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Monthly Archives: January 2016

Xerox to split into two, Icahn to get board seats in one

REUTERS: Xerox Corp said it would split into two companies, one holding its legacy hardware operations and the other its business process outsourcing unit, in which activist investor Carl Icahn will get three board seats. Icahn, who first revealed a stake in Xerox in November, had said he would seek representation on the company’s board as well as pursue strategic ...

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Iran crude exports hit 2-year high, up more than 20p

Iran’s oil exports are set to rise more than a fifth in January and February from last year’s daily average, data from a source with knowledge of its loading schedules shows, revealing how Tehran is ramping up sales after the lifting of sanctions. The data is the first sign of a resurgence in crude shipments as the Opec producer begins ...

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Within Opec, Iran is a challenge to any deal on oil cuts

Iran, boosting oil exports after the lifting of sanctions, is talking of a need to recoup its market share, making the Opec member a challenge to any deal among producers to fix a supply glut, Opec sources said on Thursday. Russian officials have decided they should talk to Saudi Arabia and other Opec countries about output cuts, the head of ...

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Asia stocks jump, yen weakens as BOJ adopts negative rates

Asian shares jumped on Friday and the yen swooned after the Bank of Japan stunned markets by adopting negative interest rates in its boldest step yet to reinflate the long-languishing economy. The yen fell across the board and sovereign bonds rallied after Japan’s central bank said it would charge 0.1 per cent for excess reserves parked with the institution, an ...

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Oil climbs on hopes for output cut, dollar slips

Crude oil prices rose to their highest in three weeks on hopes for a pact among oil producers to cut output, while the dollar slipped on bets that interest rate hikes by the Federal Reserve would be more gradual than it has suggested. The rebound in the oil market lifted share prices on Wall Street and other stock markets in ...

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Airbus signs Iran deal for 118 planes worth $27bn

Iran has agreed to buy 118 Airbus jets worth $27 billion at list prices, including a dozen A380 superjumbos, after international sanctions were lifted against Tehran this month. The planemaker said the deal, signed amid a raft of others during a visit by President Hassan Rouhani, was conditional on getting US export licences because more than 10 per cent of ...

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Qatar Airways to get 30 new aircraft this year

Qatar Airways group chief executive Akbar Al Baker has revealed that the carrier is expected to add over 30 new aircraft to its fleet this year, said a report. “We are expecting the delivery of some 31 aircraft this year provided all the delivery programme is on schedule,” Al Baker told The Peninsula on the sidelines of a press conference ...

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Dubai receives over 14.2m overnight visitors

Dubai welcomed over 14.2 million overnight visitors in 2015, recording a strong 7.5 per cent increase over 2014, according to annual figures released by Dubai’s Department of Tourism and Commerce Marketing (Dubai Tourism). The figure was double the United Nations World Travel Organisation’s (UNWTO) projected 3-4 per cent global travel growth for the same period. Dubai Tourism said the emirate’s ...

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Iran to take delivery of 100 Airbus planes in four years

Iranian state television reported on Thursday that Europe’s Airbus will deliver 100 passengers planes to the Islamic republic within four years. “The contract with the Airbus has been finalised … the planes will be delivered to Iran as soon as possible within four years … Tehran will pay for the planes in 10 years … all the planes will be ...

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WHO in emergency session to stop Zika virus

The World Health Organization will hold a special session on Thursday on the Zika virus for quick action against the infection linked to thousands of birth defects in Brazil that is spreading through Latin America and the Caribbean. The World Health Organization will hold a special session on Thursday on the Zika virus as the U.N. agency comes under pressure ...

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Shell Shareholders Approve BG Takeover

Royal Dutch Shell shareholders approved its $50 billion takeover of BG Group on Wednesday, clearing the last main hurdle to creating the biggest LNG trader in the world. BG shareholders are also expected to approve one of the biggest deals in the energy sector in the past decade at a meeting on Thursday, a vote that would allow the two ...

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Wind Farm Installation Barge Aground Off Denmark

The wind farm installation jackup platform Sea Worker has gone aground off the west coast of Denmark. Operator A2SEA evacuated the fifteen crew members of the platform before the grounding, and no injuries were reported. The evacuation was completed at 0300 hours local time January 27 by a lifeboat from Hvide Sand. A2SEA said that the vessel was caught by ...

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U.S. Protests Taiwanese Visit to South China Sea

  Taiwan President Ma Ying-jeou’s planned trip to the Taiwanese-held island of Itu Aba in the disputed South China Sea is “extremely unhelpful” and won’t do anything to resolve disputes over the waterway, a U.S. official said on Wednesday. Ma’s office earlier announced that the president, who steps down in May, would fly to Itu Aba on Thursday to offer ...

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Forecast: Lawsuits Over Rig Cancellations Will Grow

In a reflection of the state of the offshore drilling market, consultancy and expert witness firm CAM OilServ Advisors announced Wednesday that it its creating a new branch specializing in offshore rig construction contract cancellations. Cary A. Moomjian, Jr., the firm’s president, has long experience with disputes over rig construction contracts, and his expertise may be in high demand as ...

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Cape Horn Discovered 400 Years Ago

On January 29 2016, it is exactly 400 years ago that a Dutch merchant ship, the Eendracht, sailed by Cape Horn, the southern-most point of South America. When Fernando Magallanes discovered and sailed the Strait of Magellan in 1520 it was still assumed that Tierra del Fuego, the southern bank of the Strait, was part of Terra Australis, the unknown ...

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Italian Maritime Companies Forge New Iranian Ties

During Iranian President Hassan Rouhani’s goodwill tour of Italy, shipbuilder Fincantieri announced a major new partnership with its Iranian counterparts. In a ceremony on Tuesday, attended by Italian Prime Minister Matteo Renzi and President Rouhani, Fincantieri signed a set of preliminary agreements with Azim Gostaresh Hormoz Shipbuilding (AGH), a subsidiary of state-owned Iran Shipbuilding and Offshore Industries Company (ISOICO). The ...

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India Boosts Strait of Malacca Maritime Surveillance

  India’s recent announcement that it will deploy two of its new Boeing P-8 maritime surveillance and strike aircraft to the Andaman & Nicobar Islands could create new opportunities for enhanced cooperation with Australia and the US.The islands, which run some 800km from the top of Indonesian Sumatra to Myanmar, are India’s strategic outpost in Southeast Asia, potentially allowing India ...

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Using Tankers for Municipal Waste Water Disposal

Can municipal sewage be transported to irrigate the desert? Management Professor C. K. Prahalad authored a treatise in which he explored new business opportunities that result from the convergence of technologies, a concept based on lateral thinking and one where it is possible to envisage tankers being used to deliver municipal waste to new forms of desert agriculture. The combination ...

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Nuclear or renewable?

Faced with the double challenge of balancing their energy supply against the needs of growing populations and maintaining economic growth at a minimum cost to the environment, many countries are increasingly looking for sustainable energy sources , said an industry expert. According to the International Energy Agency’s World Energy Outlook published in 2015, by 2040 nearly half of the world’s ...

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World Bank slashes 2016 oil price forecast

The World Bank has slashed its forecast for crude oil prices by $14 to $37 per barrel for 2016, it said on Tuesday, amid growing supply and weak demand prospects from emerging markets. In its annual Commodity Markets Outlook, the World Bank lowered its price forecast for 37 of 46 commodities, including oil, saying that weak demand from emerging economies ...

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Obama calls for rapid Zika research

President Barack Obama has called for the rapid development of tests, vaccines and treatments to fight the mosquito-transmitted Zika virus, which has been linked to birth defects and could spread to the US in warmer months. US health officials are stepping up efforts to study the link between Zika virus infections and birth defects, citing a recent study estimating the ...

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Earthquake Shakes Port of Anchorage

A powerful 7.1 magnitude earthquake struck southern Alaska early on Sunday, and its effects were felt for hundreds of miles from the epicenter. The quake struck at 1:30 AM, at the foot of a mountain chain just west of Cook Inlet, the U.S. Geological Survey (USGS) reported. The Fairbanks-based Alaska Earthquake Center reported a series of aftershocks reaching magnitudes of ...

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Cuba: Tourists Rushing In, Nationals Rushing Out

Nearly 3.5 million international tourists visited Cuba in 2015, the National Statistics and Information Agency reported on Monday, up 17.4 percent from 2014. Cuba’s tourism industry is under unprecedented strain and struggling to meet demand, and industry experts worry the island will be unable to absorb an even greater expected surge when scheduled U.S. commercial airline and ferry services are ...

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U.S. Army Prepares to Join Maritime Littoral Arena

  Military operations in the littoral domain are typically associated with the Navy and the Marines. In the future, however, the U.S. Army will also play a key role in maritime and littoral operations. Developments such as the Joint Concept for Access and Maneuver in the Global Commons, as well as the Asia Pivot, have compelled the army to consider ...

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Leading Cruise Lines Partner With Conservation NGOs

On Monday and Tuesday, the world’s two largest cruise lines announced partnerships with ocean conservation nonprofits, including an initiative to map ocean resources and a commitment to sustainability targets for sourcing and carbon emissions. Carnival Corporation has announced that it is hosting leading conservation, science and sustainability organizations for The Nature Conservancy’s (TNC) annual Mapping Ocean Wealth forum on Tuesday ...

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Energy-Related CO2 Emissions to Peak in 2030

Global energy demand will increase 25 percent between 2014 and 2040, driven by population growth and economic expansion, ExxonMobil said this week in the 2016 edition of The Outlook for Energy. At the same time, energy efficiency gains and increased use of renewable energy sources and lower carbon fuels, such as natural gas, are expected to help reduce by half ...

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Johnson Controls to buy Ireland peer for $16.5bn

Johnson Controls Inc, a US maker of car batteries and heating and ventilation equipment, agreed to acquire Ireland-based peer Tyco International in a $16.5 billion deal that will lower its tax bill, the companies said on Monday. By moving its headquarters to Cork, Ireland, Johnson Controls would become the latest major US company to carry out a so-called tax-inversion after ...

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Oil above $30 on hopes of deal to tackle glut

Oil rose further above $30 a barrel on Tuesday, lifted by hopes that Opec and non-Opec producers may be edging closer to a deal to tackle one of the biggest supply gluts in decades. The Organization of the Petroleum Exporting Countries is making renewed calls for rival producers to cut supply alongside its members, but Russia, seen as key to ...

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India celebrates

Indian youngsters with their faces painted with Indian flag colours pose for photographs as they celebrate India’s Republic Day in Bhopal, India. The country is celebrating its 67th Republic Day on January 26. EPA/Sanjeev Gupta

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Saudi industrial city to speed up, broaden investment

  The developer of one of Saudi Arabia’s biggest industrial city projects said it will speed construction of infrastructure and broaden the range of industries it accommodates as part of efforts to diversify the economy beyond oil. With state finances under heavy pressure from low oil prices, Saudi Arabia is trying to develop alternative sectors to boost exports, create jobs ...

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Hurdles remain as Iran seeks aviation investment

Iran courted Western aviation firms this week with a blueprint of regulatory reforms aimed at setting aside 40 years of sanctions and rebuilding its airways with new jets. But despite talk of a major plane order from Airbus , a raft of legal, financial and regulatory hurdles remain as Iran seeks foreign investor backing for plans to overhaul its dilapidated ...

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New deal on major maritime complex in Saudi Arabia

  Saudi Aramco,  the National Shipping Company of Saudi Arabia (Bahri), Lamprell Energy and Hyundai Heavy Industries have signed a memorandum of understanding (MoU) for joint collaboration on the establishment of a world-class maritime complex in Saudi Arabia. The companies will conduct due diligence to establish the maritime complex offering engineering, manufacturing and repair services for offshore rigs, commercial vessels ...

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Kuwait sees tough 2016; oil at $40-60 till 2020

Kuwait’s Opec governor said on Tuesday that this year would be tough, with oil prices seen recovering only after 2016 but remaining between $40 and $60 a barrel until 2020. “The expectation (is) that 2016 will not be an easy year when it comes to prices. They can remain volatile (at) current levels … prices will remain low,” Nawal Al-Fuzaia ...

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MSC Bans Shark Products

As part of shipping company MSC’s ongoing commitment to preserving the marine environment, the company has placed an embargo on any consignment containing shark fins or other shark-related products, with immediate effect. The World Wildlife Fund has informed us that consumption of shark-related products, which are a culinary delicacy in some countries, is threatening an already endangered species, said the ...

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Happy birthday to a salvaging and transforming Ogun State Governor Ibikunle Amosun

  (TRADE NEWSWIRE): I congratulate the SALVAGER AND TRANSFORMER of Ogun State, Senator Ibikunle Amosun CON, FCA on his 58th year birthday, may your happiness not turn sorrow, wishing you long life and prosperity amin, TRADE NEWSWIRE reports. I will celebrate you with a song by the late Fuji Maestro, Aare Sikiru Ayinde Barrister Ma gba muhibbah re Rabbi Olorun, ...

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Moody’s cuts oil price estimates as supply glut continues

Moody’s Investors Servicehas reduced its price estimates for Brent crude and West Texas Intermediate crude amid continued oversupply in the oil markets and the risk of additional supply from Iran. It has lowered its price estimate this year for both Brent crude oil, the international benchmark, and West Texas Intermediate (WTI) crude, the North American benchmark, to $33 per barrel ...

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Etihad announces flights disruption due to winter storm

  Etihad Airways has announced the disruption of flights in and out of the Northeastern Seaboard of the US due to the expected winter storm Jonas over the weekend of January 23 to 25. The flights include those from Abu Dhabi to New York and Washington DC and back, said a statement. As a result, Etihad has revised its booking ...

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Qatar Airways CEO rejects consolidation in Gulf

Qatar Airways’ chief has said he was not in favor of regional consolidation, rejecting any need for the Gulf region to join in the trend for mergers which has raised airline profitability elsewhere in the world. Some industry experts are sceptical as to whether the Gulf region needs fast-growing Qatar Airways and rival carriers Emirates and Etihad with their three ...

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Concorde marks first flight anniversary to Bahrain

Marking the 40th year anniversary of the first Concorde flight to Bahrain, a scale model of the airliner with graphics was showcased yesterday (January 21) at Sakhir, the venue of Bahrain International Air Show (BIAS) 2016. The occasion of the first flight from London to Bahrain which coincided with inaugural day of the three-day air show was celebrated as the ...

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China, Egypt plan projects worth up to $15bn

China and Egypt are planning 15 projects in the Arab country that could be worth up to $15 billion, Chinese President Xi Jinping said on Thursday. Xi said the projects aimed to increase production capacity in Egypt and included the electricity, transport and infrastructure sectors. Some have already been launched and others are still under discussion, he said at a ...

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China, U.S. Plan to Hold Bilateral Steel Meeting

U.S. and China officials, along with representatives from their respective steel industries, have tentatively agreed to meet for a bilateral steel-sector discussion later this year, American Iron and Steel Institute President and CEO Thomas Gibson said. Speaking during a media briefing on 20 January, Gibson said it would be the first time in at least eight years that the two ...

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Broadband cable linking Africa to Europe repaired

JOHANNESBURG: African telecoms cable operator Seacom said it had repaired a fault with a broadband cable that hit internet traffic across much of the continent on Thursday. Seacom’s cable runs along the east African coastline linking South Africa, Tanzania, Uganda, Kenya and Mozambique with Europe and Asia. “The Seacom terrestrial network was successfully repaired,” the company said in a statement ...

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Boeing cuts 747-8 production as air freight slows

NEW YORK: Boeing said on Thursday (Jan 21) it would cut back production of its freight workhorse 747-8 aircraft by half as the air cargo industry slows. Boeing said it could move from completing one 747-8 per month to one every two months from September. The company said data in November showed air freight had contracted by 1.2 per cent ...

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Gold is back in favour, but will it last?

SINGAPORE: Gold is regaining its shine as the mayhem in global financial markets send investors scurrying into safe-haven assets, but analysts remain doubtful whether the precious metal will remain at elevated levels for long. The yellow metal touched US$1,109.20 per ounce on Wednesday (Jan 20), the highest level in a week and a half, reaping gains on the back of ...

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Oil prices, markets climb after turbulent few days

Oil prices and global equity markets rebounded on Thursday, following a turbulent few days that wiped trillions of dollars off asset values, though it was unclear whether the vigorous selling action had come to an end. Remarks by European Central Bank president Mario Draghi earlier in the day raised hopes for further monetary stimulus and helped buoy the markets. US ...

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Despite Losses, Korean Yards Pay Employee Bonus

To mark the Lunar New Year, Hyundai Heavy Industries, Daewoo Shipbuilding and Samsung Heavy Industries are reportedly preparing to issue bonuses of one month’s full salary to their employees in an effort to lift morale. The bonuses will coincide with the five-day break accompanying the Lunar New Year, which will occur February 8. 2015 was hard on the South Korean ...

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Coast Guard Warns on GPS Jamming

The U.S. Coast Guard has issued Marine Safety Alert 01-16 to warn mariners of the potential detrimental impact to navigation caused by GPS interference or jamming. The warning emphasizes the importance of understanding how vessel equipment could be impacted by the loss of a GPS signal. The Coast Guard states that this past summer, multiple outbound vessels from a non-U.S. ...

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The Largest Man-Made Moving Object on Earth

Polarcus is currently acquiring an ultra-wide 3D marine seismic project offshore Myanmar in a project that is setting a new record for the offshore industry. Polarcus Amani is towing an in-sea configuration that measures 1.8 kilometer (1.1 mile) wide across the front ends. With each of the ten streamers separated by 200m (650 feet), the total area covered by the ...

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Panama Prepares Accession to Ballast Water Convention

Panama has announced that it has begun the process of accession to the Ballast Water Management (BWM) Convention Seatrade Maritime News reports the process of enacting the required laws is expected to take two to three months. Panama’s formal accession will definitely see the Convention enter into force internationally after 12 months. “The [shipping] industry needs some certainty of the ...

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To President Muhammadu Buhari: Proposal for Industrialisation of Nigeria

  Your Excellency sir, Find herewith Proposal for the industrialization of Nigeria written some years back. Summarily, the proposal encapsulates the following: 1, That there is the need to indutrialise Nigeria so as to concretized and sustain diversification of the economy 2, That technology is the bedrock of the proposed industrialization 3, That industrialisation is about manufacturing of machines/ technologies ...

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Virtual reality market to hit $1 billion this year

Virtual reality (VR) will have its first billion dollar year in 2016, with about $700 million in hardware sales, and the remainder from content, a report said. Sales of about 2.5 million VR headsets and 10 million game copies are estimated for the year, according to the 15th edition of the report entitled Technology, Media & Telecommunications (TMT) Predictions by ...

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Canadian Shipyards May Lose Out on Navy Orders

Canada’s National Shipbuilding Procurement Strategy could be threatened, as the nation’s Department of National Defence (DND) is considering privatizing its tug and fireboat fleets. The strategy, brought in by the Conservative government, called for Canadian shipyards to be used to build government support ships. Irving Shipbuilding on the east coast and Seaspan on the west coast were to receive most ...

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We’ve driven Boko Haram to fall-back positions, says Buhari

PRESIDENT Muhammadu Buhari said yesterday that Nigeria has made significant progress towards ending Boko Haram insurgency since his assumption of office. Speaking at a meeting with United Nations (UN) Secretary-General Mr. Ban Ki Moon on the sidelines of the World Future Energy Summit in Abu Dhabi, Buhari said in collaboration with the Multinational Joint Task Force, the Nigerian Armed Forces ...

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Two Fatal Man Overboard Incidents Investigated

  Two accident investigation reports published over the last week have highlighted the risks of falling overboard whilst undertaking routine tasks. In both cases, the men died despite rescue attempts by other crew members Man overboard from Hyundai Dangjin  The Australian Transport Safety Bureau (ATSB) has issued its report on the man overboard incident on Hyundai Dangjin. On July 10, ...

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New System Means Methanol Suitable for Submarines

Air-independent propulsion (AIP) represents a technological breakthrough for conventional submarines, but there are limitations to the hydrogen-based fuel cells typically used, and Sener of Spain is working on a project that will see methanol used to generate the hydrogen needed rather than having to store it on board. In addition to diesel generators that require exterior air for combustion, submarines ...

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Sailors Captured by Iran Were Held at Gunpoint

The 10 U.S. sailors who were briefly detained by the Iranian military last week were held at gunpoint and had a verbal exchange with Iranian personnel before they were released, the U.S. military said Monday. Just two days after the United States and other world powers lifted sanctions on Iran, the military released its most comprehensive timeline to date of ...

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Oil, Gas Salaries Fall

Oil and gas workers saw their salaries fall 1.4 percent over the past year after a sharp decline in oil prices forced their employers to trim costs, but their average global salaries remain high at more than $80,000 a year. Oil and gas companies are facing a steep decline in revenues because oil prices have declined nearly 75 percent since ...

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Indian Fisherman Dies in Pirate Attack

On Saturday, the Bahraini Coast Guard’s commander reported that a dhow was attacked outside of the nation’s territorial waters and that an Asian sailor was killed, part of an ongoing pattern of piracy on the Bahraini, Saudi and Qatari maritime borders with Iran. Prosecutors were notified. The commander further asked fishermen to stay within proper fishing areas in Bahrain and ...

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Taiwan Matters More to China than South China Sea

For China, whose President Xi Jinping is already taking an increasingly muscular approach to claims in the East and South China Sea, the question of Taiwan trumps any other of its territorial assertions in terms of sensitivity and importance. After eight years of calm in what had been one of Asia’s powder kegs, the landslide election of an independence-leaning opposition ...

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Despite Sub-$30 Oil, Iran Plans Surge in Exports

On Saturday, Iran’s representative to the Organization of Petroleum Exporting Countries (OPEC), Mehdi Asali, told Iranian state media that Iran plans to increase its oil export production right away once sanctions have lifted – despite low prices. Asked about rumors that Iran is rethinking its export plans in the face of low prices, he said that “we have not moderated ...

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Excitement as Ooni visits Alaafin

History was made on Sunday as the new Ooni of Ife‎, Oba Ogunwusi became the first Ooni to visit Oyo town since 1937. The Methodist Church, Apaara, venue of the 45th coronation anniversary thanksgiving of Oba Lamidi Adeyemi III, became electrified immediately news filtered in that Oba Ogunwusi’s convoy has reached Owode, followed by many other Obas. The late Ooni ...

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To President Muhammadu Buhari: Proverbial state of the nation

Your excellency sir, (TRADE NEWSWIRE): Yoruba elders say (Bi igba ba si oju de, sisi la si, bi ko ba si se si, a a fo ni) English meaning (If a calabash turns upside down, we will upturn it, but if it cannot be upturned, then we will break it), TRADE NEWSWIRE reports. May God Guide our Leaders Right. NIGERIA ...

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GE to sell appliances business to Haier for US$5.4 billion

  General Electric Co said on Friday it has agreed to sell its appliances business to Qingdao Haier Co Ltd for US$5.4 billion. The deal, which will generate an after-tax gain of about 20 cents per share upon closing, values GE’s appliances business at 10 times its earnings before interest, taxes, depreciation, and amortization in the last 12 months, the ...

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Delayed deaths declining among pediatric cancer survivors

It’s long been known that cancer survivors – people alive five years after diagnosis – face a higher risk of premature death, and doctors have made efforts over the decades to reduce those deaths. A new study of childhood cancer cases suggests that the effort has been successful, at least to some degree. Most people “kind of assume that if ...

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US girls, women at risk of genital mutilation has tripled: study

NEW YORK -More than half a million women and girls in the United States live at risk of female genital mutilation, a threefold increase in recent years due to the rise in immigrants from countries where it is practiced, a government study said on Thursday. The number of U.S. women and girls who have undergone the actual procedures is unknown, ...

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Six people in serious condition after medical trials go wrong in France

PARIS: Six people are in a serious condition after taking part in a medical trial for an unnamed European laboratory to test a new drug, France’s health ministry said on Friday. The ministry did not say what the medicine was intended to be used for, but said the six volunteers, one of whom was in a coma, had been in ...

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How far can it fall? Hedge funds see 15pc tumble for yuan

The global gloom over China’s yuan has deepened swiftly, with investment banks slashing forecasts and some analysts and money managers arguing it should fall by 15 per cent or more to respond to Beijing’s financial imbalances. It is still a daring bet, and not just because of China’s more than $3 trillion in currency reserves. Beijing demonstrated the tools it ...

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Asia shares hit new lows as oil resumes fall

Asian stocks surrendered earlier gains to hit three-1/2-year lows on Friday as renewed pressure on oil prices and disappointing Chinese data kept investors on edge. MSCI’s broadest index of Asia-Pacific shares outside Japan declined 0.3 per cent to the lowest level since June 2012, and was on track for a loss of 2.7 per cent for the week. Japan’s Nikkei ...

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Court allows Etihad to continue most Air Berlin code shares

An appeals court in Germany on Thursday allowed Etihad to continue most of its disputed code share flights with Air Berlin for the winter schedule ending in March, handing the Abu Dhabi-based airline a partial victory. The court ruled that Etihad should be allowed to continue its code share agreement for 26 international routes but rejected its request to continue ...

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Saudi Arabia plans new sovereign wealth fund

  Saudi Arabia plans to create a new sovereign fund to manage part of its oil wealth and diversify its investments, and has asked investment banks and consultancies to submit proposals for the project, according to people familiar with the matter. Plunging oil prices have strained Saudi Arabia’s finances. The kingdom’s state budget deficit is at a record high and ...

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Indian Trial Delayed for Enrica Lexie Marines

The Indian Supreme Court on Wednesday allowed one of two Italian marines facing murder charges over the deaths of two Indian fishermen to stay in his home country until April 30 following heart surgery. The decision defuses a possible judicial standoff after an Italian senator said the day before that Massimiliano Latorre would not return to face trial as he ...

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Shipping Unaffected by South China Sea Tensions

China’s growing military presence in the South China Sea has drawn warnings from the United States that Beijing is seeking to exert control over one of the world’s most important sea lanes, but so far the shipping industry seems less concerned. Beijing has been increasingly assertive in staking its claim to almost the whole of the sea, though which trillions ...

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Third Bridge Allision on Mississippi in Three Days

The U.S. Coast Guard has reported the third bridge allision involving a towing vessel and barge tow on the Mississippi in three days. The incident is also the second strike on the Vicksburg Railroad Bridge in Vicksburg, Mississippi in that time span. The towboat Robert D. Byrd allided with the bridge early Thursday morning, the USCG said. Unlike earlier incidents ...

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Director of Surface Warfare Calls for Navy to Back LCS

  In comments at the annual Surface Navy Association symposium, U.S. Navy Director of Surface Warfare RAdm. Peter Fanta called on members of the Navy to join together to back the service’s new Littoral Combat Ship and to “sell the story” of its capabilities.“In the long run, you’ve got to help me get the message out, there’s warfighting capability in this thing, ...

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East and Southern Africa in Development Boom

In the minds of many, the container trade between east and southern Africa forms an altogether insignificant trade. That may be true if comparing it with a high volume area such as the Far East. Yet this region’s combined port throughput is approaching eight million TEUs, which is technically more than the whole of the Australian continent, and there is so ...

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New Gravity-Field Map Made for Ocean Floor

  An international scientific team recently published a new map of the ocean floor based on Earth’s gravity field, and it is a particularly useful tool, says NASA. Such seafloor maps can aid submariners and ship captains with navigation, particularly in previously uncharted areas. They are helpful to prospectors scouting for oil, gas and mineral resources, and the maps comprise ...

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Chemical Container Fire Disrupts Brazil’s Santos Port

Up to a dozen containers carrying chemicals caught fire at a terminal at Brazil’s largest port of Santos on Thursday, restricting ship movement, representatives of the port authority Codesp said. The fire at the container terminal operated by logistics company Localfrio in Guaruja, on the eastern side of Santos, started around 3 p.m. Brasilia time (1700 GMT) and continued into ...

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NRF Wants More Statistics on U.S. Port Congestion

Following up on last fall’s successful campaign to include a port performance statistics program in the U.S. federal long-term surface transportation bill, the National Retail Federation (NRF) now leads a coalition of more than 100 groups in sending specific recommendations to the Department of Transportation. “Having efficient, modern ports is important for the free flow of international trade, both imports ...

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Four Debates Later: The Aircraft Carrier

  The arguments deployed in the latest debate over the aircraft carrier’s place in the U.S. Navy’s force structure have a familiar ring. That is perhaps because they have been very similar criticisms in every carrier debate going back to the 1920’s. While every weapon system undergoes re-evaluation and criticism over its service life, the large aircraft carrier has been ...

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DNV GL Highlights Research Underway

DNV GL has published a report on its research activities: Research Review 2015. The document summarizes strategic research and innovation within DNV GL. Two of the projects described are: MODAM The MODAM project is a substantial collaborative project between DNV GL, ABB and BW Gas supported by the Research Council of Norway. This was the first maritime project to introduce ...

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Seadrill, Citi Predict Weak Offshore Sector Through 2017

In separate reports Thursday, the CEO of rig operator Seadrill and market analysts with Citigroup said that they expect a weak market in the offshore sector through 2017 as low crude prices and cost cuts continue to push day rates below the break-even point. Rig owners have lately been forced to mothball or scrap drilling units to fight a rising ...

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Cheniere Delays First LNG Shipment

  The first cargo of LNG to leave the United States will be delayed, said exporter Cheniere Energy on Thursday. Cheniere now forecasts that its first shipment will not leave its Sabine Pass plant until late February or March 2016, a slip from a planned January departure.Construction of the first liquefaction train at the terminal was completed ahead of schedule, Cheniere said, but ...

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Egypt aims to reduce import bill by 25pc

Egypt aims to reduce its import bill by 25 percent in 2016 compared to the previous year after the central bank imposed sweeping new import controls last month, its governor told Reuters. The country plugged major loopholes that had long allowed some importers to dodge customs tariffs, robbing the government of revenues and making it harder for local producers to ...

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Happy Birthday: All for Hajia Lami Tumaka @ 56- Photos

(TRADE NEWSWIRE): When a person is deeply loved and cherished by the people, the passion cannot be hidden from the loved, as this was the kind of love showered on Hajia Lami Tumaka in her office this morning as friends and well wishers in the office flooded her table with birthday cakes and warm greetings to honour her on her ...

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Oil prices could average $37 in 2016 says report

  Brent and WTI prices will hover around $37/barrel this year, though the prices could move slightly higher in the second half of the year with WTI at a premium to Brent, says a commodities research published by Barclays. The oil market is imacted by the inertia of non-Opec supply, especially shale, that has surpassed expectations for an adjustment. Iran’s ...

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MH370 Search Uncovers Second Shipwreck

  The search for missing aircraft MH370 has uncovered a second shipwreck. On 19 December 2015, an sonar anomaly was identified in the course of the underwater search, with initial analysis suggesting the object was likely to be man-made. Search vessel Havila Harmony was tasked with further examination of the location using an autonomous underwater vehicle (AUV). On January 2, ...

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Older Tanker Values Rise, Product Outlook Improves

  VesselsValue.com said in a report released Wednesday that the values for older tankers rose dramatically in 2015 – and for most classes, the older the better. Leading the pack, 20-year-old Suezmaxes saw their value jump by nearly 60%, followed closely by 18-year old VLCCs at an increase of 43%. In September, the firm had forecast a potential upside to ...

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[Updated] U.S. Coast Guard Moves Forward on Icebreakers

On Wednesday, the U.S. Coast Guard released a proposed acquisition timeline and requirements for two new heavy U.S. icebreakers that could cost $1 billion each and said it would meet with interested companies during an industry day in March. Coast Guard Commandant Admiral Paul Zukunft told an event hosted by the Center for Strategic and International Studies that notice was ...

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Shell’s Arctic Drilling Extension Appeal Challenged

Earthjustice, on behalf of eight environmental and conservation groups, has filed to intervene in a case before the U.S. Interior Board of Land Appeals to defend the Department of Interior’s decision to deny Shell Oil’s request for an extension of the terms of its oil drilling leases in the Arctic Ocean. Without an extension, the leases are due to expire ...

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Real LNG Growth Yet to Come

Wood Mackenzie’s latest review of the Global LNG industry concludes that the market was characterized by weak Asian demand in 2015, with a year on year decline of two percent. As a result, many LNG players shifted their focus to developing markets and employing new regasification capacity. Despite weakened demand and the impact of the oil price crash, LNG production ...

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Migrant Influx to Greece Continues Unabated

More than 1,000 migrants and refugees arrived at Greece’s biggest port of Piraeus near Athens on Wednesday as the influx of people fleeing conflict zones for Europe continued unabated into the winter months. More than one million refugees and migrants braved the seas in 2015 seeking sanctuary in Europe, nearly five times more than in the previous year, according to ...

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Tasmanian Ferry Breaks Moorings in High Winds

The TT-Line ropax vessel Spirit of Tasmania II was damaged as its mooring lines parted in high winds in Melbourne, Australia at around 6 PM local time yesterday. Video of the lines snapping and of the aftermath is available here. The ship swung 90 degrees from its berth, crashed into a car bridge at the pier and drifted off towards ...

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The Costa Concordia Tragedy: Four Years Later

January 13 marks the fourth anniversary of the sinking of the cruise ship Costa Concordia off the Tuscan holiday island of Giglio. 32 people died in the incident and the salvage and scrapping efforts are estimated to total in the range of $2 billion, in addition to the vessel’s $500 million value. It was the most expensive maritime wreck recovery ...

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A Seafarer’s Account of Capture by Pirates

Tu, aged 25, is a Vietnamese seafarer. He worked on board a Taiwanese fishing vessel which was attacked by Somalian pirates then held in captivity from December 25, 2010, to July 17, 2012. Tu narrated this story in December 2015. He has permitted the translation of his story for use by the Maritime Piracy Humanitarian Response Programme (MPHRP). Below is ...

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New wirelessly-powered implant to help manage chronic pain

  SINGAPORE: Those who suffer from chronic pain will soon get a new device for pain management that does away with the need for battery replacement, the Agency for Science, Technology and Research (A*STAR) announced on Wednesday (Jan 13). Developed by A*STAR’s Institute of Microelectronics (IME) and local biotech firm Biospark Technologies, the wireless implantable device is expected to be ...

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GCC states ‘can earn 10pc of GDP via non-tax incomes’

  Maximising government revenues, such as state-owned enterprises (SOEs) and pension funds, that are currently untapped are among non-tax incomes that can generate at least 10 per cent of the Gross Domestic Product (GDP) in GCC countries, a report said. Given the volatility and unpredictability of oil prices, the primary economic strategy for all GCC countries is to diversify government ...

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Heartbreaking scenes in starving Syria town; rice sold at $300 a kg

Aid workers who reached a besieged Syrian town spoke of “heartbreaking” conditions being endured by emaciated and starving residents, with hundreds in need of special medical help. An aid convoy on Monday brought the first food and medical relief for months to the western town of Madaya, where 40,000 people are trapped by encircling government forces and local doctors say ...

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Obama knocks Republicans for anti-Muslim rhetoric

President Barack Obama knocked Republican presidential candidates for anti-Muslim rhetoric and accused critics on Tuesday of playing into the hands of Islamic State in a speech aimed at setting an optimistic tone for his last year in office. Obama, delivering his last State of the Union speech to Congress before leaving office next year, said it was fiction to declare ...

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U.S., Japan and Germany Join Australian Stealth Research

  Researchers at the Australian Maritime College, a specialist institute of the University of Tasmania, are working on three key projects investigating different elements of noise reduction for naval vessels with funding and support coming from a range of international agencies. Associate Professor Paul Brandner said the objective of the research is to understand how to make ships and submarines ...

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Criminal Complaint Filed in Panama Canal Dispute

In the latest salvo over Panama Canal construction payments, the contractor consortium for the project faces criminal charges in a complaint filed by the vice president of Panama’s National Bar Association. Association VP Juan Carlos Arauz told media service EFE that “we’re asking for an investigation into the possible defrauding of the nation’s resources” in consortium GUPC’s claims of $3.5 ...

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