• 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 August 13

11:33 MacGregor receives EUR 18 million RoRo orders from Japan
10:52 Australia authorities issue fumigation requirements for the 2020/2021 high risk season
10:17 Sea Port of St. Petersburg half-year cargo volume rose 3%
10:14 MABUX: Bunker market this morning, Aug 13
09:52 Crude futures prices retreat
09:32 Baltic Dry Index as of Aug 12
08:26 ME-GI engine sails through sea trials

2020 August 12

18:57 Risavika LNG index for September up by 8.9 % week on week
18:27 Andreas Rieckhof new Chairman of Hamburg Messe und Congress GmbH Supervisory Board
18:08 At the three Hamburg container terminals throughput volume down 12.0 % in H1 2020
18:07 Sri Lanka Ports Authority assures safe handling of dangerous cargo under UN regulations
17:47 Rosmorport’s Azov-Black Sea branch adds TSHD Sommers to its fleet
17:43 Boluda Towage Europe takes on two new tugs from Damen Shipyards Group
16:49 Investors set to inject in excess of RUB 19 bn in federal port infrastructure facilities development
15:44 MoD eyes placing more orders for the Steregushchiy class corvettes with Amur Shipyard
15:17 Joint R&D Starts for Use of Ammonia in Marine Transportation to Reduce GHG Emissions
14:47 CMA CGM announces PSS from Asia to North Europe
14:21 MST wins contract for building 19m high-speed patrol craft duo for the Royal Navy
14:03 MOL issues an update on the Capesize bulker "Wakashio" aground off Mauritius
13:20 Port of Kiel constructs the new port apron
12:01 THE Alliance announces COVID-19 response measures for September 2020
11:57 Northern Sea Shipping acquires the MV Siyaniye Severa
10:36 LNG vessel completes 10,000th Neopanamax transit at the Panama Canal
10:02 Crude futures prices continue upward trend
09:32 Baltic Dry Index as of Aug 11
09:00 MABUX: Bunker market this morning, Aug 12

2020 August 11

18:07 Saigon Newport chooses Kalmar Essential Terminal Tractor for Cat Lai Terminal
17:43 Global Industry Alliance developes Just In Time Arrival Guide
17:36 Maersk Tankers hires Eva Birgitte Bisgaard as its new Chief Commercial Officer
17:00 CMA CGM announces PSS from Asia to North Europe
16:35 NORDEN adds 2 vessels to the existing newbuilding contract with NACKS
16:22 Murmansk Sea Fishing Port’s handled volumes in Jan-Jul dropped 12.7%
15:34 PETRONAS Research joins FASTsubsea’s subsea pump development
15:18 SCF Group's Igor Tonkovidov: Shipowners’ ability to compete with each other will be increasingly determined by their readiness to adopt advanced technologies
14:03 Houlder wins contract for Isle of Man Steam Packet Company’s new purpose-built vessel
13:39 IMO assists in MV Wakashio oil spill response
13:11 Cameron LNG Train 3 begins commercial operation
12:56 Seven-month crude exports via CPC Marine Terminal fell 1.4%
12:29 Port of St. Peterburg Captain releases new allowable drafts in Greater Port St.Petersburg basin
12:05 The Standard Club issues Guidelines for the use of electronic record books (ERBs) under MARPOL
11:08 Port of Ust-Luga based Multipurpose Reloading Complex steps up its efforts to protect the environment
11:04 Transhipment in North Sea Canal ports down by more than 10 percent due to coronavirus crisis
10:31 CSP Abu Dhabi Terminal launches new direct services to Europe and Indian Subcontinent
10:15 MABUX: Bunker market this morning, Aug 11
09:54 Crude futures prices extend upward trend
09:33 Baltic Dry Index as of Aug 10
09:08 Average spot market price for Russian M100 product soars to 11,582 rub/mt

2020 August 10

17:20 HMM joins forces with CMA CGM on TTI Algeciras operation
17:19 Commercial Port of Vladivostok's seven-month container volumes rose 8.1%
17:12 APM Terminals to acquire ALC´s container terminal in Aarhus
17:06 IMO sets remote meeting plan for September-December 2020
16:57 Capesize bulker “Wakashio” aground off Mauritius
16:47 Freight traffic at Russian seaports in Jan-Jul fell 2.1%
15:58 Seven-month coal throughput at Port Vysotsky falls 7.5%
14:27 Vostochnaya Verf launches Grachonok-class anti-saboteur boat (Project 21980) for Pacific Fleet
13:28 ONEGO Shipyard launches a self-propelled hopper barge "Morskaya"
13:22 IMO report on GHG finds a decoupling between trade and emissions in shipping
12:20 Anders Opedal taking over as president and CEO of Equinor from 2 November 2020
10:21 Diana Shipping announces time charter contract for m/v Melia with Ausca
10:17 Containerships and APM Terminals Gijon form eco-friendly intermodal solution connecting Spain, UK and Ireland