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Golar LNG Postpones Shipping Spin-Off to 2020
Bermuda-registered shipping company Golar LNG has delayed plans to separate its tri-fuel diesel-electric (TFDE) LNG carrier business.
Golar LNG originally intended to complete the spin-off of its TFDE fleet by the end of this year.
"The proposed shipping spin-off in its planned form, has, disappointingly for the board, not yet been completed," Iain Ross, CEO of Golar LNG, commented.
"This is due to a misalignment between the founding parties of the proposed newco causing Golar to withdraw from the process."
However, Ross added that the company is developing a revised structure to complete the process.
"Golar remains committed to splitting the ships into a separate vehicle and is revising the mechanism that it will use to achieve this."
The announcement was unveiled in the company s financial report for the third quarter of this year showing that Golar LNG suffered a net loss of USD 82.3 million, against a net income of USD 66.2 million posted in the corresponding period a year earlier.
Operating loss was USD 13.7 million in the third quarter of this year, compared to an operating income of USD 132.5 million in Q3 2018.
Total operating revenues dropped from USD 123.1 million in Q3 2018 to USD 98.7 million in Q3 2019.Posted On:28-Nov-2019
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CMA CGM Concludes Biofuel Tests with IKEA, GoodShipping
French container shipping major CMA CGM, the GoodShipping Program and IKEA Transport & Logistics Services have successfully completed their 2019 biofuel test program on CMA CGM vessels.
The completion follows positive trials of heavy fuel oil (HFO) equivalent (HFO) biofuel oil (BFO) during CMA CGM Alexander von Humboldt’s North Europe-Asia trip, which occurred in September and October 2019.
This latest development follows the world premiere refueling of a containership with sustainable biofuel, when the CMA CGM White Shark took on the bunker during a call at the Port of Rotterdam in March 2019.
Under the trial, sustainable BFO was used in a blend with conventional fossil-based marine fuels to power a vessel on a major oceangoing route. Both applications of the BFO showed a positive result, thus proving the technical compatibility of sustainable marine biofuels.
"These developments demonstrate the viability of advanced biofuels to meet current and future environmental regulations and emissions reductions targets, delivering a more sustainable shipping industry," CMA CGM, GoodShipping Program and IKEA said in a joint statement.
"(W)e are resolutely committed to environmental protection and the energy transition…These landmark trials give the maritime sector a vital demonstration into the scalability, sustainability and technical compliance of marine biofuel oil," Xavier Leclercq, Vice President - CMA Ships, CMA CGM Group, commented.
The BFO trialed by CMA CGM across both vessels was supplied by GoodFuels and is said to be the first-ever HFO-equivalent biofuel. All GoodFuels sustainable marine fuels are virtually SOx free and deliver 80-90% well-to-propeller CO2 reduction versus fossil equivalents.
The announcement comes at a time when the industry is under increasing scrutiny to improve its sustainability and move towards decarbonization. With scalability, BFO future-proofs requirements for shipowners and operators to comply with future regulations on carbon reduction by 2030 and 2050.
The trials were achieved through IKEA Transport & Logistics Services participation in the GoodShipping Program, the world s first decarbonization initiative for cargo owners.
"It is only through collaboration and partnerships between major players - including cargo owners, ship operators and solution providers - that we can achieve real change at fast pace," Elisabeth Munck af Rosenschöld, Head of Sustainability, IKEA Global Transport & Logistics Services, pointed out.
"We need a diversified portfolio of solutions to achieve our ambitious emissions reduction targets - and marine biofuels are an important part of the puzzle going forward for our sector."
The GoodShipping Program works on the premise that, as all CO2 from shipping is emitted into the same atmosphere, the means of mitigating these emissions is equally impactful, regardless of which vessels adopt biofuels over traditional bunker fuels - or the amount of drop in biofuel that is added to the fuel tank, as long as it offsets the CO2 costs of transporting participating shippers cargo.
As explained, this flexible approach provides far greater scope for immediate impact while having the same net effect in averting the effects of climate change.
"The success of this test programme with IKEA and CMA CGM builds further evidence of the important role that biofuel oil will play in the marine fuel mix, and proves that initiatives already exist on the market for cargo owners to realise their decarbonisation goals," Dirk Kronemeijer, CEO of The GoodShipping Program, concluded.Posted On:28-Nov-2019
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K Line to Manage FueLNG s Singapore LNG Bunker Vessel
Japan s shipping firm Kawasaki Kisen Kaisha (K Line) has entered into a ship management agreement for FueLNG s 7,500 cbm LNG bunkering newbuild that will operate in Singapore.
The partnership will combine K Line s ship management and LNG transportation experience with FueLNG s LNG bunkering expertise, which includes more than 160 truck-to-ship LNG bunkering operations conducted to-date.
The vessel is expected to start LNG-bunkering service in Singapore, one of world s largest bunkering ports, in the second half of 2020, after delivery from Keppel Offshore & Marine s shipyard where it is being built.
This will be the first LNG bunker vessel providing ship-to-ship bunkering in Singapore.
FueLNG, a joint venture between Shell and Keppel Offshore & Marine, will own and operate the vessel. It will be based in the Port of Singapore and will supply necessary LNG fuel to large ocean-going LNG-fueled vessels throughout the region.
To help spur the project, Singapore s Maritime and Port Authority (MPA) recently granted up to USD 3 million to FueLNG Pte Ltd to build the vessel.Posted On:28-Nov-2019
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NYK, Pertamina Sign MoU for Energy Transportation
Japanese shipping company NYK has entered into a memorandum of understanding (MoU) with Indonesian state-owned oil and gas company Pertamina for the shipment of liquefied natural gas (LNG).
The demand for energy transportation, especially liquefied natural gas (LNG), is expected to increase in Indonesia.
To address this demand, Pertamina, the largest oil and natural gas corporation in the state, and NYK have agreed to collaborate.
This agreement positions the two companies as strategic partners in energy transportation and covers ownership and management. The companies have already started discussions concerning a detailed joint business, particularly involving the ownership and management of LNG carriers as exclusive partners.
In accordance with its new medium-term management plan "Staying Ahead 2022 with Digitalization and Green," NYK said it would continue its efforts to secure stable-freight-rate businesses and contribute to reliable energy supplies through safe transportation.Posted On:28-Nov-2019
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Gasum Wraps Up Its 1st Cruise Vessel STS LNG Bunkering
Finnish energy company Gasum has completed its first ship-to-ship (STS) liquefied natural gas (LNG) bunkering involving a cruise ship.
Earlier this month, Gasum s LNG bunker vessel Coralius delivered LNG to Carnival Corporation s new cruise ship Costa Smeralda at Meyer Turku shipyard.
The 180,000 GT Costa Smeralda is the first cruise ship in a series of newbuilds at Meyer Turku that will be fitted with LNG propulsion.
Built in 2017, the 5,800 cbm Coralius celebrated its 100th bunkering in late February 2019. The vessel mainly operates in the North Sea and the Skagerrak area.
"Coralius allows us to perform ship-to-ship bunkering to different types of vessels. We are happy that this now includes a cruise ship," Jacob Granqvist, Sales Director, LNG Marine, Gasum, commented.
LNG is said to be the cleanest available marine fuel, and it s rapidly becoming the most commonly used alternative to traditional fuels. The use of LNG significantly improves local air quality as well as reducing greenhouse gas emissions (GHG) by at least 20%, and it meets all the current and forthcoming regulations set out by the International Maritime Organisation (IMO) and the EU.Posted On:28-Nov-2019
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Norwegian freighter disabled, towed to safety, North sea
General cargo ship was disabled in the afternoon Nov 26 in North sea, while en route from Norway to Southern Europe. Was taken on tow in the evening same day and towed to nearest port. As of 0530 UTC Nov 27, was in the same position.Posted On:28-Nov-2019
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MSC: LNG Not a Feasible Option due to Lack of Bunkering Facilities
Liquefied natural gas (LNG) is not a viable option for container shipping giant Mediterranean Shipping Company (MSC) due to the limited LNG bunkering facilities available at ports.
Bud Darr, MSC Group s Executive Vice President, Maritime Policy & Government Affairs, pointed this out at Hansa Forum held in Hamburg last week.Posted On:28-Nov-2019
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GSF: EU Block Exemption Regulation Extension Ignores Views of Shippers
The recommendation by the European Commission to renew the Consortia Block Exemption Regulation (CBER) for a four-year period from April 2020 has been slammed by the Global Shippers Forum (GSF), the voice of businesses importing and exporting goods around the world.
"We are disappointed with the outcome of the commission s review and disagree on several points with its reasoning. We shall be setting out our concerns and arguments in response, and campaigning for greater policing of shipping lines activities," James Hookham, Secretary-General of GSF, commented.Posted On:28-Nov-2019
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Monjasa Boosts Credit Facilities ahead of IMO 2020
Danish bunkering specialist Monjasa announced it welcomed four new banks in 2019 in addition to increasing its overall credit facilities by an additional total of USD 160 million.
The company said the undertaking would prepare it for the anticipated growing working capital requirements arising from IMO 2020.Posted On:28-Nov-2019
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Atlantic Container Line Signs 15-Year Agreement With Peel Ports Group
Atlantic Container Line (ACL), a Grimaldi Group Company, has agreed a new 15-year contract extension for container and roll-on/roll-off operations at the Port of Liverpool until 2035. ACL is already the largest ocean carrier operating at Liverpool s Royal Seaforth Container Terminal (RSCT) and the port’s longest serving container carrier.Posted On:28-Nov-2019
Credits: www.bunkerportsnews.com |
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Singapore s PSA buys 50 per cent stake in Indian logistics hub for $93 million from CMA CGM
PSA India Intermodal Pte Ltd, a unit of Singapore-based port operator PSA International Pte Ltd, has acquired a 50 per cent stake for $93 million in an Indian logistics hub from French shipping group CMA CCGM S A.
"PSA Intermodal Pte Ltd has signed an agreement to acquire CMA CGM s stake in Ameya Logistics Pvt Ltd," a spokesperson for PSA India told BusinessLine. The investment is subject to the fulfilment of conditions precedent, he added.Posted On:28-Nov-2019
Credits: www.bunkerportsnews.com |
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"Texas Chicken" Concerns In The Houston Ship Channel
The Port of Houston Authority s commissioners voted to limit arrivals of container ships and shut down two-way traffic in the Houston Ship Channel. Gordon Feller investigates the impact.
The Port of Houston has recently come up against the challenges posed by a significant step up in container vessel size, as the vote undertaken by its commissioners shows.Posted On:28-Nov-2019
Credits: www.bunkerportsnews.com |
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Cargo Handling Industry Experts Move To Prevent Port And Terminal Collisions
In an attempt to improve safety, reduce injuries and loss of life, equipment damage and minimize costly business disruption at ports and terminals worldwide, PEMA, TT Club, and ICHCA International have pooled resources to make available information to promote collision prevention. All relevant stakeholders have been involved in the development of this project.Posted On:28-Nov-2019
Credits: www.bunkerportsnews.com |
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Ports are stronger together
In 2019 Port of Antwerp signed MoUs (Memoranda of Understanding) with ports all over the world. Various project teams from the different ports are working towards wider partnership aimed at facing the challenges of the future together and achieving higher levels of performance.Posted On:28-Nov-2019
Credits: www.bunkerportsnews.com |
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