Mitsui O.S.K. Lines, Ltd. yesterday announced that its group company, MOL Chemical Tankers Pte. Ltd. (President: Tsuneo Watanabe; Headquarters: Singapore) has acquired a 20% stake in Den Hartogh Holding B.V. (Den Hartogh; Headquarters: Rotterdam) from Den Hartogh Beheer B.V. After the acquisition, MOL Chemical Tankers and Den Hartogh will sign a partnership deal aimed at jointly expanding the “leading global logistics company” approach to the transport of liquefied chemical products, comprising tank containers, parcel chemical tankers, and a tank terminal. Den Hartogh Logistics is a leading global logistics company, operating ...

A report to be launched in Sydney today calls into question Newcastle’s push for a container terminal, saying Port Botany had sufficient capacity for decades and that Port Kembla was the “obvious choice” for a second terminal if needed. Quay conclusions: finding the best choices for additional port capacity in NSW, was prepared by consultants KPMG and commissioned by NSW Ports, which holds the long-term leases to Botany and Port Kembla. Although its findings are unsurprising – given the vested interest that NSW Ports has in maintaining its monopoly – ...

Chinese steel and iron ore futures rose on Monday, with rebar prices rising for the first time in five sessions, buoyed by market anticipation of some restocking demand and optimism over U.S.-Sino trade talks. The most-active construction steel rebar contract on the Shanghai Futures Exchange gained 0.7 percent to end the session at 3,659 yuan ($541.33) a tonne. Hot rolled coil added 1.6 percent to settle at 3,624 yuan. “There should be some (restocking going on). Steel traders and users usually do this restocking either before or after the holidays,” ...

On Friday 15th February 2019, Vale announced there was a fire affecting a conveyor belt system at its distribution centre in Malaysia. Vale anticipate this will result in a 10 to 15 day halt in operations and note that a planned 10 day shutdown for maintenance was already scheduled for this period. Commenting on the event, Wood Mackenzie Senior Research Analyst, Alex Griffiths, said: “Vale shipped around 1.8 Mt from its Malaysian distribution centre in February 2018 – a very typical month. “A 10 to 15 day unexpected shutdown translates ...

Investors bought crude oil futures and options at the fastest rate for almost six months in the week to Feb. 12. Hedge fund managers are becoming steadily more bullish on the outlook for oil prices as Saudi Arabia makes deep cuts in production, sanctions hit Venezuela and Iran, and the U.S. and China inch towards a trade deal. Hedge funds and other money managers were net buyers of 32 million barrels of Brent crude futures and options in the week to Feb. 22, according to position records published by ICE ...

Indian Oil Corp , the country’s top refiner, has signed its first annual deal to buy U.S. oil, paying about $1.5 billion for 60,000 barrels a day in the year to March 2020 to diversify its crude sources, its chairman said on Monday. IOC is the first Indian state refiner to buy U.S. oil under an annual contract, in a deal that will also help boost trade between New Delhi and Washington. The company has previously purchased U.S. oil from spot markets and signed a mini-term deal in August to ...

In two weeks, China will probably be hit with 25% tariffs on $200 billion worth of goods. If not by March 1, then after any trade truce ends—supposedly 60 days later assuming an extension is still on the table. The market is way too long on the China truce trade. The Dow jumped over 400 points to settle higher for the eighth straight week on Friday. President Trump may see the gains as a sign that any pause in tariffs is welcomed on Wall Street and, in theory, cast aside ...

Top Chinese economists have called for more action to keep the economy, investment and job market steady as the country faces growing risks, including from the trade war with Washington. The call came from members of the Chinese Economist 50 Forum – which includes government officials and advisers – who gathered in Beijing for their annual meeting on Saturday. On the agenda was how to stabilise the economy, foreign direct investment, employment and expectations – all issues that have become top priorities for Beijing’s ruling Communist Party this year. Held ...

Banks, money managers and other derivatives traders based in the European Union won formal approval to use U.K.-based clearinghouses in the event of a no-deal Brexit — a rare show of unity between the two sides that will avert chaos in the cross-border markets. Key Insights The European Securities and Markets Authority said it will recognize clearinghouses run by the London Stock Exchange Group Plc, London Metal Exchange and Intercontinental Exchange Inc. if the U.K. leaves the EU without a withdrawal deal in placeEU and U.K. regulators have previously taken ...

Transocean Ltd. (NYSE: RIG) announced today that it has entered into an agreement with its customer, Equinor, to license and install Automated Drilling Control (“ADC”) systems on four high-specification, harsh environment rigs currently on contract in Norway and a fifth semisubmersible that is expected to commence operations in the Norwegian sea this summer. The Transocean Enabler was previously equipped with the ADC system in 2017 and has delivered tangible improvements in overall drilling efficiency that have led to more cost-effective wells for Equinor. Further, the system has demonstrated improvements in ...

Shell Marine’s recommendations on medium-speed engine oils selection have saved the equivalent of around $123,000 annually for its customer Hainan Strait Shipping Co. Ltd, one of China’s leading operators of ro-ro tonnage. On Shell’s advice, Hainan Strait Shipping had switched its trunk piston engine oils to a combination of Shell Argina S3 40 and Shell Gadinia S3 40 for six ships operating in the South China Sea. With this change, Hainan Strait Shipping was able to reduce maintenance and lubricant costs, while improving the efficiency and longevity of its MAN ...

American Tanker Inc, has today instructed the trustee for the USD 220,000,000 Senior Unsecured Callable Bond Issue 2017/2022 with ISIN NO 001 077751.9 (the ?Bond Issue?), to distribute to the bondholders in the Bond Issue a notice for a request of a Written Resolution. American Tankers Inc has proposed to make certain amendments, including the removal of amortization, to the existing Bond Terms as described in more detail in the notice of Written Resolution. A majority of the bondholders have already given their support to the Written Resolution. In December ...

Nakilat has signed an agreement with McDermott to form a joint-venture (JV) company providing offshore and onshore fabrication services in Qatar. The strategic partnership aims at increasing productivity levels at Nakilat’s world-class Erhama Bin Jaber Al Jalahma Shipyard and developing local construction capabilities to support the increasing demand for the construction of offshore and onshore structures in Qatar. The agreement was signed in the attendance of His Excellency Saad Sherida Al-Kaabi, Minister of State for Energy Affairs, President & CEO of Qatar Petroleum, during the launch of the Tawteen program ...

The Office of the Additional Commissioner of Customs has named GAC India the Top Steamer Agent at the Krishnapatnam Port for the financial year 2018-2019. This recognises the company’s outstanding performance as a ship agent, as well as the fact that it handled the most port calls throughout the period. From April 2018 to January 2019 alone, the number of port and coastal calls handled by GAC India increased 82% and 3,000% respectively year-on-year. The award was received by GAC Krishnapatnam’s Assistant Manager, Shipping Services, Nagaraja Sekhar, who says the ...

Today, a fire broke out in the engine room on board a tanker, beached in Chittagong, killing two workers. Md Jamil, 23 years old cutter man, and Bipul lost their lives while scrapping the ship GREEK WARRIOR (IMO 9191412) at Shagorika Ship Breaking Yard. According to local media, Jamil was burned and rushed to Chittagong Medical College Hospital. He died before reaching the hospital. The body of Bipul was discovered on board only few hours later. Shagorika yard and RA Shipbreaking yard, which has been recently under the spotlight for ...