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Monthly Archives: March 2017

NIGERIA TO SHOWCASE MARITIME POTENTIALS IN NORWAY

…As Norwegian Deputy Minister of Trade, Industry and Fisheries Visits NIMASA. (TRADE NEWSWIRE): As part of measures to attract foreign investors to tap into opportunities that abound in the Nigerian maritime industry, the Nigerian Maritime Administration and Safety Agency (NIMASA) would be showcasing the potentials of the Nigerian Maritime Sector at the Norway Shipping week that would hold later this ...

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NPA MD Hadiza Bala Usman awarded for outstanding performance in maritime sector, pledges not to relent

  (TRADE NEWSWIRE): The Managing Director of Nigerian Ports Authority (NPA) Hadiza Bala Usman, has asserted that she has learnt so much within her short spell in the Port Industry and that she appreciated the Media for partnering the NPA Management and being able to convey some of its programmes effectively to the public’s, charging the Media to always cross ...

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NPA sensitizes stakeholders on importance of environmental safety, security

  (TRADE NEWSWIRE): The Management of Nigerian Ports Authority, (NPA) has assured stakeholders in the Maritime sub- sector of its readiness to prioritize matters concerning Operational, Safety and Security with the view to providing necessary support in this regards across the nation’s Seaports in order to ensure efficient Port Services in line with International best practices, TRADE NEWSWIRE repors. Flagging ...

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Proverbial warnings to leadership of Nigerian Senate

  (TRADE NEWSWIRE): Yoruba elders say: Bi koko ba n fe ni le’fe, aki n je ori imado; bi a’ba de je ori imado, aki n lo si awujo kumo; bi a’ba wa lo si awujo kumo, i mowon ara eni la n mo, TRADE NEWSWIRE reports. English meaning: A person that is suffering from hump of the body should ...

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China calls for cooperation on South China Sea

BEIJING: China and the countries surrounding the South China Sea should set up a cooperation mechanism to boost exchanges in efforts ranging from disaster relief to safety of navigation, a senior diplomat said in comments reported on Monday. China claims most of the resource-rich South China Sea, through which about US$5 trillion in ship-borne trade passes every year. Neighbours Brunei, ...

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UN to host Cyprus leaders April 2, first since talks breakdown in February

ATHENS: The leaders of Cyprus’s estranged Greek and Turkish Cypriot communities will meet over dinner next Sunday in a first encounter of the two since peace talks were abruptly interrupted in February, the United Nations said on Monday. Reunification talks hit the latest in a long line of snags last month over a decision by Greek Cypriot lawmakers to commemorate ...

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Morgan Stanley ups European earnings forecasts, says financials in ‘sweet spot’

LONDON: A stronger-than-anticipated economic recovery, the return of inflation and the region’s financial sector in a “sweet spot” has spurred Morgan Stanley to lift its earnings forecasts and targets for European benchmark indexes. The U.S. bank now sees earnings per share growth for 2017 coming in at 16 percent for the MSCI Europe with the index rising as much as ...

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OPEC, non-OPEC to look at extending oil-output cut by six months

KUWAIT: A joint committee of ministers from OPEC and non-OPEC oil producers has agreed to review whether a global pact to limit supplies should be extended by six months, it said in a statement on Sunday. An earlier draft of the statement had said the committee “reports high level of conformity and recommends six-month extension”. But the final version said ...

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China Southern in talks over American Airlines tie-up

SHANGHAI: China Southern Airlines is in talks over a tie-up with American Airlines that could involve the U.S. carrier taking a stake in the state-owned airline, boosting routes between the world’s two largest travel markets. The potential deal would make American Airlines the second U.S. carrier to own part of a Chinese airline after Delta Air Lines Inc bought 3.55 ...

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Tuesday bankruptcy filing for Toshiba’s Westinghouse ideal option: source

TOKYO: Toshiba Corp’s U.S nuclear unit could file for Chapter 11 protection from creditors as early as Tuesday, according to a source with direct knowledge of the matter, hoping to ring fence losses ahead of the end of its financial year. But whether the complex bankruptcy filing, which threatens to involve both the Japanese and U.S. governments, can be achieved ...

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Citigroup plans to double South Korea wealth assets by 2020

HONG KONG: Citigroup Inc plans to double its wealth management assets in South Korea, currently at about US$3 billion, by 2020, as the U.S. bank invests more in digital technology to expand its customer base in the country. Citi also aims to boost South Korea consumer banking deposits by 30 percent by 2020, up from US$10 billion currently, it said ...

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Hyundai suspends China plant for a week amid political spat: report

SEOUL: South Korea’s Hyundai Motor has suspended production at one of its Chinese factories for a week, a media report said on Sunday, fuelling concern that a diplomatic standoff may be hurting sales in the automaker’s top market. South Korean companies, from cosmetics firms to retailers, say they are being targeted in China because of Beijing’s objections to a planned ...

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Stocks stumble on US policy woes; Trumpflation trades suffer

HONG KONG: U.S. stock futures and the dollar fell on Monday while Asian markets struggled as President Donald Trump’s failure on healthcare reform raised questions about his ability to push through tax cuts and fiscal spending to boost the economy. Trump’s inability to get enough support from his own Republican party to “repeal and replace” the Obamacare health insurance reforms, ...

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China lifts ban on Brazilian meat imports: Brazil minister

BRASILIA: Brazil, trying to recover from a rotten meat scandal that has pummelled its agribusiness industry, said on Saturday (Mar 25) that major trading partner China had lifted a ban on imports of its products. “China announced today it has fully reopened its market to Brazilian meat,” Agriculture Minister Blairo Maggi said in a statement. Maggi did not say when ...

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Saipem and Siemens Cooperate on Subsea Technology

Italian oil and gas company Saipem has signed an agreement with Siemens aimed at qualifying and promoting an open standard subsea control system for Saipem’s Subsea electric power distribution “bus” architecture based on Siemens Subsea DigiGrid. Subsea processing equipment can enhance oil and gas production and reduces the need for topside processing facilities. The technologies involve subsea production systems of ...

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China and Australia Boost Trade Ties

Australia and China have signed an agreement to further advance trade through the China-Australia Free Trade Agreement (ChAFTA). The agreement was signed as China’s Premier Li Keqiang, Minister of Foreign Affairs Wang Yi and Commerce Minister Zhong Shan visited the country.ChAFTA already supports increased services trade and investment flows by providing improved access and increased regulatory certainty for Australian businesses. ...

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Australia Establishes Maritime College for Shipbuilding

Australia’s Prime Minister Malcolm Turnbull has announced the establishment of a new Maritime Technical College to prepare Australia for the nation’s $90 billion naval ship building program. The Government will invest an initial $25 million in the college which will deliver world class training across the country in key areas such as steel fabrication, welding and naval engineering. Defense Industry ...

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Sewol Salvage Delayed by Dangling Loading Ramp

  The top of the sunken ferry Sewol has reached a height of 27 feet above the surface, leaving only 15 feet to go before salvors can bring her back into port. But the salvage has run into an unexpected problem: a vehicle loading ramp on the ferry’s side is hanging free below the vessel. The dangling ramp would interfere ...

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NPA MD Hadiza Usman: A fenced ripped-orange tree being pelted fruitlessly by intruders

  The recent media campaigning of calumny and propaganda targeted at a Socio-Economic reformer and Managing Director, Nigerian Ports Authority, Hadiza Bala Usman, is a case of ripped orange on a tree located in a fenced garden, in which despite the barricade created around the ripped-orange tree, intruders chooses to defy protocol and start to fruitlessly pelt the ripped-orange(s) unpermissively for pluckage ...

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RE: NPA, BIDDERS AT WAR OVER CARGO SURVEY- ADVERTORIAL

  (TRADE NEWSWIRE): The Management of the Nigerian Ports Authority (NPA) renounces the Guardian Newspaper Publication of Tuesday the 21st day of March 2017 on page 42 titled “NPA, bidders at war over Cargo Survey. As a responsible corporate entity of the Federal Republic of Nigeria, the NPA respects the Institution of Law and Order. In this regard therefore, the ...

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Peterside recounts achievements in one year as DG NIMASA, scores Agency high

  . Forthcoming 3rd AAMA Conference in Abuja to be best in history- Peterside .Optimistic about future of Nigerian maritime sector .’ NIMASA has hosted two Sub-Regional Technical Committee meetings to build regional network in responding to distress calls timely in the last one year’ .’NIMASA recorded less than 10 maritime accidents in the last one year compared to previous ...

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Hyundai Heavy wins order for 4 LNG-fueled tankers

Hyundai Heavy Industries Co., a leading global shipyard, said Sunday that it secured an order to build four tankers that run on liquefied natural gas (LNG). The four vessels ordered by state-run Russian shipping company Sovcomflot will displace 114,000 deadweight tons each and be highly eco-friendly, the shipbuilder said. It said the entire order for the midsize Aframax crude tankers ...

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MABUX: High level of uncertainty prevails in the global bunker market

World fuel indexes dropped to their lowest levels since December during the week when the optimism surrounding the OPEC deal was just getting underway, but turned into upward correction recently as U.S. crude stockpiles unexpectedly decline last week. The market’s volatility surged the most since before the 2014 price crash started. MABUX World Bunker Index (consists of a range of ...

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Billionaire Fredriksen Builds New Rig Unit Amid Seadrill Woes

Billionaire John Fredriksen, already involved in tough talks to restructure the debt of Seadrill Ltd., is planning to register a new offshore rig company next week as he seeks to take advantage of depressed prices for the giant machines. Northern Drilling, which is purely an investment company and not a rig operator, will be registered on the Norwegian over-the-counter market ...

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Shamaki strengthens call for advocacy to safeguard right of children

(TRADE NEWSWIRE): The Permanent Secretary, Special Duties Office (SDO), Office of the Secretary to the Government of the Federation, Dr. Amina Muhammed Bello Shamaki, has reiterated the importance of advocacy to safeguard and improve the rights of children in Nigeria, TRADE NEWSWIRE reports. . In a statement obtained by TRADE NEWSWIRE from the Special Duties Office (SDO), Office of the ...

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NPA’s new Spokesman Elder Nduonofit assumes office

(TRADE NEWSWIRE): The newly appointed General Manager, Public Affairs of the Nigerian Ports Authority, (NPA) Elder Effiong Etim Nduonofit, has assumed office effective Thursday, 16th day of March, 2017. He took over from Chief Michael Kayode Ajayi, who handed over the mantle to him at the Corporate Headquarters of the organization in Marina, Lagos, TRADE NEWSWIRE reports. In a statement ...

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NIMASA, UK SCHOOL TARGET SEA TIME FOR 400 NIGERIANS

  .Cadets thank President Buhari, pray for him .Peterside applaud Nigerians performance in South Shields Marine School   (TRADE NEWSWIRE): The Nigerian Maritime Administration and Safety Agency (NIMASA) has again struck a new partnership with the South Shield Marine School at the South Tyneside College, South Shield, Newcastle in the United Kingdom, to provide sea time opportunities for about 400 ...

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Retired NPA Publicist Chief M.K Ajayi hands-over to Elder Effiong Nduonofit as new spokesman

(TRADE NEWSWIRE): The Immediate-past and just-retired General-Manager, Public Affairs, Nigerian Ports Authority, Chief Micheal Kayode Ajayi has handed over the office to Elder Effiong E. Nduonofit as the new image maker of NPA, TRADE NEWSWIRE reports. Chief Ajayi, who served NPA for 24 years meritoriously, occupied different department ranging from being  a two-time former General-Manager, Public Affairs and General Manger, ...

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Efficient and effective delivery of NPA’s mandate is our trust- MD Hadiza Usman

  (TRADE NEWSWIRE): The Managing Director of the Nigerian Ports Authority (NPA), Hadiza Bala Usman, has promised to work assiduously towards ensuring that the Nation’s Ports Master Plan is put into effective use and to serve as a reference point in all matters that concern greater operational efficiency in the industry, TRADE NEWSWIRE reports. In a statement obtained by TRADE ...

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NPA MD Hadiza Usman links healthy lifestyle to improved productivity

  (TRADE NEWSWIRE): As part of efforts to sensitise the officers and staff of the Nigerian Ports Authority (NPA) towards improved productivity at all times, the Managing Director, NPA, Hadiza Bala Usman has urged the workforce to consistently engage in various forms of exercise in their leisure time and also consumes food items that boosts immunity; and increases healthy living ...

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NPA assures Pensioners of statutory pension increase

(TRADE NEWSWIRE): The Managing Director of the Nigerian Ports Authority (NPA), Hadiza Bala Usman has assured that all pensioners who are qualified for pension increase in line with Federal Government Constitutional provision will enjoy same, TRADE NEWSWIRE reports. In a statement obtained by TRADE NEWSWIRE from the Principal Manager, Ibrahim Nasiru on behalf of the General Manager, Public Affairs of ...

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EPSCO-Ra, S.R.H. Marine Electronics partner to provide ‘best in breed’ Cyber Security for ships

EPSCO-Ra delivers a maritime purpose built Cyber Security Analytics and Monitoring service for ships and shore. Our solution operates across all satellite communication technology and platforms no matter who the provider is. We detect indicators of compromise that endpoint Antivirus and perimeter Firewall solutions cannot. Most importantly we are adaptive to new and future threats and have a 24/7 protective ...

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OPEC flags headwinds for oil supply cut

Crude Oil Price Movements The OPEC Reference Basket rose in February for the third consecutive month, ending up about 2% to average $53.37/b. Crude futures, traded in a relatively narrow range for the second month in a row. High compliance with supply adjustments by OPEC and some non-OPEC producers supported gains. In the crude futures markets, ICE Brent ended 1% ...

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FleetGuard helps shipping companies comply with new EU-MRV regulation

  FleetGuard, MeteoGroup’s interactive tool for live fleet monitoring, planning and vessel optimization, helps shipping companies fully comply with the EU and IMO monitoring, reporting and verification (MRV) regulation, which requires companies report on the CO2 emissions of its vessels as of 1 January 2018. All shipping companies operating vessels larger than 5,000 gross tonnage and calling at any EU ...

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NPA MD Hadiza Usman condoles Adebayo’s family over death of their late father- Photos

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2017 edition of Intafact Hero’s Foundation commences nationwide- Photos

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Azerbaijan’s SOCAR buys seven oil tankers to boost trading business

Azeri state energy company SOCAR added seven oil tankers to its fleet last month to expand its transport capacity in the Mediterranean and Caspian seas, an executive with SOCAR’s trading unit said. SOCAR, which set up its trading unit in 2008, has been expanding its oil and oil products trading and logistics operations in Europe. “This (deal) is part of ...

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Global bunker market still in ‘wait-and-see’ mood

World fuel indexes were steady in the beginning of the week but turned into sharp downward evolution recently: U.S. inventories surge to record highs every week, fueling doubts about the effectiveness of the Organization of Petroleum Exporting Countries’ strategy to curb production in order to deal with the global supply glut. U.S. oil production also continues to rise. OPEC in ...

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Akzo Shareholder Says PPG Offer Has `Strategic Rationale’

PPG Industries Inc.’s bid for competitor Akzo Nobel NV makes strategic sense, even if it was too low, according to one of the Dutch company’s shareholders. “The PPG offer, while undervaluing the company, has strategic rationale,” said Scott Cobb, managing partner at investment vehicle Southeastern Concentrated Value, in a statement on Friday. “If a deal makes sense for shareholders, it ...

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Shipowners in “wait and see” mode ahead of 2020 sulphur cap, as uncertainty looms large

Shipowners are growing wary ahead of the 2020 sulphur cap decided by IMO and have chosen to adopt a “wait and see” approach, before they make any hasty decision. In its latest weekly report, shipbroker Gibson began its analysis by noting that “the date is sometime in 2020, the event is the annual Alternative Fuels award ceremony held in front ...

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Port of Amsterdam reduces CO2 footprint by 25% through fleet-wide use of advanced marine biofuel from GoodFuels Marine

Following a previous successful pilot, GoodFuels Marine has also won Port of Amsterdam’s tender for its fleet of five patrol vessels. The vessels will now run on fuel containing 30% exceptionally high-quality biodiesel. This will reduce CO2 emissions by 25% compared to fossil diesel. Marleen van de Kerkhof, Port of Amsterdam Harbour Master: ‘Clean shipping is a key spearhead of ...

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OCIMF releases new paper on use of inert gas for carriage of flammable oil cargoes

  The Oil Companies International Marine Forum’s latest information paper, released on 13 March, addresses the use of inert gas for the carriage of flammable oil cargoes. In it OCIMF fully supports the IMO introduction (from 1 January 2016) of the mandatory fitting to new build tankers 8,000 DWT and over, of an inert gas system when carrying flammable cargoes. ...

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US ‘most preferred’ destination globally

The United States was the most preferred destination country globally for travellers in 2016, while in Asia the UAE was the top country for tourists, according to a new study. The US topped globally with 11.9 per cent of the total tourists visiting the country. Italy with 8 per cent was the second most preferred destination country globally, followed by ...

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NIMASA MARITIME CAPACITY PROGRAMME: 130 NIGERIAN YOUTHS GRADUATE IN EGYPT

· Get offer of sea time training (TRADE NEWSWIRE): The Nigerian Seafarers Development Programme (NSDP), an initiative of the Nigerian Maritime Administration and Safety Agency (NIMASA), has once again graduated 130 cadets from the Arab Academy for Science, Technology and Maritime Transport in Alexandria, Egypt, TRADE NEWSWIRE reports. In a statement obtained by TRADE NEWSWIRE from the Head of Corporate ...

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Tanker’s U-Turn Shows How Shale Is Changing World Gas Trade

A cargo of chilled natural gas hauled from Louisiana in late December has become a symbol of how global trade is changing for a fuel increasingly seen as a cheap, cleaner-burning option for countries from Latin America to China and India. The tanker Maran Gas Achilles passed through the Panama Canal and was headed toward Asia at a speed of ...

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Port State Control Annual Reports Show Improvements for 2015

Paris and Tokyo MoUs have released their annual reports for 2015. They both show improvements in the number of vessels being detained, and the number of deficiencies being recorded. The decrease in the number of detentions and deficiencies reported by the MOUs indicates improvements in the overall quality of the world fleet. There is still room for improvement. Many of ...

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SEA\LNG signs MoU With SGMF

SEA\LNG, the multi-sector industry coalition aiming to accelerate the widespread adoption of liquefied natural gas (LNG) as a marine fuel, today announced that is has signed a memorandum of understanding (MoU) with the Society for Gas as a Marine Fuel (SGMF). The MoU creates a framework for how the two complementary organisations will work together to achieve their common goal ...

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U.S. crude oil and natural gas production both fell in 2016

Based on data in EIA’s Monthly Crude Oil, Lease Condensate, and Natural Gas Production Report, average crude oil production in the Lower 48 states fell to 8.39 million barrels per day (b/d) in 2016, a decrease of approximately 0.55 million b/d, or 6.1% from the 2015 average. Natural gas gross withdrawals in the Lower 48 states also decreased in 2016, ...

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Govt should urgently review Customs directive of reassessing motor vehicles for levy-Amiwero

  08TH MARCH 2017   HIS EXCELLENCY MUHAMMUDU BUHARI PRESIDENT AND COMMANDER-IN-CHIEF FEDERAL REPUBLIC OF NIGERIA STATE HOUSE ABUJA.   DEAR SIR,   THE URGENT NEED FOR GOVERNMENT INTERVENTION ON THE RECENT DIRECTIVE TO   REASSESS AND COLLECT   ADDITIONAL IMPORT DUTIES ON    LEGALLY LICENSED AND OWNED MOTOR VEHICLES UNDER HOME CONSUMPTION BY NIGERIA CUSTOMS SERVICE. We hereby bring to the attention of His Excellency of ...

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‘Offshore Market Needs to Wake Up To Regulatory Limitations of Blast and Fire Post Blast Resistant Walls’

InterDam, supplier of fire and blast resistant walls, doors and windows, is warning the Upstream and Downstream market that the current regulations covering these two areas while adequate, if viewed in isolation, do not consider the possible consequences of a blast followed by fire which recent studies have revealed happens in over 50% of cases. “Currently there are no regulations ...

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Asia Fuel Oil-Buying spree fails to lift cash differentials

Cash differentials of Asia’s 380-cst fuel oil fell to a near two-week low on Tuesday despite a second consecutive session of active trading in the Platts window, casting further doubt over bullish trading strategies for March. “Doesn’t look like the play is gaining much traction, there aren’t enough bulls to lift the market,” said a Singapore-based fuel oil trader, who ...

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Shipping on the right course for the Ballast Water Management Convention

The Ballast Water Management Convention (the Convention), aimed at establishing standards and procedures to prevent the spread of aquatic organisms, enters into force and takes effect on 8 September this year. While it represents a significant environmental milestone for our planet, the Convention also means that the maritime industry has to gear up for a huge operational change. Under the ...

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Shipbuilding activity limited as price reductions stall

Newbuilding ordering activity is still far from the levels experienced in the past, especially during the 2012-2014 period. Summarizing the latest developments in the market, shipbroker Allied Shipbroking noted that “newbuilding prices continue to hold stable despite the fact that there are still far from enticing levels for most buyers, given the state of most secondhand markets out there. We ...

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FERC certificates several new natural gas pipelines in 2017

Several large natural gas interstate pipeline projects have come online in recent years to support the shifting geography of domestic natural gas production. The Marcellus and Utica shale plays in the Northeast, where production has grown and resources are abundant, are major drivers for pipeline development. In 2016, the Federal Energy Regulatory Commission (FERC) certificated 17.6 billion cubic feet per ...

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Hong Kong: Total Cargo Throughput Almost Unchanged in 2016

The Census and Statistics Department (C&SD) released the statistics on vessels, port cargo and containers for the fourth quarter of 2016. In the fourth quarter of 2016, total port cargo throughput increased by 26.8%compared with a year earlier to 71.0 million tonnes. Within this total, inward and outward port cargo increased by 26.3% and 27.5% compared with a year earlier ...

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Homecoming: Mopa-born retired NPA Publicist Chief Micheal Ajayi clocks 60 years graciously

    (TRADE NEWSWIRE): A two-time former General-Manager, Public Affairs and General Manger, Administration of the Nigerian Ports Authority; also a one-time General Manager, Human Resources; and General Manager, Western Ports of NPA, Chief Micheal Kayode Ajayi, who hails from Mopa Land, a Yoruba-speaking area in Kogi State, has retired from the service of the NPA on March 8, 2017, ...

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Repelling terrorist attacks

Recent terrorist outrages using heavy goods vehicles as improvised weapons has generated concern among the general public, governments and law enforcement agencies. But ports, too, should be concerned as the sheer weight and size of these vehicles allows them to break through traditional perimeter security fences on many port-terminal boundaries. There are mitigation solutions available to thwart hostile vehicle attacks, ...

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Hyundai Heavy bags deal to build LNG carrier

Hyundai Heavy Industries Co., a major shipyard here, said Monday that it has secured a deal to build a LNG carrier, the latest in a series of its shipbuilding contracts. Hyundai Heavy did not reveal the terms of the contract, but a deal to build a 180,000-cubic meter LNG ship is valued at some US$193 million, according to industry sources. ...

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DBS is among the first accredit EU MRV Verification Bodies

Dromon Bureau of Shipping (DBS) has been accredited by the United Kingdom Accreditation Service (UKAS) to provide worldwide services for the assessment of monitoring plans and verification of the emissions report as required by Regulation (EU) 2015/757. Succeeding an audit by UKAS, DBS has been accredited against the ISO 14065 standard to provide worldwide services related to Regulation (EU) 2015/757 ...

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2020 sulphur cap vision

Even with the long run up, there’s a good chance the 2020 sulphur cap will still take people and ports by surprise. But not the Chinese, who have, according to Peter Mollema of the Port of Rotterdam, “been quite clever about taking the new ECAs stepwise”. When asked for advice, Mr Mollema’s recommendation was to “be ambitious but realistic”: China ...

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Tanker Market: Atlantic cargoes “save the day” for VLCC market as Fixtures Reach Three-Week High

Despite ongoing market “chatter” regarding a fall in Middle East cargoes, reality proved rather different for the VLCC market over the past week, as fixtures’ activity reached a three-week peak and a 10% rise over the 52-week average. In its latest weekly report, shipbroker Charles R. Weber said that “the VLCC market commenced under strong negative pressure this week with ...

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Global oil supply to lag demand after 2020 unless new investments are approved soon

Global oil supply could struggle to keep pace with demand after 2020, risking a sharp increase in prices, unless new projects are approved soon, according to the latest five-year oil market forecast from the International Energy Agency. The global picture appears comfortable for the next three years but supply growth slows considerably after that, according to Oil 2017, the IEA’s ...

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Fitch: Shale Recovery to Keep Oil Prices Under Pressure in 2017

The recovery in US drilling activity will drive up shale oil production in the second half of 2017, offsetting a portion of recent oil price gains, Fitch Ratings says. We therefore expect average oil prices for the year to be below those in January and February. OPEC’s November announcement that its members would cut production by about 1.2 million barrels ...

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Venezuelan oil production may tumble 20% by the end of 2017

Venezuela’s oil production is poised for a significant decline in the months ahead—and that has nothing to do with its pledge to cut output as an OPEC member. As the country with the world’s largest proven oil reserves, Venezuela has the potential to influence the oil markets in a big way. “While Venezuela has a ton of oil underneath it, ...

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OPEC, Russia head to Texas for an away game in oil price wars

Crude oil prices are being pumped by OPEC’s production cuts, but they are at risk of being knocked down by a gusher of new U.S. shale drilling. OPEC and non-OPEC producers, like Russia, agreed in December to take 1.8 million barrels of crude off the world market. As a result, they have kept the price of oil in the $50s ...

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Libya’s Biggest Oil Port Shut, Crude Output Cut on Clashes

Libya halted exports from its two of biggest oil ports and reduced production from some fields after clashes threatened to reverse the North African country’s progress in reviving crude output and sales. Shipments from Es Sider, the country’s largest oil port, and Ras Lanuf, its third-biggest, have been suspended until the security situation improves and workers return to the facilities, ...

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India: Major ports see 169% surge in iron ore handling in April-January

Iron ore shipments handled by the country’s 12 major ports surged 169 per cent to 38.61 million tonnes (MT) in the April-January period of this financial year. The government-owned ports had handled 14.37 MT of the key steel-making raw material in the corresponding period of the previous financial year. The Indian Ports Association (IPA), which maintains cargo data handled by ...

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Bunker market in steady mode

World fuel indexes have demonstrated insignificant irregular changes with no firm trend during the week. Recent rising inventories in the U.S. and the talk that OPEC might be prepared to extend the production cuts beyond the initial expiry date at end-June support an assumption that the global inventory drawdown may not come as early as it was expected. MABUX World ...

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Asia Tankers-VLCC rates face uncertainty on tonnage woes, owner resistance

Freight rates for very large crude carriers (VLCCs), which fell to four-month lows this week, face an uncertain direction next week as refinery maintenance and excess tonnage pressure rates even as owners resist moves by charterers to push rates lower, brokers said. Meanwhile, rates on routes from the Middle East and West Africa to China rose slightly this week after ...

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Ship Arrest in Canada

A ship arrest can be done within a few hours at relatively low cost, depending on its location, making Canada one of the most favourable jurisdictions for ship arrests. While not party to any Arrest Conventions, section 22(2) of the Federal Courts Act confers a large jurisdiction for maritime claims. Indeed, the scope of the claims for which there is ...

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In The Middle Of A (Supply) Chain Reaction?

In 2016 the shipping industry saw significant supply side adjustments in reaction to continued market pressures. For shipbuilders this meant a historically low level of newbuild demand with fewer than 500 orders reported in 2016, and the volume of tonnage on order declined sharply. Meanwhile, higher levels of delivery slippage and strong demolition saw fleet growth fall to its lowest ...

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IMPERATIVE OF FACT CHECKING IN NIGERIA MEDIA HOUSES

(TRADE NEWSWIRE): It is imperative that Nigeria media houses made use of fact-checker on pronouncement/write up made by government functionaries and citizens to forestall dissemination of falsehood in the country. Factitious statements have been hauled on innocent citizens of this nation by political jobbers to massage their selfish interest and create confusion in the country. Their desire is to manipulate ...

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Dakuku assures U.S. Coast Guard of safety in Nigerian ports

  (TRADE NEWSWIRE): In furtherance to its commitment to ensure safety and security on the nation’s territorial ways, and in line with global best practices, the Director General of the Nigerian Maritime Administration and Safety Agency (NIMASA) Dr. Dakuku Peterside has disclosed that the Agency is determined to ensure total compliance with the International Ships and Ports Facility (ISPS) Code ...

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Visit to Oba of Lagos: Peterside solicits support of Traditional rulers for economic diversification

(TRADE NEWSWIRE): The Director General of the Nigerian Maritime Administration and Safety Agency, Dr. Dakuku Peterside has solicited support of traditional rulers around the maritime domain of the country to assist the economic diversification drive of the President Muhammadu Buhari led Administration, TRADE NEWSWIRE reports. Peterside made this call when he led members of the Management team of the Agency on ...

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Ship Finance International Limited announced its preliminary financial results for the quarter ended December 31, 2016

. Highlights Declaration of fourth quarter dividend of $0.45 per share, the Company’s 52nd consecutive quarterly dividend Successful issuance of $225 million of senior unsecured convertible notes due in 2021 and repurchase of $166 million of convertible notes due in 2018 Continued diversification and renewal of fleet with the delivery of the first of two 19,200 TEU container vessels and ...

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Asian imports of Iranian oil rise nearly 70 percent year/year in January

Imports of Iranian crude by Asia’s four main buyers of the oil rose about two-thirds in January from a year ago when levels were lower as Western sanctions on Tehran had only just been lifted. Iran’s top four Asian buyers – China, India, South Korea and Japan – imported 1.64 million barrels per day (bpd) last month, up 67.6 percent ...

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Brightoil Petroleum Sees Marine Fuel Sales Rising

During the six months ended 31 December 2016 (“the period under review”), the total revenue of the Group increased by approximately 44% from HK$21,649 million to HK$31,257 million for the same period last year. The increase in revenue was mainly due to the growth in sales volume of International Trading and Bunkering (“ITB”) business as well as the recovery of ...

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Rig firm Seadrill risks Chapter 11 bankruptcy

Rig firm Seadrill, battling with $14 billion in debt and liabilities, said on Tuesday it may have to file for Chapter 11 bankruptcy protection if it fails to reach a restructuring agreement with its lenders, sending its shares down 14 percent. Once the crown jewel in the empire of shipping tycoon John Fredriksen, Oslo-listed Seadrill’s shares have fallen 92 percent ...

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Environmental NGOs call upon EU to effectively regulate ship borne pollution

From dangerous emissions in ports to hazardous scrapping on South Asian beaches, European shipping companies pollute and put people’s health and lives at serious risk. In light of the ongoing European Shipping Week and the failure of the International Maritime Organisation to find solutions, environmental experts are ringing the alarm bell and calling upon European policy makers to urgently adopt ...

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“EU Shipping Policy Is Solid, But Needs A Stronger Global Orientation To Sustain Further Growth”

The EU has an overall competitive regime in place for fiscal and social measures as well as quality registers and a strong skills base. This combination supports the current status of the EU as an attractive location for shipping activities. To develop further growth in European shipping, the EU however needs to adapt this framework into a comprehensive, globally oriented ...

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Boosting competitive position of European shipping industry requires a shift in policy priority

The shipping industry in the EU is a highly mature industry and an economic giant in the European economy directly accounting for over 620,000 jobs.1 On the global level of shipping, the EU is still a large player compared to most regions in the world with 36.5 percent of owned gross world tonnage and 46.2 percent of operated world tonnage. ...

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IMO 2020 regulation could cost shippers extra US$60 billion a year

  According to a Wood Mackenzie study, global bunker fuel costs could rise by up to US$60 billion annually from 2020, in a full compliance scenario, when the International Maritime Organization’s (IMO) 0.5 wt% sulphur cap for bunker fuels kicks in. Fuel oil, which is high in sulphur content, has traditionally been used by the shipping industry as bunker fuel. ...

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Illogical port choices by liner alliances

In a ground-breaking analysis Drewry has examined the correlation between carrier terminal ownership and the choice of port calls by the 2M and upcoming Ocean and THE liner alliances. The results show that the choice of port call is often not in line with carrier terminal ownership interests, according to the recently launched Ports and Terminals Insight report published by ...

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LET’S PARTNER FOR PROGRESS – NIMASA URGES NIGERIANS

(TRADE NEWSWIRE): The Director General of the Nigerian Maritime Administration and Safety Agency (NIMASA), Dr. Dakuku Peterside has urged Nigerians to partner with the Agency to ensure a virile maritime industry as the activities of the Agency impact on the lives of all Nigerians, TRADE NEWSWIRE reports. This is given the fact that virtually every product used by Nigerians comes ...

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