World’s Largest STS Transfer Hub Comes in Malaysia
KA Petra, a Malaysian ship-to-ship (STS) transfer specialist, has signed a Heads of Agreement (HOA) with Hutchison Port Holdings to jointly develop the world’s largest STS transfer hub in the country.Under the terms of the HOA, KA Petra will have 70% interest in the project, whilst Hutchison Ports will take a strategic 30% stake.Based on preliminary studies, construction of the STS Hub is estimated to cost USD150 million to USD180 million, and will be funded by a combination of internally generated funds and debt financing.
TOP Ships: New Time Charter With Oil Major
TOP Ships Inc. an international owner and operator of modern, fuel efficient "ECO" tanker vessels currently focusing on the transportation of petroleum products, has announced that it has entered into a time charter agreement with Shell Tankers Singapore Private Limited for its 50,000 dwt product/chemical tanker M/T Eco Palm Desert until September 2020. The time charter with Shell consists of a fixed amount per day plus a 50% profit share for earned rates over the fixed amount and replaces a pre-existing charter.
Securing, Enhancing America’s Ports & Supply Chain
The American Association of Port Authorities and its membership recently looked ahead at the challenges and opportunities facing the Port Security Grant Program.In its annual “State of Freight” series, AAPA has highlighted the transportation infrastructure needs of U.S. ports, state transportation agencies and multimodal projects. In this final report in the State of Freight series, AAPA turns to the vital role that security infrastructure plays in moving goods.In 2002, Congress…
Chabahar Port Volumes Up
Iran's Shahid Beheshti Port in Chabahar, which was taken over by Indian Ports Global Limited last month, registered high volumes in in container loading and unloading.“Container and petroleum products unloading and loading in the Chabahar port have increased by 61% and 81% respectively,” Behrooz Aghaee, Director General of Ports and Maritime of Sistan and Baluchestan Province said.Detailing on the performance of the Chabahar port, Aghaee pointed that Loading and unloading of containers operations has grown by 61% within the last 10 months compared to the same period last year.
Iranian Ports Records 78% Growth in Non-oil Transit
Iran's Director of Ports and Maritime office of Lengeh port announced an increase of 78 percent in non-oil transit, a 19 percent increase in safe passenger transport and an increase of 86 percent in container loading and unloading at ports in west of Hormozgan.Ghasem Askari Nasab, reporting on the nine-month performance of the ports of West of Hormozgan in 2017, stated that during this period, a total of 6 million and 759,558 tons of oil and non-oil products were loaded and unloaded at these ports.Of the 1…
Asahi MOL Tankers Established
Japanese shipping company Mitsui O.S.K. Lines (MOL) and the marine transportation services provider Asahi Tanker Co have launched a new MR product tankers pool with a fleet of about 25 ships.The new pool, named Asahi MOL Tankers and headquartered in Republic of the Marshall Islands, will also launch MR product tankers that will be assigned to the pool.MR stands for Medium Range and refers to product tankers in the 45,000-55,000 deadweight ton class. This ship type has great versatility in transporting petroleum products such as gasoline…
Great Lakes-St. Lawrence Shipping Sets 2019 Priorities
Chamber of Marine Commerce President Bruce Burrows has unveiled a 2019 wish list for legislative and policymakers designed to make Great Lakes-St. Lawrence and coastal shipping more competitive and build on the remarkable growth of the 2018 season.St. Lawrence Seaway cargo volumes increased almost 7 per cent in 2018, reaching 40.9 million metric tons for the first time since 2007.“Despite an unpredictable business environment of tariff wars and trade negotiations, many of our Canadian and U.S.
Sovcomflot Orders Three LNG-fueled Tankers from Zvezda Shipyard
On December 28, 2018, Sovcomflot (SCF Group) placed an order at Zvezda shipbuilding complex for construction of three new generation product carriers that use cleaner-burning LNG fuel as their primary fuel.Three MR-class vessels will have a deadweight (DWT) of 51,000 tonnes each. They will transport petroleum products and gas condensate and will be chartered to Novatek under long-term time charter agreements. Each tanker will have an ice class of 1B, enabling safe operations in areas with challenging ice conditions, including the Baltic.Using LNG fuel enables to significantly reduce emissions.
Sovcomflot completes USD 900 mln in Foreign Investment
Russia’s maritime shipping company Sovcomflot has announced that it has entered into a new USD 264 million six-year revolving credit facility with a consortium of five leading international banks.The completion of this credit facility marks the successful finalisation of SCF’s 2018 financing plan, with total new debt capital raised this year amounting to circa USD 900 million, said Nikolay Kolesnikov, Senior Executive Vice-President, Chief Financial Officer of PAO Sovcomflot."The fund allows us to fully address the Group’s mid-term financing requirements…
U.S. Ports, Seaway Shipping Reporting Strong Finish to 2018 Season
The St. Lawrence Seaway and Great Lakes ports are reporting strong growth in November cargo volumes that is expected to carry through in the final weeks of the 2018 season. Overall cargo volumes through the St. Lawrence Seaway from March 29 to November 30 topped 36 million metric tons, up 5.3 per cent over the same period in 2017. Grain exports and road salt were highlights of activity in November. Seaway salt shipments are ahead of last year’s volumes, totaling 2.2 million metric tons up to the end of November.Year-to-date U.S.
Navios Acquisition Completes Navios Midstream Merger
Greece-based Navios Maritime Acquisition Corporation announced that it completed the acquisition of Navios Maritime Midstream Partners. "Following the close of the market on December 13, Navios Midstream common units no longer are publicly traded on the New York Stock Exchange," said a press release from the owner and operator of tanker vessels focusing on the transportation of petroleum products (clean and dirty) and bulk liquid chemicals.Angeliki Frangou, Chairman and Chief Executive Officer…
OSG Extends Charter of AMSC's Nine Tankers
Florida-based provider of energy transportation services delivering crude oil and petroleum products Overseas Shipholding Group (OSC) and American Shipping Company (AMSC) jointly announced that OSG has exercised options to extend its charter agreements with AMSC for nine vessels currently under charter from AMSC.AMSC is a Norwegian-American shipping and shipyard company and part of the Aker Group."A Charter agreements for five of the vessels were extended for additional three-year terms, commencing from December 2019 and ending in December 2022.
TOP Ships Concludes Suezmax Financing
TOP Ships, an international owner and operator of modern, fuel efficient “ECO” tanker vessels currently focusing on the transportation of crude oil and petroleum products, announced that it has concluded Financing Agreements with a major Chinese leasing company, via sale and leaseback transactions of up to $92.5 million for its Suezmax newbuilding vessels with hull numbers 874 and 875, currently under construction at Hyundai Samho Heavy Industries Co., Ltd. in South Korea. The…
ATB Push Tug Island Raider Enters Service
Canada-based provider of oil cargo transportation services Island Tug and Barge Ltd informed that s new ATB push tug the Island Raider has entered service pushing the double hulled refined petroleum products barge, ITB Resolution.The Island Raider is the first of two, twin Z-drive, ATB push tugs for service on the West Coast of North America. Constructed at Island Tug’s Annacis Island Shipyard on the Fraser River, the Island Raider is connected by an articulating pin system to…
Saudi Arabia Halts Red Sea Oil Exports after Tanker Attacks
Saudi Arabia said on Thursday it was suspending oil shipments through a strategic Red Sea lane after Yemen's Iran-aligned rebels attacked two tankers in the waterway, underscoring the risk of an escalation in tensions in the region.Brent crude futures rose 59 cents to $74.52 a barrel by 1008 GMT, extending their rally into a third day but falling from a 10-day high in earlier trading.Saudi Arabia and arch-foe Iran have been locked in a three-year proxy war in Yemen, which lies on one side of the Bab al-Mandeb strait at the southern mouth of the sea…
Stena Bulk Forms Chemical Tanker JV with Bay Crest Management
Golden-Agri Stena, a joint venture between Sweden based tanker shipping company Stena Bulk and Indonesia’s largest palm oil producer Golden Agri-Resources, has started a new joint venture with Japan's Bay Crest Management for the the operation and commercial management of chemical tankers.The new joint venture, GSB Tankers, will commence operation on January 1, 2019, managing 18 chemical tankers to start, with the aim of managing 30 vessels within the next two years.The joint venture will operate out of the existing premises of Golden-Agri Stena.
Strong July Across Great Lakes Gets Seaway Tonnage
Great Lakes-St. Lawrence shipping continues to bounce back after a slow start. With strong tonnage numbers in July, particularly shipments of U.S. grain, liquid bulk and project cargo, the 2018 shipping season is right on par with the healthy statistics posted last year.Overall cargo shipments on the St. Lawrence Seaway between March 29 and July 31 totaled 16.5 million metric tons. Areas of strength included U.S. grain shipments totaling 888,000 metric tons, up 32 percent over last year. Liquid bulk shipments totaled 2.3 million metric tons, an increase of 25 percent.
Contract Extension for Tanker Stena Provence
Concordia Maritime said it has signed a contract to charter out the P-MAX tanker Stena Provence for another year from September 2018.The contractual partner is one of the world’s largest oil and gas companies, who has used the vessel since 2014 for niche transportation of refined petroleum products, mainly in the Asia Pacific region.“This customer has a specific transport need, for which the large load capacity of our P-MAX vessels are well suited,” said says Kim Ullman, CEO of Concordia Maritime.
Port of Corpus Christi Reports Tonnage Record
The Port of Corpus Christi set a new tonnage record of 79.3 million tons in the first nine months of 2018, surpassing the previous record of 77.9 million tons set in the first nine months of 2015. The number also eclipsed the same period in 2017 by 4 million tons, an increase of 5 percent year-over-year.The port’s volume growth in 2018 was driven by increases of crude oil (+11 percent), other petroleum products (+8 percent), and breakbulk shipments (+3 percent).“This tonnage record is one of many set by the Port of Corpus Christi in 2018…
Oman Shipping: Strong Domestic Performance
Oman Shipping Company (OSC) is reporting strong performance in domestic markets following long-term deals with local refineries and traders including ORPIC and OTI.OSC’s growth in the region is being driven by a 20-year contract to transport condensate for ORPIC (Oman Oil Refineries and Petroleum Industries Company) and a 15-year deal transporting methanol for OTI (Oman Trading International) from Salalah Methanol plant.The company is further supporting the export of LPG from Sohar Refinery to Yemen, Sudan, India, Bangladesh and Sri Lanka.
Pyxis Tankers Refinances Modern Tanker
Greece-based Pyxis Tankers announced that it had successfully completed the refinancing of a previous loan facility for the Pyxis Epsilon.The emerging growth pure play product tanker company said in a press release that after repayment of existing bank debt, the new 5 year secured loan provided us approximately $7.3 million of additional net proceeds for general corporate purposes. Valentios Valentis, our Chairman and CEO said:"We welcome a new lender to our company. Blue Ocean Maritime funds managed by EnTrustPermal provided us $24.0 million of new debt.
Great Lakes-Seaway Shipping Boosted in June
United States grain exports via the St. Lawrence Seaway are up 32.1 percent this season compared to 2017. Construction materials were also heavily influential in the latest results with a nearly 38 percent increase in asphalt from the same time last year, as well as increases in cement and stone.“Summer is the season for construction projects and ships have been delivering materials for major building projects across the region,” says Bruce Burrows, President of the Chamber of Marine Commerce. “U.S.
Middle East Oil & Gas Shipping Routes are at Risk
Saudi Arabia said on Thursday it was suspending oil shipments through the Red Sea after Yemen's Iran-aligned Houthis attacked two crude tankers, underscoring risks caused by the conflict in the world's top oil exporting region.Iran, in its row with the United States over sanctions, has also threatened to block the Strait of Hormuz, the other major strategic shipping route for oil from the region and the main route for Iranian crude exports.Below are facts about region's shipping routes:Bab al-MandebAny move to block the Bab al-Mandeb…
Bomin Sells Belgium Bunker Ops
The Bomin Group has agreed to sell its Belgium operations to certain individuals of the Somers family, controlling the tanker shipping company Somtrans. Bomin announced in September 2018 that it was exiting the bunker market in Antwerp.The purchasers will acquire 100 percent of the shares in Bomin Belgium, located in Antwerp. Subject to merger clearance, the deal is expected to be formally concluded on December 31, 2018. As from January 2019 the company will be rebranded.The Bomin…
TOP Ships Signs New TC with BP
Greece-based ship-owning company TOP Ships announced that it has agreed a new time charter employment contract for 2 years with BP Shipping Ltd for its product/chemical tanker M/T Eco Revolution.The international owner and operator of modern, fuel efficient “ECO” tanker vessels currently focusing on the transportation of crude oil and petroleum products, said in a press release that the new time charter will commence in January 2019 immediately after the expiry of the present…
Big Oil Set to Cash in on IMO 2020 Rules
The world's biggest oil traders are gearing up to cash in on big disruptions that could hit the shipping fuel market in just over a year due to new U.N.-mandated environmental rules.International Maritime Organization (IMO) regulations will cut the limit for sulphur in marine fuels globally from 3.5 percent to 0.5 percent from the start of 2020."We're going to hopefully facilitate the new rules in 2020 by helping out the industry and the participants in general to have a reasonably smooth transition…