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Monthly Archives: January 2017

Trump fires acting attorney general who defied him on travel ban

WASHINGTON: US President Donald Trump on Monday (Jan 30) fired the acting attorney general, a holdover from the Obama administration, after she ordered Justice Department attorneys not to defend his controversial immigration orders. In a sharply worded statement, the White House called Sally Yates “weak on borders and very weak on illegal immigration” and also criticized Democrats for not yet ...

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New LNG Infrastructure Readied for India and Asia

LNG integrator AG&P (Atlantic, Gulf and Pacific Company) and Hindustan LNG have signed a Memorandum of Understanding to supply tolled gas to power stations in the East Godavari region of Andhra Pradesh, India. Under the agreement, AG&P will deliver regasified LNG through a new LNG import terminal that it will design and build at the port in Andhra Pradesh. The ...

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Milestone for Sovcomflot Arctic Tankers

Sovcomflot’s three unique Arctic shuttle tankers, the Shturman Albanov series, have reached the milestone of having transported one million tons of crude oil produced at the Novy Port oil and gas condensate field, from the Gulf of Ob (Kara Sea) to the port of Murmansk.The milestone cargo of oil was loaded on Shturman Albanov on January 29 at the Arctic ...

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Pentagon Releases Name of Navy SEAL Killed in Raid

    The Defense Department has released the name of the U.S. Navy SEAL who was killed in a raid in Yemen on Saturday. Chief Special Warfare Operator William “Ryan” Owens, 36, was the first American casualty in the fight against Al Qaeda in the Arabian Peninsula. Three other servicemembers were wounded in an ensuing firefight, and three more were ...

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National Geographic Cruise Ship Gets a Lift Home

  The 100-passenger expedition cruise ship National Geographic Orion is getting a ride aboard a heavy-lift ship from Tierra del Fuego to Europe, where she will be repaired. The Orion suffered engine damage on the a return voyage from Antarctica on December 26. She managed to return to port at a slow bell, arriving on December 29. Lindblad Expeditions, which ...

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Medical Emergency on Antarctic Cruise

Rescue Coordination Centre New Zealand (RCCNZ) is co-ordinating the urgent medevac of a 66-year-old woman from the Netherlands who suffered a suspected stroke on the cruise vessel, MV Ortelius, in Antarctic waters early on Monday morning.The ship is located in the Ross Sea, off the Antarctic ice shelf, 3,600 kilometers (2,200 miles) south of New Zealand. The ship’s medical staff ...

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Teething troubles as Limassol port changes hands

Hauliers experienced big delays at Limassol port on Monday, the first day of its operation in private hands, as they complained of slow service and complex procedures. Transport Minister Marios Demetriades put it all down to teething problems. Hauliers started arriving at the port early in the morning but by lunchtime, many had not been yet serviced. They said only ...

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DNO Reports Payment for Tawke Deliveries

DNO ASA, the Norwegian oil and gas operator, today reported receipt of USD 8.41 million from the Kurdistan Regional Government as payment towards June 2016 crude oil deliveries to the export market from the Tawke field. The payment completes settlement of the total invoiced amount for June 2016 of USD 38.41 million, for which a partial payment of USD 30.00 ...

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Construction mode of Gwadar LNG terminal changed from BOOT to APC

The government is likely to rent Floating Storage and Regasification Unit (FSRU) for the proposed Liquefied Natural Gas (LNG) terminal at Gwadar, after change in its mode of its construction, it was learnt here on Sunday. “The Ministry of Planning has asked the Ministry of Petroleum and Natural Resources to provide separate calculation for the per MMBTU cost of RLNG ...

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Indonesia eyes LNG exports to Bangladesh

Indonesia has expressed its interest to export LNG to Bangladesh and set up a floating storage and re-gasification (FSRU) terminal in the country. Indonesian ambassador in Dhaka Iwan Wiranata Atmadja expressed the interest of his country when he called on State Minister for Power and Energy Nasrul Hamid at his Secretariat office on Sunday, reports UNB. Iwan Wiranata Atmadja said ...

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Belarus to raise oil export duties from February

Belarus will raise export duties on oil and oil products for markets outside the Eurasian Economic Union starting from February, the government press service has said. The export duty on crude oil will be up from 79.1 to 89.5 U.S. dollars per ton. The duty on straight-run gasoline will rise from 43.5 to 49.2 dollars per ton, and that on ...

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Sulphur-rich crudes, usually discounted, shine after OPEC cuts

Efforts to stem the world’s surplus of crude oil have thus far only moderately balanced the market – but have turned typically lower-quality crude into the most sought after barrels. From China to the United States to the shores of West Africa, the fastest-selling oil this year has been the so-called “heavy” or “sour” grades with a higher proportion of ...

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OPEC Convinces Investors That Its Oil Output Cuts Are Real

Are Producers Complying With OPEC’s Output Cuts? OPEC appears to have persuaded investors that it’s making good on promised production cuts. Money managers are the most optimistic on West Texas Intermediate oil prices in at least a decade as the Organization of Petroleum Exporting Countries and other producers reduce crude output. Saudi Arabia has said more than 80 percent of ...

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IEA does not foresee oil demand peaking soon, Birol says

The International Energy Agency (IEA) does not expect oil demand to peak any time soon due to rising consumption in developing economies, Director Fatih Birol said on Monday. Birol also warned that oil markets could enter a period of high volatility unless companies develop new projects after two years of sharp drops in investments sparked by low oil prices. “We ...

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Eco-Friendly: MHI-MME Delivered its Regas Boiler for Hoegh/HHI/FSRU

Mitsubishi Heavy Industries Marine Machinery & Engine Co., Ltd. (MHI-MME) delivered its Regas Boiler to Hyundai Heavy Industries Co. Ltd.(HHI) for FSRU developed by Norwegian shipowner, Hoegh. FSRU is a marine floating equipment which stores the Liquefied Natural Gas (LNG), re-gasifies and transfers LNG to the land pipe line. The Regas boiler mounted on FSRU has a role in providing ...

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GTT receives an order from Hyundai Heavy Industries to equip a new floating storage and regasification unit

GTT has received an order from Hyundai Heavy Industries (HHI) to equip a new floating storage and regasification unit (FSRU) with its Mark III cryogenic membrane containment system. The vessel will be built at Hyundai’s shipyard in Ulsan, on behalf of Höegh LNG Holdings Ltd. This FSRU will have a storage capacity of 170,000 m3. Delivery is scheduled in 2018. ...

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Frontline must raise bid to overcome DHT poison pill, analysts say

Crude oil tanker firm Frontline , which has made an unsolicited offer to buy competitor DHT Holdings, must raise its bid for the attempted takeover to succeed, analysts said on Monday. Oslo- and New York-listed Frontline, controlled by shipping tycoon John Fredriksen, made a non-binding offer during the weekend to acquire all outstanding shares in U.S.-listed DHT. A deal would ...

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DNV GL: Looking back to 2016 and forward to 2017 – new developments from Maritime Academy

Over 8.500 participants who attended more than 800 courses worldwide took advantage of the training portfolio offered by DNV GL’s Maritime Academy in 2016. What can you look forward to in 2017? Complying with new regulations might be one reason for attending a training course but the demand for training in 2016 clearly showed that the focus was much broader, ...

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Callimanopoulos-owned ship operator Toisa files for bankruptcy

Shipping company Toisa Ltd filed for U.S. Chapter 11 bankruptcy as falling demand for the Bermuda-chartered company’s oil-and-gas supply vessels left it running short of cash, according to court documents. Toisa, owned by Greek shipping magnate Gregory Callimanopulos, has a global fleet of 26 offshore oil service vessels, 13 tankers and seven bulk ships, according to documents filed with the ...

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Deliveries of crude tankers set to peak in Q1, as fleet growth headwinds till mid‐2018, says shipbrok

Newbuilding deliveries are set to spike this quarter across each of the crude tanker size classes, putting over 86 million barrels of new capacity onto the water and marking a peak quarter for the present high‐delivery cycle, said shipbroker Charles R. Weber in its latest weekly report. According to the shipbroker, “the surge comes as yards progress into an orderbook ...

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DHT Holdings, Inc. fourth quarter 2016 results

EBITDA for the quarter of $46.7 million. Net income for the quarter of $17.8 million ($0.19 per basic share). The Company’s VLCCs achieved time charter equivalent earnings of $37,100 per day in the fourth quarter of 2016 of which the Company’s VLCCs on time-charter earned $41,400 per day and the Company’s VLCCs operating in the spot market achieved $34,300 per ...

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The Offshore Markets: 2016 In Review

Expectations at the start of the year that 2016 would be a tough one for the oil industry, and in particular for offshore, were on the whole fulfilled. Overall upstream E&P spending globally fell for the second successive year, and was down by in the region of 27% year-on-year in 2016. Cost-cutting has been a key focus, whether that be ...

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Stolt-Nielsen Expects Challenging Year for Product Tanker Market

Stolt-Nielsen Limited reported unaudited results for the fourth quarter ended November 30, 2016. Net profit attributable to shareholders in the fourth quarter was $22.8 million, with revenue of $463.0 million, compared with a net profit of $22.2 million, with revenue of $474.1 million, in the third quarter of 2016. Net profit attributable to shareholders for 2016 was $113.1 million, with ...

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Global equities rocked by Trump travel ban

LONDON: World stocks were spooked on Monday (Jan 30) by Donald Trump’s controversial travel ban, which dealers said may be an early taste of coming turmoil prompted by the US president. Asian and European equities kicked off the downward spiral and were joined by Wall Street, with the Dow index waving goodbye to the 20,000 level it breached for the ...

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Tax-free days ending for Saudis after oil slump

RIYADH: Tax-free living will soon be a thing of the past for Saudis after the cabinet on Monday (Jan 30) approved an IMF-backed value-added tax to be imposed across the Gulf following an oil slump. Residents of the energy-rich region had long enjoyed a tax-free and heavily subsidised existence but the collapse in crude prices since 2014 sparked cutbacks and ...

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Malaysia shipwreck search expanded, three men detained

  KUALA LUMPUR: Rescuers on Monday (Jan 30) expanded their search for four Chinese tourists and a crewman whose boat sank in rough seas off Malaysia, as police detained the skipper, another crewman and the boat owner for suspected negligence. The owner had breached procedures, including overloading the boat, Sabah state Police Commissioner Ramli Din was quoted as saying by ...

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Dubai to award $3bn Expo 2020 construction deals

The organisers of Expo 2020 Dubai will award 47 construction contracts worth Dh11 billion ($3 billion) in 2017 as preparations for the first World Expo in the Middle East, Africa and South Asia continue to gather pace. Besides this, a further 98 non-construction contracts worth Dh360 million ($98 million) will also be distributed by the end of the year. These ...

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Engie wins $1.2bn Saudi greenfield power plant contract

Engie (formerly GDF Suez), a leading global energy group, has been awarded the contract and achieved financial closing for the greenfield Fadhili independent power project (IPP) in Saudi Arabia, the most efficient cogeneration plant in the country. Located in the east of the kingdom, 50 km northwest of Jubail Industrial City, the Fadhili project is a combined cycled gas power ...

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Border tax ideas roil oil markets, favor Gulf Coast refiners

As with many industries now fretting over the uncertain future of U.S. trade policy, the oil business is sizing up the potential impact of the various protectionist measures being bandied about Washington – which have sent crude markets into a tizzy. The trade proposal with the most momentum may be the controversial tax reform, pushed by Republicans in Congress, that ...

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‘India’s oil consumption will be fastest among all major economies by 2035’

Having pipped Japan to become the world’s third largest oil consumer, India’s oil consumption growth will be the fastest among all major economies by 2035, BP Statistical Review of World Energy said. India, Asia’s second biggest energy consumer since 2008, had in 2015 overtaken Japan as the world’s third largest oil consuming country behind US and China. “We project that ...

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OPEC, Trump, and the oil market future

Shortly after Trump’s presidential inauguration, he announced that his administration will embrace the shale oil and gas revolution to bring jobs and prosperity to millions of Americans and will make a shift to border-adjusted corporate tax (BTA). His pledge to make America independent from OPEC isn’t a new refrain and dates back to 1970s when Henry Kissinger addressed it. President ...

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Algeria top gas supplier to Spain in 2016, eyes more EU exports

Algeria expects to increase exports of natural gas in 2017 as it looks to build on its top spot in sales to Spain last year and strong sales to Italy and Portugal, a source at state energy firm Sonatrach said. Gas exports are expected to grow to 57 billion cubic metres (bcm) after sales of 54 bcm last year, the ...

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MMC raises capacity

MMC Corp Bhd is ramping up capacity at its flagship Port of Tanjung Pelepas (PTP). The move is to cater to the growing demand from shippers and to counter the threat from Singapore’s mega-port in the making at Tuas. MMC group managing director Datuk Seri Che Khalib Mohamad Noh told StarBiz that it was in the midst of a 2½-year ...

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CentrePort Resumes Regular Container Service

  Regular container shipping is returning to Wellington, with weekly visits by a geared ship linking central region businesses with international markets. From Sunday 12th February an ANL ship will visit the Port weekly to drop off and pick up containers with its own cranes. Chief Executive Derek Nind said the port’s gantry cranes were made inoperable by the Kaikoura ...

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More than 37 million tonnes of cargo at the Port of Gdansk

The past year was long heralded as a special one for the Port of Gdansk, both in terms of the predicted transshipments and the investments carried out here, as well as on account of the fact that Gdansk moved up in the ranking of the largest seaports on the Baltic Sea. All of these forecasts were realised and today we ...

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Sovcomflot tankers transport one million tonnes of oil from Novy Port oil and gas condensate field

Sovcomflot’s three unique Arctic shuttle tankers, of the Shturman Albanov series, have now transported one million tonnes of crude oil produced at the Novy Port oil and gas condensate field, from the Gulf of Ob (Kara Sea) to the port of Murmansk. The milestone millionth tonne cargo of oil was loaded on Shturman Albanov on 29 January 2017 at the ...

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Wärtsilä Ballast Water Management System again chosen for new container vessels

Four new 3300 TEU container vessels being built for the French shipping group, CMA CGM, will feature Wärtsilä Ballast Water Management Systems (BWMS). This is the third series of vessels for which the same owner has selected the Wärtsilä BWMS solution, making a total of ten ships in all. These latest vessels are being built at the Cosco Zhoushan shipyard ...

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Woodside Petroleum, BHP Billiton to study fuelling iron ore ships with LNG

Woodside Petroleum has joined forces with BHP Billiton and Rio Tinto to investigate the economics of using liquefied natural gas to fuel iron ore ships as it strives to develop a market for LNG in transportation. The study, named “Green Corridor”, will also involve China’s Shanghai Merchant Design and Research Institute and major shipper Mitsui O.S.K. and will initially focus ...

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Asian holidays seen depressing VLCC cargo freight rates

Freight rates for large capesize dry cargo vessels, also known as very large container carriers (VLCC) on key Asian routes are likely to trend down this week as an oversupply of ships and reduced chartering activity due to the Chinese New Year holidays weigh on the market. “No one is particularly excited about the market,” a Singapore-based capesize broker said. ...

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More efficient oil and gas sector set to widen business portfolio to secure long-term sustainable growth

  New research by DNV GL, the technical advisor to the oil and gas industry, shows oil and gas companies seeking to rebalance business portfolios and reorganizing for a new era. In a period of drawn-out recovery, almost half (49%) of senior oil and gas professionals surveyed expect their businesses to diversify into, or invest more in, opportunities outside of ...

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Hubs on the horizon: How and when will an Asian LNG hub price signal hit long-term LNG contracts?

  Long-term LNG contracts with price review clauses continue to dominate the Asian LNG market. The pricing in those contracts remains predominantly oil-based. The evident reason for that is the absence of a reliable price signal for LNG itself in Asia. However, several countries in Asia are setting up LNG trading hubs in various forms. Those hubs, once trading, will ...

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Tankers Collide Off India, Small Spill

  An oil tanker and an LPG tanker collided in the port of Kamarajar, near Chennai, in India on Saturday. Local media reports that the collision resulted in a thin film of oil stretching for two nautical miles after the LPG tanker BW Maple collided with the Indian tanker MT Dawn Kancheepuram. The LPG carrier was outbound and the oil ...

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Sailors’ Society Launches Asian Crisis Response Network

Southampton charity Sailors’ Society is launching a crisis response network to help victims of trauma at sea in Asia, as kidnappings at sea reach their highest levels in 10 years. The charity, which supports seafarers around the world, has trained all 20 of its chaplains across Asia in crisis response and is now offering a 24-hour support service to victims ...

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Frontline Puts Deal to DHT

John Fredriksen’s Frontline has proposed a deal for shares in tanker-owning rival and U.S.-listed, Bermuda-based DHT Holdings.DHT says the proposal is a non-binding, highly conditional proposal to acquire all of the outstanding shares of common stock of DHT in a stock-for-stock transaction. In the proposal letter delivered to DHT’s Board of Directors on January 27 Frontline also disclosed that it ...

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China Shipbuilding Pushing Technology Envelope

China Shipbuilding Industry Corp (CSIC) has begun to upgrade the design of its first-ever floating nuclear power platform ready for a wider spectrum of applications. The company is also expanding its submersible construction activities.The floating nuclear technology can be used to provide electricity for oil rigs, offshore desalination plants or in remote areas such as the South China Sea. It ...

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Media partnership with government strategic to diversification of Nigerian economy- Peterside

  .Maritime sector on the move to become sectoral cash cow of Nigeria- NIMASA DG (TRADE NEWSWIRE): Cordial working relationship between the Nigerian media especially those in the maritime sector in particular and the government has been described as strategic to diversifying the nation’s economy from monolithic oil revenue-based to non-oil sector, the Director-General of the Nigerian Maritime Administration and ...

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Port security: NPA MD receives Police AIG to strengthen relationship between duo agencies- Photos

  (TRADE NEWSWIRE): The Managing Director of the Nigerian Ports Authority (NPA), Hadiza Bala Usman, received the Assistant Inspector General, Zone 2, Nigeria Police Force, Cornelius Kayode Aderanti, MNI on a courtesy visit to NPA Headquarters in a bid to strengthen relationship between the two agencies with respect to fostering security at the nation’s seaports in the Zone, TRADE NEWSWIRE ...

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Israeli troops kill Palestinian in West Bank clash – officials

JERUSALEM: Israeli forces shot and killed a Palestinian during a clash on Sunday in the occupied West Bank, according to Palestinian medical officials. An Israeli military spokeswoman said Palestinian rioters had “attacked and hurled pipe bombs” at soldiers operating overnight in the area of the Jenin refugee camp. “Responding to the threat, forces fired at (the) main instigators,” the spokeswoman ...

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Trump to honour refugee swap deal with Australia – source

SYDNEY: U.S. President Donald Trump has confirmed that his administration will honour a refugee resettlement deal with Australia, a source close to the Australian government said on Sunday. Trump spoke by telephone with Australian Prime Minister Malcolm Turnbull earlier on Sunday, officials in both countries said, one of a number of conversations the new U.S. president held with world leaders, ...

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GM, Honda to announce fuel cell technology advance – sources

DETROIT: General Motors Co and Honda Motor Co are expected on Monday to announce an expansion of their collaboration on fuel cell technology development, people familiar with the plans said following a notice of a press conference. GM and Honda on Friday said two senior executives would hold a news conference in Detroit with Michigan’s Lieutenant Governor, Brian Calley. Mark ...

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US tech leaders sound alarm over Trump immigration ban

SAN FRANCISCO: The U.S. technology industry, a major employer of foreign workers, hit back on Saturday at President Donald Trump’s sudden executive order on immigration, with some leaders calling it immoral and un-American. Trump’s order temporarily bars citizens of seven majority-Muslim countries from entering the United States even if they hold valid visas or permanent residence permits, a move that ...

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Qatar Airways, Etihad to enforce Trump travel ban

DOHA: Qatar Airways and Etihad Airways said on Saturday (Jan 28) they would enforce the new rules governing entry to the United States following President Donald Trump’s temporary order restricting arrivals from seven Muslim countries. A spokesperson for Qatar Airways said it would only carry passengers to the US who had the correct documentation. “We are enforcing the new rules,” ...

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Tourist boat with 31 people goes missing off Sabah; Skipper reported found

SINGAPORE: The skipper of the tourist boat that went missing off Malaysia’s Sabah state on Saturday (Jan 28) with 31 people on board has been found, according to local media. Citing maritime sources, The Star said that fishermen found the skipper near Pulau Tiga, off Kuala Penyu, at about 2pm on Sunday. The search is continuing for 28 China tourists ...

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Trump’s 20% Import Tax May Be Another Gift for Canadian Oil

U.S. President Donald Trump’s controversial 20 percent tax on imports from Mexico to pay for a border wall would come as a second gift in less than a week for Canada’s oil patch. The tax, which White House press secretary Sean Spicer characterized as “theoretical,” would apply to countries “like Mexico,” with which the U.S. has a trade deficit, he ...

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Shell set to sell $3 billion North Sea assets to Chrysaor

Royal Dutch Shell is nearing the sale of a large part of its North Sea oil and gas assets to private equity-backed Chrysaor for $3 billion (2.39 billion pounds), banking sources said, marking a milestone in its drive to reduce debt after buying BG Group. Chrysaor, a North Sea-focused oil company backed by private equity fund EIG Partners, will acquire ...

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Experts doubt on effectiveness of existing tax system in Russian oil and gas sector

Russia’s current tax system in oil and gas industry implies preferences to the companies for the sum of about 400 bln rubles ($6.7 bln) annually, Russian consultancy Vygon Consulting said in its research presented at the press conference in TASS. “Today preferences are granted to about one third of oil producers and more than half of gas producers, the sum ...

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Chevron Reports Fourth Quarter Net Income of $415 Million

Chevron Corporation reported earnings of $415 million ($0.22 per share – diluted) for fourth quarter 2016, compared with a loss of $588 million ($0.31 per share – diluted) in the 2015 fourth quarter. Foreign currency effects increased earnings in the 2016 quarter by $26 million, compared with an increase of $46 million a year earlier. Full-year 2016 results were a ...

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AlixPartners Projects Restructurings, Realignment and Rebuilding for Oil & Gas sector in 2017

Though the overall outlook for the oil and gas industry doesn’t seem to be quite as dire as it was a year ago, 2017 is likely to be a year of “3 R’s” for industry players — a year of more restructurings, more realignment via mergers and acquisitions, and, for some players that take the right actions, finally a year ...

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Iran’s oil exports to rise slightly in February: source

Iran’s monthly oil exports are set to climb slightly in February, as Indonesia takes its first shipment since sanctions on Tehran were lifted last year, a person with knowledge of Iran’s tanker loading schedule said. Volumes remain below last September’s high, however, suggesting that Iran has had difficulty finding more buyers for its oil, even after being exempt from production ...

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UAE’s DP World is talks with China on ‘One belt, One Road’ initiative, says Chairman of DP World

DP World is holding talks and meetings with the Chinese government for more cooperation to fulfill the requirements of “One belt, One Road” initiative,” said Sultan Ahmed Bin Sulayem, Chairman of DP World and Chairman of Ports, Customs & Free Zone Corporation. ”It is a development strategy and framework, proposed by Chinese government that focuses on connectivity and cooperation among ...

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Turkey: Turkey Updates Rules For Petroleum Product Imports

Turkey’s Energy Market Regulatory Authority (“Authority”) has introduced changes to official names, types and Custom Tariff Statistics Position (“CTSP”) numbers, as well as classifications for marketable petroleum products. The Authority has also announced official names for marine and aviation fuels, since earlier Decisions only included CTPS numbers for these fuels. The Authority’s Decision regarding Crude Oil, Fuel Oil, Bunker Oil, ...

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Vancouver sets its sights on becoming a world-class maritime centre

As Canada’s largest port, Vancouver B.C has always been big on shipping. Now they have their sights set on becoming a world-class maritime centre. “There’s no problem selling Vancouver,” said Kaity Arsoniadis-Stein, Executive Director of the Vancouver International Maritime Centre (VIMC), the organisation heading up the expansion initiative. “We have had tremendous interest in Vancouver as a place to establish ...

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GasLog Partners LP Reports Highest Quarterly Results on Record

GasLog Partners LP, an international owner and operator of liquefied natural gas (“LNG”) carriers, today reported its financial results for the three-month period ended December 31, 2016. Quarterly Highlights Post-quarter end, we expect to successfully complete an equity offering and issuance of general partner units on January 27, 2017, raising total net proceeds of $77.06 million. Successfully completed the acquisition ...

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Iran’s ship-refuelling future looks bright

Iran says bunkering (refuelling of ships) in Iranian ports is 5-7 US dollar cheaper than the same service in UAE’s Fujairah port. “About 17 shipping companies are sailing to Iranian ports in Persian Gulf and this is a great opportunity to boost bunkering operations. International ships can refuel in Iran’s Qeshm port, 120 miles far from Fujairah, to get cheaper ...

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Poulovassilis to lead Aegean Shipping

Aegean Shipping Management S.A. announces the appointment of Apostolos Poulovassilis as Chief Executive Officer with immediate effect. Mr. Poulovassilis joins the company at an important point in its development, with the upgrade of its tanker fleet in full progress with a clear focus on operational and environmental excellence. Mr. George Melissanidis, Chairman of Aegean Shipping Management said: “We are very ...

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Greener ship recycling: DNV GL to certify 50 IHMs for Norddeutsche Reederei

“The IHM is an important step on the way to ensuring environmentally responsible ship recycling and therefore also important to us at Norddeutsche Reederei. DNV GL has long-standing experience in this field and we are pleased to be working with them on this,” says Dennys Wulf, Quality Management Director at Norddeutsche Reederei H. Schuldt. “Norddeutsche Reederei has clearly demonstrated its ...

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Bureau Veritas: Monjasa now leads the race for improved quality in the bunker industry

Monjasa reveals the most comprehensive certified quality management and compliance set-up in the global bunker industry. Bureau Veritas emphasises Monjasa’s strong leadership commitment to support the certification process. Thereby, Monjasa is now leading the race for improved quality bunker operations on a global level. This month, the Monjasa Group underwent the industry’s most thorough independent testing, inspection, and certification by ...

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IMF says Greece debt ‘explosive’ in long term

WASHINGTON: Greece’s government debt remains highly unsustainable and will be “explosive” in the long run, requiring a more credible debt relief plan from Europe, the International Monetary Fund said in a report obtained by AFP. Addressing the debt burden of the beleaguered nation will require significant debt relief from European institutions, including dramatically extending the grace periods and maturities of ...

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Microsoft’s market value tops US$500 billion again after 17 years

REUTERS: Microsoft Corp’s market capitalization topped US$500 billion for the first time since 2000 on Friday, after the technology giant’s stock rose following another quarter of results that beat Wall Street’s expectations. Shares of the world’s biggest software company rose as much as 2.1 percent to US$65.64, an all-time high, in early trading, valuing the company at US$510.37 billion. The ...

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Keppel O&M Laid Off 10,000 Workers in 2016

On Thursday, leading offshore rig builder and real estate firm Keppel Corp. posted its smallest annual profit since 2006 – but still a profit, unlike the recent performance of many of its competitors. Keppel’s Offshore & Marine division brought down the broader group’s numbers, with earnings plummeting to $20 million for 2016, down 94 percent year on year. Keppel O&M has had to ...

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School Children to Learn about Rena Grounding

School students will be able learn about New Zealand’s most significant maritime pollution emergency, the grounding of the container ship Rena, with a new education program launched this year.“What now for the Rena?” is an article in “Getting the Message,” one of the issues in the New Zealand Ministry of Education’s Connected 2016 series. Connected promotes the exploration and learning ...

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New Challenges for U.S., Mexican Gasoline Trade

The Mexican government is in the process of opening its gasoline and diesel markets to outside competition and replacing government-set prices with market-based prices. Last year, Mexico began allowing entities other than the state-owned company Petróleos Mexicanos (Pemex) to import gasoline and diesel and open retail stations. These changes followed previous energy sector reforms that ended Pemex’s upstream monopoly and ...

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A New “Cruise Generation” in the Making

  Cruise Lines International Association (CLIA) has released the Cruise Travel Report a revealing look at the attitudes, behaviors and travel preferences of cruisers and non-cruisers, and highlighting the new “cruise Generation.” Cruise travel has become the most popular travel preference among younger generations, including Millennials, creating a new “cruise generation,” says the CLIA. This generation rates cruise travel as ...

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More Oil and Gas Company Diversification Expected

  New research by DNV GL shows oil and gas companies are seeking to rebalance business portfolios and reorganizing for a new era. In a period of drawn-out recovery, almost half (49 percent) of senior oil and gas professionals surveyed expect their businesses to diversify into, or invest more in, opportunities outside of oil and gas. Still, almost eight out ...

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Four Shipwrecks Found Off Queensland

Archaeologists have discovered four 150-year-old shipwrecks off the coast of Queensland, and they hope that the find will yield new clues about shipping in Australia’s pre-Federation era. The wrecks are about 270 nautical miles offshore on the Kenn Reefs, a string of atolls that mark the mid-point between Queensland and New Caledonia. The sunken vessels are far from the first discovered at that ...

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USS Enterprise to be Decommissioned Next Week

  The USS Enterprise, the world’s first nuclear-powered aircraft carrier, will be decommissioned in a private farewell ceremony on February 3. Enterprise has a storied history. She participated in the blockade of Cuba during the Cuban Missile Crisis, and at the start of the Vietnam war she became the first nuclear-powered vessel to see combat service. She rotated through the ...

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Amazon Starts Ocean Freight Service for its Suppliers

  Amazon.com’s Chinese logistics division appears to have moved into the business of brokering ocean freight services for suppliers, entering a role that it has previously left to commercial freight forwarders. The Wall Street Journal reports that Beijing Century Joyo Courier Service – Amazon’s logistics unit in China – has shipped over 150 containers over the past three months. The ...

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Oman signs $1.2bn pipe supply contract with Sumitomo

Petroleum Development Oman (PDO) signed on Thursday (January 26) a $1.2 billion contract to supply piping for its drilling operations through Duqm. The five-year deal with Japanese supplier Sumitomo further includes a new supply yard in the Duqm Special Economic Zone, which will be a logistics centre for materials being delivered to PDO’s drilling locations. The agreement will confirm PDO ...

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Saudi Aramco picks US firms to audit oil reserves

Saudi Arabia’s state oil company has hired two US companies – energy consulting services unit Gaffney, Cline & Associates, as well as Dallas-based reserves auditing group DeGolyer and MacNaughton – to assess its crude oil reserves, the Wall Street Journal reported, citing sources. The audit is a prerequisite for listing Saudi Aramco in the capital markets, which could happen as ...

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OPEC January oil output shows high compliance with supply cut deal – Petro-Logistics

OPEC oil output is set to fall by 900,000 barrels per day (bpd) this month, a company that tracks OPEC supply said on Friday, pointing to a strong start by the exporter group in implementing a supply cut deal. The Organization of the Petroleum Exporting Countries is cutting its output by 1.2 million bpd from Jan. 1 — its first ...

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DP World Looks Forward to 21st Century Silk Road

Leading terminal operator DP World says that it is in talks with China over expanding its role in the “One Belt, One Road” transcontinental infrastructure project.”One Belt, One Road” (or OBOR) is vast: it could cost up to $1 trillion and it will serve an area that is home to 70 percent of the world’s population, produces around 55 percent of ...

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Eight More Ferry Crewmembers Fail Drug Tests

Just one week after 10 crewmembers of the cross-Channel ferry Pride of Canterbury were fired for positive drug tests, eight crewmembers from the P&O Ferries ropax Spirit of Britain tested “non-negative” for the presence of cocaine or cannabis.P&O administered on-board urine tests to 106 crewmembers on the Spirit of Britain, and eight failed. “None of the eight was an officer ...

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Brexit May Lead to Customs Delays at UK Ports

  On Wednesday, the UK Freight Transport Association warned Parliament that exiting the European Union without some arrangement for “frictionless trade” could lead to expensive customs delays for ports, hauliers and shippers. Prime Minister Theresa May has promised a “swift and clean” Brexit, and as part of that process she intends to pull Britain out of the EU’s single market ...

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Strategic Petroleum Reserve sales expected to start this month

Yesterday the U.S. Department of Energy’s (DOE) Office of Fossil Energy awarded contracts for the first of several sales of crude oil from the Strategic Petroleum Reserve (SPR). A Continuing Resolution enacted in December 2016 included a provision for DOE to sell up to $375.4 million in crude oil from the SPR. This sale will be the first of several ...

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Qatar investment in Russia to bolster OPEC, non-OPEC ties: Barkindo

Qatar’s investments in Russia will further strengthen ties between the Organization of the Petroleum Exporting Countries and non-member oil producers, OPEC Secretary-General Mohammed Barkindo told Reuters. The Qatar Investment Authority (QIA) and global commodities trader Glencore have bought a 19.5 percent stake in Russia’s Rosneft, the world’s top listed oil company by output. At a meeting with the heads of ...

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As crude prices rise, China’s oil majors set to lift capex for first time in years

China’s oil majors are expected to pump up spending in 2017 for the first time in years, scrambling to squeeze more barrels of crude out of ageing domestic wells in the hope that higher prices are here to stay. State-run explorer CNOOC Ltd set the tone this month. After an international output cut agreed late last year lifted benchmark Brent ...

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Fitch: Oil Prices, Capital Access Boost NA E&P Transactions

A large increase in US and Canadian exploration and production (E&P) transactions coincides with the improvement and stabilization of oil prices and continued access to capital markets, according to Fitch Ratings. The second half of 2016 saw an increase in US and Canadian E&P transaction considerations of 82% to over $34 billion compared to the first half of the year. ...

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Oil firms on OPEC-led production cuts, but rising U.S. output caps gains

Oil prices firmed on Friday as rising crude output from the United States was offsetting efforts by OPEC and other producers to prop up the market by cutting supplies. Brent crude futures, the international benchmark for oil prices, were trading at $56.41 per barrel at 0753 GMT, up 17 cents from their last close. U.S. West Texas Intermediate (WTI) crude ...

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Australia’s LNG projects face major delays, benefiting U.S. producers

Australia’s plans for a huge increase in its production of liquefied natural gas are being dealt a big blow by a series of production delays, as energy companies struggle with technical problems and cost overruns. The country is still likely to become the world’s biggest LNG exporter, dispatching about 85 million tonnes a year by the end of the decade, ...

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Russian seaport cargo volumes hits historic high

According to figures released by the Russian Maritime Ports Association, the sector’s overall turnover rose 6.7 percent in 2016. Even a drop in foreign exports did not impact freight handling volumes, which grew over the last decade. Total turnover increased 77.4 percent between 2006 and 2016. Arctic region ports posted the strongest growth in freight traffic in 2016, up by ...

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Tata Steel buys 51% in Odisha port project

Tata Steel has agreed to acquire a 51% stake in an upcoming port project in Odisha for Rs 120 crore. According to the company, its exact cost of acquisition will depend on the total cost of the project. Currently, the acquisition cost is estimated to be about Rs 120 crore. Tata Steel, directly or through any of its subsidiaries, intend ...

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Direct train connection between Kiel and Trieste being launched

The port of Kiel is extending its services in combined traffic. There has been established a new direct train connection between Kiel and the Adriatic port of Trieste in Northern Italy. Dr Dirk Claus, Managing Director at PORT OF KIEL: “This is a milestone for Kiel as a logistics hub. The train is an ideal link for rapid freight transport ...

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Latvian ports ready to negotiate mutually beneficial terms for Belarusian cargo forwarders

Latvia is ready to discuss mutually beneficial terms for Belarusian cargo forwarders in its seaports, Latvian Transport Minister Uldis Augulis told journalists following the meeting of the Belarusian-Latvian intergovernmental commission for cooperation in economy and science, BelTA has learned. “We continue discussing discounts and other matters. A business council had a session yesterday where businessmen discussed these matters. We need ...

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Request on ship-to-ship oil transfers ‘standard protocol’, says port

A port authority seeking permission for ship-to-ship transfers of oil has said withdrawing and resubmitting its application is “standard protocol”. Port of Cromarty Firth has applied for a licence to transfer oil at sea in the Moray Firth. A campaign opposes the plan because of concerns that the operations would harm the environment. It emerged this week that the port ...

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Patimban port’s environmental permit to be issued mid-February

The Environment and Forestry Ministry is expected to issue an environmental permit for the construction of Patimban Seaport in Subang, West Java, next month as the Amdal Assessment Commission (KPA) has begun assessing the project’s environmental impact analysis (amdal) report. Amdal Assessment Commission (KPA) member Anang Sudarna said assessment of the amdal begun Thursday and was expected to be finished ...

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CPEC and Gwadar deep sea port-changing face of Pakistan

China Pakistan Economic Corridor (CPEC) is fast becoming life line of Pakistan. The size of the CPEC has been increased to more than $55 billion after China agreed to upgrade the main railway line from Karachi to Peshawar at a cost of $8bn. Major portion of CPEC program will be spent on energy projects to ensure Pakistan enters new era ...

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Indonesia aims for a slice of Singapore’s sea cargo traffic

Indonesia plans to beef up its port services by consolidating cargo traffic from various facilities across the country at Tanjung Priok in North Jakarta, its largest and most advanced seaport. The move to centralise transshipment activities is aimed at taking over a slice of the market currently dominated by Singapore, The Jakarta Post reported yesterday. Transportation Ministry official Antonius Tonny ...

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Tanzania says to receive $305 million World Bank loan for Dar es Salaam port expansion

Tanzania will receive a $305 million loan from the World Bank to expand its main port in it main commercial city Dar es Salaam, where congestion and inefficiencies are hampering ambitions to transform the east African nation into a regional transport hub. The port, whose main rival is the bigger but also congested port of Mombasa in Kenya, acts as ...

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NPA, NCS kick-start Single Window to facilitate trade in Nigerian ports- Photo

 (TRADE NEWSWIRE): The Nigerian Ports Authority (NPA) and the Nigerian Customs Service (NCS) have introduced Single Window (SW) platform at the nation’s ports to facilitate trade with a multiplying effect on revenue to the government coffers and business operations, TRADE NEWSWIRE reports.

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Nimasa seeks stakeholders input in Port reforms

  (TRDE NEWSWIRE): The Director-General of the Nigerian Maritime Administration and Safety Agency (NIMASA) Dr. Dakuku Peterside, has called on Maritime stakeholders to make input in the ongoing Port Reform Agenda of the present administration in other to reposition the maritime industry for greater efficiency, TRADE NEWSWIRE reports. Peterside made this call recently in Lagos when he played host to ...

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