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CBS News
2 days ago
- Climate
- CBS News
First tsunami wave hits Hawaii after powerful 8.8 earthquake in Russia but it's relatively small
Hawaii is under a tsunami warning after one of the world's strongest earthquakes struck Russia's Far East early Wednesday, an 8.8-magnitude temblor that caused tsunami waves in Japan and Alaska and also prompted warnings for North and Central America and Pacific islands south toward New Zealand. The Pacific Tsunami Warning Center (PTSC) said the estimated arrival time of the first tsunami wave in Hawaii was 7:17 p.m. Tuesday local time (1:17 a.m. Wednesday EDT). CBS Honolulu affiliate KGMB-TV reported that the first of what could be several tsunami waves was coming ashore in some places and was relatively small, though it was coming at a time of high tide. The PTSC said the Kahului Maui gauge in Hawaii recorded a tsunami height of four feet relative to normal sea levels. People were urged to move inland and shelters were opened in many parts of Hawaii. Hawaii Gov. Josh Green said data from Midway Atoll, between Japan and Hawaii, measured tsunami waves from peak to trough of 6 feet. He said waves hitting Hawaii could be bigger or smaller and it was too early to tell how large they would be. A tsunami of that size would be akin to a three foot wave riding on top of surf, he said. He told a new conference that a wave that size could move cars and throw fences around. "It can dislodge trees, that's why you can't just be out there. The impact is at great speed," Green said. "Any any structure that gets loose and strikes the individual could take them out. And people can drown quite easily with the force of that kind of wave." Ports on the Kamchatka Peninsula in Russia near the quake's epicenter flooded as residents fled inland. Cars jammed streets and highways in Honolulu hours before tsunami waves were expected, with standstill traffic even in areas away from the shoreline. People were advised to move to higher ground around much of the Pacific Coast and warned that the potential tsunami danger may last for more than a day. Most places where tsunami waves have already washed ashore have reported no significant damage so far. Waves less than a foot (under 30 centimeters) above tide levels were observed in the Alaskan communities of Amchitka and Adak, said Dave Snider, tsunami warning coordinator with the National Tsunami Warning Center in Alaska. White waves washed up to the shoreline on Japan's Hokkaido in the north and Ibaraki and Chiba, just northeast of Tokyo, in footage aired on Japan's NHK public television. A tsunami of 60 centimeters (2 feet) was recorded at Hamanaka town in Hokkaido and Kuji port in Iwate, according to the Japan Meteorological Agency. Several areas reported smaller waves including 20 centimeters (8 inches) in Tokyo Bay five hours after the quake. The impact of the tsunami could last for hours - such as in Adak, a community of about 70 people in Alaska's Aleutian Islands -- or perhaps more than a day, Snider said. "A tsunami is not just one wave," he said. "It's a series of powerful waves over a long period of time. Tsunamis cross the ocean at hundreds of miles an hour -- as fast as a jet airplane -- in deep water. But when they get close to the shore, they slow down and start to pile up. And that's where that inundation problem becomes a little bit more possible there." "In this case, because of the Earth basically sending out these huge ripples of water across the ocean, they're going to be moving back and forth for quite a while," which is why some communities may feel effects longer, he said. Hawaii Gov. Josh Green said data from Midway Atoll, which is between Japan and Hawaii, measured waves from peak to trough of 6 feet (1.8 meters). He said waves hitting Hawaii could be bigger or smaller and it was too early to tell how large they would be. A tsunami of that size would be akin to a 3 foot (90 centimeter) wave riding on top of surf, he said. "This is a longitudinal wave with great force driving through the shoreline and into land," he said at a news conference. Green said Black Hawk helicopters have been activated and high-water vehicles were ready to go in case authorities need to rescue people. "But please do not put yourself in harm's way," he said. The Oregon Department of Emergency Management said on Facebook that small tsunami waves were expected along the coast starting around 11:40 p.m. local time, with wave heights between 1 to 2 feet (30 to 60 centimeters). It urged people to stay away from beaches, harbors and marinas and to remain in a safe location away from the coast until the advisory is lifted. "This is not a major tsunami, but dangerous currents and strong waves may pose a risk to those near the water," the department said. Much of the West Coast spanning Canada's British Columbia province, Washington state and California were also under a tsunami advisory. A tsunami of less than 30 centimeters (under 1 foot) was forecast to hit parts of Vancouver Island, British Columbia. The province's emergency preparedness agency said waves were expected to reach remote Langara Island around 10:05 p.m. Tuesday and Tofino around 11:30 p.m. The agency said "multiple waves over time" were expected. The quake at 8:25 a.m. Japan time had a preliminary magnitude of 8.0, Japan and U.S. seismologists said. The U.S. Geological Survey later updated its measurement to 8.8 magnitude and the USGS said the quake occurred at a depth of 20.7 kilometers (13 miles). The quake was centered about 119 kilometers (74 miles) east-southeast from the Russian city of Petropavlovsk-Kamchatsky, which has a population of 180,000, on the Kamchatka Peninsula. Multiple aftershocks as strong as 6.9 magnitude followed. The first tsunami wave hit the coastal area of Severo-Kurilsk, the main settlement on Russia's Kuril Islands in the Pacific, according to the local governor Valery Limarenko. He said residents were safe and staying on high ground until the threat of a repeat wave was gone. The quake caused damage to buildings and cars swayed in the streets in Petropavlovsk-Kamchatsky, which also had power outages and mobile phone service failures. Russian news agencies quoting the regional Health Ministry saying several people sought medical help in Kamchatka after the earthquake, but no serious injuries were reported. The earthquake appeared to be the strongest anywhere in the world since the 9.0 magnitude earthquake off northeastern Japan in March 2011 that caused a massive tsunami that set off meltdowns at a nuclear power plant. Only a few stronger earthquakes have ever been measured around the world. The tsunami alert disrupted transportation in Japan. Ferries connecting Hokkaido and Aomori on the northern tip of Japan's Honshu island were suspended, as well as those connecting Tokyo and nearby islands, and some local train operations were suspended or delayed, according to operators. Sendai airport temporarily closed its runway. In Japan's northern coastal town of Matsushima, dozens of residents took refuge at an evacuation center, where water bottles were distributed and an air conditioner was running. One person told NHK she came to the facility without hesitation based on the lesson from the 2011 tsunami. Japanese nuclear power plants reported no abnormalities. Tokyo Electric Power Company Holdings, which operates the tsunami-hit Fukushima Daiichi nuclear power plant, said about 4,000 workers are taking shelter on higher ground at the plant complex while monitoring remotely to ensure plant safety. Philippine authorities warned provinces and towns along the eastern coast facing the Pacific of possible tsunami waves of less than 1 meter (3 feet) and advised people to stay away from the beach and coastal areas. "It may not be the largest of waves, but these can continue for hours and expose people swimming in the waters to danger," Teresito Bacolcol of the Philippine Institute of Volcanology and Seismology told The Associated Press. Mexico's navy warned that tsunami waves will start reaching the northern coast in Ensenada, near California, at around 02:22 a.m. Wednesday local time, and waves could progress along the Pacific coast to Chiapas state, around 07:15 a.m. local time. The navy recommended people stay away from beaches until it suspended the alert. New Zealand authorities warned of "strong and unusual currents and unpredictable surges" along all coastlines of the South Pacific island nation. The emergency management agency said people should move out of the water, off beaches and away from harbors, marinas, rivers and estuaries. The waves would start arriving late Wednesday local time. The quake was the strongest to hit this area on the Kamchatka Peninsula since 1952, according to the local branch of the Geophysical Survey of the Russian Academy of Sciences. The 9.0 quake on Nov. 4, 1952, in Kamchatka caused damage but no reported deaths despite setting off 9.1-meter (30-foot) waves in Hawaii. They said that while the situation "was under control" there was a risk of aftershocks, which could last for up to a month and warned against visiting certain coastal areas. Earlier in July, five powerful quakes - the largest with a magnitude of 7.4 - struck in the sea near Kamchatka. The largest quake was at a depth of 20 kilometers and was 144 kilometers (89 miles) east of the city of Petropavlovsk-Kamchatsky. There are four levels of tsunami alerts: warning, advisory, watch and information statement, according to the National Weather Service. A tsunami warning is the most severe alert, meaning residents should take action due to a tsunami that may cause widespread flooding.
The Star
2 days ago
- Business
- The Star
Enhanced earnings visibility likely for Yinson
CIMB Research is maintaining its forecasts for Yinson. PETALING JAYA: Yinson Holdings Bhd is poised to enhance its long-term earnings visibility and deepen its foothold in the offshore energy sector, supported by a recent contract win that further expands its recurring income base and solidifies its regional presence. Analysts said they believe the deal announced earlier this week strengthens the group's position in Vietnam's offshore market, building on a decade of successful project execution and growing demand for cleaner energy infrastructure. In a recent report, CIMB Research said: 'We view this development as a strategic win for Yinson, reinforcing its position as a leading independent offshore asset owner and operator. 'The award brings Yinson's fleet to 11 vessels, including the ongoing conversion of floating production, storage and offloading vessel (FPSO) Agogo, and marks its second floating storage and offloading (FSO) contract in less than a year. This reflects both the urgency of regional energy security and the shift toward cleaner energy solutions,' the research house added. Yinson recently announced it had secured a contract from Phu Quoc Petroleum Operating Co for the charter, operation and maintenance of an FSO vessel for the Block B field off Vietnam via a 49%-owned joint venture with PetroVietnam Technical Services Corp (PTSC). The firm portion of the charter spans 14 years, with an additional nine years of optional extensions, and carries an estimated contract value of US$600mil. First oil is expected by the third quarter of 2027. The collaboration with PTSC marks Yinson's fourth partnership with the Vietnamese firm and further underscores its track record in the country. 'Once operational, Yinson is set to benefit from a steady, recurring income stream from the Block B FSO,' CIMB Research said. With capital expenditure (capex) for the FSO estimated at approximately US$225mil (based on management's guidance of US$200mil to US$250mil), alongside an 85% margin in earnings before interest, taxes, depreciation and amortisation, a 23-year contract term, and Yinson's 49% effective ownership stake in the joint-venture company, the the research house estimated that the project could yield an internal rate of return of 9.3%. While the financial contribution may not be substantial in the near term, the project provides additional upside to Yinson's solid earnings base. 'We project profit from the venture to range from RM6mil to RM22mil over the 23-year contract duration,' it added. Kenanga Research also echoed a positive stance on the development. 'The win is viewed positively and based on an assumed US$200mil capex and a 9.3% discount rate, we estimate a discounted cash flow accretion of one sen per share. The expected earnings contribution is minimal at RM13mil, accounting for about 3% of 2026's estimated profit after tax,' Kenanga Research said. Given Yinson's established track record in Vietnam and the use of a familiar shipyard, previously used for FPSO Lac Da Vang, the research house sees limited execution risk. It assumes the project to be fully internally funded, considering its relatively modest scale and the joint venture's structure. Kenanga Research revised its target price slightly to reflect the new contract, raising its sum-of-parts based target price to RM3.16 from RM3.15 after accounting for the potential discounted cash flow value of the win. It maintained its 'outperform' recommendation on Yinson. CIMB Research, meanwhile, is maintaining its forecasts and target price of RM2.93 for Yinson. 'We reiterate our 'buy' call on the company, underpinned by robust long-term earnings visibility from its substantial US$19.6bil order book, including potential extensions, stretching to 2048,' it said.
Yahoo
3 days ago
- Business
- Yahoo
Vietnam Block B gas project advances with FSO contract
PTSC South East Asia (PTSC SEA), a joint venture (JV) between PetroVietnam Technical Services Corporation (PTSC) and Yinson Production, has signed a lease and operate contract for a new floating storage and offloading (FSO) unit, set to bolster the Vietnam Block B gas project offshore. The contract, awarded by the Phu Quoc Petroleum Operating Company (PQPOC), is seen as a critical step for Vietnam's energy sector, enhancing the country's infrastructure. PQPOC, established by Vietnam National Industry – Energy Group (Petrovietnam), is responsible for the operation of the Vietnam Block B gas project, which includes Blocks B&48/95 and 52/97 in the south-west offshore region of Vietnam. The project, with an annual supply of 5.07 billion standard cubic metres of gas, aims to meet the growing energy needs of the south-west part of the country and provide economic benefits to the government, Petrovietnam and investors. Integral to the project's infrastructure, the new FSO will have a storage capacity of up to 350,000 barrels of condensate and is designed to be stationed for 25 years without the need for dry-docking. The turret-moored, double-hull FSO will be installed at a water depth of 80m. The firm period of the contract spans 14 years, with a potential extension of nine more years, bringing the total value to approximately $600m (VND15.72trn). The Vietnam Block B gas project's FSO is expected to achieve first condensate by the third quarter of 2027. Yinson CEO Flemming Guiducci Grønnegaard said: 'This contract reflects our strong partnership with PTSC and our long-standing commitment to Vietnam's offshore energy sector. 'The Block B FSO builds on our successful track record in the region and highlights our ability to deliver high-quality offshore assets that meet the specific needs of our clients. We are proud to support Vietnam's efforts to enhance energy security and are confident that this project will deliver long-term value for all stakeholders.' This new deal follows a previous award in November last year to PTSC AP, another JV between Yinson Production and PTSC, for the provision, charter, operation and maintenance of an FSO for Murphy Oil's Lac Da Vang project. Earlier this year, Yinson Production Offshore Holdings, a newly formed UK-based holding company of Yinson Production, signed a definitive agreement with a group of international investment firms. This agreement involves the issuance of $1bn ($749.89bn) in redeemable convertible preferred shares, along with 10% warrants, based on a post-money valuation of $3.7bn. "Vietnam Block B gas project advances with FSO contract" was originally created and published by Offshore Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Borneo Post
3 days ago
- Business
- Borneo Post
Yinson, PTSC advance Vietnam's offshore gas ambitions with Block B FSO Project
Signing the contract are (from left) Yinson Holdings Bhd group chief financial & strategy officer Chai Jia Jun, Petrovietnam PQPOC deputy general director Nguyen Thanh Dung, and PTSC general manager of technical and operation Nguyen Tuan Hung, witnessed by (back row) PTSC chief executive officer Tran Ho Bac and Yinson Holdings Bhd group chief executive officer Lim Chern Yuan. SINGAPORE (July 29): Yinson Production, through its joint venture company PTSC South East Asia Pte Ltd (PTSC SEA), announced the signing of a lease and operate contract for the provision of a newbuild floating storage and offloading (FSO) unit to serve the Block B gas field, offshore Vietnam. The contract, awarded by Phu Quoc Petroleum Operating Company (PQPOC) marks a significant milestone in the development of Vietnam's energy infrastructure and demonstrates Yinson Production's ongoing commitment to delivering reliable and efficient offshore solutions across the region. This new FSO brings Yinson Production's fleet size to 11. PQPOC was established and nominated by the Vietnam National Industry – Energy Group (Petrovietnam) to undertake its rights and obligations as the Operator of Blocks B&48/95 and 52/97 and the Area of Joint Development in Blocks B&48/95 and 52/97. Blocks B&48/95 and 52/97 are located southwest offshore Vietnam with a sea water depth of 77-80m, about 250km and 400km respectively to the Ca Mau Province and the O Mon Power Complex. The framework for the Project development is to supply gas (5,073.5 MMscm per year) to the targeted customers in three areas of the southwest region of Vietnam, which contributes to fulfilling the rising energy demand in the southwest area and provides economic gains for the Government of Vietnam, Petrovietnam, and the investors. The FSO contract is estimated to have a firm period duration of 14 years, with the option for a potential extension of up to nine additional years. The total contract value, including the potential extension period, is estimated be in the region of US$600 million. The FSO will be a newbuild, double-hull, turret-moored unit installed in water depth of 80m. The FSO is designed to be stationed for 25 years without drydocking and is capable of storing up to 350,000 barrels of condensate. According to its chief executive officer Flemming Guiducci Grønnegaard, 'This contract reflects our strong partnership with PTSC and our long-standing commitment to Vietnam's offshore energy sector. 'The Block B FSO builds on our successful track record in the region and highlights our ability to deliver high-quality offshore assets that meet the specific needs of our clients. We are proud to support Vietnam's efforts to enhance energy security and are confident that this project will deliver long-term value for all stakeholders.' This new contract comes after the awarding in November last year of a contract to PTSC AP for the provision, charter, operation and maintenance of an FSO for Murphy Oil's Lac Da Vang project. PTSC AP is also a joint venture between Yinson Production and PTSC. In December last year, Yinson Production also announced the extension of the charter contract for FPSO PTSC Lam Son for 18 months until 30 June 2026. This contract is anticipated to achieve first condensate by the third quarter of 2027. corporate news oil and gas Yinson Production
BusinessToday
3 days ago
- Business
- BusinessToday
New Vietnam Deal Minimal Impact On Yinson's Bottom Line
CIMB Investment Bank Bhd (CIMB Securities) has reiterated a BUY call on Yinson Holdings Bhd with an unchanged target price of RM2.93, citing the group's latest contract win in Vietnam as a strategic boost to its long-term earnings visibility. The counter last traded at RM2.39. The house highlighted that Yinson, through a joint venture with PetroVietnam Technical Services Corporation (PTSC), secured a contract to provide, charter, operate and maintain a floating storage and offloading (FSO) vessel for the Block B Field offshore Vietnam. The deal, signed with Phu Quoc Petroleum Operating Company, carries a firm tenure of 14 years with an optional nine-year extension and is valued at approximately US$600 million over the full 23-year period. The Block B gas development project, which includes Blocks B&48/95 and 52/97, lies in shallow waters about 250km from Ca Mau Province and 400km from the O Mon Power Complex. CIMB Securities noted the project's location outside the disputed nine-dash line in the South China Sea reduces geopolitical risks, making it a secure investment. The development is expected to deliver over 5 billion cubic metres of gas annually to customers in southwest Vietnam, addressing the country's growing energy needs while contributing economic value to stakeholders. The new FSO, a double-hull vessel with storage capacity of about 350,000 barrels, will be built at shipyard facilities in Nantong, China, with first oil targeted for 3Q27. Incorporating dual-fuel technology for improved fuel efficiency and reduced emissions, the unit aligns with Yinson's sustainability goals. CIMB Securities said this marks Yinson's second FSO award in less than a year and its fourth collaboration with PTSC, reinforcing its standing as a leading independent offshore asset operator in the region. While the estimated capex for the project is about US$225 million, Yinson's 49% effective stake and an expected EBITDA margin of 85% could generate an internal rate of return of 9.3%, according to CIMB estimates. However, the house added that the contract's overall impact on Yinson's bottom line and SOP valuation will be minimal, with profit contribution projected between RM6 million and RM22 million over the contract term. CIMB Securities remains optimistic on Yinson's long-term prospects, supported by its sizeable US$19.6 billion order book, which includes potential extensions stretching to 2048. The research house also expects strong earnings growth in FY26 and FY27, driven by full-year contributions from three new floating production storage and offloading (FPSO) units — Maria Quiteria, Atlanta and Agogo. Related
