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Displaying 1 to 10 of Records.
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1
Hyundai Heavy Sells USD 1.2 Bn Stake in Hyundai Oilbank to Saudi Aramco
South Korean Hyundai Heavy Industries (HHI) Group has completed the sale of a 17% stake in oil refiner Hyundai Oilbank to Saudi Arabia s state-owned oil giant Saudi Aramco.
The completion follows receipt of all necessary regulatory consents and approvals.
As a result of the transaction, Hyundai Heavy received KRW 1.4 trillion (about USD 1.2 billion). The group said it intends to use the proceeds to pay off debts and improve its financial structure as well as to invest in new businesses such as smart ships and smart logistics.
Furthermore, with the equity investment, the HHI Group plans to strengthen cooperation with Aramco in the petrochemical business, including the production of propylene derivatives and high-performance engineering plastics.
Under the deal unveiled in January this year, Saudi Aramco has become the second-largest shareholder in Hyundai Oilbank. As part of strengthening business cooperation between the two companies, Hyundai Oilbank held an extraordinary meeting on December 12 and named Ibrahim Qassim Al-Buainain, CEO of Aramco Trading, as a non-executive director.
"The investment in South Korea s Hyundai Oilbank supports Saudi Aramco s Downstream growth strategy of expanding its global footprint in key markets in profitable integrated refining, chemicals and marketing businesses which enable Saudi Aramco to place crude oil and leverage its trading capabilities," Saudi Aramco said in a separate statement.
Apart from Hyundai Oilbank, HHI and Saudi Aramco have been collaborating in many areas including shipbuilding and engine construction. The parties are jointly working on the ongoing construction project to build Saudi Arabia s largest shipyard as part of the nation s industrial development plan dubbed "Vision 2030". The shipyard is expected to be completed by the end of 2021.
In addition, the companies plan to establish an engine joint venture in March next year. To be constructed at the King Salman Global Maritime Industries Complex, the plant is scheduled for completion in May 2022.
Posted On:
18-Dec-2019
Tristar Group Expands Fleet with Its 1st LNG Carrier
Dubai-based Tristar Group has taken delivery of its first liquefied natural gas (LNG) tanker, the 2008-built Tristar Ruby.
Formerly known as the British Ruby, the 155,000 cbm tanker was bought from French company Societe Generale, according to data provided by VesselsValue.
The 84,300 dwt Tristar Ruby, built by Hyundai Heavy Industries in South Korea, is the first LNG carrier to be added to the Tristar fleet of 30 ocean-going tankers, the company said.
As informed, the ship has been on long-term time charter with BP Shipping. It will be technically managed by Wilhelmsen Ship Management and commercially operated by Tristar.
"As a group, we are extremely excited with this new opportunity to expand our presence into LNG shipping and look forward to strengthening and growing this new relationship with BP," Eugene Mayne, Group CEO of Tristar, commented.
Tristar offers end to end fuel logistics solutions to blue-chip clients including international and national oil companies and international NGOs. Its integrated energy logistics platform spans road and maritime transportation, specialized warehousing, fuel farms, commercial aviation refueling and remote fuel supply operations.
Posted On:
18-Dec-2019
Switzerland, Nigeria Transfer Tanker Arrest Dispute to Tribunal
Switzerland and Nigeria have agreed to submit to the International Tribunal for the Law of the Sea (ITLOS) their dispute concerning the arrest and detention of the tanker San Padre Pio, its crew and cargo.
The agreement between the two governments was reached on December 3, 2019, ITLOS said in a statement.
Back in 2018, Nigerian authorities arrested the Switzerland-flagged ship while it was allegedly engaged in ship-to-ship (STS) transfers of gasoil in Nigeria s exclusive economic zone (EEZ). The 7,600 dwt tanker, operated by Swiss ABC Maritime, was detained due to "unauthorized entry into Nigerian waters and illegal fuel trading" although the ship s captain claimed that San Padre Pio had permission to ship the fuel to Nigeria.
Earlier this year, Switzerland began arbitral proceedings under the UN Convention on the Law of the Sea against Nigeria, submitting a request for the prescription of provisional measures in May. Specifically, Switzerland requested the tribunal to order the release of the 2012-built San Padre Pio.
In July, ITLOS prescribed provisional measures by ordering Nigeria to free the Swiss tanker, its cargo and crew, after Switzerland provides relevant guarantees. No further updates on the matter have been provided since then, however, the ship s AIS data from VesselsValue shows that San Padre Pio is still anchored at Bonny Anchorage.
During consultations with President Paik, held at the tribunal on December 2 and 3, 2019, the parties agreed to transfer the dispute to the tribunal.
The Swiss government has appointed Corinne Ciceron Buhler, Director of the Directorate of International Law of the Federal Department of Foreign Affairs as its agent and the Nigerian government has appointed Stella Anukam, Director, International Law and Comparative Law, Federal Ministry of Justice as its agent, for the purpose of all proceedings in the case.
Posted On:
18-Dec-2019
Swire Shipping Teams Up with Matson on South Pacific Service
Singapore-based shipping company Swire Shipping has unveiled plans to enter a new vessel sharing partnership with Hawaii s shipping firm Matson from New Zealand to Tonga, Samoa (Apia), Cook Islands and Fiji.
Scheduled to commence in January 2020, the new service will depart every 10 days from Auckland.
As informed, Swire Shipping will charter and deploy one vessel on the service and Matson will operate two vessels - currently MV Imua II and MV Olomana. The vessels have a deadweight tonnage of 8,000 tons.
"Today s (December 17) launch will enable us to offer expanded global coverage into the Pacific Islands, as well as specifically providing New Zealand customers with a new direct service alternative. Our aim is to offer … reliable services from all key trading countries and regions importing and exporting to the Pacific Islands," Jeremy Sutton, General Manager, Swire Shipping, commented.
The group s commitment to the Pacific
In March 2018, Swire Shipping s parent company, The China Navigation Company (CNCo), signed a memorandum of understanding (MOU) with the Secretariat of the Pacific Regional Environment Programme to form the Moana Taka Partnership (MTP). Under this partnership, CNCo vessels carry containers of recyclable waste from eligible Pacific island ports, pro bono, to be sustainably treated and recycled in suitable ports in Asia Pacific. In 2018, the MTP shipped 16 containers of recyclable waste out of Fiji and Marshall Islands.
Last November, CNCo and the University of the South Pacific (USP) inked an MOU to conduct feasibility studies for the design costs and plan for new generation ships for the Pacific region which is committed to low carbon sea transport. Project Cerulean aims to eventually develop a new class of small cargo freighter, which, once proven to be commercially viable to operate, can be scaled up in numbers to provide a cost-effective solution for currently marginalized communities in the Pacific Island Communities and Territories (PICT).
As the liner shipping division of CNCo, Swire Shipping provides several liner shipping services in the Asia Pacific markets and specializes in providing specialist customer solutions for project, heavy lift, refrigerated, breakbulk and mini bulk cargoes.
Posted On:
18-Dec-2019
Wartsila Vessel Traffic Service to increase efficiency of Europe s 2[nd] largest RoRo port
The technology group Wartsila will supply its Vessel Traffic Service (VTS) solution to two of France s leading ports, Calais and Boulogne. Calais is the leading port in France for passenger traffic and the second largest port in Europe for RoRo vessel traffic, while Boulogne-sur-Mer is the leading fishing vessel port in France.
Posted On:
18-Dec-2019
Credits:
www.bunkerportsnews.com
Harbor Performance Enhancement Center Files Notice of Claim Against Port of Los Angeles and City of Los Angeles: Filing
On Friday, December 13th, the Harbor Performance Enhancement Center (HPEC), for years hailed by Port leadership as the Port s "signature project," filed a Notice of Claim (a prerequisite to litigation) which implicates the Port of Los Angeles (POLA) and certain leaders of the International Longshore and Warehouse Union (ILWU) in a coordinated multi-year scheme to harm HPEC.
Posted On:
18-Dec-2019
Credits:
www.bunkerportsnews.com
Sustainable development in the Port of Hamburg at the Forefront
With its sustainability report presented on Wednesday Hamburg Port Authority - HPA, has given an update on sustainable developments during 2017 and 2018. For the first time this report considers not only HPA s action, but also the entire sustainable development in the Port of Hamburg.
Posted On:
18-Dec-2019
Credits:
www.bunkerportsnews.com
SAL Strengthens Fleet with Heavy Lift Trio
Hamburg-based SAL Heavy Lift will bolster its fleet with three more heavy lift vessels with 800t lifting capacity in early 2020, the company announced.
The vessels, MV Hanna, MV Klara, and MV Lisa, will enter the SAL fleet as type 171 and will serve breakbulk and heavy-lift clients on world markets via SALs Semi-Liner Service.
Posted On:
18-Dec-2019
Funding for new Maine Maritime training ship included in budget bill.
A congressional spending proposal includes $300 million for the construction and acquisition of a new training vessel for Maine Maritime Academy, U.S. Sen. Susan Collins said.
Collins, R-Maine, was chairwoman of the negotiating committee that brokered the agreement between the House and the Senate for the transportation and housing appropriations bill.
Posted On:
18-Dec-2019
Hullwiper launching in Qatar.
Automated underwater hull cleaning service Hullwiper is to launch in Qatar.
HullWiper is working with GAC Qatar to launch the hull cleaning solution in the Port of Ras Laffan in early 2020. GAC Qatar is the only company to have licence from the country s Environment Ministry to conduct hull cleaning.
Posted On:
18-Dec-2019
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