SHIPPING

Hyundai Heavy Wins USD 600 m Worth Orders

Global leader in the shipbuilding industry and holder of 15 % share of the market, Hyundai Heavy Industries, will have its hands full in the following period having secured three orders for construction of oil and gas rigs, worth USD 600 million.

The orders entail construction of 35,000-tonne offshore oil platform worth USD 400 million, followed by two USD 100 million orders, one for a semi-submersible drilling rig for LLOG of the United States and the final one for six “land plant modules”, Reuters cited the company as saying.

The company would not specify on the clients who placed the order for offshore oil platform, or the six land plant modules, with the production capability of 200 million cubic feet of natural gas and 10,000 barrels of oil a day, however the works are expected to be completed by summer 2015.

Seaspan Officer Forum 2012

Seaspan Ship Management Officer’s Forum 2012 was held at the Cinnamon Grand recently. The event was arranged in collaboration with Seaspan’s manning agent, Ceyline Shipping Ltd. Day one of the form was followed by a night event which boasted cocktails and dinner to delegates and guests.

Loyalty awards for officers who had remained with Seaspan for over five years were presented, along with a few cash prizes to selected lucky winners.

Entertainment acts from Channa Upuli and Kevin Nugera lit up the stage by their performances.

The highlights of the Seaspan and Ceyline celebrations.

(SJ)

Delgoda receiving the award	Wijerathne receiving the award
Ceyline team	Capt. Wijendra receiving the award

Hambantota Port to add capacity

Sanjeevi Jayasuriya

The Hambantota Port which started commercial operations, is set to attract many businesses supplementing the operations at Colombo Port.

The Hambantota Port will add capacity to the overall commercial operations in the shipping industry and will have a positive impact on the long run.

The country is ready to attract more businesses and the addition of another port will ease the congestion at the Colombo Port, Colombo Shippers’ Academy Chief Executive Officer Rohan Masakorala told Daily News Business.

Hambantota Port is most suited for large scale operations as there is more land space for cargo.

This is the starting point and it will give positive signals for international line operators. The bunkering facilities at the port are near completion, he said. Among the advantages of the Port are the immediate container and cargo handing facilities and with the completion of bunkering facilities the Port could be positioned in the international shipping industry.

“The Port will be inviting international firms to establish bunkering facilities as it will play an active role in this regard. With proper infrastructure facilities the port will be of more value in addition, providing services.

This will reduce the pressure at Colombo Port. The port will achieve sustainability in the medium and long run. However, the global economic situation is a concern where it could be overcome by providing superior quality service,” Masakorala said.

Yinson Holdings Berhad, seated in Malaysia, announced

Yinson Holdings Berhad, seated in Malaysia, announced that it had entered into a MYR1. 65bn ($516.11m) worth consortium agreement with Petrovietnam Technical Services Corporation (“PTSC”).

The agreement relates to execution and performance of the engineering, procurement, construction and installation contract and the bareboat charter contract for the provision and charter of a floating production, storage and off-loading (FPSO) facility.*

The contract duration is set for a firm period of seven years having the option to extend on an annual basis for a further period of three years.

The overall value of the contract for the ten years, extension period included, is USD 737.30 million (approximately RM2.35 billion).

PTSC, the consortium leader will onward charter to Lam Son Joint Operating Company (“LSJOC”).

*“With the expansion of the Yinson group’s marine transportation services, the group will reduce its dependency on trading activities and land transport services*,” Seatrade Asia cited *Yinson* as saying.

The predictions of the proposed joint venture are tightly connected to the dynamics of the oil and gas industry, which as written by Organization of the Petroleum Exporting Countries in its Monthly Oil Market Report for May 2012, has seen stabilization over the last period.

PTSC is principally involved in production and trade in petroleum products and equipment.

It is also involved in the services related to petroleum exploration.

AFP