Dubai World is glad to announce a public auction for Marine Hardware;
*Unused & used Marine Equipments & Fittings, Scrap Steel, Aluminum etc. on 17th March 2009 at Jebel Ali Port R/A 10 at 0900 hrs. Please Contact: +971 4 8835222 / 8833323Email: subair.ca@platinum.gov.ae, mohammad.alghaithi@drydocks.gov.ae
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Sunday, March 15, 2009
Ezra cancels two vessels with Karmsund
Singapore’s Ezra Holdings has cancelled two deep water multi functional vessels at Norwegian shipbuilder Karmsund Maritime.
Ezra said that Karmsund had given them notice of not being able to complete and deliver the vessels in accordance to the contracts. Ezra’s subsidiary, Lewek Shipping is entitled to a refund of the advance payments that it has already made to Karmsund, totaling US$25.5 million. The vessels were ordered in September and October 2007 and were to have been delivered in the second half of 2010.Read More
Ezra said that Karmsund had given them notice of not being able to complete and deliver the vessels in accordance to the contracts. Ezra’s subsidiary, Lewek Shipping is entitled to a refund of the advance payments that it has already made to Karmsund, totaling US$25.5 million. The vessels were ordered in September and October 2007 and were to have been delivered in the second half of 2010.
Gas floater onto Indonesia radar
Four top-tier floating production companies are in the hunt to provide Kangean Energy Indonesia with a gas floating production, storage and offloading vessel for the Terang Sirasun Batur (TSB) fields off East Java.
Monaco-based SBM Offshore, Japan's Modec, and Norwegian pair BW Offshore and Fred Olsen Production have just submitted technical proposals for the floater, and commercial bids will follow in due course. The TSB project has been on-and-off for some years, and the operating company, Kangean Energy, would like first gas in 2010, although 2011 is more likely, said sources. The TSB fields will produce at a peak rate of 300 million cubic feet per day of gas, with all volumes feeding the domestic market for 18 years. The fields will also produce some associated liquids. The gas FPSO is potentially a large contract, with estimated capital expenditure of $300 million, and a multi-year lease deal.Read More
Monaco-based SBM Offshore, Japan's Modec, and Norwegian pair BW Offshore and Fred Olsen Production have just submitted technical proposals for the floater, and commercial bids will follow in due course. The TSB project has been on-and-off for some years, and the operating company, Kangean Energy, would like first gas in 2010, although 2011 is more likely, said sources. The TSB fields will produce at a peak rate of 300 million cubic feet per day of gas, with all volumes feeding the domestic market for 18 years. The fields will also produce some associated liquids. The gas FPSO is potentially a large contract, with estimated capital expenditure of $300 million, and a multi-year lease deal.
Japanese destroyers head west to fight Somali pirates
Tokyo: Japan's Defence Minister Yasukazu Hamada said he has ordered two destroyers to take part in an anti-piracy mission in waters off Somalia.
"Following the decision at today's cabinet meeting, I ordered the Self-Defence Forces to engage in maritime security activity," Hamada told. Under its pacifist constitution, Japan's military forces are called Self-Defence Forces. "Piracy off Samalia is a threat to Japan and the international community," Hamada said. "It is an important duty for the Self-Defence Forces to protect Japanese lives and assets." The warships are expected to leave a western port in Japan on Saturday to travel to the pirate-infested waters near the Gulf of Aden. US, European and Chinese vessels have already been deployed to fend off pirates who attacked more than 100 ships last year.Read More
"Following the decision at today's cabinet meeting, I ordered the Self-Defence Forces to engage in maritime security activity," Hamada told. Under its pacifist constitution, Japan's military forces are called Self-Defence Forces. "Piracy off Samalia is a threat to Japan and the international community," Hamada said. "It is an important duty for the Self-Defence Forces to protect Japanese lives and assets." The warships are expected to leave a western port in Japan on Saturday to travel to the pirate-infested waters near the Gulf of Aden. US, European and Chinese vessels have already been deployed to fend off pirates who attacked more than 100 ships last year.
Seatrade Launches UK-Caribbean Service
Belgium’s Seatrade Reefer Chartering launched service March 11 between the United Kingdom and the Caribbean with vessels acquired when it bought StreamLines last year.
The service was inaugurated when the 514-TEU Flintercarrier called at Felixstowe in the UK. Flintercarrier is one of two vessels on a fortnightly service to and from the Caribbean, and is the first StreamLines vessel to call at a UK port. Along with calls at Felixstowe, the new service stops at at Rio Haina, Bridgetown, Port of Spain, La Guaira, Puerto Cabello, Cartagena, Puerto Limon/Moin, Puerto Cortes and Santo Tomas. Seatrader bought Streamlines from Europe West Indies Lines in September 2008 following the carrier’s collapse in July.Read More
The service was inaugurated when the 514-TEU Flintercarrier called at Felixstowe in the UK. Flintercarrier is one of two vessels on a fortnightly service to and from the Caribbean, and is the first StreamLines vessel to call at a UK port. Along with calls at Felixstowe, the new service stops at at Rio Haina, Bridgetown, Port of Spain, La Guaira, Puerto Cabello, Cartagena, Puerto Limon/Moin, Puerto Cortes and Santo Tomas. Seatrader bought Streamlines from Europe West Indies Lines in September 2008 following the carrier’s collapse in July.
Saturday, March 14, 2009
Korea's big three yards look at selling debt
Seoul: Hyundai Heavy Industries Co. and two other South Korean shipyards may borrow about 3 trillion won ($2 billion), tapping the debt market for the first time in seven years to replenish capital as orders dry up.
Hyundai Heavy, the world’s biggest shipyard, Samsung Heavy Industries Co., and Daewoo Shipbuilding & Marine Engineering Co., which together meet more than a fifth of the global orders, may sell debt as early as this month, said analysts, including Cho In Karp at Good Morning Shinhan Securities Co. in Seoul. Daewoo will seek investor responses next week to determine the size and time of a corporate bond sale, spokesman Ahn Wook Hyeon said in an interview today, without giving more details. “There’s interest for debt sold by companies that have high credit ratings and little risk of default,” said Park Se Girl, a fund manager who oversees the equivalent of $1.4 billion in securities at Meritz Asset Management Co. in Seoul. Shipyards in South Korea, the world’s largest shipbuilding nation, have had orders slashed since September as dwindling global trade slashed cargo rates and demand for new vessels. Cash and cash equivalent at Hyundai Heavy dropped 41 percent to 2.34 trillion won at the end of December from the previous quarter.Read More
Hyundai Heavy, the world’s biggest shipyard, Samsung Heavy Industries Co., and Daewoo Shipbuilding & Marine Engineering Co., which together meet more than a fifth of the global orders, may sell debt as early as this month, said analysts, including Cho In Karp at Good Morning Shinhan Securities Co. in Seoul. Daewoo will seek investor responses next week to determine the size and time of a corporate bond sale, spokesman Ahn Wook Hyeon said in an interview today, without giving more details. “There’s interest for debt sold by companies that have high credit ratings and little risk of default,” said Park Se Girl, a fund manager who oversees the equivalent of $1.4 billion in securities at Meritz Asset Management Co. in Seoul. Shipyards in South Korea, the world’s largest shipbuilding nation, have had orders slashed since September as dwindling global trade slashed cargo rates and demand for new vessels. Cash and cash equivalent at Hyundai Heavy dropped 41 percent to 2.34 trillion won at the end of December from the previous quarter.
Korea ventures into Brazilian offshore oil projects
A delegation from South Korea including the Vice Minister for Knowledge Economy, Kim Young-hak, arrived earlier this week in Brazil to discuss cooperative measures for possible large scale oil field developments with Petrobras.
South Korea is looking into oil field development projects in Brazil and will seek rights to develop them in return for providing deep-sea drill ships and FPSOs as necessary. The delegation will continue on to Colombia and Peru, ending the trip on March 20.
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South Korea is looking into oil field development projects in Brazil and will seek rights to develop them in return for providing deep-sea drill ships and FPSOs as necessary. The delegation will continue on to Colombia and Peru, ending the trip on March 20.
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