• 2019 September 18 16:21

    Vitol announces long-term LNG time charter contract with H-Line

    Vitol, a global energy and commodities company, and H-Line Shipping (“H-line”), a leading Korean shipping company with a diversified portfolio of vessels under long-term employment, are pleased to announce the execution of a 10-year time charter agreement for a newbuild, latest generation LNG carrier, Vitol says in a press release.

    The 174,000m3 vessel with XDF propulsion is to be built at Korea’s Hyundai Samho Heavy Industries (HSHI) and is due for delivery in late 2021. Vitol also holds extension options and the ability to exercise additional LNG carriers to support its further growth in the LNG industry through this partnership with H-line.

    Pablo Galante Escobar, Vitol’s head of LNG said: “We are very excited to have concluded this contract with H-Line, a top class Korean shipowner, which represents Vitol’s second long-term charter of a modern 174,000 m3 LNG carrier. This allows us to optimize our LNG portfolio that includes increasing FOB volumes from different areas that we are actively marketing to our global clients.”

    Myung Deuk Seo, CEO of H-Line said: “We are very pleased and take pride in signing a long-term LNG transportation contract with a top tier global energy and commodities company like Vitol.  We will put our best efforts in every stage from shipbuilding to shipping operations under our contract with Vitol.  We will also make full use of our capabilities for successful contract execution based on the company’s fundamental principles, “safety-first” and “eco-friendly” policies.”

    Vitol is an energy and commodities company; its primary business is the trading and distribution of energy products globally – it trades over seven million barrels per day of crude oil and products and, at any time, has 250 ships transporting its cargoes.

    Vitol’s clients include national oil companies, multinationals, leading industrial and chemical companies and the world’s largest airlines. Founded in Rotterdam in 1966, today Vitol serves clients from some 40 offices worldwide and is invested in energy assets globally including: almost 16mm3 of storage across seven continents, 480kbpd of refining capacity and circa 6,500 service stations across Africa, Australia, Brazil, Eurasia and in Northwest Europe. Revenues in 2018 were $231 billion.

    With over 7.8 million tonnes of LNG delivered in 2018 (expected to rise to at least 10 million tonnes in 2019) and an extensive global trading and logistics network developed over a decade of delivering to customers, Vitol is one of the largest and most experienced independent traders of LNG.

    Its LNG portfolio comprises multiple medium and long-term contracts with customers from across all continents from Korea Midland Power (KOMIPO) to Angola LNG and Cheniere. These contracts are underpinned by contracts with relevant infrastructure, including shipping and regasification facilities.

    H-Line is one of the largest shipping companies in Korea, providing customized dedicated-vessel services and long-term transportation contracts with high profile customer such as KOGAS, POSCO, KEPCO, Hyundai Steel, Vale and etc. H-Line currently operates 55 vessels comprised of bulkers, LNGC and LNG-fuelled Capesize bulkers servicing long term contracts for the customers.

    H-line was created in 2014 by Hahn & Company (“Hahn&Co.”), Korea’s largest private equity fund with US$ 7bn AUM, by acquiring long term contract divisions of Hanjin Shipping and Hyundai Merchant Marine, Korea’s largest and second largest shipping companies then. H-line has provided the safe and quality transportation service for over 30 years based on stable long term contracts and is actively expanding businesses in high growth market such as LNG transportation.

    H-line is a wholly owned company of Hahn&Co., which also acquired SK Shipping at the end of last year, Korea’s largest and one of the world’s largest wet bulk shipping companies. Hahn&Co. plans to continue to strategically grow its shipping portfolio in the future.




2020 July 12

16:21 Carnival Corp announces change in leadership team
15:38 UMS Skeldar gets contract to supply mine countermeasures drones system
15:23 Samson introduces the latest in mooring line innovation
14:19 Coast Guard halts 2 illegal charters near Star Island
13:41 Carnival Corporation's AIDA Cruises to restart sailing vacations in August
13:18 New OCIMF Committee structure
12:51 American P&I Club and ABS Consulting join forces to drive cyber awareness for maritime insurance
11:49 Royal Caribbean Group acquires remaining interest in Silversea

2020 July 11

15:28 Cox Powertrain celebrates as first 300hp diesel outboards roll off the production line ready for delivery
14:51 WCI names Tracy R. Zea as President & CEO
13:45 NOS expands its fleet with two additional M-Class vessels
11:37 Huisman to deliver 250mt Knuckle Boom Crane and 500mt Towing Winch for Nanhai Rescue Bureau
10:52 Wabtec wins federal order for advanced marine engines on new multi-use ships

2020 July 10

19:08 CMA CGM announces FAK rates from Asia to the Mediterranean
18:30 CMA CGM announces FAK rates from Asia to North Europe
18:04 HHLA implements machine learning for the first time to increase productivity
18:01 Port of HaminaKotka throughput in 6M’2020 fell by 14.2% YoY
17:38 Information on the seaport of Murmansk changed in the Register of Russian Seaports
17:13 Thun Tankers takes delivery of the fifth L-class at China Merchants Jinling Shipyard
16:52 Russian Railways: Loading of export cargo bound for domestic ports up 3.3%
16:33 Valenciaport reaffirms its leadership as the first Spanish port at UNCTAD index
16:03 Port of Marseille to maintain €57 million in investments to stimulate the recovery
15:43 DNV GL launch support for new Dynamic Positioning system failure guideline enabling quicker and cost effective implementation
15:30 Volga Shipping Company delivered project cargo to the Caspian Sea
15:13 COVID-19 causes problems for implementing EU legislation - BIMCO
14:48 Throughput of Russian seaports in HI’2020 grew by 0.1% Y-o-Y
14:23 Wärtsilä simulator complex delivered to enhance operations at the Training and Education Office of the Indonesian National Police
14:03 Port of Oakland imports up 1.9 percent in June 2020
13:44 Onezhsky Shipyard delivers hybrid workboats Anatoly Klimov and Victor Vorotylo (video)
13:22 Governments of 12 countries pledge action for seafarers at crucial crew change summit
13:19 GTT receives an order from Hudong-Zhonghua Shipbuilding for the tank design of three new LNG carriers
13:01 Sredne-Nevsky Shipyard commenced making hull of yet another minesweeper of Project 12700, Aleksandrit
12:38 Throughput of Murmansk Sea Fishing Port fell by 12.7% in HI’2020
12:13 Nuclear-powered icebreakers of Rosatomflot assisted 462 ship calls in winter-spring navigation season
11:35 Construction commences on Austal's largest ever ferry
11:04 GIWACAF launches webinar series on oil spill preparedness and response
10:46 FSUE “Rosmorport” takes award-winning place in the annual sailing regatta
10:32 LR to develop structural digital twin for Bluewater FPSO Glas Dowr
10:22 Rosmorport changes tariffs on berth assignment services in Astrakhan and Olya seaports
09:59 Bunker prices are slightly up at the Port of Saint-Petersburg, Russia (graph)
09:37 Oil prices decrease amid concern over demand recovery rates
09:20 Baltic Dry Index as of July 9
09:11 MABUX: Bunker market this morning, July 10

2020 July 9

19:03 OOCL receives Gold Award from the HKAEE for the fourth time
18:10 Aquila Power Catamarans announce a luxuriously versatile new model
17:55 Tallink Grupp’s vessel Sailor to operate on Paldiski-Kapellskär Route from Sunday
17:31 Bunker prices are flat at the Far East ports of Russia (graph)
17:28 Port of Rotterdam to start trial with PIN-free container handling
17:18 Damen holds keel-laying for Port of Auckland’s fully electric RSD-E Tug 2513
17:12 Diana Shipping announces time charter contract for m/v Selina with ST Shipping
16:44 "K" Line participates in JV for FPSO owning and chartering business offshore Brazil
16:23 Jan De Nul Group has started offshore installation activities in Taiwan
16:06 Port of Liepaja throughput in 6M’2020 fell by 15.6% Y-o-Y
15:48 Russia remains in Paris MOU’s White List
15:24 PD Ports submit response to national Freeport consultation
15:03 Khabarovsk Territory Governor Sergey Furgal detained by officials of Russia’s Investigative Committee
14:39 Aibel awarded Oseberg portfolio agreement
13:47 Ukraine is still on Paris MOU’s Black List
13:22 MOL announces joint development of energy-saving rudder
12:50 Container shipments on Russian Railways’ network up 15% in 1H 2020