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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, 29 May 20
DRY BULK SHIPPING: NO QUICK RECOVERY FOR THE DRY BULK MARKET AS COVID-19 DIGS DEEPER
The outlook is poor for dry bulk, as the negative demand shock and overcapacity come together to send rates to multi-year lows, even a return to wo ...
Thursday, 28 May 20
COVID-19: A FORCE MAJEURE EVENT? - KYPRIANOU
KNOWLEDGE TO ELEVATE
While seeing the unexpected COVID-19 outbreak expanding worldwide and the first cases being identified in Cyprus, the com ...
Thursday, 28 May 20
OIL DEMAND RECOVERED BY 20% IN MAY AGAINST APRIL: RUSSIAN ENERGY MINISTER - TASS
Oil demand remains at a low level but the demand in May increased by 20% against April, Russian Energy Minister Alexander Novak said, cited by the ...
Thursday, 28 May 20
MARKET INSIGHT - INTERMODAL
Earlier in May, China’s top leaders convened for the annual National People's Congress, following over two months of delays due to the co ...
Wednesday, 27 May 20
CHINA TAIYUAN COAL TRANSACTION PRICE INDEX UP 0.94 PCT - XINHUA
China Taiyuan coal transaction price index stood at 125.03 points Monday, up 0.94 percent week on week.
The index, released by China ...
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- Leighton Contractors Pty Ltd - Australia
- Indian Oil Corporation Limited
- Rio Tinto Coal - Australia
- Standard Chartered Bank - UAE
- Aboitiz Power Corporation - Philippines
- Grasim Industreis Ltd - India
- Maheswari Brothers Coal Limited - India
- Madhucon Powers Ltd - India
- Price Waterhouse Coopers - Russia
- Planning Commission, India
- Coastal Gujarat Power Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Wood Mackenzie - Singapore
- Vedanta Resources Plc - India
- Jaiprakash Power Ventures ltd
- Ceylon Electricity Board - Sri Lanka
- Iligan Light & Power Inc, Philippines
- SMG Consultants - Indonesia
- Mjunction Services Limited - India
- South Luzon Thermal Energy Corporation
- Bharathi Cement Corporation - India
- Eastern Energy - Thailand
- Kapuas Tunggal Persada - Indonesia
- Essar Steel Hazira Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Electricity Authority, New Zealand
- Kideco Jaya Agung - Indonesia
- Meenaskhi Energy Private Limited - India
- Sarangani Energy Corporation, Philippines
- CNBM International Corporation - China
- Star Paper Mills Limited - India
- Sinarmas Energy and Mining - Indonesia
- Samtan Co., Ltd - South Korea
- Pipit Mutiara Jaya. PT, Indonesia
- Banpu Public Company Limited - Thailand
- Anglo American - United Kingdom
- IEA Clean Coal Centre - UK
- Kobexindo Tractors - Indoneisa
- McConnell Dowell - Australia
- Petrochimia International Co. Ltd.- Taiwan
- CIMB Investment Bank - Malaysia
- Directorate Of Revenue Intelligence - India
- Sindya Power Generating Company Private Ltd
- San Jose City I Power Corp, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Mercator Lines Limited - India
- Alfred C Toepfer International GmbH - Germany
- Kumho Petrochemical, South Korea
- Mercuria Energy - Indonesia
- Petron Corporation, Philippines
- Kepco SPC Power Corporation, Philippines
- Thiess Contractors Indonesia
- Central Java Power - Indonesia
- Binh Thuan Hamico - Vietnam
- Wilmar Investment Holdings
- The Treasury - Australian Government
- GN Power Mariveles Coal Plant, Philippines
- Thai Mozambique Logistica
- Siam City Cement - Thailand
- Maharashtra Electricity Regulatory Commission - India
- Miang Besar Coal Terminal - Indonesia
- Medco Energi Mining Internasional
- Antam Resourcindo - Indonesia
- Ministry of Finance - Indonesia
- Africa Commodities Group - South Africa
- Energy Development Corp, Philippines
- Cement Manufacturers Association - India
- White Energy Company Limited
- Global Business Power Corporation, Philippines
- GVK Power & Infra Limited - India
- MS Steel International - UAE
- SN Aboitiz Power Inc, Philippines
- PowerSource Philippines DevCo
- Sakthi Sugars Limited - India
- Indogreen Group - Indonesia
- Energy Link Ltd, New Zealand
- Australian Coal Association
- Altura Mining Limited, Indonesia
- Parry Sugars Refinery, India
- London Commodity Brokers - England
- Dalmia Cement Bharat India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- European Bulk Services B.V. - Netherlands
- GMR Energy Limited - India
- Indo Tambangraya Megah - Indonesia
- Marubeni Corporation - India
- Trasteel International SA, Italy
- Bhatia International Limited - India
- Gujarat Sidhee Cement - India
- TNB Fuel Sdn Bhd - Malaysia
- Economic Council, Georgia
- ICICI Bank Limited - India
- Semirara Mining Corp, Philippines
- Posco Energy - South Korea
- Riau Bara Harum - Indonesia
- Coal and Oil Company - UAE
- Intertek Mineral Services - Indonesia
- Bulk Trading Sa - Switzerland
- Uttam Galva Steels Limited - India
- Indian Energy Exchange, India
- Borneo Indobara - Indonesia
- PTC India Limited - India
- Toyota Tsusho Corporation, Japan
- Central Electricity Authority - India
- Australian Commodity Traders Exchange
- Baramulti Group, Indonesia
- LBH Netherlands Bv - Netherlands
- New Zealand Coal & Carbon
- Billiton Holdings Pty Ltd - Australia
- Port Waratah Coal Services - Australia
- GAC Shipping (India) Pvt Ltd
- Independent Power Producers Association of India
- Simpson Spence & Young - Indonesia
- PNOC Exploration Corporation - Philippines
- The University of Queensland
- Chettinad Cement Corporation Ltd - India
- IHS Mccloskey Coal Group - USA
- Malabar Cements Ltd - India
- Salva Resources Pvt Ltd - India
- Bhushan Steel Limited - India
- Singapore Mercantile Exchange
- Mintek Dendrill Indonesia
- Therma Luzon, Inc, Philippines
- Merrill Lynch Commodities Europe
- Siam City Cement PLC, Thailand
- Tata Chemicals Ltd - India
- Sojitz Corporation - Japan
- Georgia Ports Authority, United States
- Edison Trading Spa - Italy
- Barasentosa Lestari - Indonesia
- Rashtriya Ispat Nigam Limited - India
- TeaM Sual Corporation - Philippines
- Ministry of Transport, Egypt
- Indonesian Coal Mining Association
- SMC Global Power, Philippines
- Latin American Coal - Colombia
- AsiaOL BioFuels Corp., Philippines
- Xindia Steels Limited - India
- Romanian Commodities Exchange
- Bayan Resources Tbk. - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Goldman Sachs - Singapore
- Straits Asia Resources Limited - Singapore
- Kartika Selabumi Mining - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Renaissance Capital - South Africa
- PetroVietnam Power Coal Import and Supply Company
- Vizag Seaport Private Limited - India
- Carbofer General Trading SA - India
- Kohat Cement Company Ltd. - Pakistan
- Sree Jayajothi Cements Limited - India
- Agrawal Coal Company - India
- Cigading International Bulk Terminal - Indonesia
- Videocon Industries ltd - India
- Minerals Council of Australia
- Orica Mining Services - Indonesia
- Global Green Power PLC Corporation, Philippines
- Interocean Group of Companies - India
- Karaikal Port Pvt Ltd - India
- India Bulls Power Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- VISA Power Limited - India
- Bangladesh Power Developement Board
- Karbindo Abesyapradhi - Indoneisa
- Metalloyd Limited - United Kingdom
- Pendopo Energi Batubara - Indonesia
- Orica Australia Pty. Ltd.
- ASAPP Information Group - India
- The State Trading Corporation of India Ltd
- Formosa Plastics Group - Taiwan
- Heidelberg Cement - Germany
- Bukit Makmur.PT - Indonesia
- Bukit Baiduri Energy - Indonesia
- Timah Investasi Mineral - Indoneisa
- Oldendorff Carriers - Singapore
- Kaltim Prima Coal - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Commonwealth Bank - Australia
- OPG Power Generation Pvt Ltd - India
- Larsen & Toubro Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Sical Logistics Limited - India
- Ind-Barath Power Infra Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Gujarat Electricity Regulatory Commission - India
- Indika Energy - Indonesia
- Eastern Coal Council - USA
- International Coal Ventures Pvt Ltd - India
- Makarim & Taira - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Directorate General of MIneral and Coal - Indonesia
- Ambuja Cements Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Global Coal Blending Company Limited - Australia
- Attock Cement Pakistan Limited
- Ministry of Mines - Canada
- Savvy Resources Ltd - HongKong
- Aditya Birla Group - India
- Electricity Generating Authority of Thailand
- Jindal Steel & Power Ltd - India
- Coalindo Energy - Indonesia
- Manunggal Multi Energi - Indonesia
- Lanco Infratech Ltd - India
- Deloitte Consulting - India
- Parliament of New Zealand
- Globalindo Alam Lestari - Indonesia
- Bhoruka Overseas - Indonesia
- Tamil Nadu electricity Board
- Meralco Power Generation, Philippines
- Krishnapatnam Port Company Ltd. - India
- Chamber of Mines of South Africa
- Power Finance Corporation Ltd., India
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