Karoon enters into new agreement for Timor acreage

Karoon Gas of Australia has entered into agreement with Woodside Energy to buy its 66.67% interest in permit AC-P8 in the Timor Sea for A$1 million (US$900,238).

The permit offers good exploration potential due to its location in an existing oil and gas producing area and its close proximity to several large oilfields, including the Woodside-operated Laminara and Corralina fields. The AC-P8 permit contains two prospects and at least three leads that need to be further defined prior to any drilling decision, said Karoon. The purchase is conditional on approval from the current partner in the acreage Talisman Oil & Gas and the extension of the permit for a further five-year term which will be sought post completion, both of which Karoon expects to be satisfied.
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GE Marine Turbine to Power Turkish Navy Corvette

GE Marine will supply MTU Friedrichshafen GmbH, Friedrichshafen, Germany, with one LM2500 gas turbine.

MTU will incorporate the LM2500 into a Combined Diesel and Gas turbine (CODAG) configuration to power the Turkish Navy’s new MILGEM multi-purpose corvette. The new MILGEM corvette will have an overall length of 99 meters with a displacement of 2,000 tons. The corvette’s CODAG system will feature one LM2500 gas turbine and two MTU diesel engines for total propulsion power of 30,000 kilowatts. Maximum ship speed will be 29 knots. The gas turbine will be manufactured at GE’s Evendale, Ohio facility, and will be delivered to MTU Friedrichshafen in late 2007 for integration into the CODAG propulsion system. Construction of the first MILGEM class corvette is currently in progress at the Turkish Naval Forces Istanbul Naval Shipyard.

EU project to plug LNG as ship fuel

The use of liquefied natural gas (LNG) as marine fuel for ships is underway in its promotion by an EU clean fuels pilot project. is underway to promote the use of liquefied natural gas (LNG) as marine fuel for ships.

The aspiring hopes for the Marine Fuel Gas Logistics project (Magalog) to take off as industry players begin showing interest amid growing international pressure for shipping to clean up its emissions. The main aim of Magalog is to encourage the design, construction and use of ships capable of running on LNG, which offers massive emission reductions compared to conventional bunkers. There are many potential applications for LNG. It could be used in short sea shipping, fishing vessels or by the coast guard. Experts says that LNG as a ship fuel is very suitable for vessels operating on the same route for long periods, such as ferries and vessels engaged in coastal and inland work. LNG also offers economic advantages such as making coolers or pre heating of engines redundant. The success of LNG as a ship fuel will finally come down to price and the support of government in the form of funds and help for the LNG infrastructure to meet ships refueling needs.
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Container shippers impose Asia-US fuel surcharges

Container shipping lines plying the busy trade route between Asia and the United States to be imposed fuel surcharges immediately to offset surging oil prices.

The Transpacific Stabilization Agreement (TSA) container carrier group, representing 14 shipping firms that sail from Asia to US ports, said that members would seek to impose the full surcharge on bunker fuel in ongoing contracts at Singapore. The new contracts starting from 2008 will be subjected to the floating surcharge, according to its website, which ranges from $545 per 20-foot container, up to $860 per 45-foot container for the month of November. Bunker fuel prices in Singapore, the world's top ship bunkering port, have climbed 70 per cent this year to around $478 a tonne, after an all-time high $508 last week when oil futures hit a record over $98 a barrel. TSA members comprise NOL's American President Lines, CMA CGM, Cosco Container, Evergreen Marine, Hanjin, Hapag Lloyd, Hyundai Merchant Marine, Kawasaki Kisen Kaisha, Mitsui O S K, Nippon Yusen Kaisha, Orient Overseas, Yangming Marine, Mediterranean Shipping and Zim Integrated Shipping. The TSA and its counterpart the Far Eastern Freight Conference, which covers Asia-Europe, say they do not set container freight rates as that would constitute an illegal cartel in most countries. The group looks at factors such as economic growth and fuel costs and then recommends price adjustments and each shipping line has its own rates.
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MPA awarded contract for joint venture

The Maritime and Port Authority of Singapore (MPA) has awarded a contract to a joint venture comprising Penta Ocean Construction, Koon Construction and Transport, Hyundai Engineering and Construction and Van Oord Dredging and Marine Contractors, to develop 16 new container berths at Pasir Panjang.

This project increases 14 million TEU to Pasir Panjang Terminal's container handling capacity. Singapore's continued development as a major hub port and maritime centre will be more enhanced through the expansion of port facilities, which will enable the port to capture the growing container handling business. The contract is valued at some S$1.92 billion (US$1.33 billion) Work will commence in the last quarter of 2007, and will take about six years to complete.
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