South Korean shipbuilder Hanjin Heavy Industries Corp.-Philippines announced yesterday the completion of its second container ship, named CMA CGM Turquoise, with a market value of over $60 million.
Hanjin completed the ship just over a month after delivering its first order, the mv Argolikos, to its Greek owner on July 4. The new vessel, which can accommodate 4,300-TEU (twenty-foot equivalent) containers, was towed from Hanjin’s Drydock 5 to the shipyard’s quayside, where it will sit for three months as electrical systems and other facilities are installed prior to its sea trial. The vessel will be delivered to Dioryx Maritime Corp., the Greek shipping company that bought mv Argolikos. Subic Bay Metropolitan Authority administrator and chief executive Armand Arreza said CMA CGM Turquoise was part of the 16 container vessels scheduled for completion in the free port zone. Hanjin, one of the biggest shipbuilders in the world, has invested about $1.7 billion for its shipyard project here and employs more than 5,000 workers. Hanjin officials said productivity in the shipyard was fast catching up with South Korea ’s. “Filipinos learn fast—now they are experts,” said Hanjin quality assurance director Yoonha Kim. He said Filipino workers displayed “world-class efficiency” in hull construction and engine installation for the Turquoise within the standard Hanjin timetable of 13 months.
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Sunday, September 7, 2008
Tianjin Gets OK for Shipbuilding Industrial Fund
China's National Development and Reform Commission has recently approved Tianjin, a municipality in the north of the country, to prepare for establishment of a CNY 20 billion shipbuilding industrial investment fund.
It is the second industrial investment fund the city sets up after Bohai Industrial Investment Fund was launched. So far, Tianjin is the pilot city with the most industrial investment funds the authority permitted nationwide. Since the CNY 20 billion Bohai Industrial Investment Fund debuted at the end of 2006, various funds have been mushroomed. There have been more than 100 equity and VC investment funds there. The shipbuilding industrial investment fund will directly fund purchase of large-sized ships and special vessels strengthen the country's shipbuilding capacity and create a financing system for shipbuilding and operating.
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It is the second industrial investment fund the city sets up after Bohai Industrial Investment Fund was launched. So far, Tianjin is the pilot city with the most industrial investment funds the authority permitted nationwide. Since the CNY 20 billion Bohai Industrial Investment Fund debuted at the end of 2006, various funds have been mushroomed. There have been more than 100 equity and VC investment funds there. The shipbuilding industrial investment fund will directly fund purchase of large-sized ships and special vessels strengthen the country's shipbuilding capacity and create a financing system for shipbuilding and operating.
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One year since groundbreaking- Panama Canal expansion update
Panamanian President MartÃn Torrijos, the Panama Canal Authority and several former and current heads of state witnessed and celebrated the historic groundbreaking of the Canal Expansion Program.
The expansion, which will build a new lane of traffic along the waterway through the construction of a new set of locks, will double capacity and allow more traffic by permitting longer, wider ships. On September 3, the ACP kicked off its first major construction project of expansion, the dry excavation of Paraiso Hill. The project will ultimately help create the new Pacific locks access channel that will connect the Gaillard Cut (the narrowest stretch in the Panama Canal) and the area where the new Pacific locks will be built. September 3 marked one year since the beginning of the project and the ACP celebrated the achievements of those who have contributed to the Expansion Program.
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The expansion, which will build a new lane of traffic along the waterway through the construction of a new set of locks, will double capacity and allow more traffic by permitting longer, wider ships. On September 3, the ACP kicked off its first major construction project of expansion, the dry excavation of Paraiso Hill. The project will ultimately help create the new Pacific locks access channel that will connect the Gaillard Cut (the narrowest stretch in the Panama Canal) and the area where the new Pacific locks will be built. September 3 marked one year since the beginning of the project and the ACP celebrated the achievements of those who have contributed to the Expansion Program.
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Majority of Gulf of Mexico production still shut in
The U.S. Minerals Management Service reports that the majority of production in the U.S. Gulf of Mexico is still shut-in, following the effects of Hurricane Gustav.
Around 90.5 percent of the oil production and 79.8 percent of the natural gas production is shut-in. MMS estimates that personnel from 334 platforms and 34 rigs in the U.S. Gulf are still evacuated. Many oil and gas operators and drilling contractors are still in the process of returning to their facilities in the Gulf and re-starting operations. ATP Oil & Gas Corp. announced minimal impact from Hurricane Gustav based on preliminary inspections of its production and drilling operations in the Gulf of Mexico. Hurricane Gustav's path was about 12 miles (19 km) east of the ATP Innovator production platform, moored at ATP's Mississippi Canyon Block 711 Gomez Hub. However, the Innovator held position and initial assessments found no significant damage. Due to shut-ins related to the storm, around 1 to 2 Bcfe of ATP's production will be deferred from the third quarter. The total duration of the shut-in production is unknown; however, ATP has reestablished production at a number of its facilities including Canyon Express, Garden Banks 409, and East Cameron 299. Stone Energy shut in around 310 MMcfe/d of production as a result of the hurricane. Based on initial inspections, all of Stone Energy's facilities and infrastructure appear intact, but some had minimal damage. Repairs will begin shortly.
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Around 90.5 percent of the oil production and 79.8 percent of the natural gas production is shut-in. MMS estimates that personnel from 334 platforms and 34 rigs in the U.S. Gulf are still evacuated. Many oil and gas operators and drilling contractors are still in the process of returning to their facilities in the Gulf and re-starting operations. ATP Oil & Gas Corp. announced minimal impact from Hurricane Gustav based on preliminary inspections of its production and drilling operations in the Gulf of Mexico. Hurricane Gustav's path was about 12 miles (19 km) east of the ATP Innovator production platform, moored at ATP's Mississippi Canyon Block 711 Gomez Hub. However, the Innovator held position and initial assessments found no significant damage. Due to shut-ins related to the storm, around 1 to 2 Bcfe of ATP's production will be deferred from the third quarter. The total duration of the shut-in production is unknown; however, ATP has reestablished production at a number of its facilities including Canyon Express, Garden Banks 409, and East Cameron 299. Stone Energy shut in around 310 MMcfe/d of production as a result of the hurricane. Based on initial inspections, all of Stone Energy's facilities and infrastructure appear intact, but some had minimal damage. Repairs will begin shortly.
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