NYK Bulk Carrier Completes Another Run on Biofuel
NYK conducts third successful biofuel trial on ship carrying Tata Steel cargoThe bulk carrier Frontier Sky, which is owned by NYK and operated by Tata NYK Shipping Pte. Ltd., conducted a trial use of biofuel to transport cargo provided by Tata Steel Limited, the major steel manufacturer in India. According to the company, this is the third successful trial use of biofuel by an NYK vessel.In this test voyage, the vessel was fueled with biofuel by Toyota Tsusho Petroleum Pte. Ltd. at the port of Singapore on November 14 and a test voyage was conducted on a route to the port of Dhamra, India.
Global FPSO Market to Hit USD30Bln by 2025.
The floating storage and offloading (FSO) vessel market is anticipated to surpass USD 30 billion by 2025, said a study.The FPSO market is set to witness vigorous growth on account of shifting trends toward offshore exploration & production driven by depleting onshore oil & gas reserves, said a market report by GM Insights.Development challenges including excessive costs, material transportation, environmental conditions and decommissioning associated with fixed infrastructures will further shift the industry focus toward the utilization of these vessels as an alternative…
FLNG Market Grows a CAGR of +93%
Global floating liquefied natural gas (FLNG) market is growing at a CAGR of +93% during forecast period 2019-2026 as the demand for natural gas has been rising as it is a preferred fuel in power generation in various industries.According to a report from Research N Reports, the demand comes from mainly for the regions such as North America, Europe, China, Japan, Southeast Asia and India.Natural gas is cleaner, safer, and more cost-effective than other fuels. It has the potential to significantly reduce greenhouse gas (GHG) emissions…
LNG Carrier Seri Camar Delivered to MISC
Malaysian shipping firm MISC Group has taken delivery of Seri Cemara, the final vessel in a series of five MOSS-Type liquefied natural gas (LNG) carriers built for long-term charter to Petronas.The 150,200 CBM LNG carrier has been built for MISC by South Korean shipbuilder Hyundai Heavy Industries Co., Ltd. (HHI). Upon its delivery, Seri Cemara joins her sister MOSS-Type carriers Seri Camellia, Seri Cenderawasih, Seri Cempaka and Seri Camar on long-term charter to Petronas.The new generation of Seri C Class LNG…
MISC Berhad Names New LNG Carrier Seri Cenderawasih
MISC Berhad today held the naming and delivery ceremony for its new LNG carrier, Seri Cenderawasih. The 150,200 CBM liquefied natural gas (LNG) carrier is the second in a series of five MOSS-Type LNG carriers ordered from Hyundai Heavy Industries Co., Ltd. (HHI”) by MISC. Upon their delivery, these new LNG Carriers will be on a long-term charter to PETRONAS. The naming ceremony was graced by the presence of Encik Md Arif Mahmood, Executive Vice President & Chief Executive Officer, Downstream Business of PETRONAS and was officiated by his wife and the vessel’s Lady Sponsor…
SCI Led JV Takes Delivery of LNG Carrier “PRACHI"
A Joint Venture comprising The Shipping Corporation of India Ltd. (SCI), Nippon Yusen Kabushiki Kaisha (NYK), Mitsui O.S.K. Lines, Ltd. (MOL), Kawasaki Kisen Kaisha, Ltd. (“K” Line), and Petronet LNG Ltd (PLL), have taken delivery of a new build Liquefied Natural Gas (LNG) carrier MT “PRACHI” having a capacity of 173,000 m3, from Hyundai Heavy Industries Co. Ltd. South Korea on 30th November, 2016. Simultaneously, the vessel has been delivered to Petronet LNG Ltd, New Delhi India’s first importer of LNG on a 19 year charter.
South Korean Yards Eyed for $3.8 Bln LNG Shipbuilding Deal
A little-known investment company said it intends to order up to 20 liquefied natural gas (LNG) carriers, probably from South Korean shipbuilders. The contracts would be worth as much as $3.8 billion, two people with direct knowledge of the matter told Reuters. CBI Energy and Chemical, which is controlled by Australian and Canadian investors and has offices in Hong Kong, also said in a statement to Reuters that it would be seeking to buy floating LNG production and import facilities as part of an ambitious plan for Africa and Asia.
Seadrill Cancels West Mira Construction Contract
Offshore drilling company Seadrill Limited said it has exercised its right to cancel the contract for the construction of the West Mira drilling unit following builder Hyundai Heavy Industries Co Ltd.’s inability to complete the project on deadline. West Mira, a sixth generation ultra-deepwater harsh environment semisubmersible drilling unit, was ordered during the second quarter of 2012 and was supposed to be delivered at or before December 31, 2014. “Due to the shipyard's inability to deliver the unit within the timeframe required under the contract, the company has exercised its cancellation rights,” Seadrill said in a press release.
GasLog Orders Two LNG Carriers
GasLog Ltd. today announced that it has ordered two new 174,000 cubic meter LNG carriers from Hyundai Heavy Industries Co., Ltd. ("Hyundai") in South Korea. The vessels are expected to be delivered in the second half of 2017, and marks GasLog’s first orders from the world’s largest shipbuilder. The vessels have been ordered with proven tri-fuel diesel electric (TFDE) propulsion with GasLog’s option to change to two stroke diesel engines with low-pressure gas injection (“LP-2S”). The two vessels will have a boil off rate of 0.09% and relatively low fuel consumption will…
Dorian LPG Reports 2Q 2015 Financial Results
Dorian LPG Ltd. today reported its financial results for the three months ended September 30, 2014. Took delivery of the second vessel under our VLGC newbuilding program, the Corsair, from Hyundai Heavy Industries Co. Ltd. ("Hyundai"), on September 26, 2014 - which is trading in the spot market. Captain John NP recorded time charter equivalent ("TCE") rate of $71,355 for the three months ended September 30, 2014. John Hadjipateras, Chairman, President and Chief Executive Officer, commented, "We made progress in Q2 2015, as we continued to build out our fleet with the delivery of the Corsair in late September.
Hyundai Heavy Plummets to Worse Loss Ever
South Korea's Hyundai Heavy Industries Co Ltd, the world's biggest shipbuilder, slid to a record quarterly loss of $1.8 billion and warned it's heading for its worst-ever year as cost overruns mount up in new business lines it developed to counter a global glut of low-margin ship orders. Hyundai Heavy said on Thursday it slumped to an operating loss of 1.93 trillion won ($1.83 billion) in the third quarter, from a 222.4 billion won profit a year earlier, as it soaked up rising costs caused by delays in building new types of ship in which it had little previous expertise.
Dorian LPG First Quarter 2015 Financial Results
Dorian LPG Ltd. , a leading owner and manager of modern very large gas carriers ("VLGCs"), today reported its financial results for the three months ended June 30, 2014. Took delivery of the first vessel under our VLGC newbuilding program, the Comet, from Hyundai Heavy Industries Co. Ltd., which began a five-year time charter with Shell on July 25, 2014. Chartered the Captain Markos NL to Shell for five years beginning on or about November 1, 2014. Pooling arrangement with Phoenix Tankers of Japan expected to commence January 1, 2015.
Dorian LPG MoU with HNA Logistics
Dorian LPG Ltd. a leading owner and manager of modern VLGC's (very large gas carriers), today announced that it has entered into a Memorandum of Understanding ("MOU"), with HNA Logistics Group Co., Ltd. to explore opportunities in the liquefied petroleum gas logistics market. John Hadjipateras, Chairman, President and Chief Executive Officer commented, "We are very pleased to form a strategic relationship with HNA Logistics. Their unique presence in the Chinese market creates opportunities to develop energy related transportation, finance, infrastructure and distribution.
Hyundai Heavy Industries Wins $1.94 Bln Order in UAE
Hyundai Heavy Industries Co., Ltd. (HHI), the world’s biggest shipbuilder and a leading offshore facilities contractor, announced today that it received a Letter of Award (LOA) for a USD 1.94 billion order for the second package of the Nasr Full Field Development Project to build the fixed platforms and to lay subsea cables from Abu Dhabi Marine Operating Company (ADMA-OPCO) on July 7, 2014. As per the LOA, HHI will undertake engineering, procurement, construction, installation and commissioning work for the super complex comprising a gas treatment platform…
Hyundai Heavy Names First Newbuild LNG FSRU
Hyundai Heavy Industries Co., Ltd. (HHI) held a naming ceremony for the world’s first newbuilding LNG floating storage regasification unit (LNG FSRU), ordered from Höegh LNG in June 2011. The 170,000 cbm LNG FSRU, measuring 294 meters in length, 46 meters in width and 26 meters in depth with the storage capacity of 70,000 metric tons of chilled natural gas, will be chartered to Lithuania’s Klaipedos Nafta under a long-term contract. The naming ceremony of the LNG FSRU, Independence held in Ulsan, South Korea today was attended by Dalia Grybauskaite, President of Lithuania; the sponsor of the ship, Leif O.
