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Monthly Archives: December 2015

Lockheed wins $1bn US airforce contract

Lockheed Martin Corp has been awarded a contract worth more than $1 billion for 32 C-130J aircraft, the Pentagon said on Wednesday. The work is expected to be completed by April 2020, the Department of Defense said in its daily digest of major contract awards. Earlier this year, Lockheed announced that it had reached a verbal agreement with the US ...

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Global air cargo volumes dip in November

Global air cargo volumes dropped 0.9 per cent year-on-year (YoY) during November, marking the first monthly decline since June 2013, a report said. Going by the bare worldwide monthly figures, November 2015 was not a good month for air cargo. For the first time in 2.5 years, monthly volume dropped YoY (-0.9 per cent). Although US dollar-yields improved for the ...

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Egypt sugar company reserves at 270,000 tonnes

Egypt’s state-owned Sugar and Integrated Industries Company said that the country’s sugar reserves are at 270,000 tonnes, a ministry of supply statement said on Wednesday. The company exported 42,000 tonnes of brown sugar to Kenya over the past year and 20,000 tonnes of ethanol to European countries, the statement said. The company said it achieved revenues of E£5.8 billion ($740.74 ...

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US preparing fresh sanctions on Iran: report

President Barack Obama’s administration is preparing new sanctions on international companies and individuals over Iran’s ballistic missile programme, sources familiar with the situation said on Wednesday. The Wall Street Journal reported earlier that the potential sanctions would target about 12 companies and individuals in Iran, Hong Kong and the United Arab Emirates for their suspected role in developing Iran’s ballistic-missile ...

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PetroRabigh expansion project faces 9-month delay

The completion of PetroRabigh’s Phase II expansion will be delayed by nine months, raising the cost and forcing the Saudi Arabian petrochemical producer and refiner to seek more cash from shareholders, it said on Thursday. The delay to September 2016 is the latest issue to hit the project, which will let the company manufacture higher margin products but has faced ...

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Panama Canal: Plug Blasting Underway

  The Panama Canal is now 96 percent complete with the removal of the northern plug separating the new Pacific Access Channel from the Culebra Cut. The blasting of the plug began on December 24. Located south of the Centennial Bridge on the Pacific side of the canal, the plug separated Gatun Lake and the 63 kilometer Pacific Access Channel. ...

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[Updated] One Dead, Two Injured on Drill Rig

  One person has died and two were injured on the semi-submersible drilling rig COSL Innovator when a heavy wave hit the rig. COSL Innovator is under contract to Statoil on the Troll field in the North Sea, west of Bergen, Norway. The rig had been taken off the well due to heavy weather when the incident occurred. The wave also ...

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Passenger Vessel Runs Aground Off Papua New Guinea

The passenger / cargo vessel Kimbe Queen went aground on a reef near the Talele Island nature reserve in Papua New Guinea last week. Local media report that ten hours after the grounding, the sixty passengers and crew walked over the reef to get to a fishing vessel, which carried them to safety. Only minor injuries were reported, but authorities ...

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Seabin: A New Way to Clean Up Ports and Marinas

A group of innovators from Spain have designed an automated rubbish bin that catches floating rubbish, oil, fuel and detergents. It is designed for floating docks in the water of marinas, private pontoons, inland waterways, residential lakes, harbors, water ways, ports and yacht clubs. Marinas, ports and yacht clubs are the perfect place to start helping clean our oceans, says ...

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Waigaoqiao Overtakes Mipo as Fifth Largest Yard

Clarkson Research has released rankings showing that Shanghai Waigaoqiao Shipbuilding, a state-owned subsidiary of CSSC, has stepped into the top five shipbuilders in the world with a backlog of 3 million compensated gross tons. The firm displaced Hyundai Mipo Dockyard (the previous fifth largest) by a narrow margin. The yard list has been dominated by Korean shipbuilders for some time, ...

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Arctic Oil and Gas: Triumph and Disappointment in 2015

  2015 was a year of both triumph and disappointment for the Arctic’s oil and gas industry. While some projects were abandoned, the region’s potential was highlighted, and the action continues into 2016. Orders and Promises Russia’s year in the Arctic saw a range of developments. Most recently, Sovcomflot gained finance for three Arctic shuttle tankers for the Novy Port ...

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ClassNK Walks The Chinese Road

The last two decades have seen China playing a very large part in the development of the maritime industry, generating some 41 percent of the growth in global seaborne trade in the last 11 years alone. China’s imports have reached 2 billion tons and exports of containerized goods are still a major driver of the container business. However, after 15 ...

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Reassessing Prospects for the Proposed Nicaragua Canal

As construction to enlarge the Panama Canal approaches completion in anticipation of a mid-2016 opening, ongoing discussions surround the proposed canal across Nicaragua. While environmentalists object to the construction of the canal, the idea of a pair of parallel canals linking the Caribbean Sea to the Pacific Ocean raises interesting questions about the viability of two canals located in close ...

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Russia Prepares for Arctic Terrorism

  Russian president Vladimir Putin has decided to establish a counter-terrorism center in Murmansk amid fears that terrorism is coming to the Arctic.The Barents Observer reports a government degree stating the center will “organize use of force” and “manage counter-terrorism operations” in Russian territorial waters, the economic zone and on the Russian continental shelf.Similar centers will be built in Kaspiisk, ...

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Philippines to join China-backed AIIB infrastructure bank

  MANILA: The Philippines is set to join the China-backed Asian Infrastructure Investment Bank, describing it as a “promising institution” that could help accelerate the country’s economic growth. The AIIB, which has become one of China’s biggest foreign policy successes, has been formally established and is expected to be operational early next year. Despite the opposition of Washington, other major ...

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Why global markets need not fear the Chinese yuan in 2016

    SINGAPORE: Movements in the Chinese yuan have sparked volatility in global financial markets this year, but analysts tell Channel NewsAsia that, with the Chinese authorities likely to opt for a more steady devaluation approach in 2016, market jitters emanating from the currency may not stir up as much turbulence. Global markets were first thrown into disarray on Aug ...

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Allergies may boost chances of anxiety or depression symptoms

  Kids who have allergies at an early age are more likely than others to also have problems with anxiety and depression, according to a new study. As the number of allergies increase, so do internalizing behavior scores, the researchers found. Internalizing behaviors include disorders, like anxiety or depression, that develop when people keep their problems to themselves, or “internalize” ...

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Apple to pay Italy 318m euros after tax fraud probe

ROME: Apple has agreed to pay Italy 318 million euros (US$348 million) to settle a tax dispute after the US tech giant was investigated for suspected fraud, the country’s tax agency said Tuesday (Dec 30). The company’s Italian subsidiary and several of its senior executives had been under investigation for fraud over its alleged failure to comply with obligations to ...

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Russia made 121 air sorties on Dec 28-29, hit 424 targets in Syria – defence ministry

MOSCOW: Russia’s air force made 121 sorties and hit 424 targets in Syria during December 28-29, Russia’s defence ministry said on Wednesday. The ministry said that the strikes had occurred in Aleppo, Idlib, Latakia, Hama, Homs, Daraa, Raqqa and Deir-ez-Zor provinces. The targets included a building in the outskirts of Raqqa, which was destroyed following a direct hit by an ...

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Energy price hike to cost Saudi Cement $18m

Saudi Cement Company expects the fuel and electricity price hikes announced in the 2016 government budget to increase its production costs by SR68 million ($18.1 million) next year, it said in a bourse statement on Wednesday. The firm said production costs for 2016 had been calculated based on current production levels. The government on Monday said it was raising prices ...

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Japanese firm wins Oman project supply contract

Japanese heavy equipment manufacturer Kubota Corporation said it has secured a contract to supply one of the world’s biggest membrane bioreactors (MBR) for installation at the Al Ansab Sewage Treatment Plant (STP) project in Oman. The project, which is the largest STP in the sultanate, is being developed by government-owned utility Haya Water in Muscat Governorate, said a statement from ...

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Saudi Aramco plans world’s largest gas complex

State-owned Saudi Aramco, a global petroleum and chemicals enterprise, plans to build the largest industrial complex for gas in the world at a cost of $2.1 billion in Jazan, Saudi Arabia. The project will supply 20,000 metric tonnes of oxygen and 55,000 metric tonnes of nitrogen to Jazan refinery for 20 years, reported Arab News. “The project indicates the strength ...

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Egypt, Ethiopia, Sudan sign new dam agreement

Egypt, Ethiopia, and Sudan have signed an agreement finalising the two firms tasked with carrying out studies on the potential impact of Ethiopia’s Grand Renaissance Dam on the flow of the Nile, their foreign and water ministers said. The three countries had initially picked French firm BRL and Dutch firm Deltares in April but Deltares later withdrew leading them to ...

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Turkish Airlines cancels flights as snow storms loom

Turkish Airlines has cancelled 142 flights to and from Istanbul and warned of further disruption in coming days as the city braced on Wednesday for heavy snow. Many of the cancelled flights were domestic, but routes to European and Middle Eastern airports including Hamburg, Munich, Milan and Tehran were also hit. “The light snow that has been forecast around Istanbul ...

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Global growth will be disappointing in 2016: IMF chief

Global economic growth will be “disappointing” next year, the head of the International Monetary Fund said in a guest article for German newspaper Handelsblatt published on Wednesday. IMF Managing Director Christine Lagarde said the prospect of rising interest rates in the US and an economic slowdown in China were contributing to uncertainty and a higher risk of economic vulnerability worldwide. ...

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Oman approves spending cuts, tax rises

Oman’s cabinet approved in principle a series of spending cuts and tax rises to cope with the damage to state finances from low oil prices, state news agency ONA reported on Wednesday. “The council of ministers approved a number of procedures to face the impact of lower oil prices in order to ensure the sustainability of the financial situation of ...

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Saudi Arabia plans VAT in 2 years

Saudi Arabian Finance Minister Ibrahim Alassaf said the kingdom expects to introduce value-added tax in two years, aiming for a tax rate of around 5 per cent, the Saudi-owned Al-Hayat newspaper reported on Wednesday. “VAT will be introduced gradually and be completed within two years, which is the time set for application in GCC (Gulf Cooperation Council) countries in 2018. ...

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Feature: The World’s Largest Container Ships

  The MSC Oscar, named after MSC CEO Diego Aponte’s son, beat out the CSCL Globe for the title of world’s largest container vessel in 2014. She can carry nearly 20,000 TEU, and along with her sister ships Oliver, Zoe, Maya and Sveva, she may well take the title of most fuel efficient ULCV. The Oscar’s efficiency is advantageous on eastern trade ...

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Beijing Approves Sinotrans-China Merchants Merger

China’s cabinet on Tuesday approved a deal that fuses two of the country’s biggest state-owned transport and logistics firms as Beijing steps up a drive to make sprawling government-controlled firms more efficient as economic growth continues to slow. Without disclosing financial terms, the state asset regulator said the cabinet cleared transport conglomerate China Merchants Group’s acquisition of logistics group Sinotrans ...

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Bridge Allision on Belgian Canal

On Monday the container feeder Vios struck the Boulevard drawbridge in Willebroek, Belgium, lifting the bridge deck by half a meter and crumpling three containers. It was the second bridge strike on the Sea Canal Brussels this month, following the December 17 allision of the sand carrier Tuimelaar with a railway bridge at Ruisbroek, which resulted in the removal of ...

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Salvage Vessel Detained Over Antiquities Possession

The Bahamas-flagged vessel Odyssey Explorer, owned by American firm Odyssey Marine Exploration, faces scrutiny from Cypriot authorities following the seizure of her cargo December 23. Acting on a tip, police served a search warrant on the vessel and found nearly 60 crates in her hold containing nearly 600 objects, including many artifacts suspended in water for preservation. Authorities are trying ...

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Three Bodies Found After Thorco Cloud Collision

Over Christmas three lifeless bodies were recovered relatively close to the wreckage of Thorco Cloud in the Singapore Strait. One of them has been officially identified as one of the six missing crew members. DNA samples and personal records have been forwarded to the authorities to affirm the identity of the other two recovered. The search for the remaining missing ...

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Offshore Industry Hit by Second Gas Line Incident

  The offshore oil and gas industry has been hit by a second gas line incident this month after production at the Brae Alpha platform in the U.K. North Sea was halted when a gas line ruptured over the weekend. The Marathon Oil operated platform suffered damage after a leak led to a blast in the production train module. No ...

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U.S. Northwest and Southeast Ports Make Volume Gains

Container volume was up by nearly 20 percent at the Northwest Seaport Alliance of Seattle and Tacoma year-over-year for November, the two ports report, for nine consecutive months of growth. Total volume year to date was up six percent, including an 11 percent increase in exports. Last November, the International Longshore Workers Union called a labor slowdown at the ports, ...

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Iran Signs Deal With Russian Shipyard on Rig Technology

Confirming earlier reports, Iranian shipbuilder ISOICO has entered into an MoU with Russian shipyard Krasnye Barrikady (“Red Barricades”) for rig construction cooperation and technology transfer. Speaking to Iranian media, ISOICO Managing Director Hamid Rezaeian said that the MoU involved “engineering discussions, exchange of technology as well as taking advantage of the Russian company’s international rating agency which will resolve our ...

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Iranians Fire Rockets near U.S. Warships

Iranian Revolutionary Guards launched rockets near the U.S. aircraft-carrier Harry S. Truman and other warships as they were entering the Gulf on Saturday, giving only brief notice in a “highly provocative” act, a U.S. military spokesman said on Tuesday. NBC News, citing unnamed U.S. military officials, said the Guards were conducting a live-fire exercise and the Truman came within about ...

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Research: Small U.S. Navy Ships to Get Drones

DARPA plans to build a full-scale demonstrator system of a medium-altitude, long-endurance unmanned air system (UAS) designed to use forward-deployed small ships as mobile launch and recovery sites. Small-deck ships such as destroyers and frigates could greatly increase their effectiveness if they had their own unmanned air systems (UASs) to provide intelligence, surveillance and reconnaissance (ISR) and other capabilities at ...

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2015: A Year of Growth for the Russian Navy

  Early this year, MarEx reported that the Russian Navy planned to boost its capacity by 50 vessels this year. Navy Chief Admiral Viktor Chirkov stated that his nation’s period of naval stagnation is over.There are approximately 280 ships, submarines and warfare boats and 250 planes believed to be in active service in the Russian Navy. A wide range of ...

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Happier without New Year resolutions?

After predictable over-indulgence during the festive period, many of us will make New Year resolutions. Estimates suggest a quarter of us won’t last more than a week. And yet, more than half of us (60 per cent) will still make exactly the same resolution next year! Could we be happier and healthier if we scrapped New Year resolutions altogether? Madan ...

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2016 will witness end of Islamic State: Iraq PM

A triumphant Iraqi Prime Minister Haider al-Abadi declared on Monday that the coming year would see his forces defeat Islamic State, after his military achieved its first major victory since collapsing in the face of the fighters 18 months ago. Iraqi forces flew the national flag above the main government complex in Ramadi earlier in the day, declaring they had ...

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Saudi can outlast others in oil market: Al-Falih

Saudi Arabia is better equipped to wait out currently low oil prices than other producers, Saudi Aramco chairman Khalid Al-Falih said, adding that he expected a more stable market “some time in 2016”. “Saudi Arabia more than anyone else has the capacity to wait out the market until this balancing takes place,” he told a news conference. The comment by ...

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Costa Cruises Returns to Port Everglades

Italian line Costa Cruises has announced its return to Port Everglades, Florida with the 2010-built Costa Deliziosa. The Deliziosa is the first Costa vessel to sail from the port in four years, and in her inaugural trip she toured Costa Maya, Belize, Roatan and Grand Cayman. She will make another six departures from the port this winter. Costa has had ...

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Norwegian Offshore Firms Diverge With Contracts and Cutbacks

Atlantic Offshore has announced a new nine month firm / two year option charter contract for its response vessel Ocean West. Talisman Sinopec Energy UK Limited, a joint venture between Repsol-owned Talisman and Chinese state-owned firm Sinopec, has hired the vessel for response coverage on its North Sea platforms. Atlantic also announced December 2 that Norway’s Statoil had exercised a ...

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Offshore Prospects for 2016: Playing the Waiting Game?

This year, the offshore oil and gas industry has had to come to terms with the worst downturn for more than a decade. With commodity prices plummeting to an eleven-year low in December, it is time to reflect on the year gone by and consider the outlook for the year to come. Offshore rig markets still have a lot to ...

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Shell, Port of Antwerp Detail LNG Bunkering Investments

Engine manufacturer Wärtsilä has announced that its six-cylinder 20DF dual-fuel main engines will provide the propulsion for Shell’s fleet of 15 new LNG-fueled inland product tankers (called barges in Europe). The barges, to be built by Netherlands shipbuilder VEKA at a Polish yard, were ordered by Plouvier Transport NV and Intertrans Tankschiffahrt AG under a time charter agreement with a ...

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One Million Migrants Reach Europe By Sea

The International Organization for Migration has announced that over one million migrants have entered Europe in 2015. Almost all came by sea, and four out of five arrived in Greece. The IOM said that the migration flow was the largest since World War II. Migrant fatalities for the region totaled to about 3,700, or about one half of one percent ...

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China Fines Seven Companies for Price Fixing

China has fined seven shipping companies, including Japan’s Kawasaki Kisen Kaisha (K Line), a total of 407 million yuan ($62.85 million) for price-fixing, the country’s state economic planner said in a statement on Monday. The National Development and Reform Commission (NDRC) said the companies colluded to raise rates on shipments of cars, trucks, and construction machinery across five shipping routes, ...

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Industry Collaboration: Sheer strength

  The equipment used to tap offshore energy resources is getting bigger and bigger. Specialized ships are needed to move these huge loads, and close collaboration between the customer, shipping company and classification society is essential. From the energy sector to industrial machinery and to floating cargo, the technology used in many markets today is getting ever more sophisticated, and ...

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Designers at Work in 2015

  The year has seen ship designers hard at work to boost the fuel efficiency of the industry and help shipowners meet upcoming environmental regulations: Lightweight Gas Turbine Power GE Marine and Dalian Shipbuilding Industry Company (DSIC) obtained Lloyd’s Register’s (LR) Approval in Principle (AiP) for a jointly developed gas turbine-powered LNG carrier design. Operational benefits of gas turbines to ...

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Notable U.S. Newbuilds of 2015

  Currently there are 124 shipyards in the U.S., which are spread across 26 states. Meanwhile, the industry supports over 110,000 jobs and the the industry witnessed some ground-breaking deliveries: The World’s First LNG-Powered Container Ship General Dynamics NASSCO has delivered the world’s first LNG powered container ship, the Isla Bella, to TOTE Maritime in October. The ship was delivered nearly two months ...

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A deserving honour: ‘Happy 60th birthday to mum Alhaja Adenekan’

(TRADE NEWSWIRE): I commence in the name of Almighty God, the Most Gracious, the Most Merciful, TRADE NEWSWIRE reports. ABOUT ALHAJA LATIFAT ADENEKAN Alhaja Latifat Adenekan, the Iya-Adeen of Itoko Muslims, Egbaland, was born into Lasaki family on January 3rd, 1956, at Lasaki’s compound, Erunwon, Abeokuta, Ogun State. She is married to Alhaji Abdul-Fatai Alao Adenekan, the Otun of Itoko ...

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Iran plans to double mining share in GDP

With the fall in oil prices, Iran’s focus has drifted to non-oil sectors and the government is aiming to increase the mining sector’s current GDP share from less than 1 per cent to more than 2 per cent within next ten years, a report said. The Islamic Republic is also targeting growth in relevant downstream industries from 5 per cent ...

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Oil prices weaken post-Christmas

Oil prices fell on Monday after the long Christmas weekend, with US crudes defending a newly gained premium over internationally traded Brent contracts. Front-month US West Texas Intermediate (WTI) futures were trading at $37.91 per tonne at 0015 GMT, down 19 cents from their last settlement. Brent was down 18 cents at $17.71 a barrel, meaning that US crude defended ...

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Newbuilding Performance: Sailing the Extra Mile

The Kuwait Oil Tanker Company has adopted a unique philosophy for building and operating one of the most advanced, fuel-efficient fleets in the world. As a subsidiary of the Kuwait Petroleum Corporation (KPC), the Kuwait Oil Tanker Company (KOTC) is committed to providing safe and efficient transport for Kuwait’s leading export product, petroleum, in line with KPC’s strategic vision. Recently ...

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Irish Government Reports on Trafficked Fishermen

Following the establishment of a dedicated task force, the Irish government has issued its Report of the Government Task Force on Non-European Economic Area (EEA) workers in the Irish Fishing Fleet December 2015. The report was instigated in response to The Guardian (November 2, 2015) article raising the issue of trafficked migrant fishermen and in which it revealed that: “African ...

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Disease Outbreak on Veendam

The U.S. Centers for Disease Control and Prevention (CDC) reports an outbreak of gastrointestinal disease on Holland America Line’s Veendam. 57, or nearly four percent of the vessel’s 1,429 passengers plus 10 crewmembers have reported ill with vomiting and diarrhea. The cause of the outbreak is yet to be confirmed, but the vessel’s crew are following their response plan and ...

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Bangladesh signs US$12.65 billion deal with Russia for nuclear power plants

DHAKA: Bangladesh’s state-run Atomic Energy Commission signed a deal with Russia on Friday to set up two nuclear power plants, each with 1,200 megawatt capacity, an investment totalling US$12.65 billion, a government official said. Work will begin early next year at Ruppur in Iswardi, 160 km (100 miles) from Dhaka, said Kamrul Islam Bhyian, spokesman for the ministry of science ...

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Ferrari recalls 185 California T vehicles due to fuel leak risk

REUTERS: Ferrari North America Inc., a division of Ferrari NV , is recalling some 2016 California T vehicles due to the risk of a fuel leak in the engine compartment, according to a U.S. Department of Transportation (DOT) notice on Friday. The recall, which began on Dec. 14, affects up to 185 vehicles manufactured between Sept. 8 and Nov. 11, ...

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China-backed AIIB formally established

BEIJING: The China-backed Asian Infrastructure Investment Bank (AIIB) has been formally established and is expected to be operational early next year, the official Xinhua news agency said on Friday. The bank’s establishment came after 17 funding members of the AIIB, which account for just over 50 percent of its share capital, ratified an agreement on the bank, state television quoted ...

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China’s controversial new anti-terror law to pass on Sunday

BEIJING: China is set to pass its controversial new anti-terrorism law on Sunday, the largely rubber-stamp parliament said on Friday, despite U.S. criticism about its cyber provisions and concerns over human rights. The draft law, which could require technology firms to install “back doors” in products or hand over sensitive information such as encryption keys to the government, has also ...

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Turkish banks fend off cyberattacks, some transactions hit

ISTANBUL: Turkish banks reported sporadic disruption to credit card transactions on Friday as hackers stepped up a two-week barrage of cyberattacks, believed to be the worst the country has seen. Local media have suggested that the bombardment of public and financial websites could be coming from Russia, after a sharp worsening of tensions between Moscow and Ankara, or staged by ...

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Global smartphone brands face mass extinction

The smartphone industry grew at a single-digit rate this year for the first time, according to data from IDC. Just two years ago, the industry was expanding at a breakneck 40 per cent. Demand from China – the world’s largest handset market and once the driver of growth – will be flat this year. Smartphone brands are heading for extinction ...

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Which Abu Dhabi locality offered lowest rentals in 2015?

Average annual rents for studio units in Khalifa City A was Dh39,000 The lowest average annual rental for 2015 in Abu Dhabi was reported in Khalifa City A, according to a report by Bayt.com, a UAE-based property portal. The third most popular areas across the capital, Khalifa City A offered affordable units within the proximity to the Abu Dhabi International ...

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China extends trading hours for yuan

BEIJING: China will extend trading hours for its currency starting next month, the central bank said on Wednesday (Dec 23), after the International Monetary fund included the yuan in a global basket of reserve currencies. Trading hours for the yuan, which currently close at 4.30 pm local time (0800GMT), will close at 11.30 pm in the People’s Bank of China’s ...

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Oil falls to US$37, near 11-year low as rally fizzles

LONDON: Oil edged lower to around US$37 a barrel on Thursday, nearing an 11-year low reached this week, as oversupply pressured the global market despite signs of tightening in the United States. U.S. crude has gained support from falling inventories, reduced drilling and the lifting of a ban on most U.S. crude exports, which has pushed U.S. crude to a ...

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A-REIT to acquire Australian logistics property for S$76.6 million

SINGAPORE: Ascendas Real Estate Investment Trust (A-REIT) has announced the proposed acquisition of a logistics property located in Sydney, Australia, for A$76.6 million (S$76.6 million), it said in a press release on Thursday (Dec 24). The proposed acquisition will be A-REIT’s 10th logistics facility in Sydney and the 27th in Australia, it added. The property – 6-20 Clunies Ross Street ...

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Four more years of cheap oil: OPEC

VIENNA: The OPEC oil cartel sees only a gradual improvement in the global crude market, with prices recovering to above US$70 per barrel after four years, according to a report released on Wednesday (Dec 23). With the global benchmark oil price touching an 11-year low of US$36.04 on Monday, the cartel which produces a third of the world’s crude said ...

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US says eighth US death linked to Takata airbag rupture

WASHINGTON: The U.S. National Highway Traffic Safety Administration said Wednesday that an eighth U.S. death is linked to a faulty Takata airbag inflator, marking the first reported death since April and the ninth worldwide. The auto safety agency also said it named a former U.S. Justice Department official to oversee the massive recalls of airbags and the Japanese parts firm’s ...

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Mitsubishi Aircraft delays jet delivery by around one year

TOKYO: Mitsubishi Aircraft Corp, a unit of Mitsubishi Heavy Industries Ltd , said on Thursday it would delay the first delivery of its regional jet by around one year from the original plan. The Mitsubishi Regional Jet (MRJ) was slated for delivery in the April-June quarter of 2017 to Japan’s biggest carrier, ANA Holdings Inc . The delay comes after ...

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Gold to lose shine in 2016, analysts tip prices to sink below

SINGAPORE: Against the backdrop of a resurgent US dollar, gold is set to lose more of its lustre in 2016, analysts said. The outlook for the precious metal has turned increasingly bearish ever since the US Federal Reserve announced its first interest rate hike in nearly a decade on Dec 16. Gold prices crashed to a six-year low of US$1,049 ...

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Oil surges 3 per cent after US crude stocks drop

Oil rose more than 3 per cent on Wednesday in thin, pre-holiday trading, buoyed by a surprise drop in US crude inventories, but prices stayed near multi-year lows as global supplies remained abundant and Opec lowered the demand outlook for its exports. Ahead of the Christmas holiday on Friday, volume in the front-month US crude contract was around 265,000 lots ...

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Fire at Saudi hospital kills 25, injures 107

A fire at a hospital in Saudi Arabia killed 25 people and injured more than 100 others as it ripped through the intensive care unit and the maternity ward before dawn, the Saudi civil defence agency said. Details of the fire and its victims were scant, but photographs published on Twitter by the agency showed smoke and an intense blaze ...

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Iranian Navy Rescues Tanker From Pirates

The Iranian Navy warship Sabalan recently defended a tanker from a pirate attack at the Bab-el-Mandeb Strait, Iran’s defense authorities announced Wednesday. Pirates in six boats approached an unnamed Iranian tanker. Her master issued a mayday call and the Sabalan responded quickly. The Sabalan’s crew opened fire on the pirates, who fled. The Sabalan and combat support ship Tonb have ...

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Oil Terminal Faces More Controversy Following Export Legalization

The Port of Vancouver, Washington is no stranger to controversy over its proposed oil terminal. But the intensity of opposition has increased sharply since Friday’s repeal of the federal ban on crude exports. Activists suggest that the terminal’s rail shipments are too risky, and that the repeal will mean even more of them. The terminal’s backers say that export has ...

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Ship Recycling List Open, but Beaching Still in Doubt

  The European Commission has opened the application procedure for the European List of Ship Recycling Facilities. The Commission will review applications and publish a first version of the list before December 31, 2016. Early in January 2016, it will also issue guidelines on the requirements for ship recyclers and independent verifiers certifying yards.The list comes in response to criticisms ...

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[Photos] World-first Interactive Virtual Antarctic Experience Opens

  The newly-opened Antarctic Journey at the Nobbies Centre on Phillip Island, Australia, claims to be the world’s first interactive virtual reality Antarctic experience. The space features over 159 square meters (1,700 square foot) of digital high-definition screens showing footage of the Southern Ocean and Antarctica. Opened last week, the $5 million project is a joint venture between Phillip Island ...

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Cochin Shipyard Pulls Ahead with LNG Certification

Indian shipbuilder Cochin has gained another leg up on its domestic competitors by garnering the nation’s first license for LNG carrier construction. The yard built a mockup vessel to the specifications of French LNG technology firm GTT and passed all tests, achieving status as an “official licence holder of GTT technology from Monday,” a shipping ministry official told Indian media. ...

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Research Project to Help Drones Land on Ships

The Spanish Ministry of Defence has engaged ship numerical modelling specialist Siport21 to develop systems that will predict vessel movements in advance so that unmanned aerial vehicles (UAVs) can land on them safely. The system being developed will map the swell in a vessel’s operational area and determine the relative movements of both vehicles (UAV and vessel) and provide a ...

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Safety, security and reduction in cargo dwell time is transport sector’s policy trust- Amaechi

  .Set a three month interval performance appraisal of the sector .Rail cargo movement to commence in 2016 .Railway to create 250, 000 jobs   (TRADE NEWSWIRE): The Honourable Minister of Transport, Hon. Rotimi Amaechi, has said that safety and security of lives in the aviation and maritime arms of the nation’s transport sector in addition with reduction in cargo ...

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OPEC’s market share to shrink by 2020 as rivals keep pumping despite oil’s collapse

LONDON: Global demand for OPEC’s crude will be lower in 2020 than next year as supply from rivals proves more resilient than expected, potentially fuelling a debate on the merits of its strategy to let prices fall to hurt other producers. The Organization of the Petroleum Exporting Countries, which a year ago refused to cut supply to retain market share ...

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Turkish Internet servers under sustained cyberattack – internet body

ISTANBUL/OXFORD, England: Turkish Internet servers have suffered one of the most intense cyberattacks ever seen in the country over the last week, according to an Internet management body, raising fears Ankara may be a target of political hackers. Internet experts said it was not clear who was behind the attacks that began on Monday. But Nic.tr, a non-government body that ...

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Google, Ford in talks on self-driving car partnership

Google and Ford Motor Company are in talks about forming a partnership to develop autonomous car technology, a person briefed on the matter said on Tuesday. The extent of a partnership between the second-largest US automaker and search engine giant Alphabet Inc remains under discussion and the precise framework of any effort is unclear but it could include jointly building ...

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One killed in blast at Istanbul airport

An explosion at Istanbul’s second-largest airport on Wednesday killed one cleaner on an airplane and injured another, Dogan news agency said, adding authorities were investigating whether the blast was caused by a bomb. Budget carrier Pegasus said the explosion at Sabiha Gokcen airport on the Asian side of the city occurred at 2:05 am (0005 GMT), when no passengers were ...

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Ten roles a CEO must play in 2016

The CEO position is more complex than it ever has been – and CEOs must have a much broader and deeper skill set to tackle this complexity, says Stephen Miles, CEO of The Miles Group, which advises global organizations, their boards, and leadership teams. “The incredibly fast-paced and demanding market means that leaders must take on different roles to address ...

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No plans for income tax in UAE: report

The United Arab Emirates (UAE) does not plan to tax the incomes of individuals or remittances abroad by foreign workers in the country, a senior government official was quoted as saying in local newspaper Gulf News on Wednesday. With its state revenues hit by low oil prices, the UAE aims to impose value-added tax in 2018, and is studying reforms ...

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Ten Migrants Drown off Greek Island

Five children, one woman and four men drowned when their boat sank off the small Greek island of Farmakonisi, Greek coastguard officials said early on Wednesday. Another 13 people, 11 men and two women, were rescued and two were still missing according to witnesses, the officials said adding that a helicopter, a patrol boat and private vessels assisted the search-and-rescue ...

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Nigeria: Imperative of War Against Indiscipline- Bolaji Kazeem

  (TRADE NEWSWIRE): Since the inception of the present democracy, ineptitude, corruption and indiscipline gradually crept into our ways of life eroding the cultural values that we held in high esteem such as morality and discipline in our society. The tendency to accumulate wealth through any means had been fostered on our young ones and everybody is scrambling to get ...

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LNG Investment to Grow Through 2020

Market research firm Douglas Westwood has published a report indicating that annual LNG facility investment is set to increase through 2020, with new export projects leading the way. The firm predicts LNG capital investment of $240 billion over the next five years, a third higher than in the preceding period. $160 billion of this will be in new liquefaction plants, ...

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First Armed Chinese Patrol of the Senkaku Islands

A Chinese Coast Guard ship armed with what the Japanese Coast Guard described as cannon has been sighted in waters near disputed islands in the East China Sea, Japan’s Kyodo news agency reported on Wednesday. The Chinese ship was sighted on Tuesday, Kyodo reported. It cited the Japanese Coast Guard as saying it was the first time an armed Chinese ...

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Container Freight Rates Set to Rise in 2016

The latest Container Shipping Forecaster from Maritime Strategies International anticipates a slight improvement in freight rates in 2016 as more carriers layup tonnage. However service withdrawals and reduced demand are expected to have a negative effect on the vessel charter market as vessel availability rises. Container freight rates continued their decline in November, with the Shanghai Containerised Freight Index falling ...

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New IMO Regulations for 2016

A number of important amendments to IMO treaties enter into force on January 1, including SOLAS amendments to require inert gas systems on board new oil and chemical tankers of 8,000 dwt and above; the latest amendment to the International Maritime Dangerous Goods (IMDG) Code; requirements for stability instruments on tankers and new testing requirements for life-jackets. SOLAS amendments SOLAS ...

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President Buhari presents 2016 Budget to National Assembly members

  2016 Budget Speech “The Budget of Change”  Delivered By His Excellency, Muhammadu Buhari President, Federal Republic of Nigeria To A Joint Session of the National Assembly PROTOCOLS I am honoured and privileged to present the 2016 Budget proposal. This is my first address before this joint session of the National Assembly. I have come here today, not only to ...

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Apple criticises British plans to extend online surveillance

LONDON: Apple has raised concerns about British plans to give security agencies extra online surveillance powers, saying a planned law could weaken the security of personal data for millions of people. Britain unveiled proposals for sweeping new powers last month, including the right to find out which websites people visit, that it said were needed to keep the country safe ...

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Gum disease linked to breast cancer risk in older women

Middle-aged and older women with gum disease are slightly more likely than those without gum problems to develop breast cancer, suggests a new study. The risk increase was most pronounced for women with gum disease who smoked cigarettes or had quit within the past 20 years, although the authors caution that the reasons for the links are still not known. ...

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AEB wins Qatar stadium consultancy contract

Arab Engineering Bureau (AEB), the oldest architectural and engineering consulting firm in Qatar, has been appointed as the design consultant by Supreme Committee for Delivery & Legacy (SC) for the eighth proposed host venue for the 2022 FIFA World Cup, which will be located in Al Thumama area of the country, said a report. The 40,000-seat stadium will host matches ...

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Poll: Australians Want Government to Intervene on Whaling

A national poll, commissioned by Sea Shepherd Australia and undertaken by Australian market research company Roy Morgan Research, has shown that 76.9 percent of Australians want the Federal Government to send a ship to oppose Japanese whaling in the Southern Ocean. The poll, involving 1,000 people, was announced by Sea Shepherd as part of an on-going campaign against whaling globally. ...

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Muslims protect Christians from al-Shabab militants massacre on Kenyan bus

Muslims on a bus stopped by suspected al-Shabab militants helped disguise Christians in an effort to spare them from a massacre. The al-Qaeda affiliate executed 28 non-Muslims on a bus in the same area last year. Al-Shabab militants from Somalia on Monday sprayed a bus with gunfire in northeast Kenya before boarding and demanding Muslims separate from non-Muslims, but Muslims ...

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Iran In Talks With Caspian Yard for “Billions” in Rigs

The Red Barricades shipyard in the Russian city of Astrakhan, on the Caspian Sea, has said that it is in talks with Iran for large-scale construction of drill rigs. Alexander Ilyichev, the director of the shipyard, told Russian media that he hoped to “sign an agreement for the joint construction of the rigs for exploration and production of hydrocarbons in ...

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Amid energy rout, traders see opportunities in 2016

Energy markets have spent most of 2015 in a tailspin and there are expectations that oil, coal and natural gas prices could fall further next year. Despite the rout, many still see opportunities for profitable trading. Energy markets have spent most of 2015 in a tailspin and there are expectations that oil, coal and natural gas prices could fall further ...

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Final Bids are in for Piraeus Port

Greece said that final bids for a majority stake in Piraeus Port Authority, operator of its biggest port, were submitted on Monday but the prospective buyers will not be made public until early next month. Alexis Tsipras’s government had halted the sale after winning elections in January but resumed the process under the 86 billion-euro bailout deal it agreed with ...

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