Capital Ship Management Corp. took successful delivery today of the newbuilding vessel M/T 'Aristoklis' from Daehan Shipbuilding Co., Ltd. (DHSC) in S.Korea.

The M/T 'Aristoklis ' is a 112,800 dwt, Ice Class 1C, Aframax, Crude Oil/Product Tanker. It is the second of two new sister ships with eco-friendly design delivered in January 2017.

 

About Capital Ship Management Corp.

Capital Ship Management Corp. is a distinguished oceangoing vessel operator, offering comprehensive services in every aspect of ship management, currently operating a fleet of 55 vessels with a total dwt of 5.7 million tons approx. The fleet under management includes the vessels of Nasdaq-listed Capital Product Partners L.P.

We are pleased to announce the establishment of MARGETIS OFFSHORE CONSULTING (a new division of Margetis Maritime Consulting), a dedicated Company, specialising in Offshore structure, speciality crafts and the Oil & Gas industry aiming to offer diverse and specialised Services to the Energy, Oil & Gas industry.

MARGETIS OFFSHORE CONSULTING will be based in our HOUSTON Office and headed by Mr. Kent Dangtran, a well-known Engineer and Consultant in the Oil & Gas sector, who had previously been involved with major projects, mostly within the Gulf of Mexico, as well as drafting and assessing regulations.  He will be joined by Mr. Ronnie Hotard, a thirty five (35) year veteran on the field of offshore structures and dedicated / specialized Mobile Offshore Drilling Units.

Over the past several years, Kent and Ronnie participated in some of the most prestigious and high profile projects in the Energy field, projects such as the BP Gulf of Mexico First Deepwater Development Projects including BP HOLSTEIN Spar Project, BP Thunder Horse Semisubmersible Project (before and after the major casualty sustained in 2006), BP Mad Dog Phase 1 Spar Project, BP Atlantis Semisubmersible Project, the Petrobras FPSO Pioneer Project, the BHP Billiton Neptune TLP Project and Shenzi TLP Project , the Noble Energy Subsea Gunflint and Big Bend projects, the Cameron Highway Oil pipeline System, and the Garden Banks 72 facility casualty (from Hurricane IKE) (just to name a few).

MARGETIS OFFSHORE CONSULTING will be offering our clients, professional and expert Services and Consulting in the Offshore, Energy, Oil & Gas business, including Marine Warranty Surveys & Risk Assessment, Casualty Investigation and Damage Surveys, Design, New Building Construction & Modification of Platforms, Floating Systems and Offshore Rigs.

We attach our dedicated electronic Brochure for MARGETIS OFFSHORE CONSULTING with details of our new People, as well as a selection of some of the projects they had been involved in the past (prior joining our Firm).

 

The inaugural “Capital Link Cyprus Shipping Forum” will take place in Limassol on Thursday, February 9, 2017, at the Columbia Plaza, under the Auspices of the Ministry of Transport, Communications and Works. Capital Link intends to organize this event in Cyprus on an annual basis.

The event aims to highlight the significant role of Cyprus as a maritime, energy and logistics hub and as an investment and business destination. The Forum will feature major international speakers and delegates and local industry leaders in an exchange of ideas on critical industry topics. It will discuss the developments and trends in the major shipping, financial and capital markets as well as issues pertaining to geopolitical and regulatory developments, technical and commercial fleet management. The Forum will highlight the competitive positioning and advantages of Cyprus as a maritime and logistics industry hub. 

FORUM OVERVIEW AND STRUCTURE 

The Forum is organized Under the Auspices of the Ministry of Transport, Communications and Works. The Cyprus Union of Shipowners and Deloitte are the Lead Sponsors.  The event has the support of the Department of Merchant Shipping, the Cyprus Shipping Chamber and many others industry associations.

 

The Conference Chairman of the Forum is Mr. George A. Tsavliris, Principal of Tsavliris Salvage Group. Mr. Tsavliris has held the position of elected Chairman of INTERMEPA (International Marine Environment Protection Association), he is the Chairman of CYMEPA (Cyprus Marine Environmental Protection Association), as well as member of the Board of Directors of the Cyprus Union of Shipowners and Honorary Chairman of the Tsavliris Cultural Foundation. 

Keynote speakers of the “Capital Link Cyprus Shipping Forum” are:

• Marios Demetriades, Minister of Transport Communications & Works of the Republic of Cyprus,
• Martin Stopford, non-Executive President of Clarkson Research Services Ltd and
• Zhang Ye, President of Shanghai Shipping Exchange.

 

CAPITAL LINK INVEST IN CYPRUS FORUM – NEW YORK, MARCH 22, 2017

 

To further enhance awareness of Cyprus as a business and investment destination, the “Capital Link Invest in Cyprus Forum” will be organized in New York City on Wednesday, March 22, 2017. The Forum will showcase the increasing importance of Cyprus as a regional maritime, logistics, energy and operational hub and highlight investment and business opportunities in these areas as well as in financial services, IT and tourism.

 

Mr. Harris Georgiadis, Minister of Finance, Mr. Yiorgos Lakkortypis, Minister of Energy, Commerce, Industry and Tourism and Mr. Marios Demetriades, Minister of Transport, Communications and Works, will participate and address an audience of high level delegates from the US business, investment and finance communities.

 

ORGANIZERS

Capital Link is known for the organization of large scale high quality maritime and investor forums in key industry centers, such as New York, London, Athens and Shanghai, and as of 2017 in Limassol. Capital Link organizes fourteen conferences annually, of which seven are focused on the maritime sector. Capital Link’s events draw the elite of the financial, investment and maritime communities and provide a unique combination of superior informational content, marketing and networking opportunities. Capital Link’s  global  marketing  platform enhances  the  visibility  and  reach  of these events during the year on a global scale that  lasts well  beyond  the  date  on  which  each event  is  held,  becoming a  continuous reference point for market participants.  

 

REGISTRATION

To register please go to the link below:

http://forums.capitallink.com/shipping/2017cyprus/signup.html

 

INDUSTRY PANEL & PRESENTATION TOPICS TO BE COVERED:

• Cyprus as a Maritime, Logistics & Energy Hub
• GLOBAL SHIPPING MARKETS

Current Developments & Outlook

A review of the global commodity, energy and shipping markets - Sector review, analysis & outlook

• SHIP MANAGEMENT :

Optimizing Technical Fleet Management

Good people pay off - Crewing strategies and staff development

Managing Risks – Cybersecurity

Managing Risks - Foreign Corruption Practices Act

   Optimizing Insurance & Reinsurance - Trends & Developments

• GEOPOLITICAL & REGULATORY DEVELOPENTS AFFECTING SHIPPING

China, the Global Economy & Shipping

"One Belt - One Road" - The New Silk Road and How it Will Affect Shipping

Geopolitical and regulatory developments affecting shipping

• FORUM SESSION ON FINANCE AND CAPITAL MARKETS

Access to Capital as a Competitive Advantage - Bank Finance, Capital Markets, Private Equity & Alternative Financing

Restructuring as a Business & Investment Opportunity

• CYPRUS AS A MARITIME, LOGISTICS & ENERGY HUB

Expertise and Infrastructure in Cyprus - Cyprus as an Operational Hub

• PUTTING IT ALL TOGETHER : THE SHIPOWNER PERSPECTIVE

Is There Light at the End of the Tunnel? - The Shipowner Perspective

 

TARGET AUDIENCE

The Forum presents a unique opportunity to meet and network with a large, high-caliber audience of Ship Owners - Ship Managers - Ship Operators - Ship Brokers – Charterers - Risk Insurers – Arbitrators - Marine Technology experts, investment and commercial bankers, analysts, private equity and venture capital firms, law and auditing executives, market analysts, institutional investors, financial advisors, trade and financial media.

 

PARTICIPATING COMPANIES & ORGANIZATIONS

 

ABN AMRO Energy, Commodities & Transportation • Affinity Shipping • Capital Ship Management Corp. • Caribe Tankers • Caldwalader, Wickersham & Taft LLP • Clarkson Research Services Ltd. • Clay Maitland • Cobham SATCOM-Columbia Shipmanagement Ltd. • Compagnie de Transport Maritime • Cyprus Sea Lines Shipping • Deloitte • DNB Bank • DNV GL • Region South East Europe & Middle East • Euroseas Ltd. • Evercore Partners • Fourth Insurance Office, Inc. • Granfeld Wealth Management • Hellenic Bank • Inmarsat • InterManager • Intership Navigation Co • International Registrie • Marlow Navigation • Marsh Cyprus • Mastermind Shipmanagement Ltd • MSC Shipmanagement Ltd • NAMEPA • Niki Shipping • Norton Rose Fulbright • Norwegian Hull Club • Oceanbulk Containers • Safe Bulkers • Shanghai Shipping Exchange • Singhai Marine Services • Star Bulk Carriers • Stifel • Technomar Shipping Inc • Terra Navis Shipping Ltd • The American Club • The Marshall Islands Registry • Tototheo Group • Transmed Shipping Co. Ltd • Tsavliris Salvage Group • Tufton Oceanic Shipping Management • Zela Shipping Group

 

 

UNDER THE AUSPICES OF: Ministry of Transport, Communications and Works, Republic of Cyprus

 

LEAD SPONSORS: Cyprus Union of Shipowners • Deloitte

GLOBAL GOLD SPONSORS: Columbia Shipmanagement • DNV-GL • TOTOTHEO Group

SPONSΟRS: Caldwalader, Wickersham & Taft • Clay Maitland • COBHAM • DMS DEPARTMENT OF MERCHANT SHIPPING • EVERCORE • Family Insurance Office. Inc • Hellenic Bank Public Company Ltd. • INMARSAT • The Marshall Islands Registry

SUPPORTING SPONSORS:  The American Club • Chrysses Demetriades & Co LLC • MARSH • NIKI • Norwegian Hull Club • Singhai Marine Services

SPEAKERS DINNER SPONSOR: Hellenic Bank Public Company Ltd.

 

SUPPORTING ORGANIZATIONS: Department of Merchant Shipping • CYMEPA • Cyprus Shipping Chamber • Cyprus Naval Architects & Marine Engineers Association • Institute Chartered Shipbrokers • Young Ship Cyprus •   Wista Cyprus •Wista Hellas

 

MEDIA PARTNERS: AllAboutShipping.co.uk • CyprusDaily,net • CyprusTimes • EconomyTimes.net •Philelepheros • The Cyprus Weekly • Elnavi Monthly Shipping Review • GreekNewsonline.com • Kathimerini Cyprus • Kathimerini English Edition • Maritimes.gr • The Maritime Executive • Mignatiou.com • Ship2Shore • Shipping International Monthly Review • TradeWinds • Worldoils • Nafsgreen World Shipping News

 

FOR MORE INFORMATION

 

Please visit: http://forums.capitallink.com/shipping/2017cyprus/index.html

 

For further information, please contact:

NEW YORK // Mrs. Olga Bornozi & Mrs. Eleni Bej

Tel. +1 212 661 75 66 - Email:This email address is being protected from spambots. You need JavaScript enabled to view it.

ATHENS // Mrs. Eleni Kouroubali

Tel: +30 210 610 9800 - Email: This email address is being protected from spambots. You need JavaScript enabled to view it.  

 

For more details and extensive information, please visit:

 

The CAPITAL LINK website:  www.capitallink.com  

The CAPITAL LINK FORUM website:  www.capitallinkforum.com

ABOUT CAPITAL LINK

With its headquarters in New York and presence in London, Athens and Oslo, Capital Link has been active since 1995 in the field of Investor Relations and Financial Communication. It also organizes annually in New York, London, Athens, Limassol and Shanghai a series of Investment Forums focusing on its main activity fields (www.capitallinkforum.com).

Capital Link's efforts have been recognized by the 2011 Greek Shipping Lloyds Awards and in 2012 and 2013 the by Intercontinental Finance Magazine. Mr. Nicolas Bornozis has been personally honored for his relentless, efficient and highly effective efforts to promote Greece and Greek Shipping abroad and among the international investment community by the International Propeller Club of the United States and the AHI-American Hellenic Institute.

With the increasing popularity of the cruise market and as superyacht owners seek the next thrill, the private submersible sector is expected to grow substantially over the next few years. This article is about one of the latest DNV GL projects in this field.

At the U-Boat Worx production facility in the Netherlands, a group of engineers have gathered around the three-metre-long submersible Super Yacht Sub 3 for its factory acceptance test. Once it passes a visual inspection and dry tests on the propulsion, electric and hydraulic systems, the submersible is taken for harbour and sea trials.

The Super Yacht Sub 3 is one of the most popular models produced by U-Boat Worx in Breda. The Dutch manufacturer specializes in submersibles for the pleasure boat and research sectors. “Our aim is to make our submersibles as safe, manoeuverable and comfortable as possible. To ensure they meet the highest quality and safety standards, we have been cooperating closely with DNV GL for a number of years,” explains Erik Hasselman, Commercial Director at U-Boat Worx.

3,600 tonnes of pressure

“Submersibles can reach depths of up to 300 metres and open up a whole new world for cruise passengers to explore, including areas that divers cannot reach,” says Andreas Fischer, DNV GL Inspection Engineer — Pressure & Underwater Technology. “Every new model is tailor made for the customer, and all calculations have to be made against pressure considerations to check whether the sub can withstand these kinds of depths,” he adds. At 300 metres the submersibles’ acrylic viewpoint has to resist a total force of 3,600 tonnes.

DNV GL works closely with U-Boat Worx from the design to the production phase to ensure new models achieve compliance. “Designing these subs is a challenge because we develop submersibles that can be fitted on board vessels such as superyachts. This means that the design has to be very compact while still being able to accommodate three passengers and dive to depths of 300 metres. Working with experienced staff from DNV GL has helped speed up the design process significantly,” says Stefan Franken, U-Boat Worx Manager — Classification & Quality.

Tight fit

Fitting models such as the Super Yacht Sub 3 on board a vessel requires a freeboard extender so the submersible can handle sea state three and wave heights of up to 1.5 metres. In addition, the freeboard must not be fixed permanently otherwise the craft won’t fit on the superyacht. 

To ensure the highest safety standards, the submersible’s 200-cell lithium-ion battery propulsion system is equipped with a specially developed cell monitoring system to stop the batteries from overheating or discharging hazardous material.

The submersible has a 96-hour life support system to provide passengers with sufficient breathing air in case of an incident. The pilot also needs to press a so-called “dead man’s handle” every ten minutes otherwise an alarm system is triggered, which immediately takes the submersible safely back to the surface. As an additional safety feature, the submersible can also be operated remotely from the support vessel.

The Crystal Esprit makeover

One of the manufacturer’s recent projects for the Los Angeles-based company Crystal Cruises, owned by the Genting Group, presented both the U-Boat Worx team and DNV GL classification experts with a particular challenge: fitting a C-Explorer 3 submersible on the seasoned cruise ship Crystal Esprit.

“The C-Explorer 3 was part of a larger upgrade programme for the Crystal Esprit, and it required very close cooperation between all parties involved, starting from the approval of drawings, planning for surveys and follow-up in the yard. The main tasks were to prepare the foundations for the sub and fit the retractable telescopic crane and the ‘access hatch’ where passengers board the sub,” explains Jamel Eddine Barhoumi, DNV GL Principal Surveyor and Lead Auditor, Fleet in Service Maritime, who worked on the Crystal Esprit project at the Sembawang Shipyard in Singapore.

“Making space for the submersible was a challenge and required precise measurements. Quite a few things had to be relocated, for example ventilation ducts and mooring bollards, and pipes had to be rerouted,” he adds. DNV GL also worked closely with the superintendent regarding the lifting procedures for the six-tonne submersible. After about three months, the C-Explorer 3 was liftedand stowed on board Crystal Esprit in Penang, Malaysia, and officially launched and tried out in the Seychelles. The classification society has worked withthe owners for more than 20 years. “We know each other’s teams very well, there is very good cooperation from top management to the surveyors in the field,” says Barhoumi.

According to Captain Gustaf Gronberg, SVP Marine Operations & Newbuilding for Genting and one of the group’s five certified submersible pilots, C-Explorer 3 was received very well on the Crystal Esprit. “The sub has been in operation for more than a year, and we have taken her to the Seychelles and now she is in Croatia. Often people imagine a cigar-shaped submarine with a tiny window, but this model gives an incredible 360-degree view.”

Crystal Esprit has been a success story for U-Boat Worx’s production team as well. The Genting Group has gone on to order four more submersibles from the Dutch manufacturer. In October, two fiveseater submersibles will be delivered for the installation on its newbuild Genting Dream. UBoat Worx is also working on several new concepts, including a seven and a nine-seater as well as a faster sports model. DNV GL will continue to support U-Boat Worx in its ambitious plans and ensure new ideas can be taken from the concept to the manufacturing stage as smoothly as possible.

DNV-GL

International P&I insurer publishes book to mark this milestone and its place in the global maritime industry

The American P&I Club was founded in New York nearly a century ago. To celebrate its first 100 years, a book entitled The American Club: A Centennial History has just been published.

The book tells the story of the Club across ten decades of maritime and marine insurance history both within the United States and across the world. Its author is Richard Blodgett, a former Wall Street Journal reporter whose previous credits include histories of the New York Stock Exchange, Kohler and Co. and JP Morgan Chase & Co.

The Club’s Chairman, Arnold Witte of Donjon Marine Co., Inc., commented:

“P&I clubs are one of the least known, yet significant, niches of the maritime world. The American Club: A Centennial History reveals the rich traditions of the clubs through the spyglass of the only P&I club in the Americas. I am delighted that we have been able to record for posterity the challenges the American Club has faced over the years, and we are very proud of all the achievements and benefits it has brought those who work in the global shipping industry and to marine insurance in general.”

The American Club was founded in February, 1917. War was raging in Europe when the Club began. At that time, P&I insurance was available primarily from clubs in the United Kingdom and Scandinavia. In consequence of UK government trade-related sanctions which had been imposed on certain US shipowners in 1916, the American Club was established to provide a reliable source of coverage in the United States.

The Club was the brainchild of W. H. LaBoyteaux, President of Johnson & Higgins, the leading US marine insurance broker in the United States at that time. The Club was an immediate success, enjoying the support of many of the foremost US steamship companies.

The size of the American merchant marine fluctuated in the 1920s and 1930s. It grew during World War II, but entered a prolonged period of decline thereafter. In the decades from 1950 onward, the worldwide merchant fleet grew steadily. But nearly all that growth was taking place outside the United States.

Although the Club only admitted its first foreign-flagged member in 1980, it had ambitions of further international growth over the years which followed. These ambitions gained momentum in 1995 when the Club implemented a major strategy for growth and diversification. Entitled Vision 2000, it called for new leadership, the expansion of the Club’s membership internationally, the establishment of overseas offices, the development of new insurance lines and many other initiatives designed to place the Club at the forefront of its industry peers.

In 1998 the American Club became a full member of the International Group of P&I Clubs. This alliance of leading insurers provides outstanding security and technical resources to the maritime community. It also supports the industry's broader interests as one of shipping's most influential voices.

Joe Hughes, Chairman and CEO of the American Club’s managers, Shipowners Claims Bureau, Inc., also commented:

“Today the American Club is thoroughly international in scope, offers a broad range of marine insurance products and is larger and more successful than ever. At present, members domiciled outside North America account for some 85 percent of the Club’s insured tonnage. What was founded in 1917 as an American Club serving the American steamship industry has successfully recast itself as an American Club serving the global maritime community, building on the enduring values of its long traditions.”

The American Club

American Steamship Owners Mutual Protection and Indemnity Association, Inc. (the American Club) was established in New York in 1917. It is the only mutual Protection and Indemnity Club domiciled in the entire Americas and its headquarters are in New York, USA.

The American Club has been successful in recent years in building on its US heritage to create a truly international insurer with a global reach second-to-none in the industry. Day to day management of the American Club is provided by Shipowners Claims Bureau, Inc. also headquartered in New York.

The Club is able to provide local service for its members across all time zones, communicating in eleven languages, and has subsidiary offices located in London, Houston, Piraeus, Hong Kong and Shanghai, plus a worldwide network of correspondents.

The Club is a member of the International Group of P&I Clubs, a collective of thirteen mutuals which together provide Protection and Indemnity insurance for some 90\% of all world shipping.

For more information, please visit the Club’s website http://www.american-club.com/

P&I Insurance

Protection and Indemnity insurance (commonly referred to as "P&I") provides cover to shipowners and charterers against third-party liabilities encountered in their commercial operations; typical exposures include damage to cargo, pollution, death/injury or illness of passengers or crew or damage to docks and other installations.

Running in parallel with a ship's hull and machinery cover, traditional P&I cover distinguishes itself from usual forms of marine insurance by being based on the not-for-profit principle of mutuality where Members of the Club are both the insurers and the assureds.

Joseph E.M. Hughes (Chairman & CEO, SCB Inc.), Dorothea G. Ioannou (Senior Vice President, Global Business Development Director, SCB Inc.), Vincent J. Solarino (President & COO, SCB Inc.), J. Arnold Witte (Donjon Marine Co., Inc., Board Chairman of the American P&I Club)

J. Arnold Witte (Donjon Marine Co., Inc., Board Chairman of the American P&I Club), Joseph E.M. Hughes (Chairman & CEO, SCB Inc.)

INSB Class announced that has signed a memorandum of understanding (MoU), with Verifavia, the world’s leading emissions verification company for the transport sector (aviation and shipping),

As part of the new strategic partnership, INSB Class will offer MRV services to its contracted customers by leveraging the knowledge and expertise of its trusted partner and EU MRV specialists, Verifavia Shipping Hellas. As an established independent verification company, Verifavia will utilise the tools as well as in-depth knowledge and expertise at their disposal to instill ship owners and operators with the confidence that the right systems, capabilities, and understanding are in place to efficiently achieve compliance.
 
Shipping companies with vessels exceeding 5,000 GT operating in the EU have until August 2017 to prepare plans to monitor and report their carbon emissions, fuel consumption, and associated transport work. Adopted on 1st July 2015, the MRV regulation will see the EU collect and make publicly available data for over 12,000 vessels visiting EU ports.
 
The regulation is the industry’s first step towards cutting CO2 emissions from maritime transport in the European Union (EU) and compliance is non-negotiable. Owners and operators have just seven months until the first legal deadline requiring them to submit a Monitoring Plan (MP) to a verifier. In addition, all MPs must be successfully assessed by an accredited verifier by 31st December 2017, before the start of the first monitoring period.

Nikolas Theodorou, Managing Director, Verifavia Shipping Hellas, commented: 
 
“Our company ethos is founded on offering an independent service grounded in accuracy, integrity, and expertise, and we take great pride in working as a trusted partner to support our customers in achieving EU MRV compliance. As such, we are extremely happy to be collaborating with a likeminded company, and that INSB has entrusted us to fulfil the MRV compliance needs of its customers.”
 
Pantelis Chinakis, President & Managing Director, INSB Class, added:
 
“We have every confidence in Verifavia’s MRV knowledge and expertise. Most importantly, we trust that they will endeavour to maintain our ongoing aims to deliver the highest levels of service across the board within the shipping industry, and will effectively and efficiently guide ship owners and operators on the road to EU MRV compliance.”

The EU MRV Regulation is new and unfamiliar, and as with any complex legislation, it makes sense to start upon the road to compliance early on, ensuring sufficient opportunity to identify and address any issues ahead of time. For owners and operators, the key lies in their ability to effectively interpret the requirements outlined within the regulation.

Both Verifavia and INSB Class remain committed to greatly simplifying the EU MRV process – ensuring shipping companies achieve compliance in the most efficient, cost-effective and timely manner.

 

The head of Iran’s oil terminal company said that the country has seen a significant spike in international tanker traffic since Western sanctions were eased last year.

Iran Oil Terminals Company (IOTC) chief Seyyed Pirouz Mousavi told the MEHR News Agency that Iran has seen its volume of oil and gas condensate tanker traffic grow by 50 percent since sanctions were lifted.

Mousavi told the news agency that tankers leased out by several international companies, including France’s Total and Italy’s Eni, are currently arriving and being loaded at Iran’s southern terminals.

Mousavi added that the country has a current gas condensate loading and export capacity of about two million barrels.

The Obama administration secured a roll back of sanctions on Iran in late 2015 that called for Iran to curb its nuclear program in exchange for Western sanctions on oil exports being lifted.

Since the sanctions were officially lifted last January several energy companies have signed deals with Iran.

In November, France’s Total became the first major international oil firm to sign a development deal with Iran since Western sanctions were lifted.

Total signed a heads of agreement with the National Iranian Oil Company (NIOC) that covers the development of phase 11 of the South Pars gas field.

Last January, Italian services firm Saipem signed a memorandum of understanding with the Parsian Oil & Gas Development Company.

Saipem said the MoU”envisages discussions aimed at Saipem’s potential cooperation in revamping and upgrading the Pars Shiraz and Tabriz refineries.”

Late last year, Schlumberger signed a preliminary deal with the NIOC to collect data for an Iranian oil field.

The Houston-based company told the Wall Street Journal that the memorandum of covers the “non-disclosure of data required for a technical evaluation of a field development prospect.”

Schlumberger added that the agreement does not call for the execution oil field operation services and the company said it will comply with all laws and regulations.

Iranian officials have said that they hope to attract over $150 billion in energy projects by 2020 now that sanctions have been lifted.
Source: Petro Global News

BEIJING, Jan. 20 (Xinhua) -- China's economy grew 6.7 percent year on year in 2016, the slowest pace of growth in 26 years, but well within the government's target range, official data showed Friday.

Growth in the fourth quarter came in at 6.8 percent, accelerating from the 6.7 percent in the third quarter, according to National Bureau of Statistics data (NBS).

The government target was 6.5 to 7 percent growth for 2016.

Gross domestic product totaled 74.41 trillion yuan (about 10.83 trillion U.S. dollars) in 2016, with the service sector accounting for 51.6 percent.

The data showed that major economic indicators softened last year, with industrial output growth slowing slightly to 6 percent from 6.1 percent in 2015.

Urban fixed-asset investment continued to cool, rising 8.1 percent year on year, compared with 10 percent in 2015. Retail sales rose 10.4 percent, down from 10.7 percent in 2015.

XINHUA

Hapag-Lloyd AG boosted the volume of its first bond sale since 2014 by 100 million euros ($94 million) as investors showed heightened demand for the high-yield notes, speculating that global container shipping may finally see a recovery following eight years of crisis.

Germany’s No. 1 container shipping line, seen to close a merger with Mid-East carrier United Arab Shipping Co in the coming weeks, will sell 250 million euros of unsecured notes at a yield of around 7 percent, according to a person familiar with the matter.

Of the proceeds of the five-year bond nearly 120 million euros will be used to fully redeem an outstanding dollar bond due this autumn, while the rest will help the liner to cut debt, Hapag-Lloyd said in a statement confirming the upsizing reported by Bloomberg earlier on Wednesday. Chief Executive Officer Rolf Habben Jansen said last year that debt will nearly double to $7.1 billion following its merger with UASC, while recent investments by the Mid-East carrier in large vessels will keep capital expenditureat the combined entity to a minimum in the next couple of years.

The company has hired Berenberg Bank, Deutsche Bank AG and Credit Suisse Group AG as global coordinators for its sale, which was due to price later on Wednesday. HSH Nordbank AG, ING Groep NV and M.M. Warburg & Co. are acting as joint bookrunners on the deal.

Container shipping has suffered from overcapacity of vessels in recent years as new, larger ships ordered before the crisis entered the global fleet, while trade slowed. High vessel scrapping rates, low order levels and a raft of mergers and acquisitions in 2016 have however improved sentiment in the market. The Hapag-Lloyd stock, listed in November 2015, has gained 53 percent in the last three months, making it a top-performer in Germany’s small-cap SDAX index. Shares of A.P. Moller-Maersk A/S, the owner of the world’s top container carrier Maersk Line, surged 21 percent in the same period.

www.bloomberg.com

New shipbuilding orders received by China’s shipyards in 2016 have fallen by 32.6\% year-on-year to 21.07m dwt in vessel tonnage, according to latest figures released by China Association of the National Shipbuilding Industry (Cansi).

The dip in newbuilding orders pointed to owners holding back on ordering too many new ships in a market that is suffering from excessive tonnage and slow pick up in demand.

The sluggish Chinese shipbuilding industry, impacted by insufficient work and tight cash flows, also recorded a 15.6\% fall in completed tonnage at 35.32m dwt last year.

The combined orderbook as at 31 December 2016 stood at 99.61m dwt, down 19\% compared to the previous corresponding period, Cansi figures showed.

China’s 2016 shipbuilding figures showed that the completed tonnage, new orders received and order backlog accounted for 35.6\%, 65.2\% and 43.9\%, respectively, of the global market share.

The association further revealed that over the January to November 2016 period, 1,459 local shipyard enterprises generated a total revenue of RMB697.57bn ($101.54bn), a dip of 1.6\% compared to the same period of 2015.

Among the total revenue, the shipbuilding business took the lion’s share of RMB342.19bn, followed by shipbuilding equipment taking up RMB93.61bn, offshore equipment accounting for RMB67.55bn and ship repair on RMB18.47bn.

Over the first 11 months of last year, the 1,459 enterprises reaped a combined net profit of RMB14.74bn, down 1.9\% year-on-year.
 
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