Mitsubishi Heavy Industries, Ltd. (MHI) and Wärtsilä Corporation of Finland will jointly develop new small, low-speed marine diesel engines with cylinder bores of 350 and 400 millimeters (mm).
The two companies agreed on joint design and development of engines of less than 450 mm cylinder bore in May 2008, based on a previously signed strategic alliance agreement. The new engines, to have a power range of 3,500–9,000 kW, will be developed in collaboration, taking advantage of the strengths of the two companies. For both the 350 mm and 400 mm cylinder bore models, MHI will develop the mechanically controlled UEC-LSE series, and Wärtsilä will develop the Wärtsilä RT-flex electronically controlled common-rail engines and Wärtsilä RTA mechanically controlled engines. The first of the 350 mm bore engines will be available in the first quarter of 2011 and the 400 mm bore engines a year later.
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Thursday, September 11, 2008
Berthing pangs at Jebel Ali Port
Frustrated by congestion at Jebel Ali port, where it can take several days for ships to berth, importers of perishable goods in Dubai are searching for alternative ports.
The region's top shipping hub became busier this year when operator DP World moved the cargo operations of its smaller Port Rashid to Jebel Ali. The Dubai government is redeveloping the Port Rashid area for urban real estate and maritime activities such as cruise tourism. "Since Port Rashid's shutdown, we have been facing delays in getting our cargo. Vessels have to wait five or six days before they can berth. "After berthing it can take another two to three days to receive cargo," said Chaudhry Faisal Altaf, a partner in Dubai-based Altaf and Khamas Trading Company. The company is an importer of fruit, vegetables and other foodstuffs and Altaf said he has to bear additional transport and logistics costs due the port delays.Demand for foodstuffs has increased during Ramadan, but importers say they do not get their goods when they need them."This increases the cost of goods, but we have been told by Dubai Municipality not to increase prices during Ramadan. It is a miserable situation for us," Altaf said."When Port Rashid was open, ships used to get immediate berths. We could receive our goods within six hours," he said, adding that he is looking at routing his imports through Abu Dhabi or Oman.A representative of Jalil Traders, another importer of foodstuffs, said a ship carrying their container of eggs from Holland last month could not berth at Jebel Ali for 10 days. Later that ship left for India, its next destination, and delivered the eggs at Jebel Ali only on its return visit.Importers are also paying more in shipping and logistics costs. Shipping lines have imposed a $100 congestion surcharge for each 20-foot container and $200 for 40-foot containers coming to Jebel Ali, said K. Hafeezuddin, managing director of Deepsea Logistics and Distribution.Some are thinking of using other ports and a few have gone to Ras Al Khaimah. But it is not easy because of limited connections, said Hafeezuddin.Importers and exporters say ships prefer Dubai due to Jebel Ali's strategic location.
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The region's top shipping hub became busier this year when operator DP World moved the cargo operations of its smaller Port Rashid to Jebel Ali. The Dubai government is redeveloping the Port Rashid area for urban real estate and maritime activities such as cruise tourism. "Since Port Rashid's shutdown, we have been facing delays in getting our cargo. Vessels have to wait five or six days before they can berth. "After berthing it can take another two to three days to receive cargo," said Chaudhry Faisal Altaf, a partner in Dubai-based Altaf and Khamas Trading Company. The company is an importer of fruit, vegetables and other foodstuffs and Altaf said he has to bear additional transport and logistics costs due the port delays.Demand for foodstuffs has increased during Ramadan, but importers say they do not get their goods when they need them."This increases the cost of goods, but we have been told by Dubai Municipality not to increase prices during Ramadan. It is a miserable situation for us," Altaf said."When Port Rashid was open, ships used to get immediate berths. We could receive our goods within six hours," he said, adding that he is looking at routing his imports through Abu Dhabi or Oman.A representative of Jalil Traders, another importer of foodstuffs, said a ship carrying their container of eggs from Holland last month could not berth at Jebel Ali for 10 days. Later that ship left for India, its next destination, and delivered the eggs at Jebel Ali only on its return visit.Importers are also paying more in shipping and logistics costs. Shipping lines have imposed a $100 congestion surcharge for each 20-foot container and $200 for 40-foot containers coming to Jebel Ali, said K. Hafeezuddin, managing director of Deepsea Logistics and Distribution.Some are thinking of using other ports and a few have gone to Ras Al Khaimah. But it is not easy because of limited connections, said Hafeezuddin.Importers and exporters say ships prefer Dubai due to Jebel Ali's strategic location.
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ZPMC to raise RMB3.02bn via placement
Shanghai: The world's largest quayside crane maker Shanghai Zhenhua Port Machinery Co announced that it plans to sell about 170 million shares to its shareholder, China Communications Construction Co Ltd.
The share will be at a price of RMB 17.78 apiece, or RMB 3.02 billion in total. After the deal, Shanghai Zhenhua Port Machinery, which is 24.9% owned by China Communications Construction, would hold 100% stake in China Communications Shanghai Port Machinery Co Ltd and 60% stake in Shanghai Jiangtian Co. Ltd. The new shares have a lock-up period of 36 months. The Shanghai-based company announced in April that it was mulling to issue as many as 140 new shares at a price of RMB 17.78 apiece, or RMB 2.49 billion via a private placement to fund its purchase of two units from parent.
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The share will be at a price of RMB 17.78 apiece, or RMB 3.02 billion in total. After the deal, Shanghai Zhenhua Port Machinery, which is 24.9% owned by China Communications Construction, would hold 100% stake in China Communications Shanghai Port Machinery Co Ltd and 60% stake in Shanghai Jiangtian Co. Ltd. The new shares have a lock-up period of 36 months. The Shanghai-based company announced in April that it was mulling to issue as many as 140 new shares at a price of RMB 17.78 apiece, or RMB 2.49 billion via a private placement to fund its purchase of two units from parent.
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Wednesday, September 10, 2008
Asian stocks take a battering
London: Shipping shares were in the firing line in Asian trading on Tuesday, as the Baltic Dry Index fell further, to its lowest level for almost 15 months.
Dropping another 3% to 5,492, the Index has now plunged more than 50% since mid-May, reflecting softer demand for major dry bulk commodities such as iron ore and coal as well as concern over the huge volume of dry bulk tonnage due to be commissioned over the next three years. Japanese majors Kawasaki Kisen Kaisha and Mitsui OSK both lost more than 5% whilst Taiwan’s Evergreen fell by 3.7% and South Korea’s Hanjin by more than 4%. Asian banking stocks were also hard hit – with Sumitomo Mitsui Financial, Mizuho Financial and Mitsubishi UFJ amongst those affected by negative sentiment. The Nikkei 225 lost 1.7% on the day, the Hang Seng index fell by just over 2% and the index for mainland stocks traded on the territory plunged 3.4%. The general battering of stocks in Asia saw markets in London and New York bracing themselves for similar negative sentiment. The oil sector, in particular, has been hard hit as the extent of the global slowdown becomes more apparent. Both Sinopec and PetroChina fell sharply. Meanwhile crude oil prices hit a five-month low in the run-up to the crunch OPEC meeting today in Vienna. October West Texas Intermediate fell to an intra-day low of $104.70 before rising again to close at $106.34 while October Brent closed at $103.44. Hawkish members of the oil exporting countries’ cartel would like to see oil production reined in to boost flagging prices – more moderate members, however, are concerned about inflicting further damage on the weaker global economy.
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Dropping another 3% to 5,492, the Index has now plunged more than 50% since mid-May, reflecting softer demand for major dry bulk commodities such as iron ore and coal as well as concern over the huge volume of dry bulk tonnage due to be commissioned over the next three years. Japanese majors Kawasaki Kisen Kaisha and Mitsui OSK both lost more than 5% whilst Taiwan’s Evergreen fell by 3.7% and South Korea’s Hanjin by more than 4%. Asian banking stocks were also hard hit – with Sumitomo Mitsui Financial, Mizuho Financial and Mitsubishi UFJ amongst those affected by negative sentiment. The Nikkei 225 lost 1.7% on the day, the Hang Seng index fell by just over 2% and the index for mainland stocks traded on the territory plunged 3.4%. The general battering of stocks in Asia saw markets in London and New York bracing themselves for similar negative sentiment. The oil sector, in particular, has been hard hit as the extent of the global slowdown becomes more apparent. Both Sinopec and PetroChina fell sharply. Meanwhile crude oil prices hit a five-month low in the run-up to the crunch OPEC meeting today in Vienna. October West Texas Intermediate fell to an intra-day low of $104.70 before rising again to close at $106.34 while October Brent closed at $103.44. Hawkish members of the oil exporting countries’ cartel would like to see oil production reined in to boost flagging prices – more moderate members, however, are concerned about inflicting further damage on the weaker global economy.
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UAE Minister says Opec will meet demand
OPEC's fundamental policy of ensuring that the market remains well supplied has not changed and will not change when OPEC ministers meet in Vienna on September 9, UAE Minister of Energy Mohammed bin Dhaen Al Hamli said.
"However, it is fair to point out that the determining factor behind any decision on production levels is whether or not the market is well supplied. Commercial crude oil stock levels in OECD countries are within the five-year average level which indicates that the market is well-supplied," remarked Al Hamli who will lead the UAE delegation to the meeting in Austrian capital. He said the upcoming meeting (149th Meeting of the Opec Conference) today will discuss production targets and production levels in the next few months and it is not possible to predict the outcome of the meeting. Asked about his expectation for oil prices until the end of the year, Al Hamli said: "It is virtually impossible to predict oil prices because they are set by international oil markets with little or no influence from producing countries." Markets, he explained, continue to be driven by the same factors – financial speculation, geo-political concerns and adverse weather events as well as fundamental demand and supply factors. "The recent decline in prices simply shows that the oil price had risen too high and too fast." Commenting on suggestions that Opec production in the first quarter of 2009 could be as much as 1.5 million barrels per day above the call on Opec crude, he said: "Our policy is to constantly monitor supply and demand trends and to respond accordingly. The call on Opec crude in 2009 will depend largely on emerging macroeconomic trends and we are closely following worldwide economic growth indicators." He ruled out views that an expected fall in oil prices would affect investment in increasing long-term oil production capacity.
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"However, it is fair to point out that the determining factor behind any decision on production levels is whether or not the market is well supplied. Commercial crude oil stock levels in OECD countries are within the five-year average level which indicates that the market is well-supplied," remarked Al Hamli who will lead the UAE delegation to the meeting in Austrian capital. He said the upcoming meeting (149th Meeting of the Opec Conference) today will discuss production targets and production levels in the next few months and it is not possible to predict the outcome of the meeting. Asked about his expectation for oil prices until the end of the year, Al Hamli said: "It is virtually impossible to predict oil prices because they are set by international oil markets with little or no influence from producing countries." Markets, he explained, continue to be driven by the same factors – financial speculation, geo-political concerns and adverse weather events as well as fundamental demand and supply factors. "The recent decline in prices simply shows that the oil price had risen too high and too fast." Commenting on suggestions that Opec production in the first quarter of 2009 could be as much as 1.5 million barrels per day above the call on Opec crude, he said: "Our policy is to constantly monitor supply and demand trends and to respond accordingly. The call on Opec crude in 2009 will depend largely on emerging macroeconomic trends and we are closely following worldwide economic growth indicators." He ruled out views that an expected fall in oil prices would affect investment in increasing long-term oil production capacity.
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Fincantieri delivers 'Cruise Barcelona'
Italy: Fincantieri has delivered ‘Cruise Barcelona’, the second in a series of four cruise-ferries ordered by the Grimaldi Group.
The new vessel will immediately take up a service connecting Civitavecchia (Rome) to Barcelona every day. Built at Fincantieri’s Castellammare di Stabia shipyard, the ‘Cruise Barcelona’ belongs to a new generation of ships which combines the comfort and entertainment of cruise vessels with the flexibility and loading capacity essential to serve the highways of the sea. Joining her sister ship, the ‘Cruise Roma’, which was delivered in April, the ‘Cruise Barcelona’ completes the voyage between Civitavecchia and Rome in 20 hours. Capable of carrying 2,300 passengers and with 3,000 lane metres for trucks and trailers in addition to 215 cars at a speed of 28 knots, the ‘Cruise Barcelona’ has 478 cabins equipped with all the comforts of a modern cruise ship, from a large wellness centre to a casino. At 225-metres-long and 30.45-metres-wide, the ‘Cruise Barcelona’ has a gross tonnage of 55,000 tonnes, making her, alongside her sister ship the largest ferries in the Mediterranean. The two sister vessels were conceived to respect the environment and save energy, said Emanuele Grimaldi, Co-Managing Director of Grimaldi Group. “By carrying hundreds of trucks and thousands of passengers every day between Italy and Spain, the ships reduce traffic congestion and halve the emissions of carbon dioxide in the atmosphere. “The motorways of the sea are the future of transport in Europe and continuing to invest in their development is an act of social responsibility.” Delivery of a further two sister ships ordered from Fincantieri by Grimaldi Group is due in 2009 and 2010. The total value of the investment is in the order of Eur 600 million (US$848 million) for the four ships.
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The new vessel will immediately take up a service connecting Civitavecchia (Rome) to Barcelona every day. Built at Fincantieri’s Castellammare di Stabia shipyard, the ‘Cruise Barcelona’ belongs to a new generation of ships which combines the comfort and entertainment of cruise vessels with the flexibility and loading capacity essential to serve the highways of the sea. Joining her sister ship, the ‘Cruise Roma’, which was delivered in April, the ‘Cruise Barcelona’ completes the voyage between Civitavecchia and Rome in 20 hours. Capable of carrying 2,300 passengers and with 3,000 lane metres for trucks and trailers in addition to 215 cars at a speed of 28 knots, the ‘Cruise Barcelona’ has 478 cabins equipped with all the comforts of a modern cruise ship, from a large wellness centre to a casino. At 225-metres-long and 30.45-metres-wide, the ‘Cruise Barcelona’ has a gross tonnage of 55,000 tonnes, making her, alongside her sister ship the largest ferries in the Mediterranean. The two sister vessels were conceived to respect the environment and save energy, said Emanuele Grimaldi, Co-Managing Director of Grimaldi Group. “By carrying hundreds of trucks and thousands of passengers every day between Italy and Spain, the ships reduce traffic congestion and halve the emissions of carbon dioxide in the atmosphere. “The motorways of the sea are the future of transport in Europe and continuing to invest in their development is an act of social responsibility.” Delivery of a further two sister ships ordered from Fincantieri by Grimaldi Group is due in 2009 and 2010. The total value of the investment is in the order of Eur 600 million (US$848 million) for the four ships.
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Gunmen hijack OSV offshore Nigeria
LAGOS, NIGERIA: Gunmen have hijacked an offshore support vessel in the Niger Delta with five foreign workers and eight Nigerian workers aboard, according to a private security contractor.
The contractor told Reuters that HD Blue Ocean was attacked at 2:30 p.m. local time (13:30 GMT) at the entrance of the Sambereiro River. The Nigerian military has not yet confirmed the attack. According to HydroDive's Web site, HD Blue Ocean is a 6,000 bhp anchor handling tug supply vessel managed by HydroDive Nigeria and owned by Blue Ocean Maritime. Gunmen recently killed one crewmember and kidnapped another in an attack on the Eni-operated supply vessel Fulmar Lamnco. Another supply vessel belonging to West Africa Offshore was hijacked around three weeks ago.
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The contractor told Reuters that HD Blue Ocean was attacked at 2:30 p.m. local time (13:30 GMT) at the entrance of the Sambereiro River. The Nigerian military has not yet confirmed the attack. According to HydroDive's Web site, HD Blue Ocean is a 6,000 bhp anchor handling tug supply vessel managed by HydroDive Nigeria and owned by Blue Ocean Maritime. Gunmen recently killed one crewmember and kidnapped another in an attack on the Eni-operated supply vessel Fulmar Lamnco. Another supply vessel belonging to West Africa Offshore was hijacked around three weeks ago.
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