With an unprecedented wave of new LNG supply projects coming on stream, 33 new LNG ships have been ordered globally so far this year, compared to 19 in the whole of 2017 and just six in 2016. Owners have been tempted by higher spot/short-term charter rates, still-low newbuilding prices and rapidly growing LNG trade. New LNG supply is being absorbed far more easily than many expected by booming demand in Asia, according to leading energy consultancy firm Wood Mackenzie. A new wave of FIDs (final investment decisions) on new supply ...

Think of a dangerous cargo, and toxic waste or explosives might come to mind. But granular cargoes such as crushed ore and mineral sands are responsible for the loss of numerous ships every year. On average, 10 ‘solid bulk cargo’ carriers have been lost at sea each year for the last decade. Solid bulk cargoes – defined as granular materials loaded directly into a ship’s hold – can suddenly turn from a solid state into a liquid state, a process known as liquefaction. And this can be disastrous for any ...

The Approval in Principle (AiP) for the new cargo containment system (CCS) was delivered at Gastech 2018 in Barcelona today Paris-La Défense, France, September 17th, 2018: Bureau Veritas, a world leader in laboratory testing, inspection, and certification services, today announced that it has formally issued GTT with an approval in principle (AiP) for the development of a new CCS evolution of the NO96 range. This CCS, named NO96 Flex, benefits from the NO96 proven technology as well as the use of an efficient foam panel insulation. Matthieu de Tugny, COO, ...

The contract for the FPSO Dhirubhai-1, which operates on a 10-year contract on the MA-field with Reliance Industries Limited (“Reliance Industries”) in India, expires on Wednesday 19th September 2018 at 06:00 CEST. Ocean Yield ASA’s (“Ocean Yield” or “the Company”) subsidiary, Aker Floating Production AS, has today received an instruction from Reliance Industries to shut-down production on the MA-field. Reliance Industries has a purchase option for the FPSO which is valid until expiry of the contract. Following contract expiry, Ocean Yield will revert with more information on Wednesday morning,19th September ...

Bombay port was a scene of hectic activity in November of 1819: a great imperial expedition was underway. Warships, troop carriers and support ships were being readied to carry three thousand British and Indian soldiers to wage war in the Persian Gulf. For decades, the so-called “pirate kingdoms” of the Persian Gulf’s southern coast(present day UAE, Qatar and Bahrain) had been preying on British shipping. The British had launched naval patrols and a punitive naval campaign ten years ago, to no avail. This time the authorities resolved that Arabian threat ...

Colombian ports in general present drug trafficking risks. Some, such as Barranquilla, are deemed at lower risk, even though they have recently had a few security- or drug-related incidents. Drug searches by members are not mandatory, nor do members need to take special measures in most Colombian ports, excepting Puerto Bolivar and Puerto Drummond, where they are expected. However, our local correspondents advise searches be conducted in any Colombian port. Such inspections can be undertaken by the navy or by private diving companies. Guidelines for members when trading in Colombia ...

On 10:30 a.m. of 10th September, the massive steel cutting ceremony of first 45000DWT bulk carrier with Hull number N2231 was successfully carried out in the Processing Workshop of Jiangsu New Yangzi Shipbuilding Co., Ltd. This is the first vessel of all six sister 45000DWT bulk carriers that YZJ group build for NAVIBULGAR. Business Dept. introduce the progress and production arrangment for 45000DWT project before the massive steel cutting ceremony. Mr. Aleksandar Kalchev, Executive Director of NAVIBULGAR, Mr. Daniel Harizanov, Technical Director of NAVIBULGAR, Mr. Dimitar Tonev, Newbuilding Manager of ...

IMO’s work to promote better understanding of – and steps to reduce – emissions in ports has reached Georgia, at a workshop for regional participants from Georgia, Ukraine and Turkey. The event, in Batumi (10-12 September) focused on how to undertake emissions inventories and calculate emissions, including GHGs and air pollutants. Participants were also introduced to strategies to address emissions from different sources – such as from seagoing vessels, cargo handling equipment and trucks. The workshop benefited from a training package, specially developed under the strategic partnership between the IMO-run ...

Revenues from the Red Sea Ports Authority reached 2.264 billion pounds during 2017-2018, which is 90-percent more than target. The net profit stood at LE 855 million, which is 50-percent more than target. Chairman of the Authority Hisham Abu Senna attributed the increase in revenues to a strategy that made optimal use of all potentials at the Red Sea ports, not to mention decisions made to develop resources. He also touched upon an increase in the number of ships that transited the Suez Canal, as well as the volume of ...

Moody’s Investors Service has said India will be the brightest spot for the steel sector over the next 12-18 months, according to a report by the Hindu Business Line. Moody’s pointed out that India’s steel consumption was rising at least 5.5%-6% every year, tracking strong GDP growth of 7.3%-7.5%. It said rated Indian steel producers had only marginal exposure to the U.S. Moody’s has estimated that their indirect exposure may also be limited, given most of their sales were to domestic automotive and manufacturing companies. In fact, on Tuesday the ...

A strengthening of prices of Turkish imports of ferrous scrap has led to rebar and billet steel prices losing ground, with scrap increasing in relative strength last week, according to analysis by S&P Global Platts. Current regional long steel trends have been developing since the end of August, when scrap surged by 8% over a few days. Relative price strength indicators for the commodities had drawn close to their 30-day average expected trading values, and then scrap prices saw a spurt and left rebar and billet behind. This marked a ...

U.S. soybean futures fell to a near 10-year low on Tuesday as the U.S. Department of Agriculture said the harvest of U.S. crops was rapidly advancing, pressuring market sentiment already soured amid a trade war between Washington and Beijing. FUNDAMENTALS * The most active soybean futures on the Chicago Board Of Trade were down 0.2 percent to $8.21-3/4 a bushel by 0016 GMT, near the session low of $8.20 a bushel – the lowest since Dec. 10, 2008. On Monday, soybeans firmed 0.8 percent. * The most active corn futures ...

Russian liquefied natural gas (LNG) producer Novatek plans to sell some of its future production to China in yuan, its chairman said. “We are thinking about this. It is the right idea. Our central banks are working on it,” Leonid Mikhelson told reporters at an industry event in Barcelona, Spain. Novatek plans to produce 37.5 million tonnes of LNG by 2025, he said, adding that the plan was to sell 80 percent of those supplies to Asia. He said LNG demand globally could rise to 700 million tonnes by 2030, ...

Economic warnings around a no-deal Brexit have reached fever pitch proportions. If Bank of England governor Mark Carney’s latest Doomsday portent comes to fruition, house prices will collapse and the streets will be choked by dole queues if the UK unceremoniously crashes out of the European Union. Certainly, the energy industry will also be affected; just don’t expect the petrol pumps to run dry, or the lights to go out on March 29 next year. Based on the evidence at hand, the nation’s vital oil, gas and electricity industries can ...

Who’s afraid of the big bad trade war? Not world stock markets it seems. The response to U.S. President Donald Trump’s decision to go ahead next week with collecting 10 percent tariffs on another $200 billion (152.23 billion pounds) of Chinese goods, ratcheting up to 25 percent in January, was unusual and unexpected on Tuesday. It initially hit U.S. stocks, Treasuries and the dollar [/FRX] while stirring a rally in Chinese equities [.SS] and the yuan. China then confirmed it would retaliate but still traders refused to flinch. European stocks ...