Maritime Industry Roundup: Shipbuilding, FPSO Contract, and Steel Market Updates

## Steelpaint Completes Coating on Xiamen Minhua Newbuild Germany's Steelpaint has successfully applied its Stelpant corrosion-protection system to the latest vessel in a series of newbuildings for Xiamen Minhua Shipping. The 12,000 DWT multi-purpose cargo ship, named Min Hua 17, is scheduled to enter service after the Lunar New Year holiday. This is the fourth vessel in the series that Steelpaint has coated, showcasing the company's expertise in delivering corrosion protection for newbuild ships. ## MISC and PTSC Secure FPSO Contract in Vietnam MISC Group, through its joint venture company Vietnam Offshore Floating Terminal (Ruby) Ltd. (VOFT), has secured a contract for the FPSO Ruby II with Vietnam National Industry - Energy Group (Petrovietnam). The contract covers the lease, operation, and maintenance of the floating production storage and offloading (FPSO) unit for 10 years, with options to extend. This contract builds on MISC and PTSC's 15-year partnership in providing safe and reliable offshore energy solutions in Vietnam. ## Steel Market Pauses for Lunar New Year Steel rebar futures in China have steadied above CNY 3,050 per ton in mid-February, but remain close to three-month lows as trading in mainland China paused for the Lunar New Year holiday from February 16 to 23. Chinese mills scaled back operations amid the seasonal slowdown, with both blast furnaces and electric arc furnaces reducing output. The pause in trading is expected to impact the global steel market in the short term, as China is a major producer and consumer of steel.