China to Build Commodity Trading Center in Caofeidian
China will beef up its Caofeidian pilot free trade zone, prioritizing the development of international commodities trade and bringing in more foreign investments, local government said on Monday.The Caofeidian district, on the edge of China's top steelmaking city of Tangshan, aims to achieve trade volume of more than 50 billion yuan ($7.07 billion) and introduce 100 foreign projects by 2022, it said in a statement on its website.The district also plans to make a commodities trading center in northeast Asia in early 2025 and to make China's northwestern provinces and Mongolia a key shipping hub
GasLog Sees Tighter LNG Shipping Market
GasLog, an international owner, operator and manager of liquefied natural gas (LNG) carriers, is predicting a tighter LNG shipping market, as increasing United States LNG output combines with a seasonal uptick in demand for gas, resulting in rising demand for shipping and higher utilization of the global fleet.These underlying trends in the LNG commodity and shipping markets point towards a structurally tighter market through 2020 and into 2021.As of October 28, 2019, the LNG fleet and orderbook (excluding floating storage and regasification units (FSRUs) and vessels with capacity below 100…
South Korea to Slash Passenger Vessel Emissions with ABB
ABB will install Port of Incheon’s first shore-to-ship power solution, enabling passenger vessels to cut emissions, noise and vibrations at berthABB has secured the contract covering South Korea’s commitment to sustainable shore-to-ship power, after a pilot scheme for passenger ships to plug into the local grid received the go ahead from Incheon Port Authority (IPA).In addition to a new $160 million ferry terminal opened in April 2019, Port of Incheon inaugurated South Korea’s largest cruise terminal in June this year.
PIL Upgrades SE Asia - Aus Services
Singapore-based shipping company Pacific International Lines Pte Ltd (PIL) announced improvements to its Southeast Asia to Australia services to meet the changing needs of the markets.PIL's current Australia-Asia Alliance Service 1 and 2 (AA1 & AA2) will be upgraded to offer more competitive transit times and better port connections.The enhanced AA1 and AA2 services will cover all major ports in Australia with effect from early August, shipper said in a press note.Port rotations of AA1 will be Laem Chabang – Singapore –Melbourne – Sydney – Brisbane - Singapore – Laem Chabang.
Record-Breaking Cargo Ship Visits JAXPORT
The Jacksonville Port Authority (JAXPORT), an international trade seaport on the St. Johns River in Jacksonville, Florida, set a new port record today with the arrival of the ZIM vessel Kota Pekarang, the largest container ship to ever call Jacksonville.The 11,923-TEU (container) vessel is operated by ZIM on a service offered by the 2M Alliance, comprised of Maersk, MSC, Hamburg Süd and strategic partners HMM and ZIM.The Kota Pekarang, which transited the Panama Canal from Northeast Asia before reaching the U.S.
Yang Ming Announces New Intra-Asia Service
Taiwanese ocean shipping company Yang Ming Marine Transport Corporation announced a new Intra-Asia service KVM(Korea–Vietnam–Malaysia Service) jointly operated by YM and APL Co. Pte Ltd through its CNC brand with effect on February 21st, 2019.The service will be operated with three 1,800-TEU container vessels, one by YM and two by APL Co. Ptd Ltd via its CNC brand.The full port rotation will be Kwangyang, Pusan, Kaohsiung, Ho Chi Minh, Port Kelang, Singapore, Haiphong, Kaohsiung, Kwangyang.
Cosco Opens New International Hainan-ASEAN Liner Route
The New International Land-Sea Trade Corridor (ILSTC) and COSCO Shipping 'Hainan-ASEAN (Singapore)' Liner Route, co-hosted by Hainan Provincial People’s Government and COSCO Shipping, was launched at Hainan Yangpu Xiaochantan Terminal owned by Hainan Harbor & Shipping Holding.Hainan Governor Shen Xiaoming announced the launch of the maiden voyage.The “Hainan-ASEAN (Singapore)” Liner Route opens a direct passage through which goods from China’s western regions can be shipped southward to Singapore via Yangpu Port…
Moody's Rated Panama Canal with Stable Outlook
Moody's Investors Service reaffirmed the Panama Canal Authority's (ACP) A2 long-term rating with a stable outlook, based on its distinctive position as an infrastructure asset with a unique geographic advantage and business model, and its strong historical operational and financial performance.According to Moody's, the ACP's strong financial performance has resulted in better than anticipated financial metrics, driven by the successful operations of the Expanded Panama Canal.
Wison Bags FEED Contract for FLNG Project from Western LNG
Wison Offshore & Marine and Western LNG signed a technical service agreement (TSA) for the new floating liquefied natural gas (LNG) project that Western is developing in British Columbia, Canada.Pursuant to the TSA, Wison will develop the basis of design (BOD) and carry out front-end engineering design (FEED) for the proposed FLNG to be sited at the proposed facility.Western has also agreed to the appointment of Wison as the EPC service provider for the floating liquefaction plant upon project FID.Under the terms of the TSA…
President Kennedy Makes Maiden Call at Yokohama
Container carrier APL, together with the Yokohama Port and Harbor Bureau and Yokohama-Kawasaki International Port Corporation, celebrated the maiden arrival of containership President Kennedy at the Port of Yokohama, on July 21.Deployed for APL’s Eagle Express 1 (EX1) service, President Kennedy is the first of six vessels that were newly-named after former U.S. Presidents to call the Japanese port. Following this, the Yokohama port will be expecting President FD Roosevelt; President Wilson…
Thick Sea Ice Blocks Exports from Yamal LNG Plant
Thick sea ice is impeding Arctic shipments of liquefied natural gas (LNG) from Russia's newly-built export plant in Yamal, Russia's state-run nuclear-powered tanker company Rosatomflot said.Unseasonably severe ice conditions are also clogging routes to Asia through the Northern Sea Route (NSR), leading to the extension of the winter-spring navigation of Atomflot's nuclear ice-breakers, it said.The Novatek-operated LNG facility's fleet of LNG ice-breaking tankers aim to deliver gas to Northeast Asia along the NSR in summertime when ice sheets thin.In winter…
Busan Port Endeavors to Attract Shipping Alliances
Busan Port Authority carried out marketing activities to attract T/S cargo from three global major shipping alliances through visiting their Asian Pacific regional headquarters. The three global alliances, 2M(Maersk, MSC), OCEAN (CMA·CGM, COSCO, Evergreen, OOCL), THE(Hapag-Loyd, Yang-Ming, ONE), calling at Busan Port account for 80percent of global cargo volume. Busan Port handled 71 percent(7.28 million TEU) of their T/S cargo and it played a significant role in achieving 20 million TEU.
China Importers Hope to Sell U.S. Cargoes After Tariff Move
Chinese importers expecting cargoes of U.S. commodities from beef to propane said they hope to sell the goods to South Korea or Japan after Beijing's decision to slap extra tariffs on a swathe of items from agricultural products to chemicals. Beijing on Wednesday hit back against the Trump administration's plans to impose tariffs on $50 billion in Chinese goods, retaliating with a list of similar duties on key U.S. imports including soybeans, planes, cars, whiskey and chemicals. The speed of China's move stunned financial markets.
Vessel Oversupply to Continue in Chemical Shipping
Chemical shipping vessel supply on major routes has been in surplus with many newbuilding deliveries and swing tankers flooding the market. As a result, freight rates on long-haul routes will continue to be challenged by surplus large vessels over the next two years, according to the latest edition of the Chemical Forecaster, published by global shipping consultancy Drewry. Time charter rates weakened in 2016, especially for larger tankers, and freight rates on major long-haul routes dropped.
Oil and Shipping Markets on Edge After South China Sea Ruling
Global oil and shipping markets reacted nervously on Tuesday after an international arbitration court ruled against Beijing's claims across large swathes of the South China Sea, fuelling geopolitical tensions in the vital waterway. A tribunal in The Hague, Netherlands, found China had breached the sovereign rights of the Philippines and had no legal basis to its historic claims in the South China Sea, a major shipping lane between Europe, the Middle East and Africa. The ruling will be seen as a victory by other regional claimants such the Philippines and Vietnam…
WSS’ Busan Hub Starts Strong
As Wilhelmsen Ships Service’s (WSS) new Northeast Asia Distribution Center, located in Busan, South Korea approaches its first birthday, the 6,500 sq. m warehouse facility continues to help the firm establish its position in the regional marketplace. Situated beside the Busan New Container Terminal, WSS officially opened the facility on January 1, 2015, marking a shift in the company’s regional strategy by creating a dedicated Northeast Asian base and allowing the former Asian hub in Singapore to focus on the Southeast of the region.
U.S. Worries about Russian Ships near Critical Undersea Cables
Russian submarines and spy ships are aggressively operating near the vital undersea cables that carry almost all global internet communications, raising concerns in America, reports Reuters. The US intelligence officials feel that the Russians might be planning to attack those lines in times of tension or conflict, says the report. From the North Sea to Northeast Asia and even in waters closer to U.S. shores, there is increased Russian activity along the known routes of cables that carry the lifeblood of global electronic communications and commerce.
KT to Manage Massive Submarine Cable Network
Korean Telecommunications provider KT has been named the key operator of the world's largest submarine network cable, New Cross Pacific (NCP). Korea's dominant fixed-line operator said it will run a network center to control the submarine cable which helps connect network systems in Asia-Pacific countries to the North American region. The company said it will start operation of the 14,000-kilometer-long NCP cable in December 2017. The purpose of the NCP Project is to form a submarine cable network with a data processing capacity of about 80 Tbps across the Pacific Ocean.
Busan Port Names Woo Ye-jong as New CEO
The Busan Port Authority (BPA) announced Woo Ye-jong has been named as its new CEO, as appointed by the Korean Ministry of Oceans and Fisheries. Woo took office on July 31, 2015 and will serve for a three year term. He succeeds Lim Ki-tack who will take over as Secretary General at the International Maritime Organization (IMO) in January 2016. On taking his new role, Woo said, “My focus as CEO will be on strengthening the port’s competiveness by improving efficiency and keeping control of costs.
Hanjin to Support Smart Shipping
Hanjin Group opened its creative economy innovation center in Incheon on Wednesday, hoping to develop the city into a distribution hub of Northeast Asia utilizing advanced shipping technologies. As part of the center, Hanjin created a fund worth 159 billion won ($138 million), with about 94 billion won to be used for loans to companies starting smart distribution businesses. President Park Geun-hye, Hanjin Group Chairman and CEO Cho Yang-ho and Incheon Mayor Yoo Jeong-bok attended the opening ceremony, held at the center’s location in Songdo, Incheon.
USS Fort Worth Arrives in US 7th Fleet
Littoral combat ship (LCS) USS Fort Worth (LCS 3) arrived in the U.S. 7th Fleet area of operations Dec. 4, marking a key initial milestone in its 16-month rotational deployment in support of the Indo-Asia-Pacific rebalance. Building on USS Freedom's (LCS 1) inaugural 10-month deployment from March to December 2013, Fort Worth will expand LCS operations while in 7th Fleet, to include visiting more ports, engaging more regional navies during exercises like Cooperation Afloat Readiness…
US & ROK Navies to Participate in Exercise Clear Horizon
The U.S. and Republic of Korea (ROK) navies will participate in Exercise Clear Horizon, October 20-24, in waters south of the Korean peninsula. Clear Horizon is an annual bilateral exercise between the U.S. and ROK navies designed to enhance cooperation and improve capabilities in mine countermeasure operations. "We achieve mine countermeasure proficiency by rehearsing scenarios at sea and developing key mine warfare skill sets," said Rear Adm. Lisa Franchetti, Commander, U.S. Naval Forces Korea. Approximately 330 U.S.
Greene Superintendent U.S. Merchant Marine Academy
U.S. Transportation Secretary Ray LaHood announced that Rear Admiral Philip H. Greene, Jr. will become the new Superintendent of the U.S. Merchant Marine Academy in Kings Point, NY. Admiral Greene holds a Merchant Marine Master’s license and is a 1978 Academy graduate. “Rear Admiral Greene will bring strong leadership to the Academy,” said Secretary LaHood. “His commitment to the midshipmen, his experience as an Academy graduate, and his distinguished naval career have given him the perspective and organizational strengths needed to move the U.S. Rear Admiral Greene came to the U.S.
Korean Register Breaks Ground in Busan
At a ceremony in Busan, Korea on 12 March, the chairman and CEO of the Korean Register – an IACS member classification society – together with over 300 VIP guests, formally broke the ground to start construction of KR’s new head office. As part of its continuing international development plans, the Korean Register is expanding its core headquarters staff and has outgrown its current headquarters in Daejeon, central Korea. The new headquarters will be a 20 storey state-of-the-art building on a 7.5 acre site in Busan with the capacity to house 1000 staff.