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

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

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Russian seaport cargo volumes hits historic high

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

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Tata Steel buys 51% in Odisha port project

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

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Direct train connection between Kiel and Trieste being launched

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

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

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

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

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

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

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

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CPEC and Gwadar deep sea port-changing face of Pakistan

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

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

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

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NIMASA DG urges professional bodies to support government programmes

  (TRADE NEWSWIRE): The Director-General of the Nigerian Maritime Administration and Safety Agency (NIMASA) Dr. Dakuku Peterside, has urged professional bodies in the country to support Government programmes aimed at revamping the nation’s economy, TRADE NEWSWIRE reports. In a statement obtained by TRADE NEWSWIRE from the Head of Corporate Communications, NIMASA, Mr. Isichei Osamgbi, this charge was given when members ...

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OSG Settles Final Bankruptcy Claim

Tanker owner Overseas Shipholding Group went bankrupt in 2012 after disclosing that it had $500 million in previously unreported tax liabilities. On Tuesday, OSG announced that it has settled charges with the Securities and Exchange Commission for failing to recognize these liabilities in its financial statements. The settlement brings the SEC investigation to a close and resolves the final claim in OSG’s bankruptcy ...

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More Charges Laid Against Former DSME CEO

A former CEO of Korean shipyard Daewoo Shipbuilding & Marine Engineering (DSME) now faces additional bribery charges: Nam Sang-tae, 66, is currently in custody and standing trial for bribery. The new charges relate to suspicions he was responsible for inflicting around $25 million in losses on the shipyard, prosecutors said, by making decisions based on his ties with certain acquaintances. ...

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New Wind Turbine Blades Mimic Hummingbirds

A Tunisian company Tyer Wind has developed a new type of wind turbine that mimics the wing movements of hummingbirds. Hummingbirds are believed to achieve extremely energy efficient hovering, having for example a 20 percent better hovering efficiency than a British Army Black Hornet micro-drone helicopter. A test turbine with carbon fiber wings 5.25 feet long each is capable of ...

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Ulstein to Build World’s Largest Hybrid Vessel

Color Line has signed a letter of intent with Ulstein for the construction of the world’s largest ever hybrid vessel, the ferry Color Hybrid. The vessel will be able to accommodate 2,000 passengers and about 450 cars, nearly twice the capacity of the ship it will replace, the Bohus. It will operate entirely on battery power in and out of the ...

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First Legal Export from Cuba to U.S.

The first legal exports from Cuba to the U.S. in more than 50 years arrived at Port Everglades in Florida on Tuesday. The shipment of two containers, 40-ton, of artisanal charcoal, produced by private worker-owned cooperatives, is legal under a rule change by the former Obama administration which allows the import of some products produced by independent Cuban entrepreneurs. The ...

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Hornblower Ramps Up for New NYC Ferry Service

Hornblower New York is ramping up for the debut of the New York Citywide Ferry, one of the most ambitious new waterborne passenger services in recent memory.Hornblower’s first 150-passenger ferries will be delivered beginning in the first quarter, and the first sailing across the East River is scheduled for the summer. Hornblower is now hiring for qualified port captains, captains and deckhands, with ...

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Yang Ming Announces State-Led Recapitalization Plan

On Monday, the indebted Taiwanese container carrier Yang Ming told investors that the Taiwanese government is planning to substantially increase its 33 percent ownership stake, and that the line expects significant state support for a recapitalization plan. “The first stage of this injection of capital will be from various government and private entities, including banks and financial institutions,” the firm ...

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BOC starts 12-hour operations due to increased trade volume in ports

An increase in the trade volume in the country’s big ports has prompted the Bureau of Customs (BOC) to implement a 12-hour operation in six ports last week. The new working hours have been implemented in the ports of Manila, Batangas, Davao, Cebu, Cagayan de Oro, and the Manila International Container Port since Jan. 16. According to the BOC, the ...

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Maharashtra’s Dighi port may get Russian security system

A Russian-made port water monitoring system is likely to be installed at the Dighi Port in Maharashtra’s Raigad district, Artyom Cherepanov, Deputy Director General (Commercial Affairs) of the Morinformsistema-Agat consortium told TASS on Jan. 20. According to Cherepanov, members of the All India Association of Industries (AIAI) expressed interest in installing the security system at the Dighi port while holding ...

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Port of Durban upgrades reach a milestone

Transnet National Ports Authority’s (TNPA) six-berth reconstruction project at the Maydon Wharf Precinct in the Port of Durban has reached another milestone, with Berth 13 and 14 now deeper and safer for bigger ships calling at the port, reports the Northglen News. Transnet Group Capital (TGC), which is executing this major project on behalf of TNPA, completed work on Berth ...

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Raivis Veсkagans visited terminals in Yuzhnyi seaport

On Sunday, 22 January, the Acting CEO of Ukrainian Seaports Authority Raivis Veсkagans visited the port of “Yuzhnyi” where he familiarized with port terminals capacity. In particular, he me with port’s authority, visited the water areas and production complexes of the state enterprise “Yuzhnyi Commercial Seaport”. In addition, he explored the work of “TIS” Terminal. During the meeting, Raivis Veckagans ...

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Havila Shipping ASA: Contract awarded by Reach Subsea ASA for Havila Subsea

Havila Shipping ASA has entered into an agreement with Reach Subsea ASA for use of the subsea vessel Havila Subsea for three years. The agreement also includes two optional periods, each of one year. Reach will mobilize ROV and survey equipment on board, which constitutes a subsea spread that will be used on projects within IMR, survey, light construction and ...

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China LNG imports hit record in December

China’s liquefied natural gas (LNG) imports hit a record high in December, customs data showed on Monday, driven up as the country pushes towards cleaner fuels. The world’s No.2 economy shipped in 3.73 million tonnes of LNG in December, topping the previous record of 2.66 million tonnes in November and up from 2.10 million tonnes a year ago, the General ...

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Naphtha surges as cold Asia weather pulls LPG to heating

Asia’s naphtha demand has surged since late 2016 as petrochemical makers are turning to the product after supplies of cheaper alternative liquefied petroleum gas (LPG) were consumed by heating demand amid cold regional weather. Prices for naphtha spot cargoes for sale to South Korea flipped to premiums on Jan. 6 for the first time since November because of the higher ...

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OPEC Shrugs Off Threat of U.S. Cutting Oil Imports

OPEC’s two biggest suppliers to the U.S. shrugged off a vow by President Donald Trump to end dependence on the group’s oil, saying the world’s biggest economy would continue to need crude from abroad. The U.S. is “closely integrated in the global energy market,” Saudi Arabia’s Energy and Industry Minister Khalid Al-Falih said, while his Venezuelan counterpart Nelson Martinez said ...

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China’s crude oil futures dilemma – control or success?: Russell

The quiet demise of China’s plans to launch a new crude oil futures contract shows the innate conflict of wanting the financial clout that comes with being the world’s biggest commodity buyer, but also seeking to control the market. It has been a long-standing ambition for a new global oil price benchmark to be established in Shanghai, a move that ...

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US Coast Guard Approves Global Maritime as Third Party Organization for Subchapter M Services

Global Maritime Consultancy & Engineering, a leading provider of offshore marine warranty, dynamic positioning and engineering services, has been approved by the United States Coast Guard (USCG) to provide Subchapter M compliance services as a Third Party Organization (TPO). Global Maritime will offer a comprehensive suite of services to all towing vessel operators looking to comply with Subchapter M guidelines ...

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Braemar Shipping Services Sees Profits Taking a Hit

Braemar Shipping Services plc, a leading international provider of broking, consultancy, technical and other services to the shipping, marine, energy, offshore and insurance industries, issues its trading update that covers the period from 25 October 2016 to 23 January 2017. The Group’s underlying operating profit before interest, acquisition related costs and tax for the year ended 28 February 2017 is ...

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ABS Enhances Safety in Expanding LNG Supply Chain

.New Guide provides standards for growing LNG bunkering vessel sector ABS, a leading provider of classification and technical services to the marine and offshore industries, has published the ABS Guide for LNG Bunkering. This new Guide provides standards for the design, construction and survey of LNG bunkering systems that are on board a vessel. “This industry-leading Guide incorporates our expertise ...

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Bomin Expands Physical Operations in the ARA Region

The Bomin Group, a leading global physical supplier and trader of marine fuels, today announced that it has strengthened its physical operations in the ARA region (Amsterdam-Rotterdam-Antwerp) by time-chartering two new bunker barges. The move supports Bomin’s business strategy of investing in key regions, and developing its global infrastructure and resources to drive long-term growth and sustainability. Both bunker barges ...

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Ministers laud strong start to OPEC, non-OPEC oil output cuts

OPEC and non-OPEC countries have made a strong start to lowering their oil output under the first such pact in more than a decade, energy ministers said on Sunday as producers look to reduce oversupply and support prices. “The deal is a success …All the countries are sticking to the deal …(the) results are above expectations,” Russian Energy Minister Alexander ...

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Nogaholding marks successful close of $741 million financing for Bahrain LNG terminal

Jointly owned by the Oil and Gas Holding Company (nogaholding 30 per cent) and a consortium consisting of Teekay LNG Partners L.P. (Teekay LNG 30 per cent), Gulf Investment Corporation (GIC 24.5 per cent) and Samsung C&T (Samsung 16.5 per cent), the Bahrain LNG Terminal is a key component of the further expansion of the energy and related sectors of ...

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European firms to implement Iran port project

Nine European companies will implement Iran’s Shahid Rajaei Port development project, said a senior Iranian official. The marine transport sector was among the first targets of Western sanctions, Mohammad Saeidnejad, managing director of Iran’s Ports and Maritime Organization (PMO), was quoted as saying in an Iran Daily News report, citing Mehr News Agency. While reiterating that all limitations had been ...

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Pelindo II to build international port in W. Kalimantan

State-owned port operator PT Pelindo II will immediately start the development of an international port in Kijing, West Kalimantan, at a cost of around Rp5 trillion. “This development is urgent, especially with regards to reducing logistical costs in West Kalimantan. We are currently using the Dwikora port in Pontianak, but it is operating at two or three times its intended ...

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Vessels travel at 25% capacity as Rhine water levels drop further

Water levels on the Rhine continue to fall, leaving cargo vessels unable to carry more than a fraction of their total capacity, and no immediate relief expected for trade along the key chemicals shipping artery, according to the River’s water authority on Friday. Cargo ships travelling along the Middle Rhine between Bingen and Bonn, Germany, are currently unable to carry ...

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Shipping crisis puts German banks under pressure

A report published on Sunday by German public broadcaster ARD has suggested that the northern German states of Hamburg and Schleswig-Holstein may have to offer up to 20 billion euros ($21.4 billion) in credit guarantees to prop up banks with bad investments in container shipping. “Many competitors here have hardly any chance against the new mega-shipping companies in Asia,” reporter ...

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New sampling guidelines for the sulphur content of fuel oil

The IMO has published a recommended method for sampling of liquid fuel oil used on board ships to assist with effective control and enforcement of the sulphur content requirements under MARPOL Annex VI. IMO’s “Guidelines for Onboard Sampling for the Verification of the Sulphur Content of the Fuel Oil used on board ships” was approved in October 2016 at the ...

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President Buhari’s death rumour: ‘Father, forgive them, for they don’t know what they are doing’

    (TRADE NEWSWIRE):  Yoruba elders say (Bi a ba le ni ti ti, bi a ko ba ba’ni, iwon ni a n ba’ni se ota mo, ise ni a d’eyin l’eyin  eni na) English meaning (When you pursue a person to destroy him and you can’t catch up with him to achieve your destructive aim, then you desist from ...

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New Commander for China’s Navy

Lieutenant Admiral Shen Jinlong has been appointed commander of China’s People’s Liberation Army Navy. There hasn’t been a formal announcement made to date, but a statement on China’s Ministry of Defense website used the new title. 60-year-old Shen, from Shanghai, replaces Admiral Wu Shengli, 71, to lead Asia’s largest navy. During his career, Shen had been: •    commander of the ...

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New Forces to Guard Northern Sea Route

Russia has established two new Arctic defense forces to boost security along the Northern Sea Route.The new forces will be involved in anti-assault, anti-sabotage and anti-aircraft defense and will come under the leadership of the navy’s Northern Fleet. News agency Izvestia states that the aim is to guarantee security in the passage and along adjacent coasts. One of the forces ...

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Downward Trend in Tanker Spills Continues

The International Tanker Owners Pollution Federation (ITOPF) reports that the downward trend in oil spills from tankers is continuing. The average number of large oil spills from tankers, i.e. greater than 700 tons, has progressively reduced, and since 2010 averages 1.7 per year. In 2016, one tanker incident which resulted in a spill of greater than 700 tons of gasoline ...

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Concern over Impact of Mine Tailings

More scientific research needs to be done to understand and assess the environmental impacts of wastes from mining operations which have been disposed into the marine environment, a new report shows. A number of large-scale mines worldwide use marine or riverine disposal for mine tailings, under Government permits. The Joint Group of Experts on the Scientific Aspects of Marine Environmental ...

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Oil Bottles Lead to AMSA Investigation

During the Western Australian Beach Clean-up event in October 2016, two bunker oil bottles were discovered in the Leeuwin Naturaliste National Park by volunteers. The following week, another two bottles were found in the same region by Margaret River locals. The oil bottles were still intact, full of marine fuel oil and with labels on them listing a vessel name, ...

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Well Control Incident Could Have Been Fatal

Statoil has released the findings of its investigations into last year’s well control incident that occurred on the Troll field off Norway. The incident occurred during well plugging by the mobile rig Songa Endurance and led to a gas leak that pushed seawater more than 30 meters (98 feet) up the derrick before the well was closed by the annular ...

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Russia Expands its Naval Base at Tartus

  On Wednesday, Russia and Syria finalized an agreement that would expand the territory of the Russian naval base at Tartus. In return, Russia will help Syria refurbish its naval vessels.Tartus was the southern terminus of Russia’s “Syrian Express” supply convoy during the Syrian civil war. It has been in Russia’s possession in one form or another since 1971, and ...

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One Dead, One Injured in Boiler Explosion

On Friday, the Suffolk Constabulary reported that one person was dead and another had been hospitalized following an explosion aboard a vessel in the Port of Felixstowe. “Police were called to the Port of Felixstowe at 11:45pm [Thursday night] to reports of an incident in the boiler room of a ship that was docking,” the police said in a statement. “The ...

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SK E&S imports South Korea’s first U.S. shale gas spot cargo – sources

South Korean gas and power company SK E&S Co Ltd took delivery of the country’s first spot cargo of shale gas imported from the United States early in January, two industry sources said on Friday. The arm of South Korean conglomerate SK Group imported 66,000 tonnes of U.S. shale gas from Cheniere Energy Inc’s Sabine Pass liquefied natural gas (LNG) ...

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China Sets Oil Import Quotas; ABI Ends 2016 on a 1-Year High

China has issued its first batch of crude oil import quotas for non-state companies at 68.81 million metric tons, or 1.38 million barrels per day (bpd), four refining sources with knowledge of the matter told Reuters. 29 Companies received quotas, including independent refiners and trading companies, the sources said, citing an official document. Architecture Billings End Year Strong The Architecture ...

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U.S. exports fill Asia’s LNG demand gap as market tightens

U.S. liquefied natural gas exporters sending tankers to Asia to fill a gap in the region’s demand as markets have tightened more-than-expected on surging consumption in China and Pakistan as well as Australia’s continuing struggles to ramp up scheduled production. Benefiting from the Panama Canal expansion last year that allows bigger ships to cross from the Gulf of Mexico into ...

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New orders raise hopes of recovery in shipbuilding sector

A series of new shipbuilding orders in recent weeks have raised hopes of recovery in South Korea’s troubled shipbuilding industry, boosted by rising oil prices and a global supply shortage of new ships. Samsung Heavy Industries Co. said this week that it had won a US$230 million deal to build a floating storage and regasification (FSRU) ship. Under the deal ...

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VLCC rates to slide as chartering slows ahead of Chinese holiday

Freight rates for very large crude carriers (VLCCs) are likely to fall next week as charter activity from China slows ahead of the Chinese New Year holiday, ship brokers said. Rates on the West Africa-to-Asia route have already started to slide probably because of the Chinese New Year impact, said Ashok Sharma, managing director, BRS Baxi Far East, Singapore. “I ...

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China quietly shelves plans to launch Shanghai crude oil futures

China’s plans to create a new crude futures contract to compete with global pricing benchmarks have been shelved due to market resistance, five sources with knowledge of the matter said, dealing a blow to Shanghai’s ambitions to be a leading energy trading hub. Potential international participants were worried they would not be able to freely exchange the yuan currency given ...

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Oil Prices Are on the Rise: OPEC Has Taken Control of Oil Markets

Very quietly, the price of a barrel of oil has surged over the past year, nearly doubling, as OPEC’s plan to pressure U.S. suppliers and spur global demand begins to pay off. And this is ahead of the OPEC led plan to cut production 1.8 million barrels per day to push prices higher. Oil prices of $100 per barrel may ...

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Oil Demand at Risk as China Reins In Buyers That Bought Less

Demand from some of the most coveted oil buyers may slow this year because they didn’t purchase all that they could in 2016. While China’s private refiners have received their first batch of quotas to buy foreign crude in 2017 and may get approval to purchase more later, the amount probably won’t exceed 2016 volumes, according to JPMorgan Chase & ...

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OPEC output cuts boost appeal of light crude, but market yet to respond: Russell

One of the consequences of the cuts to crude oil supply by OPEC and its allies has been the sharp narrowing of the premium that light crude commands over heavier grades. In theory, this should result in increased flows of light crude to Asia, with refiners substituting gasoline-rich grades for the heavier crudes typically more popular in the region. But ...

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Big Oil May Finally Get to Drill in the Arctic, But Is It Worth It?

Far above the Arctic Circle, one of the longest-running controversies in U.S. oil drilling is about to reignite. Bouyed by Donald Trump’s election, Republicans are pushing to allow oil exploration in the Arctic National Wildlife Refuge, the frigid wilderness in northern Alaska that’s been a political battleground for drillers and conservationists for decades. The prospects for industry look better than ...

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Kalmar to supply new generation empty container handlers to DP World Jebel Ali Port

Kalmar, part of Cargotec, has been awarded an order to supply DP World’s flagship terminal, Jebel Ali Port in Dubai, with the new generation empty container handlers. The order for 13 units has been booked into Cargotec’s 2016 fourth quarter order intake. The deliveries will begin in the second quarter of 2017 and they are scheduled to be completed by ...

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Egypt’s Suez Canal revenues fall to $5 billion in 2016 from $5.175 billion in 2015

Egypt’s Suez Canal revenues fell to $5.005 billion in 2016 from $5.175 billion the previous year, Reuters calculations showed. A government website published earlier on Thursday data showing the revenues reached $414.4 million for the month of December. Source: Reuters (Reporting by Ehab Farouk, Writing by Lin Noueihed, editing by Larry King)

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India, Sri Lanka in talks on port

Sri Lanka is in talks to offer the port of Trincomalee to India. Speaking to The Hindu on the sidelines of the Raisina Dialogue here, Field Marshal Sarath Fonseka, Colombo’s Minister of Regional Development, said that the decision on offering the port to India will be taken soon. “Talks are at present going on between India and Sri Lanka and ...

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ICTSI unit, Chinese firm to expand Honduras port

A UNIT of listed port operator International Container Terminal Services, Inc. (ICTSI) recently forged an agreement with a Chinese contractor to expand its cargo terminal in Honduras. “Operadura Portuaria Centroamericana SA de CV (OPC) has signed a contract with China Harbour Engineering Company (CHEC) for the first phase of the expansion of the Specialized Container and Cargo Terminal in Puerto ...

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Massive port city project in Malaysia no threat to Singapore, other ports: Port Klang chairman

A massive RM200 billion (US$45 billion) port industrial city planned for Malaysia’s Carey Island is a safeguard for the future and “not a threat” to Singapore or any other ports along the Strait of Malacca, said the chairman of Port Klang Authority, the body behind the project. Kong Cho Ha, the chairman of the authority that oversees Port Klang – ...

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UAE port operator reported interested in concession at Yuzhniy

DP World (the United Arab Emirates, UAE), an international port operator, is showing its interest in a concession at the Yuzhny port in Ukraine. The company is ready to invest in improvement of logistics of Odessa port, head of the National Investment Council, former head of Presidential Administration of Ukraine Borys Lozhkin visiting the World Economic Forum in Davos wrote ...

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Duisport: Container handling volumes continue to grow

Container handling by the duisport Group reached a new record of 3.7 million TEU in the 2016 business year, compared to 3.6 million TEU in 2015. “During the first six months of 2016, we were still below the previous year’s value. Therefore we were more than pleased to see the additional growth in the second half of the year on ...

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Ukrainian Sea Ports Authority to “restart” relationship with leading dredging companies

Ukrainian Seaports Authority (USPA) intends to “restart” relations with leading Ukrainian and international dredging companies. Dredging works will become clear and predictable for businesses, and the transparency of the tender documents will be increased, the Acting CEO of USPA Raivis Veckagans informed on January 20 during a meeting with representatives of the transport business at the American Chamber of Commerce ...

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Donald Trump sworn in as 45th US president

WASHINGTON: President Donald Trump assumed power on Friday (Jan 20) with a fiercely nationalistic vow to put “America first,” taking a stinging swipe at the legacy of his predecessor hours after reciting the oath of office. Hundreds of thousands of people stood on the rain-splattered National Mall to see the 70-year-old Republican billionaire be sworn in, and deliver a stridently ...

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Jurong Port launches new academy for port workers

SINGAPORE: Multipurpose port operator Jurong Port launched a new training institute called the Jurong Port Academy on Friday (Jan 20). Located at the Devan Nair Institute for Employment and Employability (e2i), the Jurong Port Academy is part of the port’s efforts to transform the multi-purpose port industry by leveraging new technology and innovation to enhance capabilities, increase productivity and upgrade ...

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ASEAN ministers agree to boost cruise tourism

SINGAPORE: ASEAN tourism ministers this week outlined their strategic plans for the next few years after at the annual ASEAN Tourism Forum in Singapore, agreeing to develop a Joint Declaration on Cruise Tourism. The joint declaration will set out principles to spur port and destination development in the region and further encourage industry stakeholders to collaborate and grow cruise tourism ...

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‘The work begins!’ – Trump to be sworn in as US president

WASHINGTON: Donald Trump will be sworn in on Friday as the 45th president of the United States, taking power over a divided country after a savage campaign and setting the country on a new, uncertain path at home and abroad. In a ceremony likely to draw 900,000 people, including protesters, Trump and his vice president, Mike Pence, will take the ...

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OPEC chief sees oil stocks declining as cuts take effect

Oil stocks around the world need to decline by at least another 270 million barrels to reach a five-year industry average for OPEC to be able to say the markets are becoming balanced, OPEC Secretary General Mohammed Barkindo told Reuters. “The primary goal is to accelerate the stocks drawdown,” Barkindo said on the sidelines of the World Economic Forum in ...

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As $21 Billion Gas Market Opens, Japan Seeks Strength in Numbers

In the increasingly competitive world of Japan’s energy market, there may be safety in numbers. Gas sellers from the nation’s smaller utilities to even its biggest oil refiner are considering clubbing together to get cheaper fuel from their suppliers and help them undercut competitors in the 2.4 trillion yen ($21 billion) retail gas market, which the country is opening to ...

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Oil price rises for second day ahead of producers’ compliance meeting

Oil prices edged up for a second day on Friday on expectations that a weekend meeting of the world’s top oil producers would demonstrate compliance to a global output cut deal, but a larger than expected rise in weekly U.S. crude stocks capped gains. International benchmark Brent crude prices <LCOc1> were up 68 cents at $54.84 a barrel at 0950 ...

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Spanish ports to get major cash injection

Spain’s Economic Development Minister, Íñigo de la Serna, has announced that ports operated by Puertos del Estado will receive both direct investment and in-port access upgrades of €1.418bn in 2017. Direct investment will amount to €514m, while connecting work will total €904m. Of this, the state will find €813m, compared with just €413m in 2016. This is a higher level ...

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Cochin Port Trust expects to come out of red in 2017-18

Trust’s chairman in-charge A.V. Ramana outlines revenue possibilities and targets Increased crude throughput for Kochi refinery, higher capacity utilisation of the LNG terminal and higher volumes at the International Container Terminal are expected to help the financially troubled Cochin Port Trust to come out of the red in 2017-18. Port Trust’s chairman in-charge A.V. Ramana told reporters here on Wednesday ...

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British Ports Association Responds To PM’s Brexit Speech

Responding to the Prime Minister’s Brexit speech this week, the British Ports Association’ Chief Executive Richard Ballantyne said: “The Brexit vote and Theresa May’s speech yesterday prompts a wider debate as to what the UK’s future trade and customs policy will be. We look forward to holding discussions with the government to understand its post Brexit vision and how customs ...

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Transnet continues to boost maritime skills

State-owned Transnet has further committed to building and strengthening the country’s oceans economy with a further intake of trainees for its maritime training academy, the Maritime School of Excellence (MSoE), in Durban. The intake of unemployed learners is part of Transnet’s Market Demand Strategy and the majority of learners are absorbed into the employ of Transnet’s two maritime operational divisions ...

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1st LNG tanker to arrive in PHL fails to dock in Quezon harbor

A 289-meter long tanker acting as a floating storage for the first liquefied natural gas (LNG) facility in the country has arrived, but failed to dock at the dedicated jetty of the LNG Hub Terminal in Barangay Ibabang Polo here due to problems of clearances and other documentation. Last Saturday the LNG ship Ocean Quest was seen at the seawater ...

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President Obama bids Americans goodbye on completion of eight years of service the nation

  (TRADE NEWSWIRE): The outgoing President of the United States of America, Barack Obama specially thanked Americans for the honour bestowed on him to serve the country for eight years, TRADE NEWSWIRE reports. President Obama bided the Americans goodbye in his address to the citizenry that was signed and personally sent by him from the White House to TRADE NEWSWIRE ...

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Saudia to receive 30 new aircraft

Saudi Arabian Airlines (Saudia) will see the addition of 30 new planes to its fleet this year, said a report. The delivery of new planes is part of Saudia’s ongoing program to modernise and develop its fleet. By 2020, the carrier’s fleet is expected to double to 200 aircraft, said a report in Saudi Gazette. The new planes include seven ...

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Global aviation profit levels to drop 17pc in 2017 – report

The outlook for the global aviation industry looks gloomy as a sustained stronger US dollar and low oil prices make travel for overseas customers more expensive, tightening market conditions. According to a recent report released by rating agency Moody’s, rated airlines will see a sharp drop in operating profit of around 11 per cent in 2017 and around 12 per ...

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First China to UK train arrives in London

The first direct freight train from China to the UK arrives in Barking in London, Britain on January 18. It has travelled more than 7,500 miles (12,000 km) across seven countries and through the Channel Tunnel to reach London. The train, carrying millions of pounds worth of socks, cloth, bags, and household goods, set off 18 days ago from the ...

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DSME Loses Liquefaction Patent Suits

Hyundai Heavy Industries and Samsung Heavy Industries have won the lawsuits they filed against Daewoo Shipbuilding & Marine Engineering (DSME) to nullify DSME’s patent on partial re-liquefaction technology.The Patent Court of Korea ruled in favor of the plaintiff in the two suits, saying that DSME’s patent is invalid, as there is no substantial difference between DSME’s technology and that of ...

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U.S. judge approves sale by Hanjin Shipping Co of Total Terminals stake

Bankrupt South Korean shipping line Hanjin Shipping Co Ltd won U.S. court approval at a hearing on Wednesday for the $78 million sale of its stake in U.S. terminal operator Total Terminals International LLC, overcoming objections of container companies. “My decision is to approve the sale,” U.S. Bankruptcy Judge John Sherwood said, adding he would approve the transfer of the ...

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Growing number of vessels receive environmental discount at the Port of Gothenburg

Last year, one in three ships at the Port of Gothenburg received an environmental discount on the port charges. This represents an increase of 83% on the previous year and heading the discount list are Donsö-based shipping companies Tärntank Ship Management and Furetank, whose vessels are powered by liquefied natural gas. The Port of Gothenburg rewards vessels that are environmental ...

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9.2 million tonnes of trade handled through the Port of Cork in 2016

Total traffic through the Port of Cork reached 9.2 million tonnes in 2016, a slight decrease compared to 2015 traffic. Import figures remain steady while exports were reduced primarily due to the closure of Lisheen Mines in Co. Tipperary and the subsequent cessation of exporting lead and zinc through the Port of Cork in 2016. Total container volumes through both ...

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Port Klang to move up one spot in container league

Port Klang is expected to move up one spot to the 11th placing in the World Container League for 2016, boosted by its strong performance in terms of container throughput and transshipment growth. The largest port in Malaysia was ranked 12th in the World Container League 2015. However, PKA said it would expect 2017 to remain challenging for the industry. ...

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US$40 billion worth of opportunities in Asia-Pacific upstream M&A in 2017

Asia-Pacific’s upstream sector holds up to US$40 billion worth of opportunities in 2017 as oil majors continue to divest mature and mid-life assets in the region, according to a research by Wood Mackenzie. BP, Chevron and other majors have divested tail-end assets within the region over recent years, but that trickle looks set to gain volume as larger assets are ...

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Global oil, gas discoveries drop to 70-year low: Rystad Energy

Oil and gas discoveries around the world dropped last year to their lowest since the 1940s after companies sharply cut back in their search for new resources amid falling oil prices. The decline in discoveries means companies such as Exxon Mobil and Royal Dutch Shell will struggle to offset the natural depletion of existing fields, reinforcing forecasts of a supply ...

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OPEC sees smaller oil glut, upbeat on non-OPEC cut compliance

Oil market highlights Crude Oil Price Movements The OPEC Reference Basket jumped nearly 20% in December to $51.67/b, ending above $50/b for the first time in 18 months. In contrast, the Basket’s yearly average value came in at its lowest in more than 12 years at $40.76/b. The oil complex surged on news of the historic cooperation between OPEC and ...

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IEA Sees Significant Gains in U.S. Shale Oil as Prices Rise

Oil-price gains will trigger a “significant” increase in U.S. shale output as OPEC and other producers rein in supply, according to the head of the International Energy Agency. “U.S. shale-oil production will definitely react strongly,” Executive Director Fatih Birol said Wednesday in a Bloomberg Television interview in Davos, Switzerland. At $56 to $57 a barrel, “a lot of shale plays ...

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The byzantine fight for Dagestan’s strategic Makhachkala port

Ramazan Abdulatipov seems ready to close a sale of Dagestan’s state-owned port of Makhachkala to an Iranian-led group. The sale exposes the difficult balancing act elites are playing in the region. Everybody’s fighting over a spoonful The port of Makhachkala, the capital of the North Caucasian Republic of Dagestan, is home to Russia’s only ice-free Caspian port. As of 2014, ...

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IMO Maritime Day theme launched at the Port of Felixstowe

The theme for the International Maritime Organisation (IMO) World Maritime Day 2017 has been launched by IMO Secretary General Kitack Lim during a visit to the Port of Felixstowe. ‘Connecting Ships, Ports and People’ has key objectives to improve cooperation between ports and ships and develop a closer partnership between the two sectors. It will seek to raise global standards ...

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Lack of investment heightens danger of an oil price shock: Crescent Petroleum CEO

Lack of investment in the oil industry has significantly heightened the risk of an oil price shock in the coming years, according to Crescent Petroleum’s chief executive. Majid Jafar, CEO of the UAE-based oil and natural gas producer, highlighted the perceived absence of investment in oil markets and predicted a volatile future for the commodity if this trend continued. “The ...

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Asian oil refinery margins jump on outages in Mideast, Asia

Several refineries in the Middle East and Asia have shut down in the past week due to fires and other technical problems, leading to a jump in profit margins for facilities still operating. The higher Asian refining margins have beat back concerns that profits would fall as crude oil prices gained as the Organization of the Petroleum Exporting Countries (OPEC) ...

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Patimban Port expected to help boost automotive exports

The government expects the Patimban deep-sea port in West Java to help pave the way to boost Indonesia’s automotive exports in the future. “Patimban Port is expected to boost Indonesia’s automotive exports as Tanjung Priok’s capacity is already full,” Investment Coordinating Board (BKPM) chairman Thomas Lembong said over the weekend. The port, construction of which will begin in 2018, will ...

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2016 Traffic: Dunkirk Volumes Rise

Annual traffic for 2016 was over 46.7 MT, an increase of 0.3% compared with 2015. However, the port of Dunkirk did not escape the effects of the economic climate in 2016, which included the technical shutdowns, for maintenance, of the ArcelorMittal steel works blast furnace No. 4 and the Versalis petrochemicals plant, the permanent closure of SRD (Société de la ...

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Port of Kiel posts record cargo with Handling up 5.3 %

Kiel posted record cargo and passenger handling figures in 2016. For the first time some 6.5 million tons were loaded or unloaded last year – an increase of 5.3 % over the previous year and the port’s best-ever result so far. Ferry services to Scandinavia and the Baltic region showed above-average growth, while trade with Russia continued to decline. Dr ...

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India: Iron ore shipments surge 154% through major ports

Iron ore cargo through major ports has logged the sharpest growth among all commodities in April-December period. Till the end of December, iron ore shipments were up from 12.7 million tonne (mt) to 32.4 mt, a rise of 154 per cent. In terms of iron ore traffic, Mormugao port was the biggest gainer with a volume of 9.34 mt compared ...

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OPC, CHEC ink deal for Puerto Cortes expansion

Operadura Portuaria Centroamericana SA de CV (OPC) has signed a contract with China Harbour Engineering Company (CHEC) for the first phase of the expansion of the Specialized Container and Cargo Terminal in Puerto Cortes, Honduras. The first phase covers the construction of a 350-meter long berth with a controlling depth of 15.5 meters, two trestles that will be connected to ...

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Ports of Stockholm sets new container record 2016

A new record has been set for the number of containers transported to the Container Terminal at Frihamnen. Almost 54,000 containers have been transported by sea directly to the strongest growing capital city region in Europe and Sweden’s largest consumer market. At the beginning of December 2016 Ports of Stockholm exceeded the previous record set at Frihamnen of just over ...

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Port of Antwerp finishes 2016 with growth of 2.7%

The port of Antwerp handled a total freight volume of 214,057,529 tonnes in 2016, up 2.7% on the previous year. Container volume up 4.1% At 4.1% the growth in container volume is even more pronounced: after 12 months the figure stood at 117,909,533 tonnes of containerised freight. Expressed in terms of standard containers (twenty-foot equivalent units) the total of 10,037,318 ...

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