U-Ming Marine Transport (Singapore) Private Limited, a subsidiary of Taipei-based U-Ming Marine Transport Corporation, has ordered a pair of 325,000 deadweight tonne Very Large Ore Carriers (VLOC) from China’s Qingdao Beihai Shipbuilding Heavy Industry.
The vessels will be built with a “LNG-Ready” design that allows the installation of liquefied natural gas (LNG) bunker tanks at a later period for future dual-fuel vessel operations; the newbuilds are scheduled for delivery in 2020.
Each vessel will be equipped with a state-of-the-art an eco-efficient main engine, a scrubber system, digital optimisation systems, and comply with the International Maritime Organization (IMO) upcoming 2020 sulphur cap of 0.5%.
The decision to build the "LNG-ready" VLOCs come after confirmation of a 25-year Contract of Affreightment (COA) contract between U-Ming and Vale International SA of Switzerland on Wednesday.
The COA is the biggest and longest commitment in U-Ming’s history and the total contract value is anticipated to be more than $600 million with a bunker adjustment clause.
“U-Ming Marine Transport has long-term relationships with major mining companies around the world and its proven track record of providing reliable transportation services is evident among its international customer base,” says a spokesperson.
“The signing of this long-term contract has further enhanced the cooperation and relationship between Vale International SA and U-Ming.
“The COA will commence in 2020 until 2045 for transporting Brazilian iron ore to China. We have been able to secure a bigger portion of long term charters with stabilised revenue and profit for the company.
“This COA is contracted to meet the iron ore demand growth especially in China and other developing countries; and with U-Ming’s prudent management and customer service oriented vision to create a win-win for both parties.”
Published: 2 Feb, 2018
European Commission and REMPEC also studying the impact of ECAs in the Mediterranean Sea.
Success is due to the cooperation of the manufacturer, logistics partners and company’s flexible pricing strategy that helped us gain a competitive advantage, says CEO.
Ensure parties pay attention to terms for the purchase and supply of marine fuels to ships after IMO 2020.
Additional topics of bunker contamination and OCM services discussed at VPS’ Fuel Management Challenges – The Year of 2021 & Beyond webinar on 23 September; Manifold Times summarises the session.
The safety challenges connected with implementation ‘numerous, but not insurmountable’.
SEB report indicates ‘it will be too profitable and too tempting not to install a scrubber in 2020’.
Cash of SGD 4.43 million and USD 243,100, and one piece of 100-gram gold-coloured bar recovered in safe belonging to Abdul Latif Bin Ibrahim kept at Extra Space warehouse storage facility, show court documents.
Program introduces periodic assessments, mass flow metering data analysis, and regular training for relevant key personnel to better handle the MFMS to ensure a high level of continuous operational competency.
U.S. Claims Register Summary recorded a total USD 833 million claim from a total 180 creditors against O.W. Bunker USA, according to the creditor list seen by Singapore bunkering publication Manifold Times.
Glencore purchased fuel through Straits Pinnacle which contracted supply from Unicious Energy. Contaminated HSFO was loaded at Khor Fakkan port and shipped to a FSU in Tanjong Pelepas, Malaysia to be further blended.
Individuals were employees of surveying companies engaged by Shell to inspect the volume of oil loaded onto the vessels which Shell supplied oil to; they allegedly accepted bribes totalling at least USD 213,000.
MPA preliminary investigations revealed that the affected marine fuel was supplied by Glencore Singapore Pte Ltd who later sold part of the same cargo to PetroChina International (Singapore) Pte Ltd.
