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Monday, October 21, 2019

South Korea News

A VLCC loads crude oil in the port of Corpus Christi, TX (File image / credit Port of Corpus Christi)

Exxon, Trafigura Tap Lower Freight Rates

U.S. crude exports to Asia, which have slumped due to record freight costs, stirred on Thursday as rates slid and the premium in Asia for Russia's ESPO Blend oil sent buyers back to U.S. grades, according to market sources.Oil shipping costs for United States Gulf Coast to Asia cooled this week from record highs on the prospect of more vessels becoming available. Nearly 300 oil tankers globally were placed off limits due to U.S. sanctions on Iran and Venezuela.Seventeen supertankers returned to service in October after being sidelined for overhauls, as 11 entered drydocks.

© dmplot/Shutterstock

Small Scale FSRU: Think Smarter Not Bigger

The global search for lower carbon forms of energy and demand for cost-effective ways to serve power demand in emerging markets and remote locations is driving interest in floating storage and regasification units (FSRU).FSRUs are a faster and more flexible way to import natural gas to power-constrained places, so demand for the units is increasing and the business case for owning them is growing stronger.Their model for supplying energy and transport fuel is historically well proven: they offer faster development timelines and lower initial capital costs compared to onshore regasification…

Image: Qatar Petroleum

Korean Shippers Jointly Pitch for Qatari LNG Newbuilds

Five South Korean shipping companies - Korea Line, Pan Ocean, SK Shipping, Hyundai LNG Shipping and H-Line Shipping -  could partner up to secure liquefied natural gas transportation services for Qatar’s LNG production capacity expansion project.Qatar Petroleum is expected to put up shipping contracts for at least 40 LNG carriers by the end of the year for its North Field Expansion project, which aims to increase the nation’s LNG production capacity from 77 million tons to 110 million tons per annum starting in 2024.According to Yonhap, the Qatari state-run company will need an additional 60 L

File Image: the M/V Maran Andromeda (Credit: MarineTraffic.com / © Ken Scott)

Occidental Tentatively Fixes VLCC for Record $13.25 mln to Asia

Occidental Petroleum Corp provisionally chartered a supertanker to ship U.S. crude to South Korea for a new record of $13.25 million in November, three shipping sources familiar with the matter said on Monday.The Very Large Crude Carrier (VLCC) Maran Andromeda was chartered by Occidental on Friday for an estimated Nov. 20 departure, according to one shipbroker and Refinitiv Eikon shipping data.Global shipping rates, and in particular U.S. Gulf Coast to Asia <TD-LPP-SIN>, have skyrocketed after the United States in late September imposed sanctions on two units of China's COSCO…

File Image: AdobeStock / © Carabay

VLCC Rates Surge as U.S. Sanctions COSCO

Freight rates to ship U.S. crude to Asia continued to surge, with costs to charter a supertanker rising to a record $12 million on Thursday, shipping sources familiar with the matter said.South Korea's top refiner, SK Energy, tentatively chartered the supertanker Maxim to ship U.S. crude to South Korea in November for a record $10 million earlier in the week but that fixture has since failed, the sources said.The company now has conditionally booked the Pacific M at a new record of $12.35 million…

Image:  EOLOS

EOLOS Gets Capital Injection

EOLOS Floating Lidar Solutions, a start-up supported by EIT InnoEnergy, has completed a significant capital injection by the entity of the Swiss investment company Prorsum AG.Rajai Aghabi, CEO and founder of EOLOS, describes the capital increase as “a significant closing for EOLOS, allowing the present team the flexibility and capability to both grow and expand globally in the market of turn-key offshore wind data measurement campaigns, not only by strengthening our financial position…

Pic: Capital Product Partners L.P. (CPLP)

CPLP Fixes Agamemnon with MSC

Greek shipping company Capital Product Partners L.P. (CPLP) announced that its vessel, M/V ‘Agamemnon’ commenced new long-term time charter with Mediterranean Shipping Company Co. S.A.The 108,892 dwt / 8,266 TEU container carrier Agamemnon was built in built 2007 in Daewoo Shipbuilding & Marine Engineering Co., Ltd., South Korea, said a press note from the shipping company engaged in the seaborne transportation of a wide range of cargoes, including dry cargo and containerized…

Image: Hyundai Heavy Industries

HHI Bags Order for 2 Crude Carriers

South Korea shipbuilding giant Hyundai Heavy Industries (HHI) group said that its unit Hyundai Samho Heavy Industries has won a deal to build two crude carriers.The shipbuilding deal worth KRW 158.7 billion (about USD 132.8 million) was signed with an undisclosed company from Oceania on September 23, 2019, HSHI said in a stock exchange filing.According to Yonhap, Hyundai Samho will build two 158,000-deadweight-ton (DWT) crude carriers by May 2021 for the unidentified Oceanian customer.Hyundai Samho…

© Yaniv / Adobe Stock

Shipping Sector Sets Course for Zero Carbon

Leading ports, banks, oil and shipping companies on Monday launched an initiative which aims to have ships and marine fuels with zero carbon emissions on the high seas by 2030, in another step by the maritime sector to reduce CO2.International shipping accounts for 2.2% of global carbon dioxide (CO2) emissions and the U.N.'s International Maritime Organization (IMO), has a long-term goal to cut greenhouse gas emissions by 50% from 2008 levels by 2050.Achieving this target will…

Pic: Hyundai Heavy Industries

US Fines HHI $47Mln Over Dirty Engines

US authorities announced that South Korea's top shipbuilding conglomerate Hyundai Heavy Industries (HHI) will pay a US$47 million fine for illegally importing and selling dirty diesel engines in violation of American environmental rules.US Justice Department and and the U.S. Environmental Protection Agency (EPA) said that between 2012 and 2015, the company imported nearly 2,300 diesel-powered heavy construction vehicles with engines that did not meet US emissions standards.“Hyundai put profits above the public’s health and the requirements of the law…

Image: Vitol

Korean H-Line Sign LNG Carrier TC with Vitol

Dutch energy and commodities group Vitol and South Korea's H-Line Shipping have executed a 10-year time-charter agreement for a newbuild, latest generation LNG carrier.The commodity trader said that the 174,000m3 vessel with XDF propulsion is to be built at Korea’s Hyundai Samho Heavy Industries (HSHI) and is due for delivery in late 2021.Vitol also holds extension options and the ability to exercise additional LNG carriers to support its further growth in the LNG industry through this partnership with H-line.Pablo Galante Escobar…

Port of Incheon. Image credit Incheon Port Authority

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.

Image: Evergreen

Evergreen Orders Ten Ships

Taiwanese shipping line Evergreen has confirmed its plans to build a total of ten 23,000 TEU containerships.According to a stock exchange filing, the new vessels would be built at three shipyards  in South Korea and China.According to the reports from the South China Morning Post, the enormous order will cost Evergreen anywhere between US$1.4 billion and US$1.6 billion. It is estimated that each vessel will cost between $140 million and $160 million.The new vessels could see Evergreen become the sixth biggest carrier line in the world…

Jae-Geun Kwon, Representative Director, PanStar TechSolution Co.,Ltd. (left) and Woo Ho Yoo, General Manager, Services, Wärtsilä Korea,  (Photo: Wärtsilä)

Doorae Shipping Selects Wärtsilä BWMS

Wärtsilä will supply its Aquarius UV Ballast Water Management System (BWMS) for four bunkering ocean tanker vessels operated by South Korea’s Doorae Shipping. This is the first ever BWMS retrofit contract signed by Wärtsilä in Korea. The order was placed in July by PanStar TechSolution, the main contractor for the project. PanStar TechSolution is a leading Korean engineering and technical company specializing in BWMS and exhaust gas cleaning system (EGCS) retrofit projects.The equipment is scheduled for delivery commencing in August 2020.

Photo: Sovcomflot

Sovcomflot, NYK Pact on Financing 2 LNG Carriers

Russian maritime shipping company specializing in petroleum and LNG shipping Sovcomflot (SCF Group) and NYK Line have announced that they have signed a new $176 million non-recourse credit facility for eight years with three leading international banks.The banks are: Sumitomo Mitsui Banking Corp. of Japan (through its German subsidiary, SMBC Bank EU AG); Société Générale of France; and Shinsei Bank of Japan. The agreement was reportedly signed through joint venture companies belonging…

Pic: FESCO

Expansion for Far East and Trans-Siberian Railway

FESCO Transportation Group, the largest intermodal transport operator in Russia, and Polish rail operator PCC Intermodal S.A. agreed on developing services of expedited cargo delivery from Japan, South Korea and China to European countries and vice versa through the Far East and Trans-Siberian Railway.The agreement of intent was signed during the Eastern Economic Forum.Using their experience and expertise, the companies are going to work on increasing the volumes of transit cargo shipped with Trans-Siberian Landbridge service launched this summer…

MSC Gülsün (Photo courtesy of MacGregor)

MacGregor Cargo System for World's Largest Boxship

MacGregor, part of Cargotec, has designed the cargo system for the world’s largest containership, MSC Gülsün, which was delivered in July 2019 by South Korea’s Samsung Heavy Industries. She is 400 m long, 61.5 m wide and is the first in a series of 11 ultra-large containerships with a capacity of more than 23,000 TEU. Six of the vessels are being built by Samsung Heavy Industries, and the other five by Daewoo Shipbuilding & Marine Engineering.The system was developed in close collaboration with MSC from an early stage of the project.

Credit: Port of Cleveland

BREAKBULK SHIPPING: Breakbulk Breaks the Mold

In the cargo shipping world, there’s the bulk sector, the container segment, and then, there is “everything else.”When it comes to ‘everything else,’ breakbulk is the cargo that resides in between, comprising much of that remainder, including forest products (lumber, baled pulp) and steel. Breakbulk may, at times, share space on multipurpose vessels that also handle heavylift and project cargo, but can also be transported on vessels that handle drybulk. Prior to the advent of containerization, bales, barrels and pallets dominated.

Pic courtesy: Top Ships

TOP Ships Revenues Up by 51% for H1 2019

The international owner and operator of modern, fuel efficient "ECO" tanker vessels TOP Ships announced that its total revenues increased by 51% to $29.8 million for the six months ended June 30, 2019 compared to $19.7 million for the same period in 2018.Its net loss decreased by 91% to ($0.6) million for the six month ended June 30, 2019 compared to a net loss of ($6.6) million for the same period in 2018.The Greek company said that its adjusted EBITDA increased by 341% to $15.0 million for the six month ended June 30…

Image: eMARINE Global

eMARINE Global Wins ROK Navy Gig

The provider of information and communications technology (ICT) for the maritime industry eMARINE Global  signed a contract with the Republic of Korea Navy for the maintenance of its Anti-Submarine Warfare Team Trainer (ASWTT) at the Jin-Hae Naval Base.The contract is valued at an estimated 920 million won (US$0.76 million), said the Maritime ICT Provider based in South Korea which also have operations in the US.eMARINE has maintained the ASWTT virtual reality simulator, used to simulate battles between warships and submarines, since 2017.

Chart: BIMCO

BIMCO: US Crude Exports Soar in June 2019

The highest US crude oil exports to China in 11 months lifted total seaborne US crude oil exports to a record high at 11.9 million (m) tonnes in June 2019. Also contributing to the June record was South Korea, as exports to the other main Far Eastern buyer reached an all-time high volume of 2.3m tonnes.1.2m tonnes were shipped to China between June 1, and  June 30, , up from 1m tonnes in May and worlds apart from no exports at all in the months of August through October in 2018…

Pic: JAXPORT

JAXPORT Acheives Record July

Jacksonville Port Authority (JAXPORT) announced that it has achieved its best ever July container volumes, with overall container movements increasing 19% compared to the previous July.More than 116,000 twenty-foot equivalent units (or TEUs, the industry standard for measuring containers) moved through JAXPORT in July 2019, said Florida’s largest container port by volume.So far in Fiscal Year 2019, more than 1.1 million containers have moved through JAXPORT, an increase of 9 percent over the same period last year. The port’s fiscal year runs Oct. 1- Sept.

Photo: JAXPORT

Highest July Container Volumes for JAXPORT

The Jacksonville Port Authority (JAXPORT) has achieved its best ever July container volumes, with total container movements increasing 19 percent over the previous July. More than 116,000 twenty-foot equivalent units (or TEUs, the industry standard for measuring containers) moved through JAXPORT in July 2019.So far in Fiscal Year 2019, more than 1.1 million containers have moved through JAXPORT, an increase of 9 percent over the same period last year. The port’s fiscal year runs Oct. 1- Sept.

Graph Source: Global Liner Performance Report, Sea-Intelligence.

HMM Takes Top Spot in Schedule Reliability

South Korea's Hyundai Merchant Marine (HMM) toped highest on-time performance among 15 global carriers in June.According to the ‘Global Liner Performance Report – July 2019’, issued by SeaIntelligence, HMM ranked the most reliable carrier in June 2019 with a score of 91.8 percent - improved 8.2 percent points compared to last month.HMM’s performance was also 8.3 percent points higher than global average of 83.5 percent.

World’s first LNG-powered crude oil tanker (courtesy of SCF Group)

Shell Charters LNG-Powered Tanker Fleet

Shell Tankers (Singapore) Private Ltd has agreed a long-term deal to charter a fleet of 10 LNG dual-fuel Aframax crude oil tankers from Sinokor Petrochemical Co Ltd, which expects to take delivery of them from Samsung Heavy Industries in South Korea in 2021."Shell has agreed to charter a fleet of new liquefied natural gas (LNG)-fueled crude oil and products tankers, as part of its drive to decarbonise shipping," said a press note.Separately, Shell has agreed long-term charters for four new LNG dual-fuel oil products tankers, from institutional investors advised by J.P.

MSC Gülsün. Image: MSC Mediterranean Shipping Company

World's Largest Boxhip's Asia-Europe Maiden Voyage

Swiss-based global container shipping company MSC Mediterranean Shipping Company announced that MSC Gülsün, the world’s largest container ship, has arrived in Europe after completing its landmark maiden voyage from the north of China.MSC Gülsün is the first of a new class of 23,000+ TEU vessels to be added in 2019-2020 to the global shipping network of MSC, a world leader in transportation and logistics.According to a press release from the world's second-largest shipping line in terms of container vessel capacity…