• 2017 May 2 18:07

    Umbrella Agreement for Africa’s first deepwater FLNG project signed

    The Republic of Equatorial Guinea, Ophir Holdings & Ventures Ltd, a subsidiary of Ophir Energy (“Ophir”), OneLNG SA and La Compañía Nacional De Petróleos De Guinea Ecuatorial (“GEPetrol”) have signed a detailed Umbrella Agreement (“UA”) that establishes the full legal and fiscal framework for the Fortuna FLNG Project, Africa’s first deepwater FLNG project.

    The UA reconfirms the participation rights of GEPetrol as partners for 20% of the upstream portion of the project, and for a future potential participation of up to 30% ownership of the midstream FLNG vessel by the Republic of Equatorial Guinea or a designated State company. These participations create alignment with the EG Government throughout the project value chain from upstream through to LNG marketing. Signing the UA was one of the key milestones to be delivered ahead of Final Investment Decision (“FID”).

    The Fortuna FLNG Project FID is on schedule for mid-2017 with first gas expected in mid-2020.

    The execution of the UA completes one of the four key milestones required for FID. The other three milestones are: (i) the award of construction contracts for the upstream and midstream vessel, (ii) the completion of the project finance facility and (iii) a decision on the amount of gas to be termed at FID and signature of resulting LNG SPAs.

    With respect to these milestones:

     The impending award of construction contracts is well progressed and on schedule.

     Term sheets have been agreed with a consortium of China-based lenders. The counter-parties to the financing have now entered into final documentation stage.

    The Fortuna partners will decide in the coming weeks the amount of the expected 2.5MMTPA to put under contract at FID from the several offtake options available.

    As previously announced the expected total capital expenditure for the integrated project is approximately $2 billion to reach first gas. Approximately $1.2 billion is expected to be debt financed, with full drawdown by the start of commercial operations.


2018 November 13

18:06 Navios Containers seeks to list on a U.S. stock exchange
17:53 BIMCO adopts 2020 bunker clauses
17:34 CMA CGM to revamp its CIMEX 2K2 service
17:11 Nevsky Shipyard takes part in «Transport of Russia» exhibition
16:56 NOVATEK shipped first LNG cargo to CNOOC
16:34 KOTUG and Petroconsult join forces to establish KOTUG PETRO Maritime (KPM)
16:20 Ttraining on oil spill preparedness and response held for countries in eastern Africa
16:04 Diana Shipping announces the sale of a Panamax dry bulk vessel
15:55 Throughput of port Kavkaz in 10M’18 grew by 19% Y-o-Y to 42.6 million tonnes
15:34 Royal IHC wins KNVTS Ship of the Year for SCHELDT RIVER
15:03 Damco launches a dedicated warehouse for Barry Callebaut and inaugurates a new facility in the heart of Poland
14:41 MAN Cryo to design and deliver LNG regasification terminal
14:25 LUKOIL reports preliminary operating data for Q3 and 9M’2018
14:03 COSCO Shipping Heavy Industry and GTT sign agreement for LNG carrier repairs
13:42 Alfa Laval wins two orders to supply Framo pumping systems to oil platforms in the North Sea
13:13 HH Ferries Group officially inaugurates two battery-powered passenger ferries
12:48 BIMCO launches survey to highlight biofouling management
12:24 HHLA container throughput up by 1.0 percent in the first nine months of 2018
12:07 Torqeedo reveals new products for electric mobility on the water
11:51 Bunker prices are still high in the Far East ports of Russia (graph)
11:22 Throughput of port Riga (Latvia) in 10M’18 climbed by 6.5% Y-o-Y to 29.9 million tonnes
10:53 RF Navy's training ship Perekop returns from distant cruise
10:29 Brent Crude futures price down 1.04% to $69.39, Light Sweet Crude – down 1.33% to $59.13
10:10 ABP invests £1 million in Port of Lowestoft as part of energy hub vision
09:44 National maritime transport policy training held for Mexican officials
09:16 Baltic Dry Index is down to 1,125 points
09:07 Valencia Containerised Freight Index rises 2.57% and stands at 1,105.61 points
08:07 ERMA FIRST obtains USCG type approval for ballast water treatment system using FILTREX filters
07:18 Long Beach cargo volumes up 5.4 percent in October 2018

2018 November 12

18:01 Major ASW ship Severomorsk of RF Navy's Northern Fleet participates in Russian-Japanese exericse in the Gulf of Aden
17:42 Maritime Administration of Ukraine announced selection of 13 seaport captains
17:04 Maersk Line announces FAK rates from Northern Europe to Middle East and ISC
16:56 Danish shipyard orders large equipment package from Rolls-Royce
16:54 Wan Hai Lines orders 20 new vessels
16:50 Throughput of Rostov-on-Don port in 10M’18 up 18% Y-o-Y to 21.1 million tonnes
16:34 CMA CGM announces GRR from Asia to South Africa
16:22 RF Ministry of Industry and Trade announces tender for R&D and designing of marine systems and technologies
16:04 Bigger share of modal split envisaged for inland shipping in the Baltic Sea Region
15:51 RF Ministry of Industry and Trade announces tender for documentation on construction of Leader icebreaker
15:34 IMRF and The Nautical Institute sign MOU
15:20 Port of Liepaja (Latvia) handled 6.24 million tonnes of cargo in 10M'18, up 19% Y-o-Y
15:04 Yang Ming reports its financial results for 2018 Q3
14:46 Sea Port of Saint-Petersburg completes New Leaders project
14:31 ClassNK and TÜV Rheinland sign partnership agreement for cybersecurity services
14:03 Maersk Line announces rates from North Europe to Far East Asia
13:47 ICTSI plans to invest over P5 billion in Iloilo ports
13:28 Baltiysky Zavod shipyard loaded reactors onto nuclear-powered icebreaker Ural, second serial ship of Project 22220
12:40 Average wholesale prices for М-100 HFO down to RUB 20,508 in RF spot market
11:57 Reduced Klaipeda seaport charges for container ships to boost shipping development
11:34 IMO supports equal opportunities for women in fisheries
11:12 Trinidad and Tobago benefits from IMO port security training
10:49 RF Navy's Northern Fleet holds exercise to assist a submarine in distress
10:13 Brent Crude futures price up 1.55% to $71.27, Light Sweet Crude – up 0.96% to $60.77
09:56 Port of HaminaKotka throughput in 10M’2018 up 12.8% Y-o-Y to 13.57 million tonnes
09:34 Throughput of port Helsinki (Finland) in 10M'18 up 4.8% Y-o-Y to 12.38 million tonnes
09:15 Baltic Dry Index is down to 1,147 points
09:08 Global Maritime Administrators attend the 8th Maritime Public Leaders’ Programme in Singapore
08:51 TORM establishes joint venture with Guangzhou Shipyard International and ME Production to manufacture scrubbers to reduce sulfur emissions

2018 November 11

11:19 Maersk Line increases FAK rates from Far East Asia to Mediterranean
10:16 Day Tourist Tax for cruise passengers to apply to sea cruise and river cruise passengers in Amsterdam