Deals this week: MOL, P&O Ferries, NYK

2 March 2018 (Last Updated March 2nd, 2018 10:33)

Mitsui OSK Lines (MOL) has signed a memorandum of understanding (MoU) with the Far East Investment and Export Agency (FEIA) to jointly develop the Northern Sea Route and the Russian Far East.

Mitsui OSK Lines (MOL) has signed a memorandum of understanding (MoU) with the Far East Investment and Export Agency (FEIA) to jointly develop the Northern Sea Route and the Russian Far East.

The MoU will facilitate the development of the Northern Sea Route in order to transform it into a global transit corridor between Europe and Asia.

The Northern Sea Route is shorter in distance than the traditional route via the Suez Canal and will also reduce journey time and costs, as well as carbon dioxide (CO2) emissions.

Additionally, the transaction is expected to allow MOL to ship natural energy resources in the Arctic waters.

P&O Ferries has signed an agreement with the operator of the Port of Tilbury in Essex for the construction of a new purpose-built terminal at an estimated cost of £150m ($207m).

The new terminal is set to be located on the River Thames and is expected to increase P&O’s capacity to 600,000 units a year by 2020.

"The Royal Boskalis Westminster (Boskalis) consortium has received a contract worth S$1.46bn ($1.1bn) for the Tuas Terminal Phase II port development project in Singapore."

It will be built across a 152-acre site as part of Forth Ports’ wider Tilbury2 project.

The facility will be connected to the A13 via a new road and its advanced layout is anticipated to enable users to locate their unit more quickly and efficiently.

A new deepwater jetty will also be built as part of the terminal development plan.

Nippon Yusen Kabushiki Kaisha (NYK) has partnered with MTI for the development of a diagnostic tool named Kirari MUSE.

The new solution uses various electronic listening devices to record, visualise and analyse operational sounds in a vessel’s power-plant in order to diagnose the condition of its engine.

Kirari MUSE will be able to detect any unfamiliar sounds and share the recording with others, both on-board ships and onshore.

The sound data collected by the tool will be used to detect small, incremental changes on a daily basis.

In addition, the new tool will enable NYK to identify and diagnose the operational sounds of different machinery and equipment.

Royal Boskalis Westminster (Boskalis) consortium has received a contract worth S$1.46bn ($1.1bn) for the Tuas Terminal Phase II port development project in Singapore.

The consortium includes Boskalis, the Penta Ocean Construction Company and the Hyundai Engineering & Construction Company.

Boskalis will carry out a variety of dredging and civil engineering works as part of the deal, including the deepening of the port basin and access channel, as well as the dredging of a sandkey.

The Tuas Terminal Phase II forms part of the Tuas Port project and will include the design and construction of 387ha of land reclamation works.

The terminal project is slated to be executed in four phases over a period of 30 years.