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Monthly Archives: February 2017

Socio-economic impact of the EU shipping industry remains solid

The EU shipping industry directly employed 640,000 people and supported a € 57 billion contribution to GDP in 2015. Adding supply chain and worker spending multiplier impacts, the shipping industry’s total employment contribution rises to 2.1 million people and its total GDP contribution is estimated to have been € 140 billion in 2015. These are the key findings of the ...

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Up to $400 billion of shipping debt represents unassessed climate risk exposure at major banks

Carbon War Room (CWR) and UMAS released research that suggests climate transition pathways pose risks to the banks that hold $400 billion of global shipping debt. With the onset of climate policies as soon as 2023, there will be a need for significant capital investment to keep vessels competitive. Navigating Decarbonisation: An approach to evaluate shipping’s risks and opportunities associated ...

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VLCC tankers storing crude are much less than claimed, says shipbroker

Reports this week indicated that VLCC availability has been limited by a surge in floating storage which has consumed a large segment of the fleet, raising fears about the timing and implications of a mass return of these units to normal trading. However, according to shipbroker Charles R. Weber, “in examining both AIS idle fleet data and our proprietary commercial ...

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Chinese Teapots – The Game Changer In China’s Oil Industry

China’s privately owned refineries are the new force in the crude oil market. Once sidelined due to Chinese regulations, these refineries (known as “teapots” because of their small size in comparison with giant state-owned companies) are now importing as much as 1.2m barrels of crude oil per day into China. This accounts for as much as 15 per cent of ...

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LNG Update: Jordan Cove LNG Export Facility

In early December, the FERC denied requests for rehearing of its March 11, 2016 Order denying the applications of Jordan Cove Energy Project, L.P. (“Jordan Cove”) to site, construct and operate an LNG export terminal in Coos Bay Oregon (“Jordan Cove LNG Terminal”) and Pacific Connector Gas Pipeline, LP (“Pacific Connector”) to construct and operate an approximately 232-mile interstate natural ...

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NIMASA 2017 Budget Targets Strategic Growth of Maritime Industry – Dakuku

.To position NIMASA as African foremost maritime Agency (TRADE NEWSWIRE): The Director General of the Nigerian Maritime Administration and Safety Agency (NIMASA) Dr. Dakuku Peterside has disclosed that the Agency’s 2017 budget is tailored towards the strategic growth and other developmental initiatives of the maritime sector, TRADE NEWSWIRE reports. Peterside who said this recently during the 2017 budget defence session ...

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NIGERIA HOSTS AFRICA AS AAMA BECKONS

.Association of Africa Maritime Administrations meet in Abuja.  .IMO Secretary General, Kitack Lim to lead International Stakeholders (TRADE NEWSWIRE): In a bid to continue to improve on its role as a global player in the comity of maritime nations, Nigeria would be hosting the 3rd Conference of the Association of Heads of African Maritime Administrations (AAMA Conference) in Abuja, at the ...

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Global bunker market: No firm trend in bunker prices next week, expert says

World fuel indexes did not have any firm trend during the week demonstrating irregular fluctuations. The fuel market is balanced between two drivers: OPEC cuts and rising U.S. inventories and production. There is still a general consensus that the OPEC/non-OPEC agreement helps supply to get in line with demand, although this bullish stance is countered by the ever-increasing inventories in ...

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Milaha Reports Net Profit of QAR 711 Million for Full Year 2016

Qatar Navigation (Milaha) Q.P.S.C. announced its financial results for the year ended December 31, 2016. The company declared a net profit of QAR 711 million for 2016 on revenues of QAR 2.55 billion. Key financial highlights: Operating revenue for the year ended December 31, 2016 was QAR 2.551 billion, compared to QAR 2.984 billion reported the previous year. Operating profit ...

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Asia Tankers-VLCC rates to slide further as cargoes dry up on Asia refinery work

Freight rates for very large crude carriers (VLCCs), which fell to multi-week lows this past week, could slip further as refinery maintenance in Asia weighs on cargo volumes and chartering activity, brokers said. “The pace of cargoes hitting the market is much slower. This time last month there were 50 VLCC fixtures from the Middle East. There are about 30 ...

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Charter fees and freight rates may rise as smaller lines struggle with costs of Ballast-Water Convention

An international convention regulating ballast water, which ships with little or no cargo take on or discharge to maintain stability, takes effect in September. The treaty could be costly for owners of large freighters, among others, as they will have to install expensive equipment to filter out unwanted marine life. The International Convention for the Control and Management of Ships’ ...

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The end of the Swiss federal state guarantee for cargo vessels – a trigger for the tonnage tax?

The Swiss Federal Council decided to terminate the well-established funding instrument to facilitate the financing of Swiss owned and registered cargo vessels by issuing government guarantees. Further, the Federal Council decided not to renew existing guarantees or grant new guarantees for Swiss Ship-owners as of June 2017. The existing guarantees will continuously expire up to 2031. Over the past years, ...

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Tankers: Japan’s influence on the tanker market not what it used to be

Japan used to be one of the most important markets for the tanker industry, as crude oil imports, mainly from the Gulf Arab region were the norm for decades. This is beginning to change these days, with shipbroker Gibson noting that “the Japanese refining industry has been experiencing challenging circumstances for a number of years, with significant rationalisation of refining ...

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America returns to the oil battlefield

  US shale oil production could grow by 3.5million b/d to 2022… Many oil companies around the world have survived the price meltdown by bringing down breakeven costs in the last two years. But what parts of the world can grow output in the years ahead? According to BofA Merrill Lynch, US shale oil producers will come out ahead and ...

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Mexican Shallow Water E&P: On The Road Again?

To much fanfare and accompanied by voluminous industry coverage, Mexico recently concluded Round 1.4, the country’s first ever deepwater licensing round. However, Mexico’s shallow waters may yet have a future too: Bay of Campeche reserves remain considerable and indeed, the country’s third shallow water bid round is ongoing. It is therefore worth reviewing the current state of shallow water E&P ...

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Security alert: Strategic report to security agencies on Kaduna

    (TRADE NEWSWIRE): Security agencies should be on the lookout, as Central and Northern Kaduna ‘not’ Southern Kaduna now, may likely be attacked any time soon, TRADE NEWSWIRE reports. Nature: It could be in form of bomb explosion or intermittent/ overnight gunmen attacks on neighborhoods Aim: To put the entire Kaduna state on fire. Caution: Security agencies should also ...

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LNG Fuels Could Be the Way Forward For the Shipping Industry

LNG fuels have been on the forefront of alternatives for the shipping industry for quite some time now, but the latest developments with the IMO decision to limit sulphur content of marine fuels by 2020 are putting things into “fast forward” mode. In its latest weekly report, shipbroker Intermodal noted that “from January 2020, global sulphur content of marine fuels ...

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OPEC Cuts: What now for the Supply Chain?

On Wednesday 30 November 2016, the Organisation of the Petroleum Exporting Countries (OPEC) reached an agreement that committed its members to introduce oil production limits for the first time in eight years. It is hoped that that the deal will aid recovery in the sector and help to address the turmoil that has engulfed the oil and gas industry for ...

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U.S. crude oil imports from Saudi Arabia and Iraq recently increased, but may decline soon

U.S. crude oil imports from Saudi Arabia and Iraq, two of the United States’ main sources for imported crude oil, have risen since reaching relatively low points in 2014 and 2015. On a combined basis, crude oil imports from these countries are the highest since late 2012. However, recent market developments, including the November 2016 agreement among certain members of ...

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Allegations of Sabotage at Port of Limassol

The controversy over the privatization of the Port of Limassol deepened on Monday when Cyprus’ transport minister, Marios Demetriades, claimed that equipment at the facility had been vandalized before the handover to the port’s new operator.Speaking to Cyprus’ parliament, Demetriades said that the new concessionaire, Eurogate, had informed him of acts of sabotage, potentially committed by the port’s former porters. Eurogate’s ...

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Longshore Union Calls for East Coast Port Shutdown

  The International Longshoremen’s Association (ILA) is calling for a shutdown at ports along the eastern seaboard and Gulf Coast to protest hiring practices that allegedly reduce the number of dockworkers. The union said that dates for a labor action would be announced next week, and singled out the South Carolina Port Authority and the Waterfront Commission of New York ...

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STEALTHGAS INC. Ends Challenging 2016 on a Higher Note as LPG Freight Market Was Weaker

STEALTHGAS INC. (GASS), a ship-owning company primarily serving the liquefied petroleum gas (LPG) sector of the international shipping industry, announced today its unaudited financial and operating results for the fourth quarter and twelve months ended December 31, 2016. OPERATIONAL AND FINANCIAL HIGHLIGHTS Vessel calendar days up 9.4% year on year with operational utilization of 91.1% for 2016. Operational utilization of ...

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Long Range Tankers Taken for Storage on Expectations of Tighter Asian Gasoline Market

Singapore gasoline cracks have averaged $10.72/bbl in February so far, down by 12% y-o-y but still relatively firm. Robust demand from the Middle East and intra-Asia as well as a flurry of both planned and unplanned refinery outages have been supporting gasoline cracks. ADNOC recently bought nine 27 kt cargoes over March-April delivery as its 127 kb/d RFCC remains shut ...

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ABS Takes the Lead as First Class Society to Earn EU MRV Accreditation

ABS, a leading provider of classification and technical services to the marine and offshore industries, was awarded accreditation by Greece’s National Accreditation Body, the Hellenic Accreditation System (ESYD), to perform assessments for European Union (EU) Monitoring, Reporting and Verification (MRV) compliance. “We are proud to be the first Class Society accredited to perform EU MRV assessments,” says ABS Chairman, President ...

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EIA: China’s use of methanol in liquid fuels has grown rapidly since 2000

China is the global leader in methanol use and has recently expanded methanol production capacity. Since the early 2000s, China’s methanol consumption in fuel products has risen sharply and is estimated to have been more than 500,000 barrels per day (b/d) in 2016. EIA commissioned a study from Argus Media group to better understand China’s consumption of methanol and its ...

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NIMASA, Customs partnership‘ll help Nigeria’s economic progress –Dakuku

  – As NIMASA seeks synergy with NCS (TRADE NEWSWIRE): The Director General of the Nigerian Maritime Administration and Safety Agency (NIMASA), Dr. Dakuku Peterside, has stated that NIMASA and the Nigerian Customs Service (NCS) are partners in progress in bringing the desired growth and development to the Nigerian maritime industry and by extension the Nigerian economy, TRADE NEWSWIRE reports. ...

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APM Terminals increases Port Elizabeth investment plans to USD $200m in preparation for ultra large container shi

APM Terminals, in close dialogue with the bi-state shipping community, including the Port Authority of New York & New Jersey, shipping companies, importers and exporters, intermodal rail providers, trucking companies and the International Longshoreman’s Association, has significantly increased its previously announced USD $70 million investment plans for the APM Terminals Port Elizabeth facility, and now plans an investment total of ...

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Cavotec SA – 4Q16 Report and full year 2016 summary

Revenues for the quarter decreased 23.6%, amounting to EUR 60.2 million (4Q15: 78.8). Quarterly operating result (EBIT) ended with a profit of EUR 5.9 million (4Q15: 8.8), including non-recurring cost of EUR 2.6 million, corresponding to a margin of 9.8% (4Q15: 11.1%). Net result for the period ended positive at EUR 4.9 million (4Q15: 7.5). Order Intake increased by 15.2% ...

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OPEC cuts, weak freight rates help traders profit on Asia crude routes

Oil traders from around the world, including the United States, Britain and Brazil, have tripled their sales to Asia as they take advantage of an emerging supply gap following OPEC-led production cuts announced late last year. Around 30 supertankers have this month made long-haul trips to ship crude oil from the Americas, the North Sea and the Mediterranean to refineries ...

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Navios Maritime Holdings Inc. “In a Position to Capture Market Recovery” says Angeliki Frangou

Navios Maritime Holdings Inc., a global, vertically integrated seaborne shipping and logistics company, reported financial results for the fourth quarter and year ended December 31, 2016. Angeliki Frangou, Chairman and Chief Executive Officer, stated “Navios Holdings is positioned to capture any market recovery. In 2016, we reduced expected 2017 breakeven by $28.0 million through a number of actions, including purchasing, ...

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Moody’s: Global LNG prices to remain capped beyond 2020 on supply/demand imbalance

Moody’s expects global liquefied natural gas (LNG) prices to remain constrained beyond 2020 as a wave of fresh supply capacity comes online at a time when demand from the world’s largest importers is weakening, says the rating agency in a report published today. Moody’s report, “Global Liquefied Natural Gas Industry: Market Imbalance Will Continue Beyond 2020, Keeping a Lid On ...

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Liquefied natural gas exports expected to drive growth in U.S. natural gas trade

The United States is expected to become a net exporter of natural gas on an average annual basis by 2018, according to the recently released Annual Energy Outlook 2017 (AEO2017) Reference case. The transition to net exporter is driven by declining pipeline imports, growing pipeline exports, and increasing exports of liquefied natural gas (LNG). In most AEO2017 cases, the United ...

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Socio-Economic Reformer Hadiza Usman of NPA discusses with Oba of Lagos at an anti-corruption forum- Photo

(TRADE NEWSWIRE): A Socio-Economic Reformer and Managing Director of Nigerian Ports Authority, Hadiza Bala Usman discusses with His Royal Highness, Oba of Lagos, Oba Rilwan Akiolu at the Nigerian Women Against Corruption (NWaC) project rollout in the south-west region by the Economic and Financial Crimes Commission (EFCC) in collaboration with the office of the wife of the President, Mrs. Aisha Muhammadu Buhari on ...

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Professionalism key to growth of maritime industry – NIMASA DG

…Marine Engineers, Surveyors needed for Maritime Development (TRADE NEWSWIRE): The Director General of the Nigerian Maritime Administration and Safety Agency (NIMASA) Dr. Dakuku Peterside has stated that professionalism has a key role to play in the development and growth of the maritime industry in Nigeria, TRADE NEWSWIRE reports. Peterside who made this assertion when members of the Association of Marine Engineers ...

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World Bank: Less fishing would yield more money, as overfishing cost global economy over $50bn per year

According to a new report from the World Bank, less means more – at least when it comes to fishing.In “Sunken Billions Revisited: Progress and Challenges in Global Marine Fisheries,” researchers with the U.N. Food and Agriculture Organization, the University of Iceland and UC-Santa Barbara have updated a previous World Bank study on the state of the world’s fishing industry, and ...

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Libyan Forces Seize Car Carrier

On Sunday, Libyan militia forces loyal to the warlord Khalifa Haftar boarded and seized the car carrier Morning Compass. The Eukor-operated Compass was reportedly under way from South Korea to Misrata carrying a load of several thousand cars; the militia fighters diverted the vessel to the port of Ras Al-Hilal, northeast of Benghazi.The government of Eastern Libya told media that the vessel had ...

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China’s Sinochem may sell 40 pct stake in Brazil’s Peregrino oilfield -sources

China’s Sinochem is exploring the sale of its 40 percent stake in Brazil’s Peregrino offshore oilfield, four people familiar with the matter told Reuters, a deal that could see the state-owned conglomerate walk away from what was once touted as a key overseas asset because of historically low oil prices. The oil and chemicals firm agreed to buy the stake ...

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Petrobras exporting record volumes from sub-salt offshore oil fields

Rising output from Brazil’s sub-salt offshore oil fields is allowing Petrobras to export record volumes of oil and import less light crude for its refineries, a senior executive said. Cláudio Mastella, executive manager for refining and natural gas logistics, said the move is helping to reduce Petrobras’ operational and logistical costs because lighter oil is easier and cheaper to refine ...

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Port of Singapore throughput up 10% to 50.54 mln t in January 2017

Cargo volumes handled at the Port of Singapore in January 2017 climbed by 10%, year-on-year, to 50.54 mln t, the Port Authority statistics show. The volume of oil cargo climbed by 31% to 20.13 mln t, dry bulk cargo – by 7.1% to 1.57 mln t. Singapore is the city-state located on an island in the South-East Asia. In 2016, ...

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African port authorities meet in Dakar on how to match global trends

As in the case of Congo Republic’s Pointe-Noire, African ports are increasing their operational capacities. Installation of new infrastructures, signing of concession contracts among other moves are helping to multiply initiatives to integrate better in international trade. Port managers on the continent want to have more power in the global market and advocate for stronger regional cooperation. In the midst ...

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Belarus’ oil import 20.8% down in 2016

In 2016 Belarus imported 18.1 million tonnes of crude oil, 20.8% down from 2015, BelTA learned from the website of the National Statistics Committee of Belarus. In 2016 Belarus imported nearly $4 billion worth of oil, down from $5.7 billion in 2015. The price for one tonne of oil averaged $218.7 in 2016 and $247.3 in 2015. In 2016 Belarus ...

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‘MOL Group Safety, Environmental and Social Report 2016’ Earns Award of Merit in Env Comm Awards

Mitsui O.S.K. Lines, Ltd. today announced that the “MOL Group Safety, Environmental and Social Report 2016″(*1) received the Award of Merit in the Environmental Report category in the 20th Environmental Communication Awards(*2). This marks the third consecutive year the report has won the excellence award in this category. The report earned high marks for two points. First, it identified five ...

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Bullish Citi analysts call for crude oil to hit $70 by year end but elsewhere skepticism grows

Crude oil prices could shoot up to $70 a barrel by the end of 2017 as supply and demand levels continue to rebalance in coming months, according to analysts at Citi. Nearer-term, the research team has raised price estimates modestly by $5 to an average $55 per barrel for the first quarter and by $2 to an average $56 per ...

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OPEC chief sees higher compliance with oil cut, says confidence returning

OPEC and outside producers including Russia will boost compliance with agreed oil output curbs in a bid to clear a supply glut that has weighed on prices, the group’s secretary general said on Tuesday. OPEC Secretary General Mohammad Barkindo also said he was “cautiously optimistic” on the outlook for the oil market, almost two months into the group’s supply cut ...

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Hyundai Heavy bags order to build 2 oil tankers

Hyundai Heavy Industries Co., a major shipyard in South Korea, has received an order to build two oil tankers, industry sources said Tuesday. Under the deal with a Greek shipowner, Hyundai Heavy will build two very large crude carriers (VLCC) with 320,000 DWT by the end of 2018, the sources said, adding that the two sides have been in negotiations ...

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GateHouse Launches Cloud for Live Tracking of Loads at Sea

Data unifier and aggregator GateHouse Logistics today announced that it has launched a new cloud service to provide valuable real-time tracking of loads port-to-port. Destined for manufacturers, cargo owners, logistic service providers, container owners and all other players in the supply chain, the cloud service called ghVessel collects vessel AIS (Automatic Identification System) broadcast signals from satellite and land-based systems ...

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Egypt’s Sokhna port to start bunkering operations July 1

Egypt’s Suez Canal Economic Zone targets commencing bunkering operations at Sokhna port July 1, the Vice Chairman of the General Authority for the SC Zone, Abdelkader Darwish, was quoted late Monday as saying. The authority has invited marine fuel suppliers to submit applications for bunker supply licenses at the port by April 7, Darwish was quoted as saying at an ...

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ICS Releases Latest Flag State Performance Table

The International Chamber of Shipping (ICS) has published its latest Flag State Performance Table which can be downloaded free of charge via the ICS website. The ICS Table provides an annual overview of the performance of the world’s flag states against a number of criteria such as port state control records, ratification of international maritime Conventions and attendance at IMO ...

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LNG the fuel of the future for international shipping: Woodside

Woodside Petroleum will increasingly target a share of the massive international shipping fuel trade and the multi-billion-dollar Pilbara diesel market, as it attempts to open up sources of demand for its liquefied natural gas. Woodside chief operating officer Mike Utsler said the company was working hard to demonstrate the capability and efficiency of LNG as a transport fuel, with Woodside ...

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ABS Issues Industry’s First Cyber Safety Notation

ABS, a leading provider of classification and technical services to the marine and offshore industries, has issued its first notation for the ABS Guide for Cybersecurity Implementation for the Marine and Offshore Industries. “The focus on cyber safety is increasing, and that is changing the expectations industry has for classification services,” explains ABS Chairman, President and CEO Christopher J. Wiernicki.” ...

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DryShips Inc. Re-Enters the Tanker Market, Acquires Two Modern Tanker Vessels

DryShips Inc., a diversified owner of ocean going cargo vessels, announced today that it has entered into agreements with unaffiliated third parties to acquire: one 113,644 DWT Aframax tanker currently under construction in South Korea. The Company expects to take delivery of this vessel sometime in the second quarter of 2017. The vessel is expected to be employed in the ...

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U.S. crude oil production increases following higher drilling activity

U.S. crude oil production increased for the second consecutive month in November 2016, the first time this has occurred since early 2015. Increased drilling activity in the Permian region, which spans Texas and New Mexico, as well as the start of a number of new projects in the Federal Offshore Gulf of Mexico (GOM), more than offset declining production from ...

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‘Urgent homework’ to be done on South China Sea Code of Conduct: Vivian Balakrishnan

BORACAY, Philippines: ASEAN foreign ministers are set on completing a framework for a Code of Conduct (COC) on the South China Sea by June this year. But for that to happen, “there is some urgent homework that needs to be done,” said Singapore Foreign Minister Vivian Balakrishnan on Tuesday (Feb 21). He was speaking on the sidelines of a two-day ...

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German Icebreaker to Transit North Pole

The German research vessel Polarstern is planning to embark on a mission that most vessels would do anything to avoid: she is going trap herself in the ice. In the fall of 2019, the 400-foot icebreaker will sail to 84 degrees N 120 degrees E, in the East Siberian Sea, with the intention of getting icebound. Once locked in the pack, she will be ...

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Drone Boat Was Used in Saudi Frigate Attack

  The U.S. Navy has determined that the bomb boat that struck the Saudi frigate Al-Madinah last month was a remotely controlled device and not a suicide attack craft. The technological sophistication of the unmanned vessel raises questions about its source, and the Navy suspects that Iran was involved. Vice Adm. Kevin Donegan, commander of the Fifth Fleet and head ...

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Objection to Eimskip’s Acquisition of Nor Lines

The Norwegian Competition Authority has objected to Eimskip’s acquisition of the Norwegian shipping and logistics company Nor Lines. A notice given to Eimskip reflects the Authority’s preliminary conclusion, and Eimskip has 15 business days to present counter-arguments. The Iceland-based company is now evaluating its next steps with legal advisors. Eimskip entered into an agreement to acquire Nor Lines in November ...

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ICS Releases 2017 Flag State Performance Table

The International Chamber of Shipping (ICS) has published its latest Flag State Performance Table providing an annual overview of the performance of the world’s flag states against a number of criteria such as port state control records, ratification of international maritime Conventions and attendance at IMO meetings. There is nothing inherently unusual in an international ship registry system in which ...

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Fincantieri Teams Up with Ferretti

Shipbuilder Fincantieri and yacht and boat builder Ferretti Group have reached a cooperation agreement with the goal of developing commercial and industrial synergies between the two Italian companies.The agreement relates to the security and defense sector, nationally and internationally, and to the recreational yachting industry. In both areas, the two companies have complementary capabilities and expertise that can lead to ...

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Nakilat announces QR 955 million profit for the year 2016

  (TRADE NEWSWIRE): Nakilat announced its financial results for the year ended 31 December 2016, with a net profit of QR 955 million achieved compared to QR 984 million in 2015, TRADE NEWSWIRE reports. In a statement obtained by TRADE NEWSWIRE from Nakilat Shipping Qatar Limited, the earnings per share attained in 2016 was QR 1.72 compared to QR 1.77 ...

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Port-aided economic dev: NPA MD Hadiza Usman pushes for quick passage of maritime Bills to boost economy

  (TRADE NEWSWIRE): Quick passage of Ports and Harbours Bill, National Transport Commission Bill and other maritime bills before the National Assembly will facilitate port development plan with a multiplying effect on the nation’s economy, a Socio-Economic Reformer and Managing Director, Nigerian Ports Authority (NPA) Ms Hadiza Bala Usman, has urged, TRADE NEWSWIRE reports. She said this at a retreat organised ...

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Japan’s heavyweight LNG buyers wrestle more flexible deals from suppliers

Japan’s liquefied natural gas (LNG) buyers are upending the traditional practices of the market, using their leverage as the world’s biggest buyers of the fuel to wrestle concessions for more flexible terms. Japan’s electric utilities have won provisions that will allow them to divert contracted LNG cargoes if they restart their nuclear reactors, most of which have been shut since ...

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CEO says: “2017 will be our most exciting year ever at SOHAR”

SOHAR Port and Freezone revealed updated performance figures during its annual Business Reception at The Chedi in Muscat last week. Despite generally lower revenues and a slump in activity in the global maritime industry, throughput at SOHAR was up again and topped an average of one million tonnes a week for 2016. Container traffic was up by 15% compared to ...

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Hanjin Shipping Declared Bankrupt As Port of Long Beach Recovers

As Hanjin Shipping Co. finally sank Friday, the Port of Long Beach looked to a future without its most important cargo carrier and former lease-holder of its largest terminal. A South Korean court declared Hanjin bankrupt Friday, officially ending the company’s 40-year history in the global shipping trade. A court-appointed caretaker will sell any remaining ships and other assets Hanjin ...

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Silver Dry Bulk Company Limited -v- Homer Hulbert Maritime Company Ltd [2017] EWHC 44 (Comm)

In this case, the Court considered an application under section 18 of the Arbitration Act 1996 (the Act) for an order directing that an arbitral tribunal had been validly constituted and additional orders under sections 43 and 44 of the Act for production of documents by third parties based inside and outside the jurisdiction. Factual background Pursuant to a memorandum ...

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Expert says bunker prices may continue mixed trends next week

World fuel indexes continued irregular fluctuations this week while market focused on two main drivers: OPEC’s supply-cut deal and rebound in U.S. drilling activity. The IEA increased its 2016 estimates for world oil demand growth for a third month, and boosted its outlook for 2017, anticipating an increase of 1.4 million barrels a day this year. It also predicts that ...

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US Coast Guard completes ballast water violation investigation, initiates civil penalty

The Coast Guard, after an investigation of ballast water discharge violations, initiated civil penalty proceedings against the operator, Vega Reederei GmbH & Co. KG, of the bulk carrier Vega Mars, Feb. 2, 2017. Investigators found that around Jan. 29, 2017, while moored in Tacoma, ballast water was discharged from the vessel without the use of a Coast Guard approved ballast ...

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Quality assurance for maritime training

Safety depends on proper training, which requires constant adaptation to new technologies and operating conditions. Competence is a crucial factor in the shipping business. Through its SeaSkill certification services DNV GL helps owners and operators, maritime training providers and test centres to advance crew training and ensure the highest levels of safety on board. The most sophisticated technologies are of ...

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Gulf Navigation Holding successfully sign and end dispute with DVB, BNP Paribas and DNB

Gulf Navigation Holding PJSC (“GulfNav”) is pleased to announce that it has reached full and final settlement with DVB Bank SE, BNP Paribas, and DNB Bank ASA (collectively, “VLCC syndicates”).  The settlement relates to VLCCs sold in 2014 financed by the VLCC syndicates. This settlement is part of a continuing process undertaken by the new management of GulfNav to clear ...

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Piraeus: 13% increase in profit before tax in 2016 for the PPA

The PPA S.A. Board approved the Annual Financial Report 2016 according to which the key figures are as follows: Revenues in 2016 amounted to € 103.5 mil. compared to € 99.9 mil. in 2015 with an increase of 3.6%, despite the negative circumstances (long economic downturn, refugee crisis, strikes). The increased revenues are contributed from the activities in the Car ...

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Demolition In 2016: No Break For The Shipbreakers!

Demolition activity remained particularly firm in 2016 amidst very challenging shipping markets, and reached historically high levels in some sectors. This could well be beneficial to the industry, with increased scrapping helping to ease the oversupply of ships in certain markets. This month Shipbuilding Focus takes a look at demolition activity by breaker country. Successful Scrapping Season 2016 was the ...

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API: Petroleum Demand Last Month Highest For January Since 2008

Total petroleum deliveries moved up by 1.2 percent from the prior year to nearly 19.3 million barrels per day in January 2017. These were the highest January deliveries in nine years, since 2008. The overall economy in the U.S. showed gains in January, adding 227,000 jobs according to the U.S. Bureau of Labor Statistics (BLS). The U.S. unemployment rate was ...

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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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Petronas Canada LNG Plant Buoyed by Incentives to Native Groups

A proposed $27 billion liquefied natural gas project in western Canada got a boost after British Columbia offered at least C$145 million ($111 million) in funding for native groups. The province and two First Nation groups reached agreements that will allow Petroliam Nasional Bhd. and its partners to work “on a common goal of realizing the project,” Wan Badrul Hisham, ...

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Oil attacks in 2016 cost Nigeria up to $100 bn: minister

Militant attacks on key oil facilities last year reduced Nigeria’s output by one million barrels per day, resulting in a revenue loss of up to $100 billion (94 billion euros), according to the government. “At the highest point of this last year, we were producing 1.2 million barrels, which means we were losing literally a million barrels of oil per ...

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India awards 31 oil and gas blocks

India has approved the award of operating licences for 31 small oil and gas fields, Finance Minister Arun Jaitley told reporters on Wednesday. The world’s third biggest oil consumer had received bids for 34 of 46 oil and gas fields that were auctioned in May in India’s push to tap its energy resources. Source: Reuters (Reporting by Nidhi Verma; Editing ...

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Egypt oil production needs 21st century revamp: executive

Egypt needs to rethink the joint venture model that has governed its onshore oil industry for the past half century as part of wider reforms to the economy, according to James House, senior region vice president for the country’s largest international oil producer, Apache. At a conference in Cairo this week, House told journalists Apache would increase its capital spending ...

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US shale producers export record 1 million barrels of oil per day to world market as OPEC cuts back

U.S. oil producers sent a record 7 million barrels of crude out into the world market last week, at a time when OPEC members have cut back on their own output by nearly the same amount. The timing could be a coincidence, but it could also be a glimpse into the future where the U.S. and its shale production becomes ...

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Eurogate accepts compensation-for-delay proposal, truckers still not happy

Some of the tension mounting at the Limassol port since container terminal operator Eurogate took over earlier this month was relieved when the company agreed to compensate hauliers for time wasted in delays during loading and unloading at the port, it was announced on Wednesday afternoon, even as the truckers’ union may reject the deal in a vote on Thursday. ...

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Chennai Port Trust to procure response vessel after Kamarajar port oil spill

Chennai Port Trust is now taking steps to augment its capacity to contain oil spills by planning to have an oil spill response vessel. This comes after Chennai’s coast witnessed an oil spill when two cargo vessels collided at Kamarajar Port last month. A Chennai Port official told Express that tenders had been floated for an oil spill response vessel ...

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China to send another pilot container train to Riga in late February

This time, the pilot train will be unloaded at the port of Riga, and from there the containers will be shipped by ferry to Hamburg, Lusis said. “It is planned that the train will leave from the Chinese province of Hunan at the end of February and that in two weeks’ time the containers will be delivered to Hamburg through ...

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Qatar to provide Turkey LNG when demanded

Qatari Energy and Industry Minister Mohammed al-Sada said that Qatar has been shipping liquefied natural gas (LNG) to Turkey for many years. “We have two active agreements with no restrictions on quantities. We are ready to send this LNG whenever our Turkish customers want it,” al-Sada said. Speaking to Anadolu Agency (AA) in Qatar on energy relations between the two ...

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Iraq’s February Oil Sales Accelerate Despite OPEC Effort to Cut

Iraqi crude shipments rose 3 percent in the first half of February even after OPEC’s second-biggest producer agreed to participate in global output cuts to mop up a glut that has put pressure on oil prices. Exports increased to 3.93 million barrels a day in the first 15 days of the month, 122,000 barrels a day more than the average ...

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OPEC could extend or deepen supply cut if oil glut persists – sources

OPEC could extend its oil supply-reduction pact with non-members or even apply deeper cuts from July if global crude inventories fail to drop to a targeted level, OPEC sources said. The group, together with Russia and other non-OPEC oil producers, agreed late last year to cut output by 1.8 million barrels per day (bpd) to reduce a price-sapping glut. The ...

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ClassNK issues Type Certification for LED floodlights for Port Facility-use to Stanley Electric

Leading classification society ClassNK has issued the first Type Certification for LED floodlights for port facility-use to Stanley Electric Co., Ltd., in line with its recently developed Guidelines for Type Certification of Floodlight LED for Port Facilities on 2 February 2017. Based on its extensive experience in certifying products, materials and equipment for marine use, ClassNK expanded its certification service ...

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Antwerp Port: Deurganckdock around the clock

Trucks coming to load or unload containers in the Deurganck dock in the port of Antwerp will also be able to call at night as of 20 March. The container terminals MSC PSA European Terminal (MPET) and DP World Antwerp Gateway, both located in the Deurganck dock, are due to extend their opening hours so that fetching or delivering containers ...

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Capacity development panacea to unemployment- NIMASA DG

  (TRADE NEWSWIRE): The Director General of the Nigerian Maritime Administration and Safety Agency (NIMASA), Dr. Dakuku Peterside has averred that human capacity development initiative is a panacea to the growing unemployment rate in the economy, TRADE NEWSWIRE reports. The DG who said this at the 1st Annual Lecture of Swaaya Limited, Publishers of Freedom Online news with the theme: ...

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Happy birthday: Congratulations to Mother of the Nation Aisha Buhari @ 46

  (TRADE NEWSWIRE): The Management of TRADE NEWSWIRE (www.tradenewswire.net) congratulate Hajia Aisha Buhari, Mother of the Nation and bridal-looking wife of his Excellency, President Muhammadu Buhari of Nigeria and Commander- In- Chief of the Armed Forces, as she clock 46 years today (February 17, 2017), TRADE NEWSWIRE reports.   As a supportive, humble and submissive wife; lover of the masses and ...

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Budget Implementation: Port infrastructure dev, capacity building, others key on NPA agenda- MD

  (TRADE NEWSWIRE): The Management of the Nigerian Ports Authority (NPA) has said that port infrastructure development; procurement of plants and equipment; staff training among others are topmost on the Agency’s agenda in the implementation of its 2017 budget, TRADE NEWSWIRE reports. The Managing Director of NPA Hadiza Bala Usman,who was represented by the Executive Director Finance and Administration of ...

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Capacity building: NPA in strategic partnership with NIM to further improve operations- Photo

(TRADE NEWSWIRE):  The Nigerian Ports Authority (NPA) is set to partner with the Nigerian Institute of Management (NIM) in building the capacity of its workforce so as to further improve its operations with a multiplying effect on revenue generated by the Authority for the development of the Nigerian economy, TRADE NEWSWIRE reports. (Human Capacity Building): is the process of developing and strengthening the ...

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First Purpose-Built LNG Bunkering Ship Delivered

ENGIE, Fluxys, Mitsubishi Corporation and NYK have taken delivery of the world’s first purpose built LNG bunkering ship from Hanjin Heavy Industries & Construction in Busan, Korea.She will run on LNG for her maiden voyage, after a few days of loading LNG delivered by trucks at the shipyard.Zeebrugge in Belgium will be the home port of the vessel, which has ...

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Canada Settles Lawsuits Over Foreign Seafarer Permits

On Wednesday, the Canadian government settled dozens of lawsuits brought by the Seafarer’s International Union of Canada (SIUC) regarding the employment of foreign seafarers in Canadian waters. The SIU hailed the agreement as a major victory for its members and for Canadian seafarers. The SIU’s 55 lawsuits alleged that the Canadian government had improperly issued thousands of work permits to ...

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Shipping does not belong in EU Emission Trading Scheme

Members of the European Parliament voted today in plenary on the Commission’s proposal to revise the European Emission Trading Scheme (ETS) Directive. A majority of MEPs voted to include shipping in the scheme as of 2023, if there is no comparable system operating in the International Maritime Organisation (IMO) in 2021. Commenting from Strasbourg, ECSA Secretary General Patrick Verhoeven said: ...

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Continued oversupply to put further pressure on LPG shipping rates

The LPG shipping trade will continue to grow at a healthy pace on the back of strong Asian demand, but fleet growth will outpace it, keeping rates under pressure in 2017, according to the latest edition of the LPG Forecaster, published by global shipping consultancy Drewry. 2016 was a tough year for LPG shipping with rates coming under pressure across ...

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EU Parliament vote sets clear deadline for a global solution on CO2 for maritime transport

Today the European Parliament voted in favour of the inclusion of CO2 emissions from shipping in the EU Emission Trading Scheme (ETS) and the establishment of a maritime climate fund “in the absence of progress at international level” as from 2023. Climate change being a global challenge and shipping being a global industry, ESPO strongly believes that IMO is by ...

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TÜV SÜD verifies carbon emissions of ocean-going shipping

The European Union (EU) 2015/757 Regulation has established the basis for measuring and recording carbon emissions and transport data of ocean-going ships. As an accredited inspection body, TÜV SÜD supports shipping companies in the inspection and verification of monitoring concepts and emission reports. Regulation (EU) 2015/757 for Monitoring, Reporting and Verification (MRV) applies to all ocean-going ships with gross tonnage ...

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China Developing Floating Nuclear Power

China will prioritize the development of a floating nuclear power platform in the next five years, according to China Daily.The move is an effort to provide stable power for offshore projects. The news was announced by Wang Yiren, vice director of the State Administration of Science, Technology and Industry for National Defense who also highlighted potential application in the South ...

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Golar LNG Limited Announces Pricing of $350 Million of 2.75% Convertible Senior Notes Due 2022

Golar LNG Limited announces today the pricing of $350 million aggregate principal amount of its 2.75% Convertible Senior Notes due 2022 (the “Notes”), in a private placement to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”). The Company has also granted the initial purchasers of the Notes a 30-day option ...

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Bahri signs deal to provide logistics services to Saudi Rail Company (SAR)

Bahri, a global leader in logistics and transportation, today signed a contract with Saudi Rail Company (SAR), for the provision of transportation and shipping services from around the world as well as customs clearance support through Bahri Logistics, one of the six business units of Bahri. The agreement was signed by Mr. Khalid Abdulrahman Abanami, CFO and Designate EVP – ...

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TMC to supply compressors to FLNG Hilli

International compressor supplier Tamrotor Marine Compressors (TMC) has been awarded a contract by Golar LNG to supply the offshore market’s most energy efficient compressed air system to the Hilli FLNG vessel which will operate offshore Cameroon. FLNG Hilli is currently undergoing a conversion from an ex-LNG carrier to a floating LNG (FLNG) production unit at the Keppel Shipyard in Singapore. ...

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Shell, Pavilion Gas to start shipping LNG to Singapore in 2017

Shell Eastern Petroleum and Pavilion Gas will start supplying Singapore with liquefied natural gas (LNG) later in 2017 under contracts awarded last year, the city-state’s trade minister said on Tuesday. The two firms were awarded the right to supply LNG to Singapore last October, and will have exclusive franchises that last for three years, or until their shipments reach 1 ...

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