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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, 02 February 24
DRY BULK MARKET: THE DOWNWARD REVISION IN THE GROWTH OF CAPESIZE TONNE DAYS IN JANUARY WITH THE BCI DROPPING - MARIA BERTZELETOU
In the last week of January, the dry freight market sustained weakness in the Capesize segment, while the number of ballasters in the Southeast (SE ...
Friday, 02 February 24
COAL INDIA ACHIEVES NEARLY 80% OF ITS FY24 PRODUCTION TARGET IN TEN MONTHS - CNBCTV18
For the month of January, the company’s production grew by 9.1% from the same period last year to 78.4 Million Tonnes (MT), from 71.9 MT last ...
Thursday, 01 February 24
CHINA'S WIND, SOLAR CAPACITY TO OVERTAKE COAL IN 2024 - INDUSTRY BODY, REUTERS REPORTED
China’s installed wind and solar capacity is expected to overtake coal for the first time this year, according to industry forecasts.
&nb ...
Thursday, 01 February 24
ANTI-DEDUCTION CLAUSES: CAN A CHARTERER WITHHOLD HIRE WITHOUT AN OWNER'S CONSENT? - SKULD
KNOWLEDGE TO ELEVATE
Summary
In The Anna Dorothea, the Court found that where a charterparty provides that no deduction from hire may be m ...
Thursday, 01 February 24
INDIA REBUILDS COAL STOCKS TO ENSURE ELECTRIC RELIABILITY - REUTERS
India’s electricity supply is much more comfortable at the start of 2024 than in either 2023 or 2022 as coal production has ramped up and the ...
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- Vijayanagar Sugar Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Marubeni Corporation - India
- Essar Steel Hazira Ltd - India
- Electricity Authority, New Zealand
- PowerSource Philippines DevCo
- Baramulti Group, Indonesia
- Ambuja Cements Ltd - India
- Therma Luzon, Inc, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Kartika Selabumi Mining - Indonesia
- Eastern Coal Council - USA
- Georgia Ports Authority, United States
- GN Power Mariveles Coal Plant, Philippines
- TeaM Sual Corporation - Philippines
- Star Paper Mills Limited - India
- GMR Energy Limited - India
- Mercuria Energy - Indonesia
- The University of Queensland
- Pendopo Energi Batubara - Indonesia
- Bharathi Cement Corporation - India
- Kobexindo Tractors - Indoneisa
- Independent Power Producers Association of India
- Orica Australia Pty. Ltd.
- Petron Corporation, Philippines
- Central Electricity Authority - India
- Energy Link Ltd, New Zealand
- Global Green Power PLC Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Bukit Makmur.PT - Indonesia
- Goldman Sachs - Singapore
- Semirara Mining Corp, Philippines
- Uttam Galva Steels Limited - India
- Antam Resourcindo - Indonesia
- Coalindo Energy - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Straits Asia Resources Limited - Singapore
- Binh Thuan Hamico - Vietnam
- San Jose City I Power Corp, Philippines
- Gujarat Electricity Regulatory Commission - India
- Coal and Oil Company - UAE
- Xindia Steels Limited - India
- Siam City Cement PLC, Thailand
- Bank of Tokyo Mitsubishi UFJ Ltd
- IEA Clean Coal Centre - UK
- Central Java Power - Indonesia
- Romanian Commodities Exchange
- Ministry of Finance - Indonesia
- Timah Investasi Mineral - Indoneisa
- Kohat Cement Company Ltd. - Pakistan
- Alfred C Toepfer International GmbH - Germany
- Meralco Power Generation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Holcim Trading Pte Ltd - Singapore
- Bahari Cakrawala Sebuku - Indonesia
- Madhucon Powers Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Barasentosa Lestari - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Singapore Mercantile Exchange
- Bhoruka Overseas - Indonesia
- Minerals Council of Australia
- Medco Energi Mining Internasional
- Parry Sugars Refinery, India
- European Bulk Services B.V. - Netherlands
- Ministry of Mines - Canada
- CNBM International Corporation - China
- India Bulls Power Limited - India
- Chamber of Mines of South Africa
- Eastern Energy - Thailand
- Interocean Group of Companies - India
- Maheswari Brothers Coal Limited - India
- Coastal Gujarat Power Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bangladesh Power Developement Board
- Thai Mozambique Logistica
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Billiton Holdings Pty Ltd - Australia
- London Commodity Brokers - England
- Bukit Baiduri Energy - Indonesia
- Intertek Mineral Services - Indonesia
- Ind-Barath Power Infra Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Global Coal Blending Company Limited - Australia
- Indian Energy Exchange, India
- Agrawal Coal Company - India
- Maharashtra Electricity Regulatory Commission - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- LBH Netherlands Bv - Netherlands
- Larsen & Toubro Limited - India
- Bayan Resources Tbk. - Indonesia
- Vizag Seaport Private Limited - India
- Ceylon Electricity Board - Sri Lanka
- Attock Cement Pakistan Limited
- Edison Trading Spa - Italy
- Kalimantan Lumbung Energi - Indonesia
- Jindal Steel & Power Ltd - India
- Indogreen Group - Indonesia
- Latin American Coal - Colombia
- PTC India Limited - India
- Wilmar Investment Holdings
- Power Finance Corporation Ltd., India
- Australian Coal Association
- Chettinad Cement Corporation Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Deloitte Consulting - India
- Parliament of New Zealand
- VISA Power Limited - India
- Toyota Tsusho Corporation, Japan
- Sojitz Corporation - Japan
- Jaiprakash Power Ventures ltd
- Jorong Barutama Greston.PT - Indonesia
- Iligan Light & Power Inc, Philippines
- CIMB Investment Bank - Malaysia
- Australian Commodity Traders Exchange
- Mjunction Services Limited - India
- Riau Bara Harum - Indonesia
- Altura Mining Limited, Indonesia
- Sical Logistics Limited - India
- Gujarat Sidhee Cement - India
- Borneo Indobara - Indonesia
- Kumho Petrochemical, South Korea
- McConnell Dowell - Australia
- Carbofer General Trading SA - India
- Orica Mining Services - Indonesia
- GAC Shipping (India) Pvt Ltd
- Bhushan Steel Limited - India
- Mintek Dendrill Indonesia
- PNOC Exploration Corporation - Philippines
- Mercator Lines Limited - India
- Dalmia Cement Bharat India
- SN Aboitiz Power Inc, Philippines
- ICICI Bank Limited - India
- Makarim & Taira - Indonesia
- Renaissance Capital - South Africa
- Banpu Public Company Limited - Thailand
- Sree Jayajothi Cements Limited - India
- Meenaskhi Energy Private Limited - India
- Lanco Infratech Ltd - India
- Energy Development Corp, Philippines
- Cigading International Bulk Terminal - Indonesia
- Metalloyd Limited - United Kingdom
- Merrill Lynch Commodities Europe
- Tamil Nadu electricity Board
- Sakthi Sugars Limited - India
- Vedanta Resources Plc - India
- Siam City Cement - Thailand
- Krishnapatnam Port Company Ltd. - India
- New Zealand Coal & Carbon
- Kideco Jaya Agung - Indonesia
- Indonesian Coal Mining Association
- Wood Mackenzie - Singapore
- The Treasury - Australian Government
- Videocon Industries ltd - India
- Globalindo Alam Lestari - Indonesia
- Indian Oil Corporation Limited
- Electricity Generating Authority of Thailand
- Simpson Spence & Young - Indonesia
- Salva Resources Pvt Ltd - India
- Tata Chemicals Ltd - India
- Thiess Contractors Indonesia
- Standard Chartered Bank - UAE
- Oldendorff Carriers - Singapore
- Leighton Contractors Pty Ltd - Australia
- Posco Energy - South Korea
- Kepco SPC Power Corporation, Philippines
- Indika Energy - Indonesia
- Rashtriya Ispat Nigam Limited - India
- ASAPP Information Group - India
- The State Trading Corporation of India Ltd
- Ministry of Transport, Egypt
- Directorate Of Revenue Intelligence - India
- Miang Besar Coal Terminal - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Semirara Mining and Power Corporation, Philippines
- Aditya Birla Group - India
- Rio Tinto Coal - Australia
- Global Business Power Corporation, Philippines
- Savvy Resources Ltd - HongKong
- Price Waterhouse Coopers - Russia
- MS Steel International - UAE
- Formosa Plastics Group - Taiwan
- OPG Power Generation Pvt Ltd - India
- Trasteel International SA, Italy
- International Coal Ventures Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Sarangani Energy Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- Indo Tambangraya Megah - Indonesia
- Heidelberg Cement - Germany
- Bhatia International Limited - India
- Grasim Industreis Ltd - India
- Malabar Cements Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- White Energy Company Limited
- Kaltim Prima Coal - Indonesia
- Sinarmas Energy and Mining - Indonesia
- SMC Global Power, Philippines
- Port Waratah Coal Services - Australia
- Samtan Co., Ltd - South Korea
- Aboitiz Power Corporation - Philippines
- SMG Consultants - Indonesia
- Commonwealth Bank - Australia
- Bulk Trading Sa - Switzerland
- Planning Commission, India
- PetroVietnam Power Coal Import and Supply Company
- GVK Power & Infra Limited - India
- Anglo American - United Kingdom
- Karaikal Port Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Africa Commodities Group - South Africa
- Manunggal Multi Energi - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Cement Manufacturers Association - India
- Economic Council, Georgia
- Sindya Power Generating Company Private Ltd
- South Luzon Thermal Energy Corporation
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