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Court declares bankruptcy of Weihai Samjin

Court declares bankruptcy of Weihai Samjin

Dalian: Weihai Intermediate People’s Court has declared the bankruptcy of Weihai Samjin Shipbuilding under the request of creditor bank ICBC. The shipyard couldn’t fulfill many shipbuilding contracts due to financial difficulties. The court has asked the creditors of the shipyard to report debt information. The first creditors’ meeting is scheduled in December 25.

CIMC Raffles recovers arrears from Schahin

CIMC Raffles recovers arrears from SchahinShanghai: Offshore equipment builder CIMC Raffles announced that it has received $105.5m including the principal of $77.6m, interest of $27.7m and legal expenses of $230,200 from Brazilian company Schahin Group under a ruling of the...

Zhuhai Port acquires wind power company

Zhuhai Port acquires wind power companyGuangzhou: Zhuhai Port Group announced that its wholly owned subsidiary Zhuhai Electric Development Group is planning to acquire 100% equity of Dongdian Maolin Wind Energy Development from all the shareholders of the company for abo...

Cosco scraps eight vessels

Cosco scraps eight vesselsShanghai: Following the order of five 14,500 teu containerships, Cosco Group announced that it has sold eight old bulkers with a total capacity of 553,798 dwt for scrapping at a total price of RMB155m.

Zhongchang Marine borrows RMB200m from parent

Zhongchang Marine borrows RMB200m from parentShanghai: Zhongchang Marine announced that it is going to borrow a three-year loan of RMB200m from parent company San Sheng Hong Ye, a multi-sector enterprise based in Shanghai, to replenish working capital. Meanwhile, Zhongchang...

Cosco orders five 14,500 teu boxships at Jiangnan Changxing

Cosco orders five 14,500 teu boxships at Jiangnan ChangxingShanghai: State run shipping conglomerate Cosco announced that it has signed shipbuilding agreements with Shanghai Jiangnan Changxing Shipbuilding for the construction of five 14,500 teu containerships. The price for each vessel ...

Tongfang Jiangxin Shipbuilding gets financial support from parent

Tongfang Jiangxin Shipbuilding gets financial support from parentShanghai: Shanghai-listed Tsinghua Tongfang, a high-tech enterprise in China, announced that it plans to replenish RMB335m capital into its subsidiary Tongfang Jiangxin Shipbuilding in order to expand its shipbuilding capacity. T...

PIL strengthens ties with Beibu Gulf Port

PIL strengthens ties with Beibu Gulf PortGuangzhou: Singaporean shipping company Pacific International Lines (PIL) has signed an MOU with Guangxi Beibu Gulf International Port Group at the recently held China-ASEAN Expo in Nanning. Under the agreement, the two parties w...

Ningbo Ocean Shipping orders boxship pair

Ningbo Ocean Shipping orders boxship pairGuangzhou: Guangzhou Wenchong Shipyard has won a contract to build two 1,100 teu containerships from Ningbo Ocean Shipping. The ships will deliver next year. The latest order brings the owner’s boxship backlog to seven vessels. ...

China Merchants signs Sri Lanka port deal

China Merchants signs Sri Lanka port dealHong Kong: China Merchants Holdings announced that it has signed an agreement with China Harbour Engineering Company and Sri Lanka Ports Authority (SLPA). Under the agreement, SLPA has agreed that it will grant the right to opera...

Sinotrans&CSC appoints new vice president

Sinotrans&CSC appoints new vice presidentShanghai: State-run shipping giant Sinotrans&CSC announced that it has appointed Song Dexing, former director general of water transport department in the Ministry of Transport, as the vice president of the company.

MAN secures engine orders for Hudong Zhonghua LNG carriers

Shanghai: MAN Diesel & Turbo announced that it has been selected to provide dual-fuel diesel electric propulsion solutions for four LNG carriers to be built at Hudong Zhonghua Shipyard, China’s only builder of large LNG carriers.

Cosco Nantong wins FAU contract

Shanghai: Cosco Nantong Shipyard announced that it has won an option order for a cylindrical hull designed floating accommodation unit (FAU) from Teekay Offshore Partners. The FAU follows previously awarded "Xiwang 7" and "Xiwang 8”, and is 56 m...

Tianjin Marine fixes charters for newbuilds

Dalian: Tianjin Marine Shipping (TMSC) has sorted out contracts of affreightment (COA) with Unipec for its series of VLCC newbuilds. It has also signed contracts with Shanghai Zhen Rong Petroleum for its planned fleet of LNG carriers. TMSC announc...

Greathorse Chemical gallops ahead with new investment

Shanghai: Standard Chartered Private Equity (SCPE) and Tiger Group Investments are to invest $95m in Shanghai-based Greathorse Chemical. Other unnamed financial investors are investing an additional $65m in Greathorse Chemical. The cash will go ...

Zhonggu Shipping acquires boxship from Zodiac

Shanghai: Shanghai-based Zhonggu Shipping has signed an agreement with Zodiac Maritime Agencies for the acquisition of a 4,117 teu containership YM Shanghai for $9m. YM Shanghai was built in 1997 and will become the largest ship in Zhonggu Shippin...

Weihai Samjin Shipbuilding to be taken over by government

Dalian: Financially troubled Weihai Samjin Shipbuilding is going to be taken over by the Weihai local government. The Korean invested shipyard has been facing financial difficulties since last year with much of the yard’s production facilities n...

Jiaxing to develop 17 LNG bunkering stations

Shanghai: Jiaxing in Zhejiang province is planning to develop 17 LNG bunkering stations to promote the development of LNG-powered ships on inland rivers. According to Bu Haibin, head of the local water transport department, a draft plan has alread...

CSBC develops ice-class boxship designs

Taipei: Taiwan’s leading shipbuilder CSBC has recently finished development of design for ice-class containerships. It has also developed semi-submersible crane vessel designs of up to 65,000 dwt. CSBC is understood to have already received a nu...

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Autumn 2014
Summer 2014

In Focus

More than just price

There’s plenty that owners and managers will demand when choosing a lube supplier

More than just price

It is fair to say that the selection of lubricants onboard ship has never been more tricky or scrutinised.

Since the market crash of 2008 cost cutting has been uppermost in ship operators’ minds, desperate to stay afloat in what have been intensely tricky financial times. After crew costs and insurance, lubes make up the third highest cost in the daily running of a ship, typically accounting for around 10 to 17% of costs. However, price is not the most important aspect shipowners and operators look for when selecting a lube supplier, according to a wide-ranging survey carried out by Maritime CEO.

Maritime CEO sent out a survey to around 100 shipowners and managers on key lube issues. Price, while important, for sure, only ranked number three in the selection criteria.

Michael Moschonas, chief technical officer with Greece’s Almi Tankers, lists product quality and suitability, the reputation of the supplier, technical support and services, worldwide availability of all grades, before mentioning price.

On the issue of price a fleet manager in the tanker sector based in Singapore tells Maritime CEO: “Some might say rebates based on volume, but I would prefer a good upfront price with no accounting games.”

Ian Claxton, managing director of Thailand’s Thoresen & Co says quality product with no contamination, a guaranteed delivery period without delays to vessel or offhire and strong after sales support such as laboratory testing, training on use and handling, product news and regulatory information updates, all go a long way when selecting a lube supplier.

Meanwhile, the purchasing manager of one of the world’s largest containerlines has another thing he is looking out for when choosing a lubricant company. “Since some new regulations are coming in, we are looking whether their products are recommended by the equipment maker,” he says from the firm& ...   More>>