Six ARC7 LNG carriers transporting gas from the Yamal LNG project, under a joint venture of Teekay LNG with China LNG, are no longer classified as a “Blocked Person” under US OFAC rules, according to an official statement by Bermudas-based Teekay Corporation.
The ship Tian Xi of China’s COSCO Shipping Specialized Carriers Co., Ltd. has arrived at Qingdao Port after completing a voyage through the Arctic shipping route. Returning from Finland’s Helsinki, Tian Xi vessel has transported approximately 30,000 tons of high-quality paper pulp back to China.
During the 2019 St. Petersburg International Economic Forum, Novatek, Sovcomflot, Cosco Shippinh Corporation Limited, and the Silk Road Fund Co., Ltd, signed a four-party agreement to establish a joint venture Maritime Arctic Transport LLC. The focus of the Maritime Arctic Transport joint venture is to manage an icebreaking tanker fleet of Arctic ice-class vessels.
COSCO confirmed its plans to increase transit shipments on the Northern Sea Route. The shipping giant aspires to operate in the Polar Silk Road and serve international trade between the North Atlantic region and the far east. Explaining why COSCO chose the Northern Sea Route, Chen Feng, General Director of COSCO Marketing and Sales, said that this route is smooth and fast.
MOL announced that on 11 September, a naming ceremony for an ice-breaking LNG carrier, which was jointly ordered by MOL and COSCO, took place at Daewoo Shipbuilding & Marine Engineering. The newbuild vessel was named “Vladimir Vize” and is the sister vessel of the “Vladimir Rusanov”.
The Cosco owned cargo ship ‘Tian En’ managed to sail out of the Arctic Circle successfully, completing its maiden voyage within the circle. Specifically, the vessel has departed Arctic waters for the French port of Rouen, after having travelled through the Arctic’s Northern Sea Route
Chinese and Japanese shipping companies are collaborating to create an Arctic Ocean route, with the aim to ship LNG to Asian markets. This development is an attempt which has as a target to reduce transport time by more than half. Namely, Mitsui and Cosco will cooperate, diversifying risk, as sailing in the Arctic hides many dangers.
‘Vladimir Rusanov’ is the first of three newbuilds for MOL and COSCO’s fleets in the Yamal LNG Project. The vessel will start operation at the end of March 2018, after being delivered at the end of December and conducting ice-breaking sea trials in Arctic waters.
Northern Sea Route has driven shipping cargo traffic in the Arctic this year, with large Russian as well as foreign ship owners using the route. Interim results for 2017 show that the Northern Sea Route navigation is generally successful, with cargo traffic totaling 7,925,861 tonnes and recording an 8.3% growth as of 1 November.
Chinese company COSCO has expressed interest for trans-Arctic shipping, hoping that the development of a deep-water port on the Northern Dvina River will enable them to bring in big-tonnage ships and increase shipping volumes.
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