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Friday, 17 July 20
MISC MALAYSIA ENTERS INTO PURCHASE AGREEMENTS AND TIME CHARTER PARTIES FOR SIX VLECS
 MISC Berhad (MISC) has entered into Memorandum of Agreements (MOAs) with six indirect wholly-owned subsidiaries of Zhejiang Satellite Petrochemical Co. Ltd. for the purchase of six newbuild 98,000 cubic meters Very Large Ethane Carriers (VLECs). Concurrently, MISC, through its vessel-owning entity, Portovenere and Lerici (Singapore) Pte. Ltd. (PLS) has entered into Time Charter Parties (TCPs) with Zhejiang Satellite Petrochemical Co. Ltd. (STL) for the time charter of the six VLECs for operations in international waters.
The VLECs will be purchased by MISC for approximately USD726 million and chartered to STL through PLS for a firm period of 15 years. The charters for the VLECS are expected to commence in the fourth quarter of 2020. Samsung Heavy Industries Co., Ltd. and Hyundai Heavy Industries Co., Ltd., both shipyards in Korea, are constructing three vessels each.
MISC’s President & Group Chief Executive Officer, Mr. Yee Yang Chien said “A new chapter is in the making as we make our entry into the global ethane market with these six VLECs and a new alliance in China. The acquisition of these six VLECs marks a milestone in MISC’s offerings for large scale ethane transport. Adding to the strength and expansion of our existing fleets as well as diversifying our portfolios, we are now the proud owner of six VLECs – which are the largest vessels of its kind, aside from the existing seven VLECs in the world. As one of the only three owners of such vessels in the world, this new addition to our fleet would strengthen MISC’s competitive advantage in this segment. I would like to thank Zhejiang Satellite for the invaluable trust given to us. I believe the alliance formed here today will endure well into the future”. “Despite the current challenging market environment, MISC Group has been making notable strides; as part of our effort to diversify our portfolio, develop new solutions and enlarge our presence with the addition of new markets. The long-term charter parties are instrumental to the built up of our sustainable income stream; a clear reflection of long-term drivers that sets our growth
strategies and valuable investments. The fact that these milestones are achieved at a time like this, shows MISC’s resilience and consistency in its virtuous growth,” he further added. During the signing ceremony, MISC was represented by Mr. Yee Yang Chien and Mr. Zahid Osman who is the Vice President of LNG Business, MISC Berhad while STL was represented by its Chairman & President, Mr. Yang Weidong and Vice President, Mr. Lu Wei Wei. Mr. Yang Weidong commented, “China and Malaysia have been having a very good relationship for quite a long time. Especially during the recent years, the cooperation between the two countries has been greatly increased. Today by entering into this agreement, Satellite and MISC have just started a new venture, in which the two parties will build a global logistics supply chain for chemicals together. This supply chain is going to safeguard the world-leading ethylene cracker that is being built by Satellite. Together, the two companies will help accelerating the development of global chemical industry. I believe that our cooperation will be very successful and last long.” MISC is currently one of the largest single owner-operators of LNG tankers in the world with distinguished reputation for overall operational excellence, reliability, safety and on-time cargo deliveries. At present, its LNG fleet comprises of 29 LNG carriers and two FSUs with a combined deadweight tonnage (dwt) capacity of over two million dwt. Four LNG carriers are currently under construction.
About MISC Berhad
MISC Berhad (MISC), was incorporated in 1968 and is a world leading provider of international energy related maritime solutions and services. The principal businesses of the Group comprise energy shipping and its related activities, owning and operating offshore floating solutions, marine repair and conversion, engineering and construction works, integrated marine services, port and terminal services as well as maritime education and training. As at 30 June 2020, MISC Group’s fleet consists of more than 100 owned and in-chartered vessels comprising of Liquefied Natural Gas (LNG), Petroleum and Product vessels, 14 Floating Production Systems (FPS) as well as 2 LNG Floating Storage Units (FSU). The fleet has a combined deadweight tonnage (dwt) capacity of more than 14 million tonnes. We take pride in our asset and service reliability, commitment to uphold the highest standards of Health, Safety and Environment (HSE), fostering a culture of excellence amongst our employees, operating responsibly and caring for the environment as well as making a positive difference to the communities in which we operate.
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Friday, 10 July 20
GLOBAL SHIPPING EARNINGS FORECAST CUT AS SUPPLY SET TO OUTSTRIP DEMAND - MOODY'S
EBITDA forecast worsens, keeping outlook negative. We now expect the aggregate EBITDA of rated shipping companies to fall by around 16%-18% in 2020 ...
Friday, 10 July 20
SLOW RECOVERY IN TANKER RATES TO WEIGH ON BUANA LINTAS LAUTAN - FITCH RATINGS
Fitch Ratings believes that international tanker rates are likely improve after their sharp fall since May 2020, albeit at a slow pace. The weaknes ...
Wednesday, 08 July 20
MARKET INSIGHT - INTERMODAL
During the previous month, the dry bulk market witnessed an impressive increase in the BDI index that has reached 1800 points from 500 with a clear ...
Tuesday, 07 July 20
COAL INDIA WORKERS STRIKE CUTS OUTPUT BY 56%: OFFICIAL - REUTERS
A strike at Coal India Ltd cut production by 56% in the three days ending July 4 as workers oppose opening up coal mining to the private sector, a ...
Tuesday, 07 July 20
WHAT DOES THE PATHWAY TO A NET-ZERO ECONOMY LOOK LIKE FOR MINERS? - WOOD MACKENZIE
Wind, solar, electric vehicles, stationary storage and transmission are all central to achieving the Paris Agreement decarbonisation goals.
&nb ...
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- Power Finance Corporation Ltd., India
- Energy Development Corp, Philippines
- Attock Cement Pakistan Limited
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- TeaM Sual Corporation - Philippines
- Indika Energy - Indonesia
- Parliament of New Zealand
- Binh Thuan Hamico - Vietnam
- Bayan Resources Tbk. - Indonesia
- Mercator Lines Limited - India
- Kartika Selabumi Mining - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Anglo American - United Kingdom
- Port Waratah Coal Services - Australia
- Borneo Indobara - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Antam Resourcindo - Indonesia
- Carbofer General Trading SA - India
- Kepco SPC Power Corporation, Philippines
- Barasentosa Lestari - Indonesia
- Indo Tambangraya Megah - Indonesia
- Goldman Sachs - Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- SMC Global Power, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Chettinad Cement Corporation Ltd - India
- Savvy Resources Ltd - HongKong
- Altura Mining Limited, Indonesia
- Banpu Public Company Limited - Thailand
- Bukit Baiduri Energy - Indonesia
- Indonesian Coal Mining Association
- Pendopo Energi Batubara - Indonesia
- Vedanta Resources Plc - India
- Tamil Nadu electricity Board
- Orica Mining Services - Indonesia
- White Energy Company Limited
- Holcim Trading Pte Ltd - Singapore
- Timah Investasi Mineral - Indoneisa
- ICICI Bank Limited - India
- Sinarmas Energy and Mining - Indonesia
- Riau Bara Harum - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Indian Energy Exchange, India
- Meenaskhi Energy Private Limited - India
- Global Green Power PLC Corporation, Philippines
- South Luzon Thermal Energy Corporation
- Samtan Co., Ltd - South Korea
- Vizag Seaport Private Limited - India
- Romanian Commodities Exchange
- Electricity Authority, New Zealand
- Wood Mackenzie - Singapore
- Ministry of Mines - Canada
- Bangladesh Power Developement Board
- Africa Commodities Group - South Africa
- Oldendorff Carriers - Singapore
- The University of Queensland
- Kohat Cement Company Ltd. - Pakistan
- Orica Australia Pty. Ltd.
- Wilmar Investment Holdings
- Simpson Spence & Young - Indonesia
- International Coal Ventures Pvt Ltd - India
- Ambuja Cements Ltd - India
- Dalmia Cement Bharat India
- Petrochimia International Co. Ltd.- Taiwan
- Sical Logistics Limited - India
- Ministry of Transport, Egypt
- CNBM International Corporation - China
- Economic Council, Georgia
- Ceylon Electricity Board - Sri Lanka
- Mjunction Services Limited - India
- Eastern Energy - Thailand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Price Waterhouse Coopers - Russia
- Semirara Mining Corp, Philippines
- Marubeni Corporation - India
- Metalloyd Limited - United Kingdom
- Planning Commission, India
- Latin American Coal - Colombia
- IEA Clean Coal Centre - UK
- Ind-Barath Power Infra Limited - India
- Merrill Lynch Commodities Europe
- Electricity Generating Authority of Thailand
- Jindal Steel & Power Ltd - India
- Rio Tinto Coal - Australia
- Kapuas Tunggal Persada - Indonesia
- India Bulls Power Limited - India
- Australian Commodity Traders Exchange
- Videocon Industries ltd - India
- GVK Power & Infra Limited - India
- Globalindo Alam Lestari - Indonesia
- PTC India Limited - India
- PetroVietnam Power Coal Import and Supply Company
- ASAPP Information Group - India
- OPG Power Generation Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Siam City Cement - Thailand
- New Zealand Coal & Carbon
- Offshore Bulk Terminal Pte Ltd, Singapore
- Grasim Industreis Ltd - India
- Toyota Tsusho Corporation, Japan
- McConnell Dowell - Australia
- Billiton Holdings Pty Ltd - Australia
- Coalindo Energy - Indonesia
- MS Steel International - UAE
- VISA Power Limited - India
- Posco Energy - South Korea
- CIMB Investment Bank - Malaysia
- Central Java Power - Indonesia
- SMG Consultants - Indonesia
- Malabar Cements Ltd - India
- Star Paper Mills Limited - India
- The Treasury - Australian Government
- Rashtriya Ispat Nigam Limited - India
- Kumho Petrochemical, South Korea
- Karbindo Abesyapradhi - Indoneisa
- SN Aboitiz Power Inc, Philippines
- Karaikal Port Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Maheswari Brothers Coal Limited - India
- Australian Coal Association
- PowerSource Philippines DevCo
- Eastern Coal Council - USA
- European Bulk Services B.V. - Netherlands
- Jorong Barutama Greston.PT - Indonesia
- Essar Steel Hazira Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bhatia International Limited - India
- Aboitiz Power Corporation - Philippines
- Jaiprakash Power Ventures ltd
- Sree Jayajothi Cements Limited - India
- Tata Chemicals Ltd - India
- Indogreen Group - Indonesia
- Deloitte Consulting - India
- London Commodity Brokers - England
- GAC Shipping (India) Pvt Ltd
- Commonwealth Bank - Australia
- PNOC Exploration Corporation - Philippines
- Leighton Contractors Pty Ltd - Australia
- Ministry of Finance - Indonesia
- Global Business Power Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- Therma Luzon, Inc, Philippines
- Independent Power Producers Association of India
- Meralco Power Generation, Philippines
- Sojitz Corporation - Japan
- Bharathi Cement Corporation - India
- Vijayanagar Sugar Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Intertek Mineral Services - Indonesia
- Bhushan Steel Limited - India
- Indian Oil Corporation Limited
- Georgia Ports Authority, United States
- Sakthi Sugars Limited - India
- Parry Sugars Refinery, India
- Manunggal Multi Energi - Indonesia
- Thai Mozambique Logistica
- Global Coal Blending Company Limited - Australia
- Krishnapatnam Port Company Ltd. - India
- Cement Manufacturers Association - India
- Sarangani Energy Corporation, Philippines
- GMR Energy Limited - India
- Formosa Plastics Group - Taiwan
- Kaltim Prima Coal - Indonesia
- Uttam Galva Steels Limited - India
- Medco Energi Mining Internasional
- IHS Mccloskey Coal Group - USA
- Madhucon Powers Ltd - India
- The State Trading Corporation of India Ltd
- Agrawal Coal Company - India
- Aditya Birla Group - India
- Bukit Makmur.PT - Indonesia
- Xindia Steels Limited - India
- Iligan Light & Power Inc, Philippines
- AsiaOL BioFuels Corp., Philippines
- Makarim & Taira - Indonesia
- Renaissance Capital - South Africa
- Siam City Cement PLC, Thailand
- Gujarat Mineral Development Corp Ltd - India
- Straits Asia Resources Limited - Singapore
- Bahari Cakrawala Sebuku - Indonesia
- Salva Resources Pvt Ltd - India
- Coal and Oil Company - UAE
- Edison Trading Spa - Italy
- Neyveli Lignite Corporation Ltd, - India
- Sindya Power Generating Company Private Ltd
- Asmin Koalindo Tuhup - Indonesia
- Bulk Trading Sa - Switzerland
- LBH Netherlands Bv - Netherlands
- Baramulti Group, Indonesia
- Central Electricity Authority - India
- Mercuria Energy - Indonesia
- Bhoruka Overseas - Indonesia
- Thiess Contractors Indonesia
- Heidelberg Cement - Germany
- Singapore Mercantile Exchange
- Standard Chartered Bank - UAE
- Directorate General of MIneral and Coal - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Lanco Infratech Ltd - India
- Kideco Jaya Agung - Indonesia
- Larsen & Toubro Limited - India
- Mintek Dendrill Indonesia
- Coastal Gujarat Power Limited - India
- San Jose City I Power Corp, Philippines
- Gujarat Sidhee Cement - India
- Cigading International Bulk Terminal - Indonesia
- Trasteel International SA, Italy
- Alfred C Toepfer International GmbH - Germany
- Minerals Council of Australia
- Energy Link Ltd, New Zealand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Interocean Group of Companies - India
- Petron Corporation, Philippines
- Chamber of Mines of South Africa
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