• 2006 December 21 09:45

    Pan-United wins first FPSO ship conversion contract

    Pan-United Marine Limited (PUM) said that it has clinched its first conversion contract for a Floating Production and Storage Offloading (FPSO) tanker. This follows the company's receipt of seven shipbuilding contracts worth S$129 million from Bumi Armada Navigation Sdn Bhd, which lifted PUM's order book to a new high of over S$500m.This contract of about S$11 million to convert the East Fortune, a 55,230  deadweight tonne tanker, into an FPSO, was awarded by Norwegian-owned Nortechs FPSO Pte Ltd (Nortechs), which recently announced its foray into the FPSO market with three vessels. Nortechs is actively developing readily redeployable and flexible floats production storage and offloading units for the buoyant oil & gas sector. Said PUM's Executive Chairman Henry Ng: "The upturn in the oil & gas industry has brought us many different and exciting contracts which helped lift our capabilities and profile in shipbuilding as well as conversion/repair.
    This first FPSO conversion contract will strengthen our position and reputation as a reliable conversion specialist as Nortechs prides itself for its quick turnaround time for FPSO deployment. "This contract will also give us the track record to undertake bigger and more complex FPSO conversions should we decide to expand our facilities in the future to accommodate bigger ships. Currently, Singapore's large shipyards have about 60% of the world's market share in FPSO conversions." After the conversion, the East Fortune will have a production capacity of 30,000 barrels per day and a storage capacity of 360,000 barrels. FPSOs are particularly effective in remote or deepwater locations where seabed pipelines are not cost effective. They can also be used economically in smaller oil fields, which can be exhausted in a few years and do not justify the expense of installing a fixed oil platform.
    The contract is not expected to have any material impact on the NTA or the EPS of the Group for the current financial year. So far this year, PUM has reactivated one drill-ship, delivered five Anchor Handling, Towing and Supply Vessels and recognized 10 work-in-progress projects, including the reactivation of another drill ship. It recently announced a set of robust results where 3Q06 net attributable profit nearly doubled to S$10.7 million on 34% higher revenue of S$95.3 million. PUM is a regional player with shipyard facilities. It operates an 11 ha Singapore yard, Pan-United Marine, and PT Pan-United Shipyard Indonesia, on a 28-ha yard in Tanjung Uncang, Batam. The yards lie close to the Straits of Malacca, one of the world's busiest shipping lanes. Both yards achieved ISO 9001:2000 certification in the quality management of the design, building, conversion, and repair of ships and offshore & onshore engineering structures. Over 83% of shiprepair revenue is from repeat clients in international shipowning, operating, and management.
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2020 January 18

12:03 Svitzer appoints new regional managing director for Svitzer Americas
11:51 TORM obtains $496m bank financing for the refinancing of existing debt
11:16 Kalmar’s heavy-duty terminal tractors to help Maritime Truck enhance performance at the Port of Oslo
10:52 Port of Rotterdam reports increase in LNG bunkering in 2019

2020 January 17

18:06 Safe Bulkers refinances $105.2 mln of existing loan facilities with respect to eight vessels
17:52 Construction of Borssele 1+2 wind farm off Zeelandic coast begins
17:31 Murmansk Sea Fishing Port handled 263,500 tonnes of cargo in 2019, down 20.4% Y-o-Y
17:06 Wärtsilä solutions support environmentally sustainable performance for two new MSC Cruises's ships
16:50 BIMCO expands ice information service
16:27 A record year for cruise expected at Port of Southampton
16:02 Qatargas delivers first Q-Flex LNG cargo to Summit LNG FSRU in Bangladesh
15:49 Tallink Grupp sets group-wide CSR strategy and sustainable operations goals
15:23 RUB 127.57 billion of federal budget allocations approved for construction of Leader-class icebreaker
15:02 Dublin Port unitised trade up 3.6% in 2019
14:48 Seaspan Shipyards hosts ceremonial keel laying for the Royal Canadian Navy’s future Joint Support Ship
14:30 RF Navy's Black Sea Fleet minesweeper makes planned transition from Sevastopol to Mediterranean Sea
14:14 Diana Shipping announces time charter contract for m/v Astarte with Aquavita
13:51 Turnover of DeloPorts terminals in 2019 decreased by 5% YoY to 8.3 mln tonnes
13:32 SAAM agrees to acquire 70% of Intertug, a towage operator in Colombia, Mexico and Central America
13:03 Flex LNG announces extension of the time-charter agreement for Flex Enterprise
12:37 Kawasaki Heavy Industries delivers bulk carrier FJ VIOLA
12:27 Hapag-Lloyd signs space charter agreement with Maersk and MSC on the Asia-North Europe trade
12:20 Russian Maritime Register of Shipping reports it key 2019 results
12:03 Pyxis Tankers announces completion of sale of Pyxis Delta
11:38 KHI delivers LPG carrier PHOENIX GAIA
11:29 Throughput of Vostochny Port grew by 5.2% to 25.51 million tonnes in 2019
11:03 Eagle Bulk Shipping joins Getting to Zero Coalition
10:36 MABUX: Bunker market this morning, Jan 17
10:28 NYK agrees to MoU with Northern Offshore Group on partnership for crew transfer vessel business for offshore wind power generation systems
09:56 Brent Crude futures price is down 0.05% to $64.59, Light Sweet Crude – down 0.03% to $58.5
09:33 Bunker prices go down at the port of Saint-Petersburg, Russia (graph)
09:15 Baltic Dry Index is flat at 768 points
07:18 NYK and Van Oord sign MoU to own and operate offshore wind installation vessels in Japan

2020 January 16

18:37 CMA CGM announces FAK rates from India and Sri Lanka to North Europe and the Mediterranean
18:06 CMA CGM introduces NETWORKING INTERMEDIATION SERVICES
17:52 Mikhail Mishustin appointed as the Prime Minister of the Russian Federation
17:31 ClassNK issues Hong Kong Convention Statement of Compliance to Ship Recycling Facility in Bangladesh
17:03 Hapag-Lloyd announces rates from Middle East to Mediterranean and North Europe
16:39 Bunker prices are stable at the Far East ports of Russia following the recent growth (graph)
16:03 Vessels offered free shore power during Parkkade trial in Rotterdam
15:22 The CMA CGM Group is strengthening the organization of CEVA Logistics to begin the second phase of its development
15:03 New Stena Line ferry completes maiden voyage on Irish Sea
14:02 PIL launches new transpacific pendulum service, America Asia Service (AAS)
13:33 Port of Antwerp scores 7th record year in a row
13:02 THE Alliance unveils expanded service network for 2020
12:30 MISC, Samsung Heavy Industries, Lloyd’s Register and MAN Energy Solutions join forces on ammonia-fuelled tanker project
12:01 CMA CGM SSL Intra Europe will update its BAF for Algeria Morocco Tunisia Roro services
11:28 ABB presents recommendation for zero-emission marine technology to US Congress
11:26 Rosmorport summarizes results of its sailing ships's 2019 navigation season
11:01 Dmitry Stepanov appointed as General Director of Astrakhan Shipbuilding Production Association
10:37 IMO continues its work to review GMDSS requirements
10:18 MABUX: Bunker market this morning, Jan 16
09:50 NOVATEK reports preliminary operating data for 2019
09:29 Brent Crude futures price is up 0.69% to $64.44, Light Sweet Crude – up 0.73% to $58.23
09:16 Baltic Dry Index is up to 1,260 points

2020 January 15

18:35 Aker Solutions involved in international brownfield services contract award
18:06 The Convention between Carriers and Ports for OCEAN Alliance held in Boao
17:52 Intermodal unveils fresh new branding
17:46 Eagle Bulk joins Getting to Zero Coalition
17:23 Registration opens for 4th Annual Unmanned Maritime Systems Technology Conference in London