Höegh LNG Holdings Ltd. has declared the option for a fifth Floating Storage and Regasification Unit (FSRU) at Hyundai Heavy Industries (HHI) in South Korea. The FSRU, which will be delivered during the first half 2017, has full trading capability and increased regasification capacity compared to th
Canada Steamship Lines’ next generation bulk carrier CSL Welland set out on Wednesday on her maiden voyage from China to Canada, where she will serve as the latest addition to CSL’s Trillium Class fleet on the Great Lakes and St. Lawrence River. The 36,100 tonnes in deadweight, Seawaymax gearless bu
South Korea’s Daewoo Shipbuilding and Marine Engineering has been chosen by Korea Gas Corporation (Kogas) to build four 174,000 m3 LNG carriers, while Samsung Heavy Industries will build two carriers featuring the newly developed KC-1 cargo hold system together with Kogas’ onshore membrane LNG tank.
Liquid gas transporter Evergas has reached an agreement with INEOS to expand its newbuilding series of ethane/multigas vessels from six to eight units. In January 2013, Evergas announced for the first time that it had secured shipping agreements of up to 15 years with INEOS for the world’s first tra
CIT Maritime Finance provided USD 64 million in senior secured credit facilities to Tanker Solutions III, LLC, a joint venture between Prime Tanker Management and funds managed by Castlelake, L.P. The facilities support the purchase of up to five long-range (LR1) product tankers, three of which have
Navigator Holdings Ltd. has ordered two 22,000 cubic meter semi-refrigerated liquefied gas carriers at Hyundai Mipo Dockyard in South Korea at a construction cost of USD 51 million each, the company said in a release. Navigator, owner and operator of a fleet of Handysize liquefied gas carriers, expe
International classification society Bureau Veritas has developed a voluntary notation intended to assist shipbuilders and operators reduce underwater noise radiating from ships. The comprehensive set of standards and measuring services is grouped as NR614 Underwater Radiated Noise (URN). It aims to
The tanker fleet has phased out quite rapidly, according to the latest Clarksons’ review on demolition of ships. Different trends have been recorded over the recent period that saw various types of ships retired and scrapped at different ages, with some ship reaching up to 30 years of service. Howev
Kuwait Oil Tanker Company (KOTC) has taken delivery of its fourth and last Very Large Crude Carrier (VLCC) of its Phase III Fleet Newbuilding Project. The VLCCs were built by South Korea’s Daewoo Shipbuilding and Marine Engineering (DSME). Al Kout – classed to ClassNK is 333 m in length, 60 m in bre
Singapore Exchange mainboard-listed COSCO Corporation (Singapore) Limited has recorded a 17.1% increase in turnover in Q3 2014 compared to Q3 2013 on the back of increases in shipyard and dry bulk shipping revenues, the company said in a release. Turnover from shipyard operations increased 17.2% in
Guangzhou Shipbuilding International (GSI) has revealed plans to acquire its sister company CSSC Huangpu Wenchong Shipbuilding Company, and related shipbuilding assets held by Yangzhou Kejin. Huangpu Wenchong is CSSC’s primary base for defense ships, special engineering vessels and ocean engineering
Euro Banks to Increase Bad Shipping Loan Provisions by Quarter European banks need to increase their provisions for bad shipping loans by 25%, to EUR 7.3 billion (USD 9.25bn), according to the European Central Bank’s (ECB) year-long examination of the resilience and positions of the 130 largest bank
Seoul Central District Court has sentenced Kang Duk-soo, the founder and the former head of South Korea’s shipping and shipbuilding conglomerate STX Group, to six years in prison for a number of corporate crimes, Yonhap reports. Kang Duk-soo, who headed the group from 2003 to February 2014, was conv
Wärtsilä and Diesel United Ltd in Japan have signed a ten-year renewal of their co-operation agreement for the sale, manufacturing and servicing of Wärtsilä low-speed marine engines. The renewal was signed on the 66th anniversary of the signing of the licence by Diesel United for Sulzer low-speed ma
