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Monthly Archives: December 2016

APC hails Riverians beloveth Dr. Dakuku Peterside on his 46th birthday anniversary

(TRADE NEWSWIRE): The Rivers State Chapter of All Progressives Congress, APC, has hailed the Director-General of the Nigerian Maritime Administration and Safety Administration [NIMASA], Dr. Dakuku Adol Peterside on his 46th Birthday anniversary, TRADE NEWSWIRE reports. Speaking to journalists in Port Harcourt, the APC State Chairman, Chief (Dr) Davies Ibiamu Ikanya extolled his lofty qualities by tracing the historic political ...

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Two Mariners Killed While Trying to Rescue Fishermen

Courtesy SAR Kendari On Tuesday, two crewmembers of the Indonesian product tanker Angelia 2 were killed as they attempted to rescue the crew of a fishing vessel. Several others were injured, and the captain of the fishing boat remains missing.The fishing vessel (unnamed in local media reports) was under way Tuesday night when it suffered the loss of ship’s service ...

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A Ship, a Crew and a $7 Billion Fishery

By Sara Mooers 2016-12-30 16:44:16 The sea and sky are dark. One fades into the other. The bright deck lights of a foreign fishing boat are the only horizon reference. Roughly 70-feet in length, at two miles away, the boat appears as a dot. “Set LE Phase 1,” rings out over the 1MC, the ship’s on board intercom system. I’m ...

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Maersk Oil to Shutter Tyra Offshore Facilities

File image courtesy Maersk On Friday, Maersk Oil announced that it will close its Tyra gas production and processing facilities in the Danish North Sea, effective October 1, 2018. Despite more than $140 million spent reinforcing the Tyra structures, Maersk says that continued production would be unsafe due to new knowledge on storm wave impact, combined with geologic subsidence which ...

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Chilean Navy Investigates Videotaping Scandal

File image (USN) Chilean authorities said on Thursday they are investigating allegations that female sailors were secretly videotaped in their quarters on a naval vessel and that those images were then shared via social media by other crew members. The Navy detained the sailors accused of secretly recording their female counterparts. It said “it roundly rejects these types of actions ...

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Long-Lived Clam Yields Valuable Historic Data

File image courtesy Hans Hillewaert Researchers from Cardiff University are learning about the history of the ocean from the longest-living animal on Earth: the quahog. You might remember the headlines from a few years ago when scientists discovered Ming, a 507-year-old quahog who was named for the Chinese dynasty in power when the animal was born. Like other bivalves, quahogs have growth rings ...

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Ex-CEO of Hanjin Charged With Insider Trading

File image South Korean prosecutors said Friday that Choi Eun-young, ex-CEO of Hanjin Shipping, has been indicted on charges of insider trading. The prosecution alleges that Choi sold stock in Hanjin when she learned of the carrier’s impending collapse, several days before the firm applied for a restructuring program and made its situation known to the public.The charges did not ...

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U.S. Ends Aid for Port of Odessa Customs Reforms

Odessa in an undated file image The U.S. Agency for International Development (USAID) has ended funding for a flagship customs reform project in Ukraine’s Odessa region, as the government’s ambitious plans to tackle bribe-taking at its Black Sea ports stalled. USAID and other institutions have supported Kiev’s Western-backed government, which took power after the 2014 Maidan street protests, to fight ...

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China, South Korea Reach Fisheries Enforcement Deal

Korea Coast Guard boarding team approaches Chinese fishing vessel (file image) In a long-awaited deal on the management of their Yellow Sea maritime boundaries, China and South Korea agreed on Friday to measures to reduce conflict over fisheries near the North Korean border. Together, the nations agreed to reduce fishing quotas in jointly administered waters, to step up Chinese participation in enforcement ...

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Faulty Hose Halts Goliat Production

Eni Norge has suspended production from the Goliat field in the Barents Sea off Norway due to a faulty offloading hose. Output was stopped on December 26 after a routine inspection found some damage on segments of the hose. According to a company statement: “The repair will be conducted as soon as bad weather conditions, affecting operations on several parts ...

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Oil down, but ends year with biggest gain since 2009

Oil prices settled slightly lower on Friday, the year’s last trading day, but attained their biggest annual gain since 2009, after OPEC and partners agreed to cut output to reduce a supply overhang that has depressed prices for two years.A two-rig rise in the oil rig count in the United States, the ninth weekly increase in a row, as reported ...

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After ‘a year of two halves’, where is gold headed in 2017?

2016 marked a volatile year for gold prices, which defied expectations to rally in the first half of the year before sinking into a downward spiral over the last two months. Amid lingering uncertainty, analysts are split on the yellow metal’s direction in the year ahead. A Bundesbank employee checks the core of a bar of gold at a press ...

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India to start taxing capital gains to Singapore investors from April

India’s Finance Minister Arun Jaitley gestures as he addresses a gathering on July 10, 2016. (Photo: REUTERS/Amit Dave) NEW DELHI: India will start imposing capital gains tax on investments coming from Singapore from April and fully withdraw exemptions in two years, as the two countries agreed to amend a decade-old treaty after New Delhi rolled back similar concessions to Mauritius ...

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Dubai Parks plans spectacular New Year’s Eve

Dubai Parks and Resorts, the Middle East’s largest multi-themed leisure and entertainment destination, will host a dazzling New Year’s Eve celebration on December 31. Called the “Celebrate Amazing Countdown”, the event takes place starting at 9 pm inside Bollywood Parks Dubai in front of the magnificent Rajmahal Theatre and will feature live music, performances, family fun and brilliant fireworks. Admission ...

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Emirates adds 36 aircraft to fleet in 2016

Emirates teamed up with Dubai Miracle Garden to build a life-size floral version of the Emirates A380 with more than 500,000 fresh flowers and Emirates, the world’s largest international airline, rounded off another year of growth in 2016, underlined by fleet and network expansion, as well as customer focused product investments. Commenting on 2016, Sir Tim Clark, president, Emirates Airline ...

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Qatar Airways buys 10pc stake in Latam

Qatar Airways, Qatar’s national carrier, has announced the completion of its acquisition of a 10 per cent stake in Latam Airlines Group, a leading airline group in Latin America. The transaction is said to be worth $608.4 million. Both Qatar Airways and Chile-based Latam are members of the oneworld alliance. “The pre-emptive rights offering of 61,316,424 new shares, at a ...

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US imposes sanctions on Russia for election hacking

Obama … warning over more action US President Barack Obama on Thursday authorised a number of actions in response to the Russian government’s aggressive harassment of US officials and cyber operations aimed at the US election in 2016. “Russia’s cyber activities were intended to influence the election, erode faith in US democratic institutions, sow doubt about the integrity of our ...

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China Dismisses Reactions to its “Pretty” Warship

The Soviet-built Liaoning in an undated file image If people want to come and look at China’s first aircraft carrier, they are very welcome, the defence ministry said on Thursday, brushing off encounters with the Japanese military as the carrier passed close to Japan this week. The Soviet-built Liaoning, accompanied by several warships, this week traveled through the passage between ...

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DSME Reaches Shipyard Agreement with ISOICO

Dr. Mansour Moazami, Deputy Minister of Industry, Mine and Trade and Chairman of IDRO, with Jung Sung Leep, CEO of DSME in Seoul (DSME) On Thursday, Daewoo Shipbuilding & Marine Engineering (DSME) announced an agreement with the Industrial Development and Renovation Organization of Iran (IDRO) for the transfer of shipbuilding technology. Under the arrangement, the Iranian government said that it would ...

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Chairman of Russian Port Remanded in Custody

Port of Ust-Luga A St Petersburg court has ordered the chairman of Russia’s Baltic sea port of Ust-Luga to be held in custody until January 21 after his arrest on suspicion of fraud, a court official said on Thursday.Officers of the Russian Federal Security Service, or FSB, searched the port’s offices in St Petersburg on Wednesday, Tatyana Pauk, spokeswoman for ...

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To Fight Piracy, Indonesia Turns to Seaweed Farming

Indonesian seaweed farm (File image via social media) The Indonesian Navy has come up with a novel way to fight recidivism among ex-pirates in the Riau Islands: seaweed farming. Commander S. Irawan of the naval base in Tanjung Pinang told The Jakarta Post Wednesday that the Navy has trained up 15 former pirates to farm seaweed, a more sustainable alternative ...

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Cruise Ships Skip Jamaican Port Due to Trash, Rats

File image The cruise destination of Port Antonio, Jamaica is working hard to clean up a flood of garbage, which has led to a serious rat problem and the cancelation of six cruise ship calls. Port Antonio was once Jamaica’s main port for banana exports, and in its heyday it was a destination for Hollywood celebrities. Today it is better ...

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Sri Lanka’s Former Leader Opposes Port Free Zone

Rajapaksa in a 2009 file image (courtesy Rajith Vidanaarachchi) Sri Lanka’s former leader Mahinda Rajapaksa on Thursday criticised a government plan to grant 15,000 acres for Chinese investment in his constituency, saying it will deprive people of agricultural land.Rajapaksa, chided by the West and India for his close relations with China during his rule, is now agitating against President Maithripala ...

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Busan’s Volumes May Drop, but DP World Raises Stake

PNC’s facility layout, top center (PNC) Leading terminal operator DP World announced Thursday that it has purchased Samsung Corporation’s 23 percent share of Pusan Newport Company (PNC), raising its total stake to 66 percent. DP World said that the price paid for Samsung’s share is “undisclosed.”PNC is the Port of Busan’s largest container terminal, with about 5 million TEU of capacity. ...

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Ukrainian Port Reformer Investigated for Corruption

File image A young activist who became prominent in Ukraine’s 2014 uprising and was later appointed to work on a major project to reform the corruption-plagued customs of Odessa is herself being investigated for corruption.Roman Nasirov, the head of Ukraine’s Fiscal Service, which is spearheading the probe, told Reuters that he suspected 27-year-old Yulia Marushevska, who resigned last month, of ...

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China to Target Overcapacity in Shipping

File image China will increase its targets for capacity cuts in steel and coal in 2017, while extending its campaign against overcapacity to industries such as cement, glass, electrolytic aluminum and shipping, a state-run newspaper said on Friday.China has vowed to restructure its vast industries to tackle inefficiency and cut capacity overhangs, promising early this year to close around 500 ...

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Oil dips after an unexpected U.S. crude inventory build

Oil futures dipped on Thursday after a surprise build in U.S. crude inventories reversed an advance in prices that had boosted the benchmarks to their highest levels since July last year.U.S. crude stocks unexpectedly rose for the second straight week, data from the U.S. Energy Information Administration showed, gaining 614,000 barrels last week versus analysts’ forecasts of a decline of ...

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UK GAS-Prices rise on lower domestic supply

British wholesale gas prices rose on Thursday morning on lower domestic supply and as cold weather continued to boost demand. Gas for immediate delivery was up 0.15 pence at 51.40 pence per therm at 0932 GMT, while day-ahead gas was 0.60 pence higher at 51.25 p/therm. “Cold weather continues to boost demand for gas. There could also be some buying ...

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Russia’s Transneft and Rosneft squabble over oil contract terms

A longstanding dispute between Russia’s Rosneft and pipeline monopoly Transneft (TRNF_p.MM) has flared again this week, with the country’s biggest oil producer holding out on signing a contract for 2017. Transneft boss Nikolai Tokarev and Rosneft’s Chief Executive Officer Igor Sechin, have been battling for influence, with the Transneft chief concerned by Rosneft’s growing might. Transneft has not yet agreed ...

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Brazil oil and gas output reaches 3.307 million bpd in November: ANP

Oil and natural gas production in Brazil reached 3.307 million barrels of oil equivalent per day in November, according to a report released by the government’s petroleum industry regulator ANP on Friday. Oil production fell 0.6 percent from October to 2.609 barrels per day, with more than one-quarter of this coming from the giant offshore Lula field. Natural gas output ...

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EIA: Norway Oil Market Overview

Norway is Europe’s largest petroleum liquids producer, the world’s third-largest natural gas exporter, and an important supplier of both petroleum liquids and natural gas to other European countries. Norway is the largest holder of crude oil and natural gas reserves in Europe, and it provides much of the petroleum liquids and natural gas consumed on the continent. Norway was the ...

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Persian Gulf crude output to rise by 60k bpd

NISOC managing director said plans were made to increase oil output in Persian Gulf by 30 to 60 thousand barrels per day (bpd) in the coming year. National Iranian South Oil Company (NISOC), founded in 1980 with the primary aim of managing oilfields located in the Persian Gulf, is considered as one of the largest offshore oil producing firms for ...

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$100 oil in the forecast, according to commodity investment boss

The founder of a Calgary commodities and trading firm says 2017 should be a good year for recovering oil prices. We could even see $100 oil again within the next five years, according to Tim Pickering with Auspice Capital Advisors. And his positive outlook doesn’t hinge on the actions of OPEC. “Regardless of OPEC cutting 500,000 or 1 million or ...

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Shale Drillers Promise No 2017 Binges as Oil Hangover Eases

Shale oil companies are ready to play chicken with supply and demand again. Roiled by a year that began with crude at a 12-year low and ended with a surprise OPEC agreement boosting prices, U.S. producers including Continental Resources Inc. and Pioneer Natural Resources Co. are promising not to overreact — or overspend. The temptation will be strong: a recovery ...

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How to break the oil spell over OPEC

One clear lesson for oil-exporting countries in recent years, and especially in 2016, is that they should adjust their public policies to promote innovation and diversify their economies. The agreement of the Organization of the Petroleum Exporting Countries in late November to cut production-the first in eight years-doesn’t change this, regardless of the short-term increase in prices. Oil revenues appear ...

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Oil in 2017 seen capped below $60/barrel by strong dollar, U.S. shale

Oil prices will gradually rise towards $60 per barrel by the end of 2017, a Reuters poll showed, with further upside capped by a strong dollar, a likely recovery in U.S. oil output and possible non-compliance by OPEC with agreed cuts. Brent crude futures will average $56.90 a barrel in 2017, according to 29 analysts and economists polled by Reuters. ...

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Ukraine has counted 652 foreign vessels called at the ports of Crimea

The State Border Service of Ukraine has recorded 652 foreign vessels visited the ports of Crimea. This was stated by Chairman of the Border Guard Service of Ukraine Viktor Nazarenko during a press conference. “We promptly respond to any information on the foreign vessels called at the closed by Ukraine ports in the temporarily occupied territory. 652 vessels have been ...

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Progress for Port of Long Beach expansion

The Port of Long Beach has released an environmental study on its proposal to reconfigure and expand the Pier B on-dock rail facility. According to the study, the proposed facility would allow trains up to 10,000ft long to be loaded and unloaded at on-dock rail facilities at marine terminals to streamline rail operations, remove bottlenecks and reduce the need for ...

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Oman’s PSC granted extension to manage Port Sultan Qaboos

Oman’s Ministry of Transport and Communications has granted ports operator the Port Services Corporation (PSC) an extension to manage and operate Port Sultan Qaboos until December 31, 2017, according to a news report. PSC will now take all necessary steps to obtain approval from the Capital Market Authority to convene an extra ordinary general meeting in January 2017 to defer ...

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Iraq’s main port receives large vessel for first time

A Jordanian investing company says Iraq has received a large vessel for the first time in its history, thanks to rehabilitation work on its main port. The spokesman of Aloreen For Investment Ltd., Bahjat al-Timimi, said Thursday that the Panama-flagged container ship MSC Rita docked in the southern port of Umm Qasr on the Persian Gulf with a cargo of ...

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Gov’t to spend over 4 tln won for development of ports in Jeju, Donghae

The government said Wednesday that it plans to spend 4.22 trillion won ($3.48 billion) to upgrade seaport facilities and strengthen logistics functions on the country’s southern resort island of Jeju and the eastern port city of Donghae. According to the Ministry of Ocean and Fisheries, a total of 2.45 trillion won will be poured into building more cruise berths and ...

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Port of Subic expects increased port operations

Port of Subic has said that it expects increased port operations with Taiwan-based shipping lines on the back of the news that the Taiwan government is keen to establish a partnership with Subic Bay Metropolitan Authority (SBMA). SBMA officer-in-charge administrator Randy Escolango told the Philippines News Agency that executive officials from Taiwan Maritime and Port Bureau are interested in partnering ...

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DP World Increases Stake In Pusan Newport Company Limited

DP World announces that it has acquired an additional 23.94% stake in Pusan Newport Company Limited (PNC) in South Korea from Samsung Corporation & Subsidiaries. This increases DP World’s holding in PNC to 66.03%, and the terms of the transaction are undisclosed. PNC is the largest terminal in the port of Pusan with 5.25m TEU capacity, handling 34% of the ...

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NCSP Group Volumes for 11M 2016 Up 5.3% to 134.7 mln tons

NCSP Group hereby reports that Group’s consolidated cargo turnover for January-November 2016 increased by 6 731 thousand tons or 5.3% y-o-y, and reached 134 667 thousand tons. Liquid cargo volumes for 11M 2016 increased by 5 354 thousand tons or 5.4% y-o-y, and totaled 104 518 thousand tons, of which: – Crude oil totaled 74 848 thousand tons – up ...

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Record freight volume for port of Antwerp

The port of Antwerp will close 2016 with an expected record volume of more than 214 million tonnes of freight handled. The shipping container volume for its part has risen above 10 million TEU (twenty-foot equivalent units, i.e. standard containers) for the first time in the history of the port. Liquid bulk is also showing year-on-year expansion and with an ...

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Socio-Economic reformer Hadiza Usman of NPA adds another year on earth impactfuly

  (TRADE NEWSWIRE): Hadiza! Where are you? i could see you are engulfed with the Nigerian Ports Authority’s work, could you please look up? It’s your birthday; the gift is yours, TRADE NEWSWIRE reports. Yoruba elders say (Bi omi ba baa ile, omi a ni ipa; bi ojo ba baa ile, ojo a ta sa raa sa raa) English meaning ...

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UK Gas: Prices rise as drop in temperatures boosts demand

British wholesale gas prices rose on Wednesday as temperatures turned colder, boosting demand for heating. Gas for immediate delivery TRGBNBPWKD was up 1.23 pence at 48.78 pence per therm at 0907 GMT, while day-ahead gas TRGBNBPD1 rose by 1.10 pence to 49.00 p/therm. Traders said a drop in temperature had increased demand. The weather in Britain has turned colder since ...

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One Group of Oil Investors Didn’t Cash In on Crude’s 2016 Rally

The world’s most popular oil-tracking exchange traded fund missed out on 2016’s big crude rally. Front-month West Texas Intermediate crude futures have gained 45 percent so far this year as OPEC engineered the first global output cut in 15 years. The U.S. Oil Fund LP, an ETF designed to track oil prices that has seen investors pour in nearly $3 ...

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China crude oil stocks drop 1.6 percent, diesel hits record low

China’s end-November crude oil stocks fell 1.55 percent from the previous month to 29.89 million tonnes as domestic output shrank and winter demand grew, data from the official Xinhua news agency showed, while diesel inventories slid to a record low. That left crude oil stocks at their lowest level since July, according to the data, released in a Xinhua report ...

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Analysts’ Top Oil & Gas Stock Picks For 2017

There’s been a lot of good news floating around the oil and gas industry recently, with OPEC set to cut production by 1.2 million barrels per day beginning Jan. 1, oil trading at more than $50 per barrel and companies beginning to drill again. So what are the best stock picks for the sector for 2017? Energy centric-investment bank Tudor, ...

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Has OPEC deal called off the oil party?

Thanks to constantly declining international prices of crude over the past two years, net oil importing countries have benefitted immensely. It is notable that India imports nearly 70 percent of its oil requirements. Due to declining crude prices, the oil import bill of India came down from US$164 billion in 2012-13 to US$83 billion in 2015-16. As a result India’s ...

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Key Metric Likely Won’t Reflect Oil Rally

The recent run-up in crude oil prices may offer a brighter outlook for energy companies, but a key accounting metric is likely to show the sector isn’t out of the woods just yet. As energy companies prepare their annual reports, they will be calculating a so-called standardized measure of reserve value. This dollar figure acts as a basis for direct ...

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Port of Duqm signs three land lease agreements

  Port of Duqm Company on Monday signed three agreements with Oman Engineering LLC (OEL), Gold Fish Company (GFC) and Galfar Engineering and Contracting (GES) for a 25 year land lease agreement for a total of 10.5 hectares of land in the Port of Duqm concession area. It is an important milestone in the further development of the activities of ...

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Tanzania: Govt Mulls Plan to Open Mtwara Port

The government intends to open up a new entry point for petroleum products into the country after announcing Mtwara port as the third after Dar es Salaam and Tanga, it has been learnt. The first consignment at the new Mtwara Port will be announced after the Energy and Water Utility Regulatory Authority (EWURA) signs a memorandum of understanding with the ...

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Dredging to begin within shipping channel and Kingston Harbour come January

Kingston Freeport Terminal Limited, the concessionaire for the Kingston Container Terminal, says it will begin dredging within the shipping channel and Kingston Harbour next month. The company says the work will start on January 4 and is to last for a period of six to eight months and will be executed on a 24 hour basis. It says the shipping ...

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Abu Dhabi Terminals (ADT) Welcomes 3 New STS Quay Cranes at Khalifa Port

Abu Dhabi Terminals (ADT) has announced the arrival of three of the largest ship-to-shore quay cranes in the world to accommodate growing volumes and demand at Khalifa Port Container Terminal (KPCT). Transported from China on specially-built vessels , the latest additions complement the current 9 STS cranes already operational at the facility. The Super Post Panamax cranes, commissioned from Shanghai ...

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With deeper port, enormous cargo vessel docks at Chennai

Following the shipping ministry’s move to increase revenue at all major ports in the country, the Centre has deepened Chennai port to accommodate larger vessels. The crew of the massive French container vessel CMA CGM Rossini, with a tonnage of 5,782 TEU (20-foot equivalent units) has berthed the ship at Chennai port since December 11. Cargo crews use TEUs to ...

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PSC sets terms for continued operation of Muscat port

Port Services Corporation (PSC) has stressed that it will accede to the government’s request for the continued operation and management of Muscat’s Port Sultan Qaboos only if the current concession is extended by 12 months, and not the three-month term currently on the table. The conditional offer was issued at the end of an emergency meeting of PSC’s Board of ...

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NIMASA reopens earlier sealed jetties, port facilities for operations after partial compliance with ISPS Code

    (TRADE ENWSWIRE): Following their partial compliance and written commitments to remedy all identified deficiencies of the International Ship and Port Facility Security (ISPS) Code, the Nigerian Maritime Administration and Safety Agency (NIMASA) has reopened three jetties and port facilities recently closed, TRADE NEWSWIRE reports. In a statement obtained by TRADE NEWSWIRE from a World-renowned First-rate Public Relations Professional ...

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There’s Limited Upside To Oil Prices Rising Above $60 Per Barrel In 2017

After the Organization of Petroleum Exporting Countries (OPEC) penciled in an oil production cut of 1.2 million barrels per day (bpd) to 32.5 million bpd on 30 November, the crude futures market rallied. Given that it was OPEC’s first move to cut production in eight years, the market response was pretty predictable. By some measures, the Brent front month contract’s ...

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Russia sees oil products output down 2.5 percent in 2017

Russia’s output of oil products is expected to fall by about 2.5 percent in 2017 due to further work on a massive refinery modernisation programme aimed at boosting fuel quality, a deputy energy minister said. In 2011, the government and oil producers agreed on the $50 billion initiative to update Russia’s refineries, most of which were built in the 1940s ...

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Much Ado About Not Much as OPEC Oil Deal Is Set to Kick Off

After decades of waning influence, large oil exporters once again seem to be masters of their own destiny. Since the Nov. 30 meeting of the Organization of the Petroleum Exporting Countries crude prices are up nearly 17%. Much of the gain has come since the agreement of non-OPEC producers, mainly Russia, to contribute to an output cut of nearly 2% ...

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Oil edges further above $55 ahead of supply cut deal

Oil edged further above $55 a barrel on Tuesday, drawing support from expectations of tighter supply once the first output cut deal between OPEC and non-OPEC producers in 15 years takes effect on Sunday. Jan. 1 brings the official start of the deal agreed by the Organization of Petroleum Exporting Countries and several non-OPEC producers to lower production by almost ...

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Mega port linkage in works

Indian Port Rail Corporation Limited (IPRCL), in its maiden annual general meeting, announced that rail infrastructure expansion and modernisation works for Jawaharlal Nehru Port Trust (JNPT), Kandla Port and Haldia Dock Complex (HDC) are likely to begin from April 2017. IPRCL, a joint venture between major ports and Rail Vikas Nigam Ltd (RVNL), was formed with the objective to provide ...

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Port deal will allow Total to drill on schedule

A deal has been struck between the consortium holding the marine services concession at the port of Limassol and EDT Offshore, allowing French oil major Total to drill its first exploratory well on schedule. The development means that EDT, can via their port facilities, provide onshore logistical support to Total who plan to drill around April next year. The breakthrough, which ...

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MANSA seeks Mumbai Port attention to revise propose bank guarantee amount on ship agents

Mumbai and Nhava Sheva Ship Agents Association (MANSA) has requested the Mumbai Port Trust to re-consider the proposed bank guarantee amount levied on vessels calling at the port. In a letter addressed to the Mumbai Port Trust, MANSA said, “The time given for introducing this change may be extended till January 2017 end in view of the prevailing state of ...

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Shipping alliance reshuffle to hit Busan Port: report

The upcoming reorganization of global shipping alliances, as well as Hanjin Shipping‘s fall, is likely to hit Korea’s largest port in Busan, a report showed. According to the Korea Maritime Institute’s report, the harbor volume of Busan Port is expected to drop by 3.5 percent from next year. Busan Port managed containers of more than 10 million twenty-foot equivalent units ...

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Surpassing 2.5 Million TEUs: Annual Container Cargo Volumes Break through 2.5 Million TEUs at Incheon Port

  Container cargo volumes at Incheon Port exceeded 2.5 million TEUs for the first time ever. The Incheon Port Authority or IPA proclaimed a new voyage to make the top 30 ports in the world in a ceremony to celebrate the achievement of 2.5 million TEU annual container volumes at Incheon New Port located in Songdo-dong, Yeonsu-gu, Incheon, on December ...

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Port of the Month: Valencia Port

This month, we will take you to the port of Valencia, located at the east coast of Spain. Due to its strategic location, strength of its hinterland, extensive network of maritime connections and quality as well as reliability of its services, the port of Valencia can be seen as one of the leading ports in the Mediterranean. Let’s have a ...

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Egypt reports 21-month low in Suez Canal revenues in November

Egypt’s revenues from Suez Canal commerce hit a 21-month low in November 2016, generating $389.2 million, down roughly five percent compared to the same month last year, according to data from the Suez Canal Authority (SCA). November’s receipts are the lowest since February 2015, when the vital Egyptian waterway generated $382 million, according to the data, which was published on ...

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Time for thanksgiving: Riverians beloveth Dr. Dakuku Peterside of NIMASA clocks 46 graciously

(TRADE NEWSWIRE): It was on March 20, 2016 that a news broke with the headline: Peterside escapes death as unknown gunmen shoot orderly in Rivers State, in view of this, it was only the grace of God on Dr. Dakuku Peterside, that made it possible for him to turn 46 years on earth on 31st December, 2016, all in the ...

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Iran to hold international bids for two oilfields

Iran plans to hold several international tenders for its Yadavaran and North Azadegan oil fields, a senior oil official of the National Iranian Oil Company (NIOC) said. Deputy for Engineering and Development Affairs Gholam-Reza Manouchehri stressed that the Chinese companies should also attend if they want to continue cooperation with Iran, reported state news agency IRNA. China National Petroleum Corporation ...

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KBR wins $431m Australian rail project contract

KBR, a leading engineering and construction company, said it had been awarded multiple contracts to provide professional services for major Australian infrastructure projects. As per the deal, the company will provide engineering and design management services to John Holland for A$600 million ($431 million) Mernda Rail Extension Project in Melbourne, Victoria. The project includes eight kilometers of dual rail line ...

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Chevron to sell $3bn geothermal operations

Chevron Corporation announced that its wholly-owned subsidiaries have entered into a sales and purchase agreement with Star Energy Consortium to sell Chevron’s Indonesian and Philippines Geothermal assets valued at $3 billion. “These assets deliver reliable energy to support the needs of Asia-Pacific’s growing economies,” said Jay Johnson, executive vice president, Upstream, Chevron Corporation.  “This sale is aligned with our strategy ...

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Dubai non-oil foreign trade hits $259bn in nine months

  Dubai’s non-oil foreign trade reached Dh952 billion ($259 billion) in first nine months of 2016 with a 11 per cent surge in the total volume of traded goods, rising as high as 70.82 million tonnes of commodities. Imports had the lion’s share at Dh594 billion (46.81 million tonnes and 12 per cent increase), while exports and re-exports accounted for ...

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Russian plane bound for Syria crashes into Black Sea

A Russian military plane with 91 people on board has crashed into the Black Sea and debris from the plane has been found in the sea near Sochi, media reports said. The plane disappeared from radar 20 minutes after taking off from Adler airport in the resort of Sochi at 05:20 (02:20 GMT), said a BBC report. The Russian defence ...

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Saudi to sell 49% of Aramco within decade

RIYADH: Saudi Arabia plans to sell up to 49 per cent of its oil giant Saudi Aramco within 10 years as the world’s largest crude exporter tries to lower its deficit, local media said on Saturday (Dec 24). The Al-Eqtisadiah daily quoted an unnamed official as saying the sale would raise funds to be spent “at home and abroad” in ...

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Etihad, Uniway launch special Morocco campaign

  UAE’s national airline Etihad Airways has announced the “1,000 Chinese Visitors to Morocco” campaign with Beijing Yougo World International Travel Service  (Uniway), the largest Chinese tour operator specialising in outbound tourism to the Middle East and Africa (MEA). Etihad will also partner with the Moroccan National Tourist Office to support plans to attract 100,000 Chinese visitors each year by ...

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Egypt to launch tender for airport expansion

  Egyptian Airports Company (EAC) is preparing a tender for the expansion of Sharm El Sheikh International airport, said a report. EAC plans to expand terminal 2 and increase its capacity by two million passengers per year, thus taking the total capacity of the airport to 9.5 million, reported Daily News Egypt, citing a source. The Ministry of International Cooperation ...

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FBI warns of IS terror attack on churches, Christmas gatherings

  The FBI has advised US law enforcement agencies and private security firms to be on alert in the light of threat by Islamic State (IS) sympathisers to target churches and Christmas celebrations, according to media reports. The warning, that IS sympathisers are calling for attacks on churches and other holiday gathering sites in the US, was issued after a ...

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Dubai’s giant solar park on track for 2017 launch

  Dubai Electricity and Water Authority (Dewa) has said that 80 percent of the second phase of the Mohammed bin Rashid Al Maktoum Solar Park is complete, as of mid-December. The world’s largest single-site solar park based on the Independent Power Producer model (IPP), the Al Maktoum Solar Park will be developed at a total investment of Dh50 billion ($13.6 ...

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Shanghai, Trinidad and Tobago to Host Technology Centers

The IMO has announced the first two institutes selected to host regional maritime technology cooperation center under a project, funded by the E.U. and implemented by IMO, to help mitigate the harmful effects of climate change. Under the scheme, Shanghai Maritime University in China will host the center for the Asia region, while the University of Trinidad and Tobago will ...

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Asia Tanker Rates to Slide

Freight rates for VLCCs, which hit a new nine-month high this week, are on course to soften amid a weaker cargo market as owners wait for more charters to be released from the Middle East and labor unrest affects loading programs from West Africa. “I think a lot of owners have started to give up now. It’s way too quiet ...

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New Wave Energy Test Center for Oregon

  Oregon State University’s Northwest National Marine Renewable Energy Center has been awarded up to $40 million from the U.S. Department of Energy to create the world’s premier wave energy test facility in Newport. The facility, known as the Pacific Marine Energy Center South Energy Test Site is planned to be operational by 2020. It will be able to test ...

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Steel Plant Pollution Will Take 10 Years to Fix

Vietnam’s central region is expected to take a decade to completely recover from an industrial accident caused by a unit of a Taiwan conglomerate, which led to Vietnam’s worst ever environmental disaster, the government said. Formosa Ha Tinh Steel, a unit of Taiwan’s Formosa Plastics that runs an $11 billion steel plant, sullied more than 125 miles of coastline in ...

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China Downplays S. China Sea Drone Incident

  China said on Thursday people should not read too much into last week’s incident when a Chinese naval vessel picked up a U.S. underwater drone in the disputed South China Sea. The taking of the unmanned underwater vehicle in international waters near the Philippines triggered a U.S. diplomatic protest and speculation about whether it would strengthen U.S. President-elect Donald ...

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Captain Faces up to Five Years for Crimea Port Call

Ukrainian military prosecutors have charged the Syrian captain of the cargo vessel Sky Moon with violating a ban on port calls in Crimea. If convicted, the captain faces up to five years in prison. In a statement, the Military Prosecutor’s Office of the Southern Region said that the captain was in command of the Moon for eight calls at the ...

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Abu Sayyaf Pirate Leader Killed in Firefight

Malaysian authorities confirmed Friday that a leader of Abu Sayyaf’s kidnapping activities, Abraham Ibrahim, was among the three pirates killed in a firefight with police on December 8. “We found that Abraham was involved in a number of kidnapping cases after further investigation into the matter,” said Sabah Police Commissioner Datuk Abdul Rashid Harun in a press conference in Kota ...

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Community Delivers Holiday Cheer to Hanjin Scarlet

Local mariners and Filipino community leaders in Victoria, B.C. have been working to make Christmas a bit merrier for the stranded crew of the Hanjin Scarlet, which is at anchor and awaiting orders in the Southern Gulf Islands. The vessel has been idle since Hanjin Shipping collapsed at the end of August, and the crewmembers still do not know when ...

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U.S. crude settles at 17-month high after small, pre-holiday gain

U.S. oil prices closed at a 17-month high on Friday in quiet trade ahead of the Christmas and New Year holiday week, even though the gain was small, as the market waits to see how OPEC manages its planned output cuts with Libya expecting to boost production.Despite the 17-month high in U.S. futures, prices were little changed on Friday in ...

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Oversight function: The visit of Senate Committee on marine transport to NPA for first hand inspection- Photos

   (TRADE NEWSWIRE): The Senate Committee on Marine Transport, led by the Chairman, Senator Ahmed Sani Yerima, visited the Nigerian Ports Authority recently to monitor the progress of operations and activities carried out by the agency as part of the Committee’s oversight function, TRADE NEWSWIRE reports. With respect to the oversight function carried out by the committee, Senator Yerima, re-assured ...

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Over the counter painkillers linked to hearing loss

Regular use of pain relievers over many years may increase the risk of hearing loss, a recent study suggests. Researchers analyzed long-term data on almost 56,000 U.S. women and found using non-steroidal anti-inflammatories (NSAIDS) like naproxen (Aleve) and ibuprofen (Motrin) as well as acetaminophen (Tylenol) for six years or more was tied to a greater risk of hearing problems than ...

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Berlin truck suspect killed in Italy shootout

MILAN: Italian police on Friday (Dec 23) shot dead the prime suspect in the Berlin Christmas market attack, ending a frantic four-day hunt for Europe’s most-wanted man. Tunisian Anis Amri, 24, is believed to have hijacked a truck and used it to mow down holiday revellers at the market on Monday, killing 12 and wounding dozens more. The Islamic State ...

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Saudi Arabia’s petchem exports growing at 15pc

  Saudi Arabia’s petrochemical exports have been seeing a CAGR of 15 per cent and are estimated to reach 100 million tonnes in 2016, said the organisers of the upcoming ArabPlast, a major industrial show in Dubai, UAE. “Saudi Arabia’s petrochemical sector is largest non-oil sector, with investment estimated at $63.5–150 billion expected in 2020 alone,” added Satish Khanna, general ...

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Abu Dhabi Ports organises fire safety campaign

  Abu Dhabi Ports, the master developer, operator and manager of the Emirate’s commercial and community ports as well as Khalifa Industrial Zone, recently held its 3rd Annual Fire, Safety and Emergency Preparedness Campaign. The event was held over three days, in coordination with its strategic partners, Medeor Hospital, Firex, Concorde, OHSEC for Training and Consultant, CEC, Al Masood Company ...

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Education, military spending take top spots in Saudi budget

  Education and military expenditures take the top two spots in Saudi Arabia’s 2017 budget, which estimates a spending of SR890 billion ($237.3 billion), an 8 percent increase from 2016. Revenue is projected to reach SR692 billion ($184.5 billion) in 2017, a 31 percent increase from initial projections. The budget deficit is expected to reach SR198 billion in 2017, reflecting ...

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Iran Air, Airbus sign $18bn order for 100 aircraft

  Iran Air and Airbus have signed a firm contract for 100 aircraft worth more than $18 billion at list prices, building on an initial commitment signed in January 2016 in Paris, France. The agreement signed by Farhad Parvaresh, Iran Air chairman and CEO and Fabrice Bregier, Airbus president and CEO, covers 46 A320 Family, 38 A330 Family and 16 ...

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Passengers allowed off hijacked Libyan plane

  Most passengers have been allowed off a hijacked Libyan jet that has landed at the Malta International Airport. The aircraft had been on an internal flight in Libya on Friday morning when it was diverted to Malta, 500 km (300 miles) north of the Libyan coast, after a hijacker told crew he had a hand grenade, said  a BBC ...

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Second Fire at Gadani, Grounding Closes Bosporus

On Thursday morning, a fire broke out on a decommissioned LPG tanker at the Gadani shipbreaking yard in Pakistan. Local reports indicate that all workers on board were rescued, and the blaze was put out by afternoon. Last month, 26 workers were killed and nearly 60 injured in a fire on the decommissioned FPSO Aces on the beach at Gadani. ...

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“K” Line Sues APL Logistics, Alleging Libel

On Thursday, Kawasaki Kisen Kaisha (“K” Line) filed a lawsuit in a Tokyo court against APL Logistics, seeking compensation for alleged “acts of disseminating false information.” The carrier alleged that APL Logistics employees had advised their clients to terminate bookings on fears that “K” Line might go bankrupt. “[We have] suffered considerable damage due to cancelations or suspensions of bookings ...

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