Oman inks deal for two new LNG carriers worth over $500mln | Jobs On Ships

Asyad Shipping – part of Asyad Group, the Sultanate of Oman’s global integrated logistics service provider – has signed an agreement with South Korean shipyard Hyundai Samho Heavy Industries for the construction of a pair of state-of-the-art LNG carriers.

State-owned Asyad Group noted in a post on Thursday that the agreement signing, covering the supply of two new fifth generation LNG carriers, represents “another landmark in the Group’s expansion plans to bolster its energy logistics capabilities and meet growing global demand”.

According to a filing by the Korean shipyard to the local stock exchange, the order for the two LNG carriers is worth the equivalent of $505.5 million. It added that the vessels are slated for delivery by mid-2026.

Oman LNG, at whose disposal the new LNG tankers are expected to be placed, added in a tweet: “We are pleased to congratulate Asyad Group on the signing an agreement to build two fifth-generation LNG carriers. This step will constitute a milestone in supporting the economy and the logistics sector in the Sultanate of Oman. We wish them and the logistics sector in the Sultanate of Oman continued success.

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New technologies in shipbuilding: warranty claims | Our sea world

Increased focus on decarbonization has led to more shipbuilding involving state of the art technologies, such as:

duel-fuel LNG and LPG vessels, able to burn both traditional conventional HFO bunkers;

exhaust gas cleaning equipment – also known as scrubbers;

modifications or new-build designs to comply with decarbonisation rules such as EEXI / CII regulations;

ammonia-ready ships, built with the intention to be ready to switched to ammonia fuel once reliable supply becomes available. (As ammonia contains no carbon its use does not emit any CO2), and projects to install and retrofit sails on cargo ships to harness wind power to lessen reliance on mechanical propulsion.

Incorporation of new and innovative systems means the scope for warranty disputes is increased. There are some points that buyers should be aware of.

Warranty claims are subject to strict time limits and the courts will uphold these

A shipyard will typically provide a warranty covering defects in a newbuild vessel, machinery and equipment for 12 months from delivery.

English courts will only intervene to interpret a warranty time bar narrowly against the person relying on it (because it is an exclusion clause) if the time bar is ambiguous in the first place. If the time bar is not sufficiently ambiguous, the courts will not intervene to put a strained interpretation on a clear contractual time limit. 

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India’s industrial output drops to 26-month low as rate hike hits demand

India’s annual industrial output contracted 4% in October, its weakest performance in 26 months, after revised growth of 3.5% in September, data released on Monday showed, as rising interest rates and slowing global growth dampened consumer demand.

Analysts polled by Reuters had expected expansion of 0.3% in October. The 4% contraction was the biggest since August 2020 when it had contracted 7.1%, based on Refinitiv data.

The Reserve Bank of India has raised its policy rate by 225 basis points to 6.25% since the start of the tightening cycle in April, as it battles to contain inflation.

Sluggish rural spending and rising borrowing costs have started hitting consumer demand for durables and impacted manufacturing, which accounts for about 16% of the Indian economy.

“It appears that weak domestic demand in combination with waning of export demand is impacting the industrial output growth,” said Devendra Pant, chief economist at India Ratings, the Indian arm of Fitch ratings. 

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Request from the Turkish authorities for confirmatory letters of P&I cover for ships entering international straits and Turkish waters, ports and terminals

The Government of Turkey issued a notice dated 16 November 2022 which requires all ships transiting or entering Turkish waters from 01 December 2022 (extended to 02 December 2022), to provide letters of confirmation from the owner’s P&I Club attesting that cover will remain in place under any circumstances throughout the duration of the transit or the time the ship is in Turkish waters or the time it is in a port or terminal.

The International Group has assessed this issue in detail and, at the time of writing, it has been agreed that Clubs cannot and should not issue such a letter to their Owner or Charterer members.

The Turkish Government’s requirements go well beyond the general information that is contained in a confirmation of entry letter. It requires a P&I Club to confirm that cover will not be prejudiced under any circumstances, including where there is a sanctions breach on the part of the assured, whether knowingly and intentionally or unknowingly and unintentionally. Issuing a confirmatory letter under these circumstances would expose the Club to a breach of sanctions under EU, UK and US law and as such the Clubs cannot comply with the Turkish Authority’s request. 

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