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Monthly Archives: October 2015

Chevron quarterly profit drops 64 percent on low oil prices

REUTERS: Chevron Corp , the second-largest U.S.-based oil producer, posted a 64 percent drop in quarterly profit on Friday as cost cuts failed to offset tumbling crude and natural gas prices. The company reported net income of US$2.04 billion, or US$1.09 per share, compared with US$5.59 billion, or US$2.95 per share, in the year-ago period. Production fell 1 percent to ...

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Exxon third-quarter profit tumbles 47 percent

REUTERS: Exxon Mobil Corp said on Friday its third-quarter profit fell 47 percent as low crude prices sapped profits at the world’s largest publicly traded oil company. The Irving, Texas, company posted profit of US$4.24 billion, or US$1.01 per share, compared with US$8.07 billion, or US$1.89 per share in the same quarter a year earlier. Oil and gas output increased ...

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Fiat Chrysler to recall 284,089 SUVs due to faulty airbags

REUTERS: Fiat Chrysler Automobiles NV said it is recalling about 284,089 older-model SUVs in the United States due to inadvertent airbag deployment. Fiat said the affected vehicles – certain model-year 2003 Jeep Liberty SUVs and 2004 Jeep Grand Cherokees – are not equipped with Takata Corp airbags. Fiat Chrysler said it will replace faulty occupant restraint control (ORC) modules, which ...

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Chinese court orders ConocoPhillips to pay US$266,000 over 2011 oil spills

BEIJING: A Chinese court has ordered ConocoPhillips to pay compensation to nearly two dozen aquaculture farmers who said their livelihoods were hurt by oil spills off China’s northeastern coast in 2011. The U.S. oil company was told to pay 1.68 million yuan (US$266,000) to the 21 farmers, who did not participate in a previous settlement reached in 2012 with ConocoPhillips ...

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Ma’aden reviews spending, expects to stay course

Saudi Arabian Mining Co. (Ma’aden) is reviewing its spending in the wake of low commodity prices but the chief executive of the Arab Gulf’s biggest miner expects the company to stick with its project plans. Khalid Al-Mudaifer told Reuters the miner of gold and phosphate and aluminium producer was reviewing projects to ensure “they are really feasible under current market ...

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Asian shares down as investors nervous over Fed path

Asian shares were down on Friday and on track for a weekly loss as investors, anxious over faltering global growth, fretted about the possibility that the US Federal Reserve could still raise borrowing costs this year. Data released overnight showed US gross domestic product increased at a 1.5 per cent annual rate, just shy of the consensus forecast for 1.6 ...

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Better late than never? Samsung IT arms push into autos

Samsung Electronics and group companies are trying a belated push into the business of supplying technology to car makers, while rivals are already sewing up lucrative deals with an industry that is notoriously difficult to break into. Data compiled by Thomson Reuters IP & Science showed the world’s top smartphone maker and other Samsung Group tech affiliates are ramping up ...

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Daimler Commercial Vehicles Mena in Dubai, UAE

Germany-based automaker Daimler has opened its first regional centre for commercial vehicles for the Mena region in Dubai, UAE, which will support 19 countries – from Morocco to Pakistan. Daimler Commercial Vehicles Mena (DCV Mena) will be responsible for the group’s full commercial vehicles portfolio in the region – from the Mercedes-Benz Citan city van to the heavy-duty Mercedes-Benz Actros ...

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Big Losses for Shell

Royal Dutch Shell has suffered its biggest loss in over a decade. The losses amount to more than $8 billion as the energy major has canceled projects­—such as its controversial exploration of the Arctic—and lowered its price expectations. Shell took a charge of about $4.5 billion from its withdrawal from offshore drilling in Alaska and an oil-sands project in Canada. ...

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Massive Ship Graveyard Discovered off Greece

A group of Greek and American underwater archeologists have discovered 22 shipwrecks around a small Greek archipelago. The ship graveyard was found as the archaeological team explored a 17-square mile area of the Fourni archipelago, which is located between the Samos and Icaria islands. This was the first time an underwater archeological expedition has been conducted in the area. The ...

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Australia to Conduct Exercises with China

  Days after reports indicated that Australia was canceling exercises with the Chinese navy on the heels of the U.S. Navy’s decision to sail a guided missile destroyer within 12 nautical miles of China’s artificial islands, the Defense Ministry says the exercises will be conducted as planned. According to Australian Defense Minister Marise Payne, the HMAS Stuart and HMAS Arunta ...

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China-U.S. Relations Back on Track

The United States and China agreed on Thursday to maintain dialogue and stick to established military protocols to avoid misunderstandings when their naval forces operate in close proximity, according to a U.S. defense official. U.S. Chief of Naval Operations Admiral John Richardson and his Chinese counterpart, Admiral Wu Shengli, spoke for over an hour via video conference after the U.S. ...

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U.S. Navy Scrambled Jets after Russian Approach

A U.S. Navy aircraft carrier scrambled four F-18 jets on Tuesday after two Russian anti-submarine aircraft flew within a nautical mile of the warship, a Navy official said on Thursday. News media reports said the incident occurred in international waters east of the Korean peninsula. A U.S. Navy official said two Russian TU-142 “Bear” aircraft flew within a nautical mile ...

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Australia Unveils New Icebreaker

  The Australian government has provided its first look at the nation’s new icebreaker. Australian company DMS Maritime Pty Ltd, a subsidiary of Serco Australia, has been selected as preferred tenderer to undertake the ship design and building process, and will then operate and maintain the icebreaker. The Department of the Environment and DMS Maritime Pty Ltd have recently commenced ...

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Alabama and Transocean Make Deepwater Horizon Deal

Alabama Governor Robert Bentley has announced that Alabama has agreed to a settlement with Transocean Offshore Deepwater Drilling, which owned the Deepwater Horizon. Alabama will receive $20 million. “The State of Alabama suffered tremendous environmental and economic losses because of the BP/Deepwater Horizon oil spill in April 2010,” Bentley said. “This agreement with Transocean is another positive step forward as ...

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Hague Court to Hear South China Sea Dispute

An arbitration court in the Netherlands ruled on Thursday that it has jurisdiction to hear some territorial claims the Philippines has filed against China over disputed areas in the South China Sea. In a legal defeat for China, the Hague-based tribunal rejected Beijing’s claim that the disputes were about its territorial sovereignty and said additional hearings would be held to ...

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U.S. Ports Win $44.3 Million for Infrastructure

  The U.S. ports of Hueneme, Baltimore, Indiana, San Diego and Newport have received a combined $44.3 million infrastructure funding boost through the Transportation Investment Generating Economic Recovery (TIGER) scheme. After evaluating 627 applications, 50 of which were from ports, for the U.S. 2015 Transportation Investment Generating Economic Recovery (TIGER) grants, U.S. Department of Transportation (USDOT) Secretary Anthony Foxx announced ...

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President Buhari meets with President of Niger Republic Mahamadou

    (TRADE NEWSWIRE): President Buhari meets with President of Niger Republic Mahamadou Issoufou at the LALIT Palace Hotel during his 4 days official visit to New Delhi India to attend the 3rd India-Africa Forum Summit on 28th Oct 2015: Courtesy: Album of Mr. Femi Adesina, Special Adviser on Media and Publicity to President Buhari

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‘Iran considered nuclear weapons during 1980s Iraq war’

Iran considered pursuing a nuclear deterrent when it began its nuclear programme in the 1980s, during an eight-year war with Iraq, a former president has been quoted as saying. Iran is implementing a deal reached with world powers in July, aimed at curbing its nuclear programme to allay Western fears it was trying to build an atomic bomb. Throughout the ...

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Qatar fund buys key stake in New York development

Brookfield Property Partners has announced that one of its subsidiaries has entered into a joint venture with Qatar Investment Authority (QIA) on the mixed-use Manhattan West development project in New York City. In the transaction, Brookfield sold a 44 per cent interest in the development to QIA.  The total value of the development upon completion and stabilisation is estimated to ...

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Saudi Arabian visitors dominate Dubai tourism market

Dubai’s tourism market continues to be dominated by visitors from Saudi Arabia, India and the UK, with Saudi Arabia driving the largest number of visits to the UAE emirate, said a report. In 2014, 1.5 million visitors streamed in from Saudi Arabia, followed by India (0.9 million visits) and the UK (0.8 million visits) as highlighted in the latest “Middle ...

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Colonial Pipeline Revises Tariff

Colonial Pipeline has crafted a revised tariff intended to soothe shipper concerns about access to the critical gasoline and diesel artery that links the U.S. Gulf Coast to the Northeast. Last March Colonial withdrew a previous revision after some shippers complained to the Federal Energy Regulatory Commission that it would limit competition by squeezing entry to the largest refined product ...

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Hapag-Lloyd Delays IPO

German container shipping group Hapag-Lloyd is postponing its stock market debut by a week after investors shied away from the company following Maersk Line’s modest profit forecast last week. Canceling its initial public offering (IPO) remains an option, but Hapag-Lloyd plans to lower its offer price next week. Hapag-Lloyd’s offer period has been extended to November 3 and trading would ...

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Strikes at Southern California Ports

Labor disputes between Southern California port truckers and shipping companies intensified this week as a group of truck drivers began a strike on Tuesday. A group of truck drivers at the ports of Los Angeles and Long Beach, the busiest cargo hub in the U.S., accuse the shipping companies of unfair labor practices and wage theft. The port drivers accuse ...

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Chandris Fined for Pollution Violations

  Greek ship operator Chandris has plead guilty to violations of the Act to Prevent Pollution from ships. Chandris has been ordered to pay $1 million for dumping oily waste into the Texas Gulf Coast. Chandris will pay a $800,000 fine and a $200,000 community service payment to the National Marine Sanctuary. Chandris has also been placed on a three-year ...

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BSEE Identifies Dead GoM Crewmember

The U.S. Bureau of Safety and Environmental Enforcement (BSEE) has identified the Pacific Drilling crewmember who died last week. Sam Whitley of Hope, Maine was 34 years old and had been employed by Pacific Drilling since January. Whitley is survived by his wife and three children. The incident occurred on October 20 on the Pacific Santa Ana drillship that was ...

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Big Budget for Big Ships

The Federal Marine Commission unanimously approved the Northwest Seaport Alliance in July, and the ports have now unveiled their first budget. The Northwest Seaport Alliance combines the cargo terminals of the former rival Washington State ports of Tacoma and Seattle. The ports’ commissioners revealed that the two ports will have to spend between $800 million and $1 billion to equip ...

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Dong to Build World’s Largest Offshore Wind Farm

  Dong Energy has decided to construct the 660MW Walney Extension Offshore Wind Farm, located in the Irish Sea, approximately 19km (12 miles) off the west coast of Britain. The final investment decision has been made after securing all necessary consents from authorities, completing site assessments and having signed the majority of the contracts for supply and installation to build ...

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Container Ship Gains 300 Slots by Removing Engine Room

GTT, CMA CGM and DNV GL have released the technical feasibility study for a new 20,000 TEU container ship that doesn’t have an engine room. The vessel is LNG-fuelled, powered by a combined gas (COGAS) and steam turbine and is electrically driven.With the gas and steam turbines integrated at deck level within the same deck house as the LNG tanks, the ...

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Costa Opens Digital Safety Center

The Costa Group has opened a new digital support, surveillance and planning center to handle the technical and nautical management of the 25 vessels of Costa Crociere, Costa Asia and AIDA in real time. The new division, Carnival Maritime, is based in Hamburg with 150 staff providing 24/7 support. Its centerpiece is the fleet operation center. All data comes together ...

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Economic policies may hurt ‘in short term’, says Buhari

President Muhammadu Buhari yesterday reviewed his administration’s economic policies, warning that they may be hurtful “in the short run”. In the long run, things will be better, the President said in New Delhi, India, where he is attending the Third Indian-Africa Forum. He was addressing the Chief Executives of Indian companies with interests in Nigeria. Despite the fall in oil ...

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Army declares 100 Boko Haram chiefs wanted

Chief of Army Staff (COAS) Lt. Gen. Tukur Buratai yesterday declared 100 members of the Boko Haram sect wanted. Their arrest, he said, would help in the final push against the terrorists in the Northeast. Gen. Buratai spoke at the launch of the, anti-Boko Haram Terrorists Campaign materials at the Maimalari Barracks in Maiduguri headquarters of the 7 Division. He ...

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Huge welcome for Ooni

Ile Ife, the historic town in Osun State, was aglow yesterday as it welcomed home its monarch, Oba Adeyeye Enitan Ogunwusi. Ogunwusi will bear the title of Ojaja II. He was named the Ooni on Monday to succeed  Oba Okunade Sijuwade Olubuse II, who died on July 28. Ife was in a festive mood. Men, women and children were gaily ...

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Ship Accident: NIMASA Empathises with Victims’ Families, Explains Rescue Operation

    (TRADE NEWSWIRE): The Nigerian Maritime Administration and Safety Agency (NIMASA) has provided insight into the rescue operation near the Bonga Floating Production Supply and Offloading facility where two vessels – MT Elixir and MT Tank – collided last week. The Agency also commiserated with the families of the victims as it announced that search and rescue operation, and ...

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Canada court orders tobacco companies to set aside almost CUS$1 billion

TORONTO: A Canadian appeal court on Tuesday ordered two major tobacco companies to set aside a combined CUS$984 million (US$742 million) while they challenge billions of dollars in damages awarded to smokers in the province of Quebec. The more than CUS$15 billion in damages awarded in June, if upheld in an appeal of two class-action lawsuits, would compensate some 100,000 ...

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Navy Wants to Install Missiles on LCS Warships

The U.S. Navy wants to install surface-to-surface missiles in the next two littoral combat ships (LCS) scheduled to be deployed to boost their weapons systems. The LCS program was initiated in 2002 and has two versions. One is built by Lockheed Martin Corp and the other by Austal USA. Initially, the Navy intended to buy 52 warships but the purchase ...

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Activists Protest Proposed Deepsea Port

  About 1,000 people staged a protest to oppose the development of the Pak Bara deepsea port on Thailand’s Andaman Sea coastline. The port is part of a planned railway-highway land bridge to link the Gulf of Thailand and the Andaman Sea.Thailand’s Transport Ministry wants to link the new port in the Satun province on the Andaman coast with a ...

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Australia Cancels Naval Exercises with China

In the wake of the U.S. Navy’s decision to sail a guided missile destroyer within 12 nautical miles of China’s artificial islands, Australia has decided to delay a naval exercise with China. The Australian Anzac-Class frigates HMAS Arunta and HMAS Stuart were set to arrive in the South Korean port city of Pusan from Japan shortly and sail to the ...

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Most Malacca Pirate Attacks are Insurance Scams

A fleet commander in the Indonesian Navy has said that about 90 percent of piracy cases in the Malacca Strait area turn out to be bogus claims related to insurance fraud or business competition. “The number of criminal cases in the Malacca Strait has declined. However, we believe there [must be a plot] to make the Malacca Strait the most ...

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Armory Weapons Could Flood Black Market

The recent decision by the Contact Group for Piracy off the Coast of Somalia to reduce the size of the Indian Ocean High Risk Area could lead to a flood of weapons on to the black market as more private maritime security companies (PMSCs) go bust. It has been common practice for private maritime security companies to rent from or ...

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China Says U.S. Move Was “Abuse”

China rebuked Washington for sending a U.S. guided-missile destroyer close to one of Beijing’s man-made islands in the disputed South China Sea, saying it had tracked and warned the ship and called in the U.S. ambassador to protest. The USS Lassen’s patrol on Tuesday was the most significant U.S. challenge yet to the 12-nautical-mile territorial limits China claims around artificial ...

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APL Pays for Alleged Defense Contract Violations

  APL Limited has agreed to pay the U.S. government $9.8 million to resolve allegations that it violated the False Claims Act in connection with a contract to provide GPS tracking of shipping containers in Afghanistan. APL is an ocean carrier based in Scottsdale, Arizona, and wholly-owned American subsidiary of Singapore-based Neptune Orient Lines Limited. The U.S. Department of Justice ...

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Navy Fails to Find El Faro Pinger

The U.S. National Transport Safety Board has issued a statement saying that the search for the El Faro pinger has been unsuccessful. The United States Naval Ship Apache arrived at the last known position of the El Faro on October 23 and began searching for the vessel with a Towed Pinger Locator (TPL).  The search area consists of a 10 ...

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World Bank to set up first Infrastructure and Urban Development Hub in Singapore

SINGAPORE: The World Bank Group will be expanding its Singapore office to create its first Infrastructure and Urban Development Hub. The hub will focus on the funding of sustainable infrastructure and urban development, in order to ensure access to markets and basic services. This in turn can boost trade, productivity and employment in developing and emerging economies, said the joint ...

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Germany invites US experts to check diesel tests after VW scandal

BERLIN: German Transport Minister Alexander Dobrindt has invited U.S. experts to Germany to observe checks being conducted on vehicles with diesel engines, as a result of Volkswagen’s emissions-rigging scandal. On a visit to Washington, Dobrindt said he had updated his U.S. counterpart, Anthony Foxx, on measures Germany has taken to clear up the scandal and would keep the U.S. government ...

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JPMorgan Chase says it is building a rival to Apple Pay

LAS VEGAS: JPMorgan Chase & Co said on Monday it will soon launch its own competitor to Apple Pay that will allow consumers to pay retailers using their smartphones in stores, and it has already won the endorsement of a major group of merchants. The largest U.S. bank is the latest company to try to profit from the prevalence of ...

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Airlines step up efforts to tackle cyber security risks

The aviation industry is stepping up efforts to enlist coordinated international support in the battle against the threats posed to airlines and passengers by hackers and those seeking to exploit IT systems. The security of commercial airlines and whether the systems crucial to fly planes are vulnerable to cyber attacks hit the headlines in April after a security researcher claimed ...

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MEA hotels report positive results in September

Hotels in the Middle East and Africa (MEA) region witnessed positive growth across occupancy rates, average daily rates and revenue per available room (RevPAR) with RevPAR increasing 13.2 per to $103.25 in September, according to a report. STR Global’s data for September also showed occupancy rates rise 0.1 per cent to 64.9 per cent and average daily rate increase 13.2 ...

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DP World container volumes up 3.2pc

DP World Limited handled 46.5 million TEU (twenty-foot equivalent units) across its global portfolio of container terminals during the first nine months of 2015, with gross container volumes growing by 3.2 per cent on a like-for-like basis. On a reported basis gross volumes grew by 3.7 per cent, said a statement from the Dubai-based global shipping terminal operator. Growth in ...

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China to Increase Arctic Transits

State-owned China Ocean Shipping Company (COSCO) is intends to increase its navigation through Arctic waters to link China and Europe. The COSCO’s M/V Yong Sheng recently completed a record-setting round trip from Europe to north China by sailing through the Arctic waters of the Northeast Passage (NEP) and docking at Tianjin Port. The passage is connects the Atlantic and Pacific ...

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Port of Antwerp Meets with Iran

A delegation of petrochemical and shipping experts from Belgium’s Port of Antwerp visited Iran last week to re-establish shipping and commercial ties. Antwerp is the latest company to explore establishing ties with Iran in anticipation of the lifting of U.S. and E.U. sanctions. The exploratory meetings were aimed at making official contacts with Iran’s various bodies. The meetings included officials ...

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Brazilian Port to Set Tonnage Record

Brazil’s main Port of Santos will surpass its 2013 record of 114 million tons by year’s end as the favorable exchange rate has sparked exports reports Codesp, a state-run agency. Codesp said the depreciation of the real against the dollar favored the export of agricultural commodities. The real is down 32 percent against the dollar in 2015. Cargo throughput  for ...

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New Deals to Boost Indonesia’s Economy

  Indonesian President Joko Widodo met with U.S. President Barack Obama on Monday and discussed the nations’ “tremendous possibilities for economic and development cooperation.” On the sidelines of the meeting, capital and infrastructure giant GE announced it will invest up to $1 billion in the power, oil and gas and healthcare sectors to support Indonesia’s planned economic development and trade ...

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Shipping Back in COP21 Draft

Shipping and aviation emissions are back in the draft COP 21 agreement following a meeting of negotiators last week. The move came in the final week of official negotiations before the key U.N. Paris meeting in December. Negotiators met in Bonn, the German city that hosts the U.N. climate secretariat UNFCCC. Shipping was dropped from the text earlier on October ...

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[Updated] U.S. Navy Tests China’s South China Sea Stance

  The U.S. Navy sent a guided-missile destroyer close to China’s man-made islands in the disputed South China Sea on Tuesday, drawing an angry rebuke from Beijing, which said it warned and followed the American vessel. The patrol by the USS Lassen was the most significant U.S. challenge yet to 12-nautical-mile territorial limits China asserts around the islands in the ...

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The Future Potential for Oceanic Kinetic Ferries

  A kinetic ferry uses the kinetic energy of a flowing river as its source of propulsion while crossing a channel, with its path guided by an overhead or submerged cable.While wind-driven maritime vessels have masts and sails located above the deck, the masts and hydraulic sails of kinetic ferries are submerged below the water line. Kinetic ferries can generate ...

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Another Statoil Spill

Norway’s Statoil has stopped all oil loadings from the Statfjord A platform in the U.K. North Sea after a spill on Sunday. The company estimates about 400 liters of crude was spilled. Statoil released a statement : “We had a minor leak while preparing to load on Sunday. All loadings are stopped, but we don’t see a need to stop ...

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Ooni stool: How Ogunwusi was picked by kingmakers

We knew he’ll be king, says dad Coronation to hold within 21 days IFE kingmakers yesterday defended their choice of Prince Adeyeye Enitan Ogunwusi as Ooni, saying they followed due process in picking him. The Laadin of Ife Traditional Council, Chief Adetoye Olatunde Odewole, said there was no rancour during the process. He debunked the claims of a ruling house ...

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$3.6trn boost to trade from deal to cut red tape: WTO

The benefits of a treaty that will cut red tape at borders and standardise customs procedures are much larger than previously thought and could add $3.6 trillion to annual global exports, the World Trade Organization (WTO) said in a report on Monday. The WTO’s trade facilitation agreement (TFA), struck at a ministerial conference in Bali in December 2013, will do ...

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Etihad enters key deal with Adobe

Etihad Airways, the national airline of the UAE, has announced a new strategic partnership with global technology leader, Adobe, to roll-out of a range of world-class cloud solutions. The partnership is a key enabler of the aviation group’s strategic vision to offer a superior digital service by deploying cloud-first initiatives for its businesses and its guests, said the airline. With ...

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MERS, Ebola, bird flu: Science’s big missed opportunities

LONDON,: Anyone who goes down with flu in Europe this winter could be asked to enroll in a randomized clinical trial in which they will either be given a drug, which may or may not work, or standard advice to take bed rest and paracetamol. Those who agree could be helping the world prepare for the next potentially deadly disease ...

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Processed meat can cause cancer, red meat probably can – WHO

  PARIS: Eating processed meat can cause bowel cancer in humans while red meat is a likely cause of the disease, World Health Organization (WHO) experts said on Monday in findings that could sharpen debate over the merits of a meat-based diet. The France-based International Agency for Research on Cancer (IARC), part of the WHO, put processed meat like hot ...

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Egypt Plans Third FSRU

Egypt is looking to rent a third floating storage and regasification unit (FSRU) late next year or early in 2017 as it works to plug acute energy shortages, the head of the country’s gas board said on Saturday. The FSRUs let Egypt import LNG and convert it to natural gas to feed its power grid, which is often affected by ...

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UAE Plans Oil and Gas Production Boost

  The United Arab Emirates (UAE) was the world’s sixth-largest oil producer in 2014, and the second-largest producer of petroleum and other liquids in the OPEC, behind only Saudi Arabia.Because the prospects for further oil discoveries in the UAE are low, the UAE is relying on the application of enhanced oil recovery (EOR) techniques in mature oil fields to increase ...

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Ballast Water Treatment First for Great Lakes

Fednav has taken delivery of what it says is the first Great Lakes’ bulker to be fitted with a ballast water treatment system. The Federal Biscay, an 34,500dwt ocean-going laker, will ship general cargo to the Great Lakes and bulk commodities, such as grain, from the Midwest to world markets. Fednav, the largest international operator in the Great Lakes/Saint Lawrence ...

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Third El Faro Law Suit Filed

A third law suit has been filed following the loss of the El Faro in Hurricane Joaquin on October 1. Addreisha Jones, wife of 38-year-old crew member Jacki Jones Junior, has alleged that TOTE Maritime and Sea Star Line failed to maintain the ship and negligently sent it out to sea as the hurricane strengthened. According to the suit, the ...

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Developing cars that tell ‘what happens next’

Cars taught to predict what happens next when driven through busy streets will take road safety to a new level, said Bosch researchers fine-tuning newly developed technology to enhance the effectiveness of the automated driver assistance systems. Studies show 58 per cent of accidents can be avoided. In cities like Abu Dhabi and Dubai, traffic is often congested and unpredictable. ...

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Western Digital to buy SanDisk in $19 billion deal

  Hard-disk drive maker Western Digital Corp agreed to buy SanDisk Corp in a $19 billion deal that will increase its ability to make flash memory storage chips used in smartphones and tablets. SanDisk shares hit a high of $78.50 on Wednesday, but closed nearly $10 below the offer price of $86.50 in cash and stock, a fact that analysts ...

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ME states must broaden non-oil revenue sources: IMF

Middle Eastern countries will need to streamline spending, reform energy pricing and broaden non-oil revenue sources to put their fiscal positions on a stronger footing following the slump in oil prices, IMF has said. The Middle East, North Africa, Afghanistan, and Pakistan region as a whole continues to see subdued growth, owing to spreading and deepening regional conflict as well ...

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U.S. Freight Put Under Funding Spotlight

U.S. Department of Transportation’s Federal Highway Administration (FHWA) and Bureau of Transportation Statistics (BTS) have released the first product from the newest version of the “Freight Analysis Framework,” the most comprehensive publicly available data set of freight movement. The new data show an increase in the dollar value of goods moved on the transportation network. Earlier this week the Department ...

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China Cancels Shipbuilding Projects

Severe shipyard overcapacity in China has prompted the National Development and Report Commission’s Jiangsu province to cancel work on 23 projects. The projects included construction of new docks, offshore vessels, facility conversion projects and additional expansions. The commission stated that it would supervise shipbuilding capacity in the province and promote mergers in order to optimize capacity. The impacted companies include ...

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Sudan Releases Blocked Rations

Sudan has begun releasing food rations and other supplies for international peacekeepers in the conflict-torn Darfur region, though some of the more than 200 shipping containers have yet to be cleared by Khartoum, the United Nations said on Wednesday. Last week the world body and members of the U.N. Security Council accused the Sudanese government of withholding the supplies for ...

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Carnival Launching Chinese Line

Cruise operator Carnival Corp said it has formed a 2.6-billion-pound ($4 billion) joint venture with two Chinese state-owned firms to launch a cruise line focused on the fast-growing Chinese market. The 25-year deal was announced by British Prime Minister David Cameron and Chinese President Xi Jinping on Wednesday. Carnival Corporation is partnering with China State Shipbuilding Corporation (CSSC) and China ...

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Imtech Marine Acquisition Finalized

  The European Commission has approved the takeover of Imtech Marine by Pon Holdings and Parcom Capital. The purchase was originally announced in August, along with the bankruptcy of the group Royal Imtech including Imtech Capital, Imtech and Imtech Group.Imtech Marine will now continue to operate independently and has already stated ambitions for growth. René ten Brinke, CEO of Imtech ...

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Change Looms for Canadian Oil and Gas

Justin Trudeau’s election as Canadian Prime Minister may signal the start of a new era for the Canadian oil and gas industry. Trudeau, the Liberal party leader, was elected on October 19, and one of the primary points of his platform was banning of oil tankers in environmentally sensitive waters along the British Columbia coast. In September, Trudeau said that, ...

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U.K. Ferry Company Fined Over Deckhand’s Death

  The company which ran the Woolwich free ferry where a man died while working on board in August 2011, has been found guilty of failing to ensure the health and safety of its crew. On October 21, Serco Limited was fined £200,000 ($300,000) after being found guilty after a trial lasting eight days at the Inner London Court. Benjamin ...

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Shell’s Arctic Drillers Rescue Mariner and Cat

A mariner in distress on board a 30-foot sailboat was rescued by the crew of the Tor Viking II, an ice-breaking AHTS chartered to Shell off Alaska. The yacht was approximately 400 miles south of Cold Bay, Alaska, and the rescue was achieved after the U.S. Coast Guard received an alert from the mariner’s emergency position indicating radio beacon. Watchstanders ...

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Crew Taken Prisoner

Armed pirates kidnapped four mariners and robbed a vessel in south Nigeria’s Port Harcourt. The abducted crewmembers are believed to be Lithuanian and Ukrainian. There were 19 crewmembers on board the unnamed Comoros-flagged vessel prior to the incident. The Lithuanian government has reported that the pirates boarded the vessel late Monday evening and stole cash, destroyed equipment and fled with ...

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Hajia Tumaka bags Outstanding Industry Image Maker award

The Head of Public Relations of the Nigerian Maritime Administration and Safety Agency (NIMASA), Hajia Lami Tumaka has emerged the winner of the Most Outstanding Maritime Industry Image Maker in the 6th National Evergreen Maritime Merit Award. Hajia Tumaka emerged winner through a rigorous process of survey carried out by a team of maritime journalists with over 10 maritime industry ...

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Maersk Eyes Indonesian Investment

  Maersk Line wants to invest about $3 billion into its logistics business in Indonesia over the next five years. However, Indonesia’s cabotage laws, which have been in place since 2008, present a roadblock. Indonesia’s cabotage laws dictate that only domestic-controlled shipping firms can transport goods between islands in the archipelago. They are required to use locally-registered ships and Indonesian captains. Indonesia introduced its first ...

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Norway Launches Green Shipping Project

The shipping industry is in a state of transition as it adjusts to increasingly strict emissions standards set forth by regulators. The European Parliament recently stated its aim to reduce emissions by more than 40 percent by 2030. The International Transportation Forum has also proposed reducing emissions by more than 50 percent by 2080, as well as taxes on those ...

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Over 22 Million Cruise Passengers in 2014

Global demand for cruising reached 22.04 million passengers in 2014, up 68 percent from 13.1 million passengers in 2004, according to a new study from Cruise Lines International Association (CLIA). The study reveals that global demand for cruising has grown by 3.4 percent from 21.3 million passengers in 2013, with Australia now ranked as the fourth largest cruise market in ...

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Royal Navy Ready for Drone Boat Operations

Unmanned boat technology has successfully been demonstrated for the first time by BAE Systems in partnership with ASV at a site near Portsmouth Naval Base in the U.K. The new system will allow naval crews to carry out vital tasks such as high speed reconnaissance and remote surveillance while keeping sailors out of harm’s way. The modified boat is capable ...

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Death Reported on Gulf of Mexico Drillship

A crew member on a Gulf of Mexico drillship contracted by Chevron Corp was killed in an accident, the company said on Tuesday. “The cause of the incident is being investigated,” Chevron said in a statement. It said the death occurred while the drillship, called the Pacific Santa Ana, was operating in waters off Louisiana. Chevron contracted the rig from ...

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To Steve Ayorinde: Congratulations to my boss

  (TRADE NEWSWIRE): I congratulate my boss, Mr. Steve Ayorinde on his appointment as the Commissioner for Information and Strategy, Lagos State, by the State Governor, Mr. Akinwunmi Ambode, may God strengthen you in your new assignment, TRADE NEWSWIRE reports. Yoruba elders say that (Ori ti o ba ma de ade, inu agogo ide ni oti n wa) english meaning ...

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El Faro’s Boilers Scheduled for Maintenance

The U.S. National Transport Safety Board (NTSB) has issued an update on the investigation into the sinking of El Faro stating that the vessel’s boilers had been inspected in September and were scheduled for maintenance in November. The NTSB states it has ascertained the following factual information: On February 13, 2015, El Faro successfully completed the American Bureau of Shipping ...

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Oprah Winfrey to buy 10 percent stake in Weight Watchers

Talk-show host and media magnate Oprah Winfrey is buying a 10 percent stake in Weight Watchers International Inc in a vote of confidence for a company that is helping her and millions of others lose weight. Shares of Weight Watchers nearly doubled in premarket trading. Winfrey, who for years has struggled publicly with her weight, will also join the board ...

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330,000 millionaires in Mena region

The Middle East and North Africa (Mena) region accounted for about 330,000 millionaires in 2015 and the number is projected to rise by another 52 per cent to 500,000 adults by 2020, according to a report. Household wealth in the Mena region totalled $4.4 trillion in mid-2015, down 2.2 per cent since mid-2014. In constant currency terms, however, net wealth ...

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Huawei to invest $1bn to support ICT developers

China’s Huawei Technologies on Monday said it will spend $1 billion to support information and communication technology (ICT) developers over the next five years. “The aim is to help developers create innovative services and rapidly respond to customers’ business needs,” Huawei executive director and president of products and solutions Ryan Ding said in a statement. – Reuters

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Global middle class wealth ‘to grow 38pc in 5 years’

Global middle class wealth could reach $345 trillion by mid-2020, 38 per cent above its mid-2015 level, said a Credit Suisse report, adding that the number of millionaires could increase by 46 per cent during the period, reaching 49.3 million. The Credit Suisse Research Institute today released its sixth annual Global Wealth Report, which focuses on how the middle class ...

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Greek Port Sales Delayed

Greece will put off by a month the sale of majority stake in its biggest ports, Piraeus and Thessaloniki, the head of the country’s privatization agency said in a newspaper interview published on Saturday. Setting a date to submit binding bids for Piraeus and Thessaloniki ports is one of the actions that Athens needs to complete to conclude its first ...

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Malaysia Slams China’s “Provocation” in South China Sea

China’s construction work on islands in the disputed South China Sea is “unwarranted provocation”, Malaysia’s armed forces chief said on Sunday, in a rare public comment about the spat from a country which has its own claims in the seas. China’s relations with several Southeast Asian countries, especially the Philippines and Vietnam who have competing claims in the South China ...

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Japan Shows Off Naval Power

An armada of carriers, cruiser, destroyers and submarines gathered off Japan’s coast on Sunday in a display of naval power that showcased Tokyo’s latest warships and signalled wider engagement by the U.S. Navy in the western Pacific. The Fleet Review in seas near Tokyo was the first major display of Japanese military hardware since Prime Minister Shinzo Abe won lawmaker ...

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New Coast Guard Vessel Honors Vietnam Veteran

The U.S. Coast Guard paid tribute to guardsman Heriberto Hernandez on Friday with the commissioning of the Coast Guard Cutter Heriberto Hernandez in San Juan, Puerto Rico. Cutter Heriberto Hernandez became the Coast Guard’s 14th Fast Response Cutter, carrying on the legacy of Fireman Heriberto Hernandez. Hernandez served on board Coast Guard Cutter Cypress during the height of the Vietnam ...

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Ballast Water Ruling Could Slow Global Action

Earlier this month, the 2nd U.S. Circuit Court of Appeals ruled that the U.S. Environmental Protection Agency acted “arbitrarily and capriciously” when it decided in 2013 to follow the IMO ballast water management convention standard governing the discharge of harmful organisms for the Vessel General Permit. A group of NGOs (Natural Resources Defense Council, National Wildlife Federation, Center for Biological ...

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Interferry Challenged on E.U. Air Emissions

Interferry’s 40th annual conference in Copenhagen earlier this month stirred debate over the industry’s approach to air emissions. Michael Cramer, German chair of the European Parliament’s transport and tourism committee, delivered a stinging opening address demanding that the ferry and shipping sectors become more environmentally sustainable. He said, “most vessels are like hazardous waste incinerators because they burn heavy fuel ...

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NATO Begins Military Exercises

NATO and its allies opened their largest military exercise in more than a decade on Monday, choosing the central Mediterranean to showcase strengths that face threats from Russia’s growing military presence from the Baltics to Syria. As planes flew over a gala ceremony for NATO’s military and political leaders at an air base in southern Italy, Russia’s resurgence was the ...

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The 10 Most Social Ports in the World

  Spire, a satellite-data company that offers trade monitoring, asset tracking and general maritime domain awareness services, has delivered its 2015 Social Media Re-Port. The report provides a first-ever look into container ports’ social media activities, revealing how open and transparent our world’s ports are with their local communities. By raising awareness around how ports create employment, implement technology, generate ...

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GM discovers new ignition switch issue, recalling 3,300 vehicles: AP

REUTERS: General Motors Co has discovered another ignition switch problem among its pickup trucks and SUVs that can cause engines to stall, but it was discovered before anyone was hurt, the Associated Press reported. The carmaker is recalling about 3,300 big pickup trucks and SUVs mostly in North America to correct the issue that causes engines to turn off and ...

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Global economic slowdown in real danger of persisting

The global economic slowdown shows a clear risk of extending into next year, along with an even more prolonged period of disinflation, according to the overwhelming majority of nearly 300 economists polled by Reuters around the world. That threat, flagged by analysts who generally have been too optimistic about prospects for recovery since the global financial crisis, comes despite ultra-easy ...

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