are happy to strengthen our conventional bulk position with this LTTC vessel.

© saiko3p / Adobe Stock

CMA CGM and Total to Develop LNG Ship Refueling in Marseille

Container shipping firm CMA CGM will use the French Mediterranean port of Marseille for refueling some of its planned gas-powered vessels, backed by a supply partnership with energy group Total.Total will supply liquefied natural gas (LNG) and a refueling barge to enable CMA CGM to refuel LNG-powered vessels at the Marseille-Fos hub starting in 2021, the companies said in a joint statement on Wednesday.The initiative covers five vessels with a capacity of 15,000 twenty-foot equivalent…

Sovcomflot Profits Up on Stronger Tanker Market

Russia's state-owned tanker carrier Sovcomflot (SCF Group) reported improvements on both the top and bottom line in the third quarter benefiting from a stronger tanker market.The energy shipping company posted a net profit of  $26m as revenue increased in the third quarter.Sergey Frank, Chairman of the Board of Directors of PAO Sovcomflot, said: “We are satisfied with the Group’s performance over the third quarter. Sovcomflot steadily follows through on its strategy of increasing the share of large-scale industrial shipping projects in its portfolio."He added: "During the reporting period…

MOL Gets AiP for Containership Bow Wind-Shield

Japanese shipping company Mitsui O.S.K. Lines (MOL) announced that, DNVGL issued an Approval In Principle (AIP) to MOL and Samsung Heavy Industries (SHI) for Bow Wind-Shield designed for Ultra-Large Container Carrier on 30th October, 2019.This newly developed Bow Wind-Shield reduces the wind resistance on hull body of while ship is running, and it is expected CO2 reduction up to about 2–4% owing to optimal design for Ultra-Large Container Carrier. This is based on the technology…

BP, Total Pact for Adnoc LNG Supply

The state oil giant Abu Dhabi National Oil Company (ADNOC) signed agreements with BP and Total to book the majority of its liquefied natural gas (LNG) production up to the first quarter of 2022.With the transactions, ADNOC LNG has continued to expand its footprint into new regions and markets, said a press release.“With these new supply agreements, ADNOC LNG has shown that it can react quickly and decisively to changing market conditions while ensuring the security and quality of delivery,’’ said ADNOC LNG CEO, Fatema Al Nuaimi.

SHI Losses Widen

South Korean Samsung Heavy Industries (SHI) reported its third-quarter net loss of 583.2 billion won (US$ 503.8 million), compared with a KRW80.30 billion loss in the same quarter a year earlier, staying in the red compared with a year ago.The loss widened sharply in the wake of a cancelled shipbuilding deal. Mitsui Ocean Development & Engineering Co. (MODEC) was recently selected as the floating production, storage and offloading (FPSO) unit supplier for the Barossa Project in Australia.

MOL Conducts LNG Bunkering at Nagoya Port

Japanese utility Toho Gas and shipping company Mitsui OSK Lines (MOL) carried out a demonstration test to supply liquified natural gas (LNG)  to the to the tugboat Ishin at the Japanese port of  Nagoya.This marked the first LNG bunkering in the Port of Nagoya, and the test confirmed that LNG can be safely supplied to vessels at the port.LNG was transported via truck from the Toho Gas Chita-Midorihama LNG Terminal (Chita-shi, Aichi Prefecture), and supplied with a truck-to-ship system to Ishin…

MOL Adds Southern Treasure to its Fleet

Japanese shipping company Mitsui O.S.K. Lines (MOL) has announced that the new scrubber-equipped wood chip carrier Southern Treasure has been delivered.The delivery ceremony for the 60,300 dwt vessel with with a cargo capacity of 4.3 million-cubic feet was held at Oshima Shipbuilding, Nagasaki Prefecture.MOL will operate the vessel, which transport wood chips for Hokuetsu Corporation, said a press release."The vessel is equipped with a SOx scrubber and Ballast Water Management System (BWMS) to comply with today's stricter environmental regulations…

MES-S Delivers 66,000 Dwt Bulker Newbuild

Japanese shipbuilder Mitsui E&S Shipbuilding (MES-S) has handed over a 66,000 dwt bulk carrier to Liberia-based Tomaros Navigation at its Tamano Shipyard.The newbuild is named M/V Tomaros."This is the 20th ship of our "neo66BC", the "wide beam shallow draft vessel" of our line-up "neo series"," said the shipbuilder.Featuring a length of 200 meters and a width of 36 meters, the 38,234 GT bulker flies the flag of the Bahamas.Tomaros has four cranes and five cargo holds, and keeps the superior usability of 56BC.The vessel is designed to have enough deadweight more than 66…

WFW Advises on Race Bank Wind Farm Deal

Watson Farley & Williams (WFW), an international law firm based in London, said that it has advised Race Bank Wind Farm Limited on its USD 608 million sale of transmission system assets relating to the 573 MW Race Bank offshore wind farm to Diamond Transmission Partners.Race Bank is a joint venture owned by Ørsted (50%), Macquarie European Infrastructure Fund 5 (25%), a fund established by Sumitomo Corporation, Sumitomo Mitsui Banking Corporation and Development Bank of Japan (12.5%)…

Photo: Total

Total’s First LNG Bunker Vessel Launched

Total said its first large liquefied natural gas (LNG) bunker vessel has been launched, following the signature of a long-term charter contract between Total and Mitsui O.S.K Lines (MOL) in February 2018.After delivery in 2020, the bunker vessel will operate in Northern Europe, where it will supply LNG to commercial vessels, including 300,000 tons per year for CMA CGM’s nine ultra-large newbuild containerships in Europe-Asia trade, for a period of at least 10 years.The LNG bunker…

Photo: "K" Line

“K” LINE, MOL, & NYK Share Data with IoS-OP

Kawasaki Kisen Kaisha, Ltd. Mitsui O.S.K Lines, Ltd. and Nippon Yusen Kabushiki Kaisha (NYK) have begun sharing of operational data acquired from the monitoring system installed in their container ships with their charter, Ocean Network Express Pte. Ltd. (ONE), through the IoS-Open Platform (IoS-OP) promoted by Ship Data Center Ltd. (ShipDC).As ”K” LINE, MOL, and NYK have managed the data by different frameworks, ONE needed to carry out data conversion. With the IoS-OP’s automatic conversion function to the standard names in line with ISO19848…