Delhi: Shipping Corporation of India is to sign a contract with South Korea’s STX shipyard this morning for the construction of four kamsarmax bulk carriers.
The vessels, costing $59.55m each, are due for delivery in 2012. The new vessels bring the SCI orderbook to 32 vessels of 2.7m gt, worth a estimated $1.8bn: two VLCCs, 10 product tankers, six handymaxes, two 4,400teu containerships and four aframaxes, four AHTS respectively and the four kamsarmax vessels.
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Thursday, August 14, 2008
Maersk Line's Asia-Europe service changes
Denmark-based Maersk Line is adding a Hamburg port call on its Asia-Europe 8 service (AE8).
The first vessel in the new rotation will be the ‘Maersk Sarnia’, which will depart from Shanghai, China, on August 30, 2008 and is scheduled to arrive in Hamburg, Germany, on September 29, 2008. The new AE8 rotation is as follows: Shanghai – Ningbo - Kaohsiung - Yantian - Tanjung Pelepas – Hamburg. At the same time, Maersk Line will remove the Southampton call from the AE8 service. The last AE8 call will be by ‘Maersk Taikung’, which arrives in Southampton on September 19. Four direct services, AE1, AE2, AE9, and AE10, will continue serving the Asia-United Kingdom trade with direct calls to Southampton and Felixstowe.
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The first vessel in the new rotation will be the ‘Maersk Sarnia’, which will depart from Shanghai, China, on August 30, 2008 and is scheduled to arrive in Hamburg, Germany, on September 29, 2008. The new AE8 rotation is as follows: Shanghai – Ningbo - Kaohsiung - Yantian - Tanjung Pelepas – Hamburg. At the same time, Maersk Line will remove the Southampton call from the AE8 service. The last AE8 call will be by ‘Maersk Taikung’, which arrives in Southampton on September 19. Four direct services, AE1, AE2, AE9, and AE10, will continue serving the Asia-United Kingdom trade with direct calls to Southampton and Felixstowe.
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Fairstar Awarded Multiple Voyage Contracts by KBR
Fairstar Heavy Transport (FAIR) has been awarded a multiple voyage contract by KBR of Houston. Fairstar’s semi-submersible heavy transport vessel ‘Fjord’ will deliver the EGTL modules for Chevron from Abu Dhabi to the Escravos River in Nigeria.
The Fjord will make a total of three consecutive round trip voyages over the course of the contract. The first cargo is currently scheduled to be picked up in February 2009. Total contract value for Fairstar is $23.2 million, all of which shall be received in 2009. Cristijn Sarvaas, CFO, highlighted the financial impact of the contract: “this multiple voyage contract significantly strengthens our financial position and the predictability of our revenues. Gross revenue of USD 23.2 million combined with the revenues of the Bharati, Daewoo and the Heerema Marine Contractors contracts now total $58.6 million for 2009-2010. Contracted utilisation for 2009 is now 368 days or 50% of our fleet capacity. The Fjord is now booked for a total of 291 days or 80% utilisation in 2009. Based on current contracts, the expected time charter equivalent revenue for the fleet in 2009 is in line with our target of $80,000 per day.” Philip Adkins, CEO, summarised: “operating in this market with a two vessel fleet is a challenge. We have answered that challenge by focussing our efforts on key niches where we believe Fairstar has a sustainable competitive advantage. We have now successfully signed multiple voyage contracts with three of the most influential companies in the offshore project development world. Daewoo, Heerema Marine Contractors and KBR work very closely with each other on a number of long term energy projects. Their expectations for performance are high and we intend to continue to build on these relationships by delivering their cargoes safely and reliably over the coming years.”
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The Fjord will make a total of three consecutive round trip voyages over the course of the contract. The first cargo is currently scheduled to be picked up in February 2009. Total contract value for Fairstar is $23.2 million, all of which shall be received in 2009. Cristijn Sarvaas, CFO, highlighted the financial impact of the contract: “this multiple voyage contract significantly strengthens our financial position and the predictability of our revenues. Gross revenue of USD 23.2 million combined with the revenues of the Bharati, Daewoo and the Heerema Marine Contractors contracts now total $58.6 million for 2009-2010. Contracted utilisation for 2009 is now 368 days or 50% of our fleet capacity. The Fjord is now booked for a total of 291 days or 80% utilisation in 2009. Based on current contracts, the expected time charter equivalent revenue for the fleet in 2009 is in line with our target of $80,000 per day.” Philip Adkins, CEO, summarised: “operating in this market with a two vessel fleet is a challenge. We have answered that challenge by focussing our efforts on key niches where we believe Fairstar has a sustainable competitive advantage. We have now successfully signed multiple voyage contracts with three of the most influential companies in the offshore project development world. Daewoo, Heerema Marine Contractors and KBR work very closely with each other on a number of long term energy projects. Their expectations for performance are high and we intend to continue to build on these relationships by delivering their cargoes safely and reliably over the coming years.”
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Wednesday, August 13, 2008
Leading Vietnam coal port resumes operation
Hanoi: Vietnam's main coal port, Cam Pha has resumed about 70% of loading capacity, after its loaders collapsed during a storm last week, The Economic Times reports state coal monopoly Vinacomin as having said yesterday.
"Repair is under way and the port would resume full operation in a month," a Vinacomin spokesman said. The port in Quang Ninh, Vietnam's northern coal hub, which handles most of the country's coal exports to China and Japan, can now load about 20,000 tonnes of coal daily as compared to around 30,000 to 40,000 tonnes per day before Aug 6 when three of its four loaders collapsed, a port official said. About two thirds of the fuel shipped via Cam Pha goes to China and the rest goes to Japan and other countries, he said. Last month Vietnam estimated its coal exports for the first six months of 2008 dropped 22.7% to 14.47m tonnes as compared to 2007, but revenues jumped 38.4% to $811m, boosted by high world prices. The Southeast Asian country is struggling to meet soaring energy demand at home and plans to slash coal exports this year by more than 32% to about 22m tonnes to save more for new power plants, the Industry and Trade Ministry has said. Vinacomin has forecast coal output could rise to 43m tonnes in 2008, beating previous industry projections of 40m tonnes.
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"Repair is under way and the port would resume full operation in a month," a Vinacomin spokesman said. The port in Quang Ninh, Vietnam's northern coal hub, which handles most of the country's coal exports to China and Japan, can now load about 20,000 tonnes of coal daily as compared to around 30,000 to 40,000 tonnes per day before Aug 6 when three of its four loaders collapsed, a port official said. About two thirds of the fuel shipped via Cam Pha goes to China and the rest goes to Japan and other countries, he said. Last month Vietnam estimated its coal exports for the first six months of 2008 dropped 22.7% to 14.47m tonnes as compared to 2007, but revenues jumped 38.4% to $811m, boosted by high world prices. The Southeast Asian country is struggling to meet soaring energy demand at home and plans to slash coal exports this year by more than 32% to about 22m tonnes to save more for new power plants, the Industry and Trade Ministry has said. Vinacomin has forecast coal output could rise to 43m tonnes in 2008, beating previous industry projections of 40m tonnes.
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Yangshan Port ship access passes 10,000 mark
In late July, a Maersk vessel pulled into the third berth of the Shanghai Yangshan Port Phase II, becoming the 10,000th international sailing ship since Yangshan Port first opened.
The Yangshan Deepwater Port area opened on December 10, 2005, and saw the number of ships accessed reach 5,000 as recently as September 2007. The Yangshan Deepwater Port was built to circumvent the growth limitations of the Port of Shanghai, which has shallow waters. The new port allows berths with depths of up to 15 metres to be built, and is capable of handling even the largest container ships. The port is located in Hangzhou Bay south of Shanghai. When fully operational in 2012, the port will have four phases in operation with 30 berths capable of handling 15 million TEU per annum.
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The Yangshan Deepwater Port area opened on December 10, 2005, and saw the number of ships accessed reach 5,000 as recently as September 2007. The Yangshan Deepwater Port was built to circumvent the growth limitations of the Port of Shanghai, which has shallow waters. The new port allows berths with depths of up to 15 metres to be built, and is capable of handling even the largest container ships. The port is located in Hangzhou Bay south of Shanghai. When fully operational in 2012, the port will have four phases in operation with 30 berths capable of handling 15 million TEU per annum.
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West and Central African states to co-operate in sub-regional Coastguard network
Twenty member States of the Maritime Organisation of West and Central Africa (MOWCA) have adopted a Memorandum of Understanding (MoU) on the establishment of a Sub-regional Coastguard Network for the West and Central African sub-region at the 13th General Assembly of Ministers of MOWCA.
The adoption of the MoU is a major landmark in a long-running campaign by IMO and MOWCA to improve maritime safety, security and environmental protection in the sub-region. It follows a feasibility study undertaken by IMO and the successful IMO/MOWCA forum on the establishment of an integrated coast guard function network for West and Central African Countries held in Dakar in October 2006. The MoU provides an institutional framework for suppressing piracy, armed robbery and other unlawful acts against ships and addressing illegal fishing, drug and weapon trafficking, illegal migration, oil theft, damage to gas pipelines and maritime accident response in the sub-region. It provides guidelines for coastal surveillance, presence in the exclusive economic zones of the sub-region and enforcement of international conventions, regulations and codes - principally those of IMO and the UN Convention on the Law of the Sea (UNCLOS). It has provisions on a “right of hot pursuit” in case of unlawful acts perpetrated against ships. IMO - the International Maritime Organization - is the United Nations specialized agency with responsibility for the safety and security of shipping and the prevention of marine pollution by ships.
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The adoption of the MoU is a major landmark in a long-running campaign by IMO and MOWCA to improve maritime safety, security and environmental protection in the sub-region. It follows a feasibility study undertaken by IMO and the successful IMO/MOWCA forum on the establishment of an integrated coast guard function network for West and Central African Countries held in Dakar in October 2006. The MoU provides an institutional framework for suppressing piracy, armed robbery and other unlawful acts against ships and addressing illegal fishing, drug and weapon trafficking, illegal migration, oil theft, damage to gas pipelines and maritime accident response in the sub-region. It provides guidelines for coastal surveillance, presence in the exclusive economic zones of the sub-region and enforcement of international conventions, regulations and codes - principally those of IMO and the UN Convention on the Law of the Sea (UNCLOS). It has provisions on a “right of hot pursuit” in case of unlawful acts perpetrated against ships. IMO - the International Maritime Organization - is the United Nations specialized agency with responsibility for the safety and security of shipping and the prevention of marine pollution by ships.
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Bow Valley rides production landslide
Canadian North Sea producer Bow Valley Energy saw second quarter earnings more than double as booming production and high oil prices offset foreign exchange losses.
Bow Valley reported second quarter net earnings of $9.8 million, or 11 cents per share, up from $4.2 million, or five cents per share, in the second quarter of 2007. Revenues surged to to $31.95 million from $4.56 million previously, as production rose 278% year on year to an average 3355 barrels of oil equivalent per day in the quarter. However, Bow Valley said its production fell 16% from an average 3995 boe per day in the previously quarter on downtown related to shutdown of the UK North Sea’s Forties pipeline system due to a strike at the Grangemouth refinery and the installation of gas compression facilities on the Ula platform, also in the North Sea. The company said capital spending in the quarter was $33.9 million, down from $74.7 million in the year ago period. For the six month period, the company reported net income of $6.59 million, or seven cents per share, up from $4.73 million, or six cents per share, in the first half of 2007, as revenues rose to $70.05 million from $9.18 million previously. Bow Valley has production assets in the UK North Sea and exploration interests in Alaska.
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Bow Valley reported second quarter net earnings of $9.8 million, or 11 cents per share, up from $4.2 million, or five cents per share, in the second quarter of 2007. Revenues surged to to $31.95 million from $4.56 million previously, as production rose 278% year on year to an average 3355 barrels of oil equivalent per day in the quarter. However, Bow Valley said its production fell 16% from an average 3995 boe per day in the previously quarter on downtown related to shutdown of the UK North Sea’s Forties pipeline system due to a strike at the Grangemouth refinery and the installation of gas compression facilities on the Ula platform, also in the North Sea. The company said capital spending in the quarter was $33.9 million, down from $74.7 million in the year ago period. For the six month period, the company reported net income of $6.59 million, or seven cents per share, up from $4.73 million, or six cents per share, in the first half of 2007, as revenues rose to $70.05 million from $9.18 million previously. Bow Valley has production assets in the UK North Sea and exploration interests in Alaska.
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