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Adnoc L&S Lands $530M Deal With Petchem Giant Borouge
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Adnoc L&S Lands $530M Deal With Petchem Giant BorougeADNOC Logistics & Services (ADNOC L&S) has secured a 15-year contract with its compatriot polyolefins major, Borouge, to manage logistics for more than half of its annual petrochemicals output. The deal, valued at $531m, covers port management, container handling, and feeder container ship services for the Borouge container terminal in Al Ruwais Industrial City, Abu Dhabi. Founded in 1998, Borouge is a joint venture between the Abu Dhabi National Oil Company (ADNOC), which holds a 54% stake, and Borealis, a company majority-owned by Austria’s OMV. Borouge operates one of the world’s largest integrated polyolefin production facilities, providing materials for sectors such as infrastructure, mobility, healthcare, energy, agriculture, and advanced packaging. Under the agreement, ADNOC L&S will manage the transportation of up to 70% of Borouge’s production, which is expected to increase by an estimated 1.4m tonnes per annum by the end of 2026 following the completion of the Borouge 4 plant expansion project. The shipping and maritime logistics arm of ADNOC said it will deploy at least two feeder ships to transport products to the deepwater ports of Jebel Ali in Dubai and Khalifa Port in Abu Dhabi. The two companies said the agreement should bring Borouge more than $50m in cost savings and efficiencies in the first five years.
port-and-ship
Jun 11, 2025
Cosco Shipping Specialized Carriers Seals $310M Deal For Six Heavylift Ships
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Cosco Shipping Specialized Carriers Seals $310M Deal For Six Heavylift ShipsCOSCO Shipping Specialized Carriers is bringing in six multipurpose heavylift vessels in a deal with Bank of Communications Financial Leasing (BoComm Leasing). The Shanghai-listed unit of COSCO Shipping Group, with a diversified fleet of more than 150 ships, has signed up for 60,000 dwt units built at CSSC-affiliated Chengxi Shipyard. Under the agreement, COSCO Specialized Carriers will bareboat charter the vessels for roughly 16 years, paying about $19.4m per year or some $310m in total. The company has engaged in multiple leasing deals with BoComm Leasing and other compatriot lessors to expand the fleet for its specialised shipping needs, including heavylift and pulp carrier projects. Earlier this year, local media reported COSCO Specialized Carriers’ plans to add more than 50 ships, including car carriers, multipurpose ships, and heavylift vessels by year-end, on the back of increased demand for transporting wind power products, port machinery, and other specialized cargo.
port-and-ship
Jun 10, 2025
South Korea Reveals 1.25 Gw Offshore Wind Tender
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South Korea Reveals 1.25 Gw Offshore Wind TenderSouth Korea has officially launched a long-anticipated renewable energy tender, which includes about 1.25 GW of offshore wind capacity, the Ministry of Trade, Industry, and Energy announced. The offshore wind auction, set for the first half of 2025, will maintain the ceiling bid price from last year at 176,565 KRW per megawatt-hour (MWh), equivalent to about €113. The tender will primarily target fixed-bottom offshore wind projects. For the first time, 500 MW will be reserved for public-led bidding, a move aimed at encouraging broader participation and transparency in the sector. The ministry said competitive bidding rounds will now be held twice annually, signalling a shift toward a more structured and frequent auction schedule as the country ramps up its renewable energy goals. South Korea’s target is to have 14.3 GW of offshore wind capacity by 2030 as part of a broader plan to increase renewable energy’s share of the electricity mix. In the previous year 1.9 GW of offshore wind capacity was awarded across four major projects.
port-and-ship
May 28, 2025
Cma Cgm Signs $600M Vietnam Box Terminal Deal
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Cma Cgm Signs $600M Vietnam Box Terminal DealFrance’s CMA CGM has penned an agreement with Saigon Newport Corporation (SNP) to develop a new $600m deepwater terminal in Haiphong, northern Vietnam. The deal covers the design, construction, and operation of the Lach Huyen terminals 7 and 8, located in Lach Huyen area in Haiphong. The terminal will have a capacity of 1.9m teu and be put into operation in 2028. CMA CGM runs 29 weekly shipping services through seven ports in Vietnam. The Marseille-based company, which holds joint ownership in the Gemalink terminal at Cai Mep and the Vietnam International Container Terminal in Ho Chi Minh City, stated that the new partnership will help secure long-term capacity in a region increasingly vital to Asian supply chains, driven by fast-paced industrial and logistics growth.
port-and-ship
May 26, 2025
Dp World To Spend $760M Expanding Caucedo Port In The Dominican Republic
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Dp World To Spend $760M Expanding Caucedo Port In The Dominican RepublicGlobal terminal operator has signed a deal in Latin America to spend $760m expanding the Dominican Republic’s Port of Caucedo and its free trade zone. DP World said the Dominican Republic offers a compelling environment for manufacturers and logistics providers by offering competitive costs, robust tax incentives, and proximity to US markets and duty-free access. “This is a transformative investment, not just in infrastructure, but in the future of the Dominican economy,” Morten Johansen, chief operating officer, DP World Americas, said in a release. “The expansion is expected to generate billions in foreign direct investment, create thousands of new jobs, and solidify the Dominican Republic’s position as a premier destination for nearshoring and global trade.” Under the deal, DP World will raise Caucedo’s container handling capacity from 2.5m teu to approximately 3.1m teu, while developing 555 acres of land into a free trade zone.
port-and-ship
May 12, 2025
Wallenius Wilhelmsen Bags Transport Deal Worth $140M
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Wallenius Wilhelmsen Bags Transport Deal Worth $140MNorwegian car carrier player Wallenius Wilhelmsen has won a three-year shipping contract with an unnamed construction and mining equipment manufacturer. The contract is estimated to have a value of approximately $140m based on expected volumes over the three-year period. The company stated that the renewed agreement between the two began on May 1, 2025. The rates were amended in line with current market levels. The customer’s agreements include direct support for Wallenius Wilhelmsen’s decarbonisation initiatives with a new BAF scheme accommodating the expected evolution of the company’s fuel mix for the future. “Continuing our positive start to 2025, the significant multi-year contract further strengthens our long-standing partnerships in the high and heavy segment, extending predictability for both the customer and Wallenius Wilhelmsen,” said Pia Synnerman, chief customer officer at Wallenius Wilhelmsen.
port-and-ship
May 07, 2025
Valaris Bags $135M Drillship Deal In Africa
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Valaris Bags $135M Drillship Deal In AfricaNew York-listed offshore driller Valaris has been awarded a five-well contract offshore West Africa for one of its drillships. The contract, awarded to the 2014-built Valaris DS-15 drillship by an undisclosed client, is expected to begin in the third quarter of 2026. Based on an estimated duration of 250 days, the total contract value is approximately $135 million, including upfront payments for rig upgrades and mobilisation. The total contract value does not include the provision of additional services. The contract includes priced options for up to five wells with an estimated total duration of 80 to 100 days. “As part of this contract, the rig will be upgraded with an enhanced managed pressure drilling system. In addition, this contract adds to our presence offshore West Africa, where we are well positioned for future contracting opportunities,” said Anton Dibowitz, Valaris president and CEO. Valaris also announced that it sold the 27-year-old Valaris 247 jackup, currently operating offshore Australia, to BW Energy for cash proceeds of around $108m. The sale is expected to close in the second half of 2025. As part of the sales agreement, BW Energy will be restricted from using the rig outside of its affiliated properties for the rig’s expected remaining useful life. BW Energy previously announced that it acquired a jackup, which will be converted into a wellhead platform on its Maromba development offshore Brazil. The development involves an initial six production wells from the wellhead platform, converted from a drilling jackup with up to 16 well slots and flowlines. The well slots and flowlines will be connected to the redeployed FPSO BW Maromba, formerly known as Polvo. The FPSO refurbishment and life extension work is already underway at the COSCO yard in China. In a recent fleet status update, Valaris said that its contract backlog increased to approximately $4.2bn from approximately $3.6bn as of February 18, 2025. The contract backlog excludes lump sum payments such as mobilisation fees and capital reimbursements.
port-and-ship
May 06, 2025
Saipem Wins $590M Deal For Work On Eni’S Uk Ccs Project
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Saipem Wins $590M Deal For Work On Eni’S Uk Ccs ProjectItalian offshore engineering and construction giant Saipem has won a contract from Eni for work on the Liverpool Bay CCS project in the UK. The value of the contract is estimated approximately €520m ($592m) over the three years required to complete the project. The Liverpool Bay CCS project will serve the HyNet industrial cluster, situated in one of the UK’s most energy-intensive industrial districts. Saipem’s scope of work concerns the EPC and assistance to the commissioning of a new CO2 electrical compression station. This new facility will be integrated with both the offshore and onshore segments of the overall development. The gas compression and treatment facility will allow for permanent CO2 storage in offshore depleted fields under Liverpool Bay. This comes less than a week after Eni reached the financial close with the UK Government’s Department of Energy Security and Net Zero for the project. The Liverpool Bay CCS project will operate as the backbone of the HyNet Cluster to transport carbon dioxide from capture plants across the North West of England and North Wales through new and repurposed infrastructure to safe and permanent storage in Eni’s depleted natural gas reservoirs, located under the seabed in Liverpool Bay. The project itself foresees the efficient repurposing of part of the offshore platforms as well as 149 km of onshore and offshore pipelines, and the construction of 35 km of new pipelines to connect industrial emitters to the Liverpool Bay CCS network.
port-and-ship
Apr 29, 2025
Why Wind Propulsion Is An Important Piece In Shipping’S Compliance Puzzle
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Why Wind Propulsion Is An Important Piece In Shipping’S Compliance PuzzleSuba Sivandran, director of strategy, M&A and advanced services at Bureau Veritas Marine & Offshore, gives readers an idea of the savings that are possible by installing wind tech on ships trading in Europe.  The International Maritime Organization (IMO) has finalised new measures that should provide a framework to decarbonise shipping. This is a pivotal moment as the sector needs to transition from fossil fuels to cleaner alternative fuels and innovative technologies, such as wind propulsion systems (WPS). Against this backdrop, recent regional regulations – like the EU’s Emission Trading System (ETS) and FuelEU Maritime (FEUM) – have already started to influence the investment and operational strategies of shipowners and operators. These regulations are encouraging owners and operators to adapt their operations to enhance efficiency whilst engaging with developing clean technologies, paving the way for a more sustainable future in maritime transport. With the development of alternative fuels in its nascent stages, wind propulsion has emerged as a competitive long-term solution for reducing the operating costs of vessels, particularly for those trading within the EU. As part of the newly introduced FuelEU Maritime regulation, vessels using wind propulsion technologies benefit from the framework’s wind rewards factor (WRF), a mechanism designed to incentivize the adoption of wind propulsion technologies. WRF offers up to a 5% reduction on the GHG calculation of energy used onboard for those vessels where wind propulsion accounts for 15% or more of the propulsive power used onboard. Furthermore, WPS also contributes to improving a ship’s Energy Efficiency Design Index (EEDI), Energy Efficiency Existing Ship Index (EEXI), and Carbon Intensity Indicator (CII) ratings. This aligns perfectly with the industry’s imperative to decarbonize. The adoption of WPS technology is clearly developing at pace. As of February 2025, more than 125 of these systems have been installed on over 57 ships, in addition to 17 already prepared for potential installation. In fact, a recent study suggested that over 1,600 ships will be ordered by 2030, and by 2050, it is estimated that 30% of the entire global fleet will have engaged with wind propulsion technology. Many of these will be classed by Bureau Veritas. As an accredited verifier of alternative fuels as well as pooling compliance under FEUM, Bureau Veritas Marine & Offshore (BV) has recently developed a suite of tools to model the impact of EU and IMO regulations on shipping. This modelling demonstrates that vessels trading at least partially in the EU can achieve substantial savings by engaging with WPS technology. For example, an ultramax vessel trading internationally with the EU could see nearly a 20% reduction in operating costs from 2025-2040 if it uses wind assistance, compared to a reference vessel running on Very Low Sulphur Fuel Oil (VLSFOe). The operating cost benefits remain evident even when accounting for the initial CAPEX implications of installing WPS technology. Wind-assisted vessels, combined with a small biofuel mix, could see further reductions in operational costs in the period from 2035-2040. Wind assistance proves to be equally or even more competitive in the long term compared to biofuels. BV’s analysis indicates that by 2030, the operating costs for an ultramax vessel using 3% biofuel and one utilising wind assistance would be nearly identical, even after factoring in the additional capex of wind assistance (amortised over 15 years). Both strategies could reduce operating costs by approximately 12% compared to a reference vessel running on VLSFOe.  Looking toward 2040, a vessel using 10% biofuel would cut its operating costs by 54%. Conversely, a vessel with wind assistance and 3% biofuel to comply with FEUM regulations could reduce its operating costs by over 60%. These figures illustrate wind propulsion as a key component in the future of sustainable maritime transport. By engaging with WPS technologies, vessels can effectively reduce their fuel consumption and emissions, assisting them in meeting stricter emission standards while contributing to the EU’s goal of carbon neutrality by 2050. BV’s recent modelling study underscores the critical role of WPS technology in navigating the evolving regulatory landscape. Wind propulsion represents a competitive long-term solution for minimising vessel operating costs whilst supporting regulatory compliance.
port-and-ship
Apr 17, 2025
Take Your Pick From 400 Opportunities Over At Splash Jobs
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Take Your Pick From 400 Opportunities Over At Splash JobsContemplating a career change as much of the world goes into a long weekend? Splash Jobs has close to 400 positions open in more than 25 countries catering to a very diverse set of skill sets. Writing for Splash recently, Mark Charman, who heads up Faststream Recruitment, discussed the future of maritime talent, something he sees as being increasingly a blended workforce. “As AI adoption accelerates, maritime C-suite executives and HR leaders must rethink their workforce strategies,” Charman wrote. The most successful maritime organisations, according to Charman, will be those that invest in upskilling and reskilling; equip employees with the digital literacy and problem-solving skills needed to work alongside AI; prioritise soft skills like adaptability, collaboration, and strategic thinking alongside technical knowledge; as well as balancing automation with human expertise. See what career possibilities await over at Splash Jobs by clicking here.
port-and-ship
Apr 17, 2025