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Ballast Water Management – How to comply with the IMO Convention

With the ratification of the IMO Ballast Water Management Convention in September 2016, the convention will enter into force on 8 September 2017. With only some months to go, this Technical & Regulatory News is intended as a supporting document for the BWM implementation phase, focusing on compliance. Timeline With the International Ballast Water Management (BWM) Convention ratified and shortly ...

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Tanker market could see further changes on trade route patterns and ton-mile demand

It has long be touted as a potential “game-changer” for the crude tanker market and it now seems to be gaining traction. US oil exports in quantities enough to make a difference on the market, appear to be on the radar for ship owners, especially after the ascension of Donald Trump in office. In its latest weekly report, shipbroker Gibson ...

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Bernhard Schulte Ship Mgt and Babcock International Group collaborate on innovative LNG Supply Vessel

Bernhard Schulte Shipmanagement (BSM), a leading global maritime services company, and Babcock International Group, the UK’s leading engineering support services company, are collaborating to develop a ground-breaking Gas Supply Vessel (GSV). The 7,500m³ vessel, which will be used for the LNG fuelling of ships, including ferries, containers, cruise vessels and other shore-based gas consumers in the Baltic Sea, is the ...

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NIMASA making progress despite challenges-Peterside

  .NIMASA Board Tour Zones (TRADE NEWSWIRE): The Director-General of the Nigerian Maritime Administration and Safety Agency (NIMASA), Dr. Dakuku Peterside, has restated that the present Management is on course in its bid to reform, reposition, restructure and reorganise the Agency, TRADE NEWSWIRE reports. Peterside made this assertion while briefing the Chairman of the NIMASA Governing Board, Gen. Jonathan India ...

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To Nigerians: ……and what’s next after the protest? – By Great Imo Jonathan

    (TRADE NEWSWIRE): Congratulations on the protest carried out today both by those against this regime and those in support. I know that things are hard but I don’t want anybody to confuse you the more and burry you in the rubble of wailing. Now this is the matter. Even when there was subsidy, it was not sold at ...

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NOVOTEC Plus Became Operator of Universal Port Terminal in Novorossiysk

The terminal is located in the industrial area at the address 2nd railway loop in 500 meters from the federal highway and has a convenient approach for trucks. It is situated in 7 km from the port. There is a container area with the capacity of 400 TEUs in the terminal, capital warehouse with total area of 1038 sq.m. (class ...

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American Shipping Company ASA Report High Vessel Utilization as Charterers Replaced Tug Barges With Tankers

American Shipping Company ASA announces results for fourth quarter ending 31 December 2016. HIGHLIGHTS Stable Q4 bareboat revenue of USD 22.1 million and backlog of secured bareboat revenue of USD 314 million with average weighted tenor of 3.6 years Normalized EBITDA for Q4 of USD 24.3 million, including profit share of USD 1.8 million attributed to AMSC Recognized a gain ...

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USCG type approval triggers major Alfa Laval PureBallast retrofit order

As a direct consequence of its type approval by the U.S. Coast Guard (USCG), Alfa Laval PureBallast 3.1 has been selected for ballast water treatment on vessels owned by STAMCO Ship Management. The agreement is expected to generate orders worth around EUR 2.2 million to be booked during Q1 2017. Under the agreement, PureBallast 3.1 systems will be retrofitted on ...

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EIA: Japan Oil Market Overview

Japan is the world’s largest liquefied natural gas importer and ranks in the top four countries for the highest coal imports, net imports of petroleum and other liquids, and consumption of crude oil and petroleum products. Japan has limited domestic energy resources that have met less than 10% of the country’s total primary energy use each year since 2012. Japan’s ...

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UK government consults on penalties for non-compliance with EU ship emissions reporting

On 1 January 2018, subject to a few exclusions, ships over 5000 gross tonnage (“Relevant Ships”) will be subject to monitoring and reporting requirements on carbon dioxide emissions (CO2), fuel consumption and cargo carried. By 31 August 2017 a Monitoring Plan must be submitted to an accredited shipping verifier setting out how ship efficiency and carbon data is to be ...

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Seizure of 661 Pump Action rifles: NPA MD calls on security agencies in Nigerian ports to strengthen intelligence sharing, commends Customs

  .Salautes Millitary intelligence experience of Customs boss Col. Hameed Ali put to use  (TRADE NEWSWIRE): The Managing Director, Nigerian Ports Authority (NPA), Ms Hadiza Bala Usman, has called on all the security agencies operating in Nigerian ports to further strengthen intelligence sharing with one another, just as she commended the Comptroller General, Nigeria Customs Service (NCS), Col. Hameed Ali ...

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Nakilat transitions LNG Al Dafna to in-house management

    (TRADE NEWSWIRE):  Nakilat has assumed full ship management and operations of Q-Max LNG carrier Al Dafna from STASCo (Shell Trading and Shipping Company Ltd.) with effect from 2 February 2017, as part of the planned and phased transition announced on 19th October 2016,TRADE NEWSWIRE reports. In a statement obtained by TRADE NEWSWIRE from Nakilat Shipping Qatar Limited, the ...

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NIMASA partners TETFUND on maritime capacity growth

.Meets With Vice Chancellors Of Six Partner Universities (TRADE NEWSWIRE): The Nigerian Maritime Administration and Safety Agency (NIMASA) has commenced the process to establish partnership with the Tertiary Education Trust Fund (TETFUND) to develop human capacity in the maritime sector, TRADE NEWSWIRE reports. The Director General of the Agency, Dr. Dakuku Peterside stated this during a meeting with stakeholders and ...

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PDVSA Braces for Oil Production Drop as Default Looms Large

The recent bump in oil prices isn’t enough to help Petroleos de Venezuela SA as it faces its fourth consecutive year of declining production. The company’s crude output is expected to fall this year as it failed to raise cash for investments and after Venezuela agreed to cut 95,000 barrels a day for six months as part of a deal ...

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Namport a good example for Ghana

The former rector of the Ghana Institute of Management and Public Administration, who was also the resident coordinator of the UN System in Namibia for four years, Stephen Adei, complimented Nam­port for its efficiency, citing it as an example of how operations should be streamlined in Ghana. Speaking at a leadership forum organised by the Canada-Ghana Chamber of Commerce last ...

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Aklan province to develop cargo port in Boracay

The Aklan provincial government will develop a port for cargo boats and barge in Barangay Manocmanoc of this resort island. Jetty Port Administrator Niven Maquirang said the development was part of the agreement between the provincial government and the Philippine Ports Authority (PPA). PPA just recently signed a memorandum of agreement, giving the authority to the province to manage its ...

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Here’s what oil experts think of what Trump has done for the energy markets so far

Donald Trump has already done a lot for the oil industry in his short time as president—and the industry is cheering. Just a few days after his inauguration, he signed executive orders to revive two major oil pipeline projects that were caught up in regulatory and environmental hurdles: the Dakota Access and Keystone XL pipelines. The “most critical move” was ...

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OPEC Cuts Oil Production, But More Work Needed to Fulfill Deal

OPEC cut output by 840,000 barrels a day last month, but has more work to do to fully comply with last year’s historic production deal. The Organization of Petroleum Exporting Countries pumped 32.3 million barrels a day in January, according to a Bloomberg News survey of analysts, oil companies and ship-tracking data. The 10 members of the group that pledged ...

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Subsea 7 completes fleet investment programme

Subsea 7, a global leader in seabed-to-surface engineering, construction and services, has taken delivery of Seven Arctic and Seven Kestrel, successfully completing a substantial and targeted fleet investment programme that has added six new-build vessels to the Subsea 7 fleet since 2014. Seven Arctic is a heavy construction flex-lay vessel designed to meet the demands of deep water and harsh ...

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Rise in freight volumes at the Port of Gothenburg

Freight volumes at the Port of Gothenburg rose by almost three million tonnes in 2016 – up from 38.2 million tonnes in 2015 to 40.9 million tonnes last year. Car exports-imports and energy products enjoyed a particularly successful year with rises of 15% and 12% respectively. Container volumes were down 3%. The freight figures for 2016 have just been released. ...

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Contship Italia Group announces healthy results for 2016

Contship Italia Group, the Italian maritime container terminal and intermodal operator, saw an increase in handled volume of 1.7% and a 9.7% increase in transported volumes for 2016, the company’s just-published financial results for 2016 reveal. The Group’s maritime container terminal business saw an increase of 109,000teu in overall handling volumes in 2016, with 6,888 vessel calls, up 4% year-on-year. ...

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Ukrainian seaports increase cargo turnover by 15% in January 2017

According to the online data of the Ukrainian Seaports Authority in January 2017 the volume of cargo handling in Ukrainian seaports reached 10 million 032 thousand tons, which is 14.6% more than in the similar period of 2016. Export cargo handling totaled 8 million 094 thousand tons (30.3% growth as compared to 2016), import — 1 million 423 thousand tons ...

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Haifa Port – the first in Israel to enter the era of 14,000 TEU ships, with today’s call of the Maersk Elba

This morning (Thursday), the Maersk Elba container ship (13,092 TEU) arrived at Haifa Port’s state-of-the-art Carmel Terminal. The Maersk Elba is the largest ship ever to dock in Israel, and its visit formally inducted Israel’s leading port into the exclusive club of ports that handle high-capacity 14,000 TEU Mega ships. This ship, part of the weekly service line operated by ...

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OPEC, Russia spare Asia oil supply cuts in fight to hold market share

OPEC and non-OPEC producer Russia are shielding Asia from supply cuts agreed in a landmark deal last year as they fight to protect their share of the world’s biggest and fastest growing oil market. Instead, they have reduced deliveries to Europe and the Americas as they implement a coordinated agreement to cut supply by about 1.8 million barrels per day ...

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Corvus Energy wins contract to supply energy storage for first hybrid chemical tanker

Corvus Energy Inc. is pleased to announce that it has been selected as the supplier of the lithium ion based energy storage system (ESS) for a new hybrid chemical tanker being built for Rederiet Stenersen AS of Norway. The chemical tanker will be the first vessel of its kind to utilize an ESS for propulsion. Corvus Energy will supply its ...

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China’s Fuel Exports and Crude Imports End 2016 with a Bang

China’s product exports in December eclipsed yet another record set in November, up by 23.8% y-o-y and 10.3% m-o-m to hit 1.27 mmb/d. The surge in exports can be attributed to Chinese refiners’ attempts to fully utilize their leftover export quotas for the year, as well as destocking ahead of the nation-wide switch to China V emission standards. The boost ...

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Record high crude oil tanker deliveries adds instant freight rate pressure

January 2017 already accounts for 22% of the crude oil tankers previous year’s total deliveries, due to tremendous VLCC delivery growth. On an unprecedented scale, 5.5m DWT of crude oil tanker capacity (up 220% from January 2016), has already been delivered in 2017(according to preliminary data from VesselsValue.com). January 2017 accounts for 22% of the crude oil tankers previous year’s ...

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Non-Traditional Deepwater Basins to Support Forecast Expenditure, gulps $120bn from 2017-2021

Douglas-Westwood (DW) forecasts global deepwater expenditure to total $120 billion (bn) over the 2017-2021 period. Spend is expected to decline at a -6% CAGR. However, if forecast floating production system (FPS) spend is isolated, expenditure is estimated to increase by 3% compared to the 2012-2016 period. Despite rig day rates hitting record lows in recent years, drilling and completion expenditure ...

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Enhanced Software Facilitates IACS Compliance

Common Structural Rules Software LLC, a joint venture company formed by ABS and Lloyd’s Register (LR), has released a software upgrade that simplifies compliance with current and pending IACS Common Structural Rules (CSR). “As requirements change, it is imperative for classification societies to provide services and solutions that keep pace,” says ABS Chairman, President and CEO Christopher J. Wiernicki. “By ...

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‘SMUGGLING AND EVASION OF DUTY ON VEHICLES IMPORTED THROUGH LAND BORDERS IS AVERSE TO AUTO POLICY DEVELOPMENT’

(TRADE NEWSWIRE): The hues and cries about a ban on importation of vehicles through land borders by the Federal Government were borne out of lack of knowledge of the immense contribution of this policy to our economy. The desire to shortchange the nation through avoidance of tariff by smugglers is at the root of the imposition of this ban. This ...

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EU-funded S/F SamueLNG Project, lead by Dragages Ports, starts in Gijon

An EU co-funded CEF project with the snappy title Spanish/French Sustainable Atlantic Motorways of the seas Using as fuel for Engine LNG, or S/F SamueLNG for short, started on 13th December 2016, in Gijon, Spain. S/F SamueLNG Project, lead by French Dragages Ports (DP), is the first phase of the Global Project ‘Towards a Blue Atlantic Arch by 2025′. The ...

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Shipbuilders continue to face drawn-out slump in January

South Korean shipbuilders, led by Hyundai Heavy Industries Co., secured only three shipbuilding deals in January, valued at a combined 2 trillion won (US$1.72 billion), heralding another tough year lying ahead for them, industry sources said Wednesday. According to the sources, Samsung Heavy Industries Co. clinched two deals last month, valued at 1.77 trillion won, to build an offshore facility ...

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Duterte Invites China to Fight Abu Sayyaf Pirates

  On Tuesday, Philippine president Rodrigo Duterte told a group of generals that “we would be glad” to have Chinese patrol vessels in Philippine waters off Sulu and Basilan, an area that has been plagued by pirate attacks by the terrorist group Abu Sayyaf. Duterte said that he had asked China to contribute to patrols of the area. “They can’t ...

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Chinese Seafarers Work Longer Hours

Captain Kuba Szymanski, Secretary-General of InterManager has urged the maritime industry to take notice of the findings of a new fatigue study as the industry recruits aspiring seafarers.The study, undertaken by InterManager and The Warsash Maritime Academy, found a clear divide between European and Chinese seafarers with European seafarers working fewer hours than their Chinese colleagues. Chinese seafarers on dry ...

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Horizon and Metal Shark Win More Ferry Orders

  Horizon Shipbuilding of Bayou La Batre, Alabama announced Tuesday that it has won a contract for an additional five ferries for Hornblower’s NYC Citywide ferry system. Two of the new orders will be delivered within 2017 and the final three are scheduled for delivery next year. The award brings Horizon’s total number of Citywide ferry orders to 13, and ...

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Chao Confirmed as U.S. Secretary of Transportation

Elaine Chao has been confirmed as the 18th U.S. Secretary of Transportation by a vote of 93 to six.Chao, the wife of Senate majority leader Mitch McConnell, will be taking over the Department of Transportation after previously acting as Undersecretary of Transportation. She is expected to focus on the trillion dollar infrastructure bill proposed by U.S. President Donald Trump. The ...

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Keel Laid for Third Zumwalt-Class Destroyer

A keel laying and authentication ceremony for the future USS Lyndon B. Johnson (DDG 1002) was held on January 30 at General Dynamics-Bath Iron Works shipyard in Bath, Maine.DDG 1002 is the final ship in the Zumwalt destroyer class and is already nearly 60 percent complete. While the keel laying has traditionally represented the formal start of a ship’s construction, ...

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S-Mode: Have Your Say

  The concept of S-mode has been proposed under the agenda of the IMO e-Navigation initiative, and The Nautical Institute is now calling on the industry to have a say in its development. There are over 30 ECDIS manufacturers, many of whom have more than one model, and some of the key operational features differ widely from one manufacturer to ...

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E.U. Acts on Arctic Militarization, HFO Use

The E.U. should speak with one voice and push to keep the Arctic an area of cooperation not militarization, says a resolution adopted by the Foreign Affairs and Environment committees on Tuesday.MEPs also want the European Commission and member states to work towards banning the use of heavy fuel oil (HFO) in maritime transport, through the MARPOL convention. In case ...

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Human Smugglers Open Fire on Libyan Coast Guard

  The Libyan Coast Guard says that human smugglers opened fire on one of its vessels during a mission to intercept 700 migrants off the coast of western Libya. The assailants reportedly shot at the coast guard vessel from shore, and Libyan servicemembers returned fire, forcing the smugglers to retreat. The coast guard crew proceeded to intercept two wooden boats ...

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Tanjung Priok vows to reduce container shipment cost

PT Pelindo II has promised to make shipping containers out of Tanjung Priok more efficient in a bid to underscore the port’s status as an international hub. The state-owned seaport operator would reduce the cost per container by up to Rp 1.5 million (US$112.49), PT Pelindo II president director Elvyn G. Masassya said on Monday. “There will be some cargo ...

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Ghana: Vice-President calls for uniformity of tariffs at ports

The Vice-President, Ghana, Dr Mahamadu Bawumia, has hinted that the government may ensure some standardisation in the exchange rate within the ports to ensure uniformity of tariffs. According to him, although we were in a free market, some level of standardisation ought to be put in place to ensure that port charges, using foreign exchange rates, did not put people ...

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Kalimantan`s Kijing Port Expected to Operate by 2019

State-owned port operator PT Pelabuhan Indonesia II (Persero) is targeting the operation of parts of Kijing Port terminal in Mempawah, West Kalimantan, by 2019. The international port will serve the province’s downstream sector, which includes crude palm oil and aluminum. PT Pelabuhan Indonesia (Pelindo) II official Dani Rusli Utama said that the port project will be carried out in three ...

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Nakilat wins second consecutive CIO 100 Awards

Nakilat recently won the CIO 100 awards at CIO 100 Awards and Forum 2017. The award was received by Nakilat’s Information Technology Manager Hamad Rashid Suwaid during the ceremony held in Dubai. The CIO 100 Awards honor companies that demonstrate excellence and achievement in IT (Information Technology) ensuring functional efficiency, security and digital transformation as strategic business partners. The award ...

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Oil Braces for Trump Ban Fallout as Halliburton Says Stay Put

Oil-services giant Halliburton Co. told employees to stay put. Another global oil company is reconsidering whether to place a crude trader in Houston. And universities that train energy workers across the country estimated that hundreds of students may be affected. Of all the energy sectors that may feel the pain of President Donald Trump’s order to temporarily ban people from ...

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OPEC achieves 82 percent of pledged oil output cut in January: Reuters survey

OPEC’s oil output is set to fall by more than 1 million barrels per day (bpd) this month, a Reuters survey found on Tuesday, pointing to a strong start by the exporter group in implementing its first supply cut deal in eight years. The Organization of the Petroleum Exporting Countries agreed to cut its output by about 1.2 million bpd ...

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Asia’s December imports of Iranian oil more than double from yr earlier

Imports of crude oil by Iran’s four major buyers in Asia more than doubled in December compared with the same month a year earlier, for the third straight month, with purchases by South Korea up sevenfold and India’s more than three times higher. Iran’s top four Asian buyers – China, India, South Korea and Japan – imported 1.89 million barrels ...

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Hyundai Heavy bags deal to build 2 oil tankers

Hyundai Heavy Industries Co., a major shipyard here, has secured a deal to build two oil tanker ships, marking its first shipbuilding deal of the year, industry sources said Tuesday. The ships are scheduled to be delivered in July and September 2018, the sources said. The deal with Bermuda-based DHT Holdings, estimated at 194 billion won (US$167 million), marks the ...

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EPA issues FAQ guidance regarding North American and Caribbean ECA compliance

In response to questions regarding Emissions Control Area (ECA) compliance issues, the US EPA has released the attached FAQ guidance. The FAQ’s address a range of topics including handling exhaust gas scrubber effluent, NOx Tier III for dual fuel engines, fittings of non-Tier III engines on vessels constructed on or after 1 Jan 2016, and additional information about the EPA ...

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Vestdavit offers speed boost or power saving choice

Client consultation and a full internal technical review have prompted Vestdavit to refine lifting speed vs power options available across its entire davits range. The boat handling specialist has been focusing on how best to optimise equipment hoisting and lowering speeds within available power constraints, or reduce power while maintaining speeds. “Optimising the handling speed/power balance is a precondition for ...

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Concordia Maritime Reports Increased 2016 Total Income

Total income, Q4: SEK 278.5 (274.2) million, Full year 2016: SEK 1,038.2 (1,086.7) million EBITDA, Q4: SEK 108.4 (117.3) million, Full year 2016: SEK 319.9 (423.8) million Result before tax, Q4: SEK 33.5 (49.8) million, Full year 2016: SEK 56.9 (174.4) million Result per share after tax, Q4: SEK 0.72 (1.03), Full year 2016: SEK 1.46 (3.64) Events in the ...

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d’Amico International Shipping (DIS) announces the sale of two MR vessels for US$ 13.5 million each

d’Amico International Shipping S.A. (Borsa Italiana: DIS) (the Company or DIS), an international marine transportation company operating in the product tanker market, announces that its operating subsidiary d’Amico Tankers d.a.c. (Ireland) sold MT High Endurance and MT High Endeavour, two 46,992 dwt medium-range product tanker vessels, built in 2004 by STX, South Korea (the “Vessels”), in favour of Sea World ...

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DMA continues to abolish special requirements for Danish shipping

A benchmark analysis shows that Denmark has 33 special requirements for ships flying the Danish flag. Four requirements have already been abolished and the benchmark analysis will be used actively to revise or abolish the remaining special requirements. Director General Andreas Nordseth from the Danish Maritime Authority: “Denmark is characterized by quality shipping and Deloitte’s benchmark analysis confirms that Denmark ...

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Tanker shipping: A strong season lifts crude oil tankers before it is expected to hit the fan in 2017

From a crude oil market perspective, 2016 can be summed up as “eventful”. In January, the international sanctions on Iran were lifted, resulting in a very swift increase of their oil production capacities and subsequent re-entry into the global oil export market. Demand Seasonality has certainly been a friend of crude oil tanker owners during Q4. Since global refining crude ...

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Major U.S. tight oil-producing states expected to drive production gains through 2018

In EIA’s January Short-Term Energy Outlook, U.S. crude oil production is forecast to increase from an average of 8.9 million barrels per day (b/d) in 2016 to an average of 9.3 million b/d in 2018, primarily as a result of gains in the major U.S. tight oil-producing states: Texas, North Dakota, Oklahoma, and New Mexico. Of these states, Texas and ...

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Trump fires acting attorney general who defied him on travel ban

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

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New LNG Infrastructure Readied for India and Asia

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

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Milestone for Sovcomflot Arctic Tankers

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

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Pentagon Releases Name of Navy SEAL Killed in Raid

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

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National Geographic Cruise Ship Gets a Lift Home

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

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Medical Emergency on Antarctic Cruise

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

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Teething troubles as Limassol port changes hands

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

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DNO Reports Payment for Tawke Deliveries

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

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Construction mode of Gwadar LNG terminal changed from BOOT to APC

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

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Indonesia eyes LNG exports to Bangladesh

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

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Belarus to raise oil export duties from February

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

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

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

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OPEC Convinces Investors That Its Oil Output Cuts Are Real

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

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IEA does not foresee oil demand peaking soon, Birol says

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

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

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

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

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

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

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

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

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

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Callimanopoulos-owned ship operator Toisa files for bankruptcy

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

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

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

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DHT Holdings, Inc. fourth quarter 2016 results

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

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The Offshore Markets: 2016 In Review

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

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Stolt-Nielsen Expects Challenging Year for Product Tanker Market

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

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Global equities rocked by Trump travel ban

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

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Tax-free days ending for Saudis after oil slump

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

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Malaysia shipwreck search expanded, three men detained

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

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Dubai to award $3bn Expo 2020 construction deals

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

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Engie wins $1.2bn Saudi greenfield power plant contract

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

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Border tax ideas roil oil markets, favor Gulf Coast refiners

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

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

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

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OPEC, Trump, and the oil market future

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

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

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

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MMC raises capacity

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

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CentrePort Resumes Regular Container Service

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

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

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

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

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

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Wärtsilä Ballast Water Management System again chosen for new container vessels

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

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

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

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Asian holidays seen depressing VLCC cargo freight rates

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

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

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

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

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

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Tankers Collide Off India, Small Spill

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

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Sailors’ Society Launches Asian Crisis Response Network

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

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Frontline Puts Deal to DHT

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

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China Shipbuilding Pushing Technology Envelope

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

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