Mitsui O.S.K. Lines, Ltd. (MOL, President: Akimitsu Ashida) yesterday announced the launch of one of the world’s largest iron ore carriers, the 320,000 dwt Tubarao Maru.
The naming and delivery ceremony was held today at the Mitsui Engineering & Shipbuilding Co., Ltd. (MES) Chiba Works. The new vessel will sail under a long-term transport contract with Nippon Steel Corporation. The Tubarao Maru is similar to the world’s largest iron ore carrier, the Brasil Maru, which was launched in December 2007. It is the second generation ship to bear the name; the original Tubarao Maru was launched in 1966. Guests at the ceremony included Nippon Steel President Shoji Muneoka and MES President Yasuhiko Katoh. President Muneoka’s wife Yoko cut the rope and President Muneoka named the ship. After the naming and rope-cutting ceremonies, the Tubarao Maru will go into service to transport Brazilian iron ore to Japan. MOL became the first Japanese shipping company to operate a 300,000 dwt class very large iron ore carrier(VLOC) with the launch of the Brasil Maru in December 2007. Five of these VLOCs will sail under the MOL operating by August 2009.
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Wednesday, August 6, 2008
"K" Line to Invest in Titan Quanzhou Shipyard Ltd.
Kawasaki Kisen Kaisha, Ltd. ("K" Line) is pleased to announce that an agreement has been reached with the holding company of Titan Quanzhou Shipyard Ltd.
TQSL, a shipyard under construction in a suburb of Quanzhou City, Fujian Province, PRC by Titan Petrochemicals Group Ltd. (HK Exchange: 1192)*, for “K Line to become a Primary Strategic Partner in ship repair business by purchasing convertible securities (equal to 5% of the outstanding number of shares). TQSL is located in a suburb of Quanzho City, Fujian Province, occupying total area of 110ha with 3,600m length of coastline. Upon full completion in 2010, it will be the largest modern-designed repair dock in China with capacity of 250 vessels per year, equipped with four ultra-large dry docks (two of which can accommodate 300,000dwt class VLCC or VLOC), two slipways, ten repair berths, painting workshop and mechanical-electrical workshop. TQSL project commenced in 2004, aiming to be a shipyard based on repair, newbuildings and offshore engineering, and since operation in 2006 with its first newbuilding, it has delivered four 7,000-9,000dwt class bunker-tankers. Repair operations will commence in mid-2009 at repair berths as floating dock and will be in full operation from 2010. "K" Line secures certain repair slots at TQSL as a strategic alliance partner by entering into a Strategic Alliance Agreement. This agreement means that "K" Line has secured repair slots for its increasing fleet, especially for large-sized vessels. TQSL, with its most desirable location near Quanzhou, Fujian Province enjoying warm-weather throughout the year, will accommodate all types of vessels, and will keep an extremely high utilization ratio. "K" Line positions this Strategic Alliance with TQSL as one of the measures to support growth of its overall fleet up to 900 vessels, as set forth in its mid-term management plan, "K" Line Vision 100, announced in April this year. With "K" Line obtaining core repair slots at TQSL, in addition to the seafarer training center in the Philippines opened in February this year, the company will be even better positioned to pursue enforcement of its safety policy and stable quality of ship management.
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TQSL, a shipyard under construction in a suburb of Quanzhou City, Fujian Province, PRC by Titan Petrochemicals Group Ltd. (HK Exchange: 1192)*, for “K Line to become a Primary Strategic Partner in ship repair business by purchasing convertible securities (equal to 5% of the outstanding number of shares). TQSL is located in a suburb of Quanzho City, Fujian Province, occupying total area of 110ha with 3,600m length of coastline. Upon full completion in 2010, it will be the largest modern-designed repair dock in China with capacity of 250 vessels per year, equipped with four ultra-large dry docks (two of which can accommodate 300,000dwt class VLCC or VLOC), two slipways, ten repair berths, painting workshop and mechanical-electrical workshop. TQSL project commenced in 2004, aiming to be a shipyard based on repair, newbuildings and offshore engineering, and since operation in 2006 with its first newbuilding, it has delivered four 7,000-9,000dwt class bunker-tankers. Repair operations will commence in mid-2009 at repair berths as floating dock and will be in full operation from 2010. "K" Line secures certain repair slots at TQSL as a strategic alliance partner by entering into a Strategic Alliance Agreement. This agreement means that "K" Line has secured repair slots for its increasing fleet, especially for large-sized vessels. TQSL, with its most desirable location near Quanzhou, Fujian Province enjoying warm-weather throughout the year, will accommodate all types of vessels, and will keep an extremely high utilization ratio. "K" Line positions this Strategic Alliance with TQSL as one of the measures to support growth of its overall fleet up to 900 vessels, as set forth in its mid-term management plan, "K" Line Vision 100, announced in April this year. With "K" Line obtaining core repair slots at TQSL, in addition to the seafarer training center in the Philippines opened in February this year, the company will be even better positioned to pursue enforcement of its safety policy and stable quality of ship management.
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Indian regulation lifted for ONGC offshore investment plan
Mumbai: A decision by the Indian shipping ministry that has given the Oil and Natural Gas Corporation leeway on regulation that enforces a 25-year cap on vessels plying Indian waters may set a precedent for other vessel operators to continue using older vessels.
State-owned ONGC, which has announced an $8bn project to bring new offshore fields in the west and east coasts into production in the next few years, protested this cap when it was announced a few months ago as it would eliminate the majority of ships in its 200 vessel fleet. In a letter to the shipping ministry ONGC chairman R Sharma argued that the ONGC fleet was seaworthy despite overstepping the age limit and that the cost of hiring vessels to replace those already deployed on the $8bn offshore plan would prove detrimental to the project. In granting the request, the government may be inundated by similar requests from vessel operators eager to prove that their older vessels are similarly seaworthy.
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State-owned ONGC, which has announced an $8bn project to bring new offshore fields in the west and east coasts into production in the next few years, protested this cap when it was announced a few months ago as it would eliminate the majority of ships in its 200 vessel fleet. In a letter to the shipping ministry ONGC chairman R Sharma argued that the ONGC fleet was seaworthy despite overstepping the age limit and that the cost of hiring vessels to replace those already deployed on the $8bn offshore plan would prove detrimental to the project. In granting the request, the government may be inundated by similar requests from vessel operators eager to prove that their older vessels are similarly seaworthy.
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IMCA makes half century
Offshore industry body The International Marine Contractors Association has just passed the 500-member mark with representation in 50 countries worldwide.
The figure shows a doubling of membership numbers since 2002, IMCA president and chief executive Hugh Williams noted, and he said the rise was in part due to growth in the global fleet of supply vessels. “The past year has seen faster growth in terms of number of member companies (25% in less than a year) and geographical reach than ever before,” said Williams. “We reached 200 member companies in 2002; we passed the 300 mark in April 2006; and then last September celebrated the fact that we had 400 members; and now we have hit and are rapidly moving beyond the 'half century'.” “The current and planned growth in terms of numbers and size of the supply vessel fleet has, in particular, been responsible for a marked increase in the number of owners and operators who have now become members. We are delighted that this is the case, for we have a very definite role to play helping to ensure safe operations within the expanding fleet,” he said.
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The figure shows a doubling of membership numbers since 2002, IMCA president and chief executive Hugh Williams noted, and he said the rise was in part due to growth in the global fleet of supply vessels. “The past year has seen faster growth in terms of number of member companies (25% in less than a year) and geographical reach than ever before,” said Williams. “We reached 200 member companies in 2002; we passed the 300 mark in April 2006; and then last September celebrated the fact that we had 400 members; and now we have hit and are rapidly moving beyond the 'half century'.” “The current and planned growth in terms of numbers and size of the supply vessel fleet has, in particular, been responsible for a marked increase in the number of owners and operators who have now become members. We are delighted that this is the case, for we have a very definite role to play helping to ensure safe operations within the expanding fleet,” he said.
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Tuesday, August 5, 2008
Mega Chinese shipbuilding contract goes to JYSC
Jiujiang Yingxin Shipbuilding Company, one of the largest private shipbuilders in China has recently signed a large newbuild contract with Dalian Haichang.
The contract involves twenty 60,000DWT bulkers and worth over US$900 million. This is so far the largest single new-build contract in China in terms of contract value. The new contract is Dalian Haichang’s second largest one since the company ordered four 300,000DWT tankers in 2002. With these new bulk ships, Haichang has an annual transportation capacity of over ten million tonnes and become one the largest bulk ship owner in China.
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The contract involves twenty 60,000DWT bulkers and worth over US$900 million. This is so far the largest single new-build contract in China in terms of contract value. The new contract is Dalian Haichang’s second largest one since the company ordered four 300,000DWT tankers in 2002. With these new bulk ships, Haichang has an annual transportation capacity of over ten million tonnes and become one the largest bulk ship owner in China.
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Evergreen jv for Chinese yard shelved
Taipei: Container Liner Evergreen Marine's parent, Evergreen Group, has shelved a plan to invest in a Chinese shipyard due to weak market conditions.
Evergreen had intended to form a shipbuilding joint venture in the southern Chinese port city of Quanzhou with the local government. "With the change of the market, current timing is not good to diversity into shipbuilding industry," the company said. "As a result, the plan to invest in a shipyard has been shelved." The planned shipyard reportedly would have had the capacity to make ships of 350,000 tonnes and would have been ready to start production in 2011. However, orders for new ships slowed worldwide in the past year as rising energy prices and increasing capacity put pressure on the margins of global container shipping firms. The market outlook is expected to worsen in the second half on rising costs and global economic uncertainty, analysts and industry executives say.
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Evergreen had intended to form a shipbuilding joint venture in the southern Chinese port city of Quanzhou with the local government. "With the change of the market, current timing is not good to diversity into shipbuilding industry," the company said. "As a result, the plan to invest in a shipyard has been shelved." The planned shipyard reportedly would have had the capacity to make ships of 350,000 tonnes and would have been ready to start production in 2011. However, orders for new ships slowed worldwide in the past year as rising energy prices and increasing capacity put pressure on the margins of global container shipping firms. The market outlook is expected to worsen in the second half on rising costs and global economic uncertainty, analysts and industry executives say.
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Iran to launch major oil and gas projects
Iran is preparing more than 15 major oil and gas projects involving a “new method” to attract local and foreign investment, the head of Iran’s state-owned energy firm told.
It was not clear if the “new method” meant a revision of Iran’s “buy-back” terms for oil and gas deals which have been unpopular with foreign investors in the past. The move comes as many particularly Western firms are reviewing investment plans in Iran or quitting because of a dispute with the West over the Islamic Republic’s nuclear plans. “The Islamic Republic of Iran will henceforth present its oil and gas projects using a new method to domestic and international investors,” Seifollah Jashnsaz, managing director of the National Iranian Oil Company said. Under so-called buy-backs, companies hand over operations of fields to NIOC after development and then receive payment from oil or gas production for a few years to cover their investment. “We will prepare project packages ready to be introduced and submitted to international financial markets,” Jashnsaz said. “Each one of these packages is a major project and there are more than 15, so that we can attract foreign partners and new financial resources. We received a good reception in this respect from both European and Asian companies,” he said. He said that, of more than 15 projects, 10 would be put out to tender before the close of the Iranian year, which ends in March 2009. Iran, with the world’s fourth largest oil output, produces more than 4 million barrels of crude a day. But analysts say it needs the foreign technology, if not cash, to expand output.
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It was not clear if the “new method” meant a revision of Iran’s “buy-back” terms for oil and gas deals which have been unpopular with foreign investors in the past. The move comes as many particularly Western firms are reviewing investment plans in Iran or quitting because of a dispute with the West over the Islamic Republic’s nuclear plans. “The Islamic Republic of Iran will henceforth present its oil and gas projects using a new method to domestic and international investors,” Seifollah Jashnsaz, managing director of the National Iranian Oil Company said. Under so-called buy-backs, companies hand over operations of fields to NIOC after development and then receive payment from oil or gas production for a few years to cover their investment. “We will prepare project packages ready to be introduced and submitted to international financial markets,” Jashnsaz said. “Each one of these packages is a major project and there are more than 15, so that we can attract foreign partners and new financial resources. We received a good reception in this respect from both European and Asian companies,” he said. He said that, of more than 15 projects, 10 would be put out to tender before the close of the Iranian year, which ends in March 2009. Iran, with the world’s fourth largest oil output, produces more than 4 million barrels of crude a day. But analysts say it needs the foreign technology, if not cash, to expand output.
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