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Search Team Finds Human Bones in Sewol’s Cabins

  On Wednesday morning, a search team recovered two fragments of what is believed to be human bone from within the wreck of the ferry Sewol. According to South Korea’s Ministry of Oceans and Fisheries, the team found the remains during a search of passenger cabins towards the stern on the fourth deck – an area where students had been ...

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USA: Steady Increases of Retail Imports Seen At Major Container Ports Through the Summer

Imports at the nation’s major retail container ports should see steady increases through the summer and into the fall, according to the monthly Global Port Tracker report released today by the National Retail Federation and Hackett Associates. “Regardless of whether the sales come in their stores or through their websites, retailers see that consumers are buying more this year and ...

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Latest PLA Safety Campaign Targets Human Error

Port of London. Authority The Port of London Authority (PLA) launched its latest safety campaign, focused on the Human Factor, at its Annual Stakeholder Forum today (Tuesday, 9 May). The PLA decided to target human error after analysis of incident data showed that it was the leading cause of navigational incidents on the tidal Thames in the last two years. ...

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DP World Unveils Container Tracking Solution

DP World, a leading enabler of global trade and an integral part of the supply chain, today demonstrated the most advanced container tracking solution developed by a port terminal operator under the theme of “Where’s My Container?” at Transport Logistic in Munich. The enhancement to the current beta version, after feedback from a pilot release, opens the door for users ...

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Russia suspends oil loadings from Novorossiisk due to storm

Russia has halted oil loadings from the Black Sea port of Novorossiisk since Tuesday due to a storm, Russian oil pipeline monopoly Transneft said on Wednesday. It also said that other ports were working according to their schedule. Source: Reuters (Reporting by Vladimir Soldatkin; Editing by Dmitry Solovyov)

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Export drop blamed on sluggish Q1 cargo-volume growth in ports

  NO thanks to a significant drop in export volumes and the critical developments clouting the local mining industry, traffic at the ports of the Philippines grew at a slower pace during the first quarter of 2017, the chief of the port regulator said on Tuesday. Data from the Philippine Ports Authority (PPA) showed cargo volume for the first quarter ...

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Five things you should know about China-backed port in Myanmar

China is looking to take a stake of up to 85 percent in a strategically important sea port in Myanmar as part of its “Belt and Road” international trade and infrastructure plan, according to a media report. China is hoping concessions will be made on projects including Kyauk Pyu port if it abandons the Myitsone dam scheme in Myanmar, according ...

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New pipeline infrastructure should accommodate expected rise in Permian oil production

One indicator of a potential shortfall in available takeaway capacity in the Permian is a negative spread between the price of West Texas Intermediate (WTI) crude oil at Midland, Texas, and the price of WTI at Cushing, Oklahoma. Going forward, the Midland versus Cushing discount, which recently widened to more than $1 per barrel (b), is unlikely to be either ...

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Shell Provides Smarter Solutions To Simplify Ship Owners’ Operations And Help Reduce Costs

Shell Marine is introducing its Marine Integrated Lubrication and Expert Solutions (MILES) programme, its new and unique approach in lubricants management. This new initiative includes combining purchasing options, services and an extensive range of lubricant products in a multi-faceted strategy addressing its customers’ most pressing operational concerns. Shell Marine is also considering continuous product and service developments as part of ...

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Nutrition and health claims to be prohibited on formula milk: AVA

  SINGAPORE: Formula milk manufacturers will not be able to use nutrition and health claims, as well as images that make drinking formula milk look attractive, once changes to Agri-Food and Veterinary Authority (AVA) regulations take effect. AVA will also streamline its import regulations in order to facilitate the entry of more suppliers and brands of formula milk. These changes ...

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Saudi Forces Find More Naval Mines Off Yemen

On Monday, the Royal Saudi Navy announced that its forces have located more floating mines off the coast of Yemen, likely placed by Houthi rebel militias. The latest mine sightings were off of Midi, a port on the Red Sea just south of the Yemeni-Saudi border. The Saudi military said that the mines were of simple construction, but they could ...

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Autonomous, Zero Emissions Ship Planned for 2020

    Norwegian fertilizer company Yara has teamed up with Kongsberg to build the world’s first autonomous and zero emissions ship. Named Yara Birkeland, the vessel will be the world’s first fully electric container feeder. Initial manned operation is planned to start in the latter half of 2018, shipping products from Yara’s Porsgrunn production plant to Brevik and Larvik in ...

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National Coast Guard Museum Gets $5 Million

  The National Coast Guard Museum Association has received U.S. federal government funding for the museum that will be built in New London, Connecticut, in the U.S. “We are grateful to the Congress and President Trump for the $5 million included in this year’s budget,” says President, Richard J. Grahn. “With the momentum provided by this important development, we will ...

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Royal Navy Escorts Russian Sub Through English Channel

    Royal Navy warship HMS Somerset has shadowed a Russian submarine as it passed through the English Channel. The Plymouth-based ship located the Kilo-class diesel-electric submarine Krasnodar in the early hours of Friday morning as it sailed past the eastern coast of the UK. HMS Somerset, a Type 23 frigate, then followed her through the Dover Strait and the ...

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Norwegian Researchers Propose Cities on the Water

  Researchers from Norway and Singapore are working together to build new cities floating at sea and six stories underneath the ground. Lack of space has provoked this initiative from Asian developers, and the technological experience with floating constructions in Norway comes in handy. “Norway has a leading edge in floating constructions, but also in underground technology. It’s been a ...

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Australia to Develop Global Animal Welfare Program

The Australian government’s budget, released this week, includes A$8.3 million ($6.1 million) over four years to support the future implementation of a global livestock welfare standard.The Livestock Global Assurance Program (LGAP) is a proposed global conformity assessment program for livestock exports that protects the welfare of animals and fosters continual improvement and the attainment of best practice.According to a 2015 ...

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First Floating Rubbish Bin Installed

The first Seabin marine rubbish bin has been installed for test use in Uunisaari, Finland, off the coast of the Kaivopuisto district of Helsinki.The Seabin is a floating rubbish bin that is located in the water at marinas, docks, yacht clubs and commercial ports, where it collects all floating rubbish. Water is sucked in from the surface and passes through ...

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Sea Shepherd Wants Denmark Held Accountable for Whale Slaughter

Sea Shepherd Netherlands has officially submitted a request to the European Commission to launch infringement proceedings against Denmark for facilitating the slaughter of pilot whales and other cetaceans in the Faroe Islands. The organization says it has the formal support of 27 Members of the European Parliament. Every year from June through November, hundreds of pilot whales are driven onto ...

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Fishing Boat Collides with Navy Cruiser

  At midday on May 9, a small Korean fishing boat struck the guided missile cruiser USS Lake Champlain during an exercise near Ulleung Island in the Sea of Japan. The incident is under investigation by both the U.S. Navy and the South Korea Coast Guard. The Navy said in a statement that a damage assessment is under way, but ...

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Global power investment to top $443bn in 2017

Continued regulatory support for renewable energy in key markets will see global power investment reach $443.5 billion in 2017, a report said. Increased decentralisation, the need to decarbonise electricity generation, and digitisation to boost operational efficiency are driving market opportunities in the power industry, added the report titled “Global Power Industry Outlook, 2017” from Frost & Sullivan’s Power Generation Growth ...

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S African builder Murray & Roberts to quit Middle East

Murray & Roberts, a leading South Africa-based construction, engineering and mining contractor, is set to quit its Middle East operations after failing to sell them during its disposal of infrastructure and building business, said a report. But the shutdown of those operations is expected to affect the construction firm’s full-year results negatively, reported Business Day. The company sold the infrastructure ...

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Nakheel releases tender for RIU beachfront resort

A joint venture between Dubai master developer Nakheel and leading Spanish hospitality group RIU Hotels & Resorts has moved a step closer with the release of a construction tender for an 800-room, beachfront resort and water park at Deira Islands. The Dh670 million ($182 million) development – RIU’s first resort in the Middle East and one of the biggest in ...

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Air Liquide starts first hydrogen pipeline network in Saudi

Air Liquide Arabia (Alar), a joint venture between France-based Air Liquide and Saudi Industrialization and Energy Services Company (Taqa), has announced the startup of the Middle East’s first hydrogen pipeline network in the industrial city of Jubail, on the east coast of the kingdom. A world leader in gases, technologies and services for industry and health, Air Liquide is present ...

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Aldar Properties profit surges 39pc in Q1

Aldar Properties, a leading property development company in Abu Dhabi, UAE, has reported a 39 per cent increase in its gross profit for the first quarter ended March 31, 2017, which surged to Dh753 million ($205 million) from Dh542 million ($148 million) last year. Announcing the three-month results, the Emirati developer said its revenue grew 28 per cent to Dh1.58 ...

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Majid Al Futtaim starts work on $707m Sharjah retail venture

Majid Al Futtaim, a leading shopping mall and leisure pioneer across the Middle East, Africa and Asia, has broken ground on its new Dh2.6 billion ($707 million) super-regional mall – City Centre Al Zahia in Sharjah, UAE. When it opens in 2020, it will be the company’s largest mall within the UAE’s third-largest emirate. Strategically located at the intersection of ...

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Fighting off floodwaters

An armoured vehicle of the Canadian Armed Forces (CAF) is deployed to bring sandbags to protect the library and the city hall by floodwaters in Oka, Quebec, Canada on May 8. According to reports, floodwaters, resulting from heavy rains in the previous days, created more than 1,500 evacuees and affected some 2,500 homes and 427 roads, prompting the states of ...

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Defining the future of travel through intelligence

Big data and advances in computing power have transformed the world’s biggest industries, and travel is no exception. Data analytics has become the strategy of choice for organisations of any size looking to secure competitive differentiation and seek out new revenue opportunities. New deal sites, last minute offers, the rise of Low Cost Carriers (LCCs) and economic growth in emerging ...

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Miral unveils $3.3bn Yas Island master development plan

Miral, Abu Dhabi’s leading creator of destinations, has launched a Dh12 billion ($3.3 billion) master development plan to transform the southern end of Yas Island with vibrant waterfront promenade with residential complexes and entertainment destinations. The launch was held in the presence of Mohammed bin Zayed Al-Nahyan, the Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE ...

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Moon Jae In wins South Korea presidential election by landslide: Exit poll

SEOUL: Left-leaning former human rights lawyer Moon Jae In won South Korea’s presidential election by a landslide, an exit poll predicted when voting closed Tuesday (May 9). The election was called to choose a new president after Park Geun Hye was ousted and indicted for corruption, and took place against a backdrop of high tensions with the nuclear-armed North. Voters ...

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Iran’s Ports and Maritime Organization to hold int’l tender

Iran’s Ports and Maritime Organization (PMO) will hold an international two-phase tender by qualitative assessment method for design, manufacturing, purchase, shipment and delivery of six 63T mobile harbor crane units for Noshahr, Anzali and Amirabad ports. Therefore, in order to carry out the quality assessment of the manufacturers of the cranes, all local and foreigner manufacturers are invited to proceed ...

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OPEC signals cuts extension, oil traders ponder response: Kemp

Saudi Arabia’s energy minister has indicated OPEC will extend its current production cuts for at least another six months to the end of 2017 and maybe further. “Based on consultations that I’ve had with participating members, I am confident the agreement will be extended into the second half of the year and possibly beyond,” Khalid al-Falih said on Monday. “I ...

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Oil Purchases by Top Indian Refiner Show Where Market Glut Bites

The global oil market glut is helping India’s biggest crude processor become nimble. While Indian Oil Corp. used to buy more than 80 percent of its crude via long-term contracts, it’s cut that share down by 10-12 percent over the past three years, said Chairman B. Ashok. That’s because a flood of “light” low-sulfur crude exacerbated by the U.S. shale ...

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Kamarajar Port-Adani Group terminal to be ready in 1 month

  The Kamarajar Port-Adani Group’s Rs 1,270 crore container terminal at the Port is expected to go operational within a month, a top official said here. Adani Group and Kamarajar Port Ltd had signed a “concession agreement” in March 2014 to set up the container terminal in two phases at a cost of Rs 1,270 crore. The terminal would have ...

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Preparing for ballast water management implementation

Identifying organisms and microbes in ballast water, as well as monitoring port marine life where ballast water may be released, are key for countries preparing to enforce IMO’s Ballast Water Management Convention. The treaty will enter into force on 8 September 2017 and aims to counter the threat to marine ecosystems by potentially invasive species transported in ships’ ballast water. ...

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Euronav: New Long-Term Time Charters And Fleet Renewal

Euronav NV announces that it has signed an additional two long-term time charter contracts of seven years each with Valero Energy Inc. for Suezmax vessels with specialised Ice Class 1C capability starting in late 2018. This brings to four the number of long-term (seven years) Suezmax time charter contracts the Company has within its portfolio. In order to fulfil these ...

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MISC expects tanker market recovery

Maintain market perform with a higher target price of RM8.04: MISC Bhd’s earnings for the first quarter of 2016 (1Q16) came within expectations with interim dividend per share (DPS) of seven sen declared. While liquefied natural gas (LNG) charter rates are expected to stay flattish due to overcapacity, the company is expecting market recovery within the petroleum shipping space, earliest ...

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Gaslog: Earnings in line with estimates, maintain neutral view

Market to remain soft although higher vessel days aided 1Q17 earnings: Gaslog (GLOG) reported revenue of USD 128m in 1Q17, up by 23% y/y owing to an increase in operating days as four vessels namely Gaslog Greece, Gaslog Gibraltar, Gaslog Glasgow and Gaslog Geneva, were delivered after 1Q16. There were 2,070 operating days in 1Q17 compared to 1,643 days in ...

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Return of Asian investment in US tight oil

In a recent report Wood Mackenzie highlighted how the absence of major Asian companies from the US tight oil boom needs to change. Between 2010 and 2013, Asian investors poured over US$20 billion into Lower 48 assets, mostly in shale plays. But since 2014, deal flow has dried up and involvement in the world’s hottest tight oil plays, particularly the ...

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Port State Control will target sulphur rules, Polar Code

Danish key issues on, inter alia, enforcement of the sulphur regulations and the Polar Code have been included in a Ministerial Declaration signed by 29 countries. 29 countries from the Paris MoU and the Tokyo Mou have signed a new Ministerial Declaration on port State control. The declaration, which has been under preparation for three years, stipulates new goals for ...

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Record Container Ship Visit for U.S. East Coast

The Port of Virginia received the largest container ship visited the U.S. East Coast on Monday.Originally estimated to be at Virginia International Gateway in Portsmouth until Tuesday evening, the 13,092 TEUs COSCO Development‘s departure time has been moved forward, as she required less container moves that previously projected. Earlier estimates were in the 4,000 TEUs range. However, the actual numbers ...

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Flooding Forces Reefer’s Crew to Abandon Ship

On Friday, the refrigerated cargo ship Uruguay Reefer suffered a “massive intake of water” in her number two hold, and 48 hours later her crew abandoned ship due to worsening flooding.At the time the Uruguay reported the flooding, she was at a position about 100 nm off Elephant Island, an isolated outcropping in the Southern Ocean near the tip of the ...

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Chinese Navy Hands Pirates Over to Somali Authorities

  On Friday, a Chinese naval vessel transferred three suspected pirates to the custody of the Somali maritime police in Puntland region. The three alleged pirates had been reported missing after a boarding team from the Chinese frigate Yulin thwarted an attack on the bulker OS 35 last month. Two attackers escaped from the scene and returned home, and they ...

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Construction of TurkStream Offshore Pipeline Commences

Construction of Gazprom’s TurkStream gas pipeline commenced on Sunday from the Russian coast.The TurkStream project will see an export gas pipeline stretching across the Black Sea from Russia to Turkey and further to Turkey’s border with neighboring countries. The first string of the gas pipeline is intended for Turkish consumers, while the second string will deliver gas to southern and ...

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FMC Clarifies Review of Japanese Carriers’ JV Plan

  On Friday, the U.S. Federal Maritime Commission clarified earlier remarks about an antitrust review of a joint venture that would combine the operations of NYK, “K” Line and MOL. The FMC has referred the carriers’ proposed joint service agreement to the Justice Department for review – not because it believes that the carriers have violated any antitrust law provisions, ...

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Iron Duke Leads the Way at Hamburg’s 828th Anniversary

One of the Royal Navy’s Type 23 frigates, HMS Iron Duke, proudly led the Grand Arrival Parade that officially marked the start of the 828th Hamburg Port Anniversary Festival on Friday (5 May 2017). Remaining alongside in Hamburg for the duration of the Port Anniversary Festival, HMS Iron Duke will form part of the iconic backdrop of more than 300 ...

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Iceberg Towing Project Proposed for 2018

A company in the United Arab Emirates (UAE) plans to tow an iceberg from Antarctica to relieve the nation’s water shortage. A private firm based in Masdar City, Abu Dhabi, claims the National Advisor Bureau plans to send a ship south to haul the iceberg nearly 12,600 kilometers (7,800 miles) to Fujairah. An iceberg could provide enough water for one ...

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DHT Board Unanimously Rejects Frontline Bid

The Board of Directors of tanker owner DHT Holdings has unanimously rejected Frontline’s April 25 latest takeover bid on Sunday. Frontline offered to acquire all of the outstanding shares of common stock of DHT at a ratio of 0.8 Frontline shares for each DHT share. The Board reviewed the proposal, and in writing to Robert Hvide Macleod, Principal Executive Officer ...

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Nigeria: Maritime sector key to economic development – NIMASA DG

    (TRADE NEWSWIRE): The Director-General of the Nigerian Maritime Administration and Safety Agency (NIMASA) Dr. Dakuku Peterside, has stated that for Nigeria to successfully diversify its economy there is the need to advance the nation’s maritime interest, being a sector capable of taking over from oil as the country’s leading revenue earner in the nearest future, TRADE NEWSWIRE reports. ...

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NASA Challenges Long-Held Tsunami Formation Theory

A new NASA study is challenging a long-held theory that tsunamis form and acquire their energy mostly from vertical movement of the seafloor.An undisputed fact was that most tsunamis result from a massive shifting of the seafloor, usually from the subduction, or sliding, of one tectonic plate under another during an earthquake. Experiments conducted in wave tanks in the 1970s ...

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New Investors Revive Jordan Cove LNG Proposal

Canadian midstream firm Pembina Pipeline has announced plans to buy a domestic competitor, Veresen, which is the sponsor of a plan to build an LNG terminal at Coos Bay, Oregon. The multi-billion-dollar acquisition would put a much larger industry player behind the long-delayed proposal. If built, Jordan Cove would open up a new Asian export market for natural gas producers ...

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Greek Bulker Gets Caught in Moroccan Territorial Dispute

A handysize bulker with a load of phosphate has gotten caught up in an obscure, decades-old dispute over the sovereignty of Western Sahara, a sparsely-populated region within the borders of Morocco.Western Sahara – just southeast of the Canary Islands, adjacent to Mauritania – is claimed by Morocco and by the Polisario Front, the governing party of the semi-sovereign Sahrawi Arab ...

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USCG Wants Help Catching Laser-Pointer Hooligans

  The Coast Guard announced Thursday that it is seeing an uptick in laser strikes on merchant shipping in the Chesapeake Bay, including four incidents on Wednesday. The malicious high-power laser incidents included strikes on the merchant vessels Salome, Bulk Spain and AM Annaba, plus a strike on a pilot boat. In addition, three other vessels reported laser strikes over ...

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Cruisers Willing to Drive to Ports

The Cruise Lines International Association (CLIA) released the first Cruise Industry Consumer Outlook of 2017, highlighting a surge of interest in cruise travel and a willingness by passengers to drive to their embarkation port. Of those surveyed, 64 percent said their overall awareness of cruise vacations has improved within the last two years. Within the last four months alone, 30 ...

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Police Raid Samsung Heavy Industries over Crane Collapse

On Thursday, police raided the offices of shipbuilder Samsung Heavy Industries to seize documents related to safety trainings and regulatory compliance. The action was part of an ongoing investigation into a crane collapse that killed six workers earlier this week at Samsung’s main yard at Geoje, South Korea. SHI officials said that it was the first police raid the company ...

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Rising U.S. oil production knocks OPEC off course: Kemp

U.S. crude production is surging, complicating OPEC’s efforts to rebalance the oil market. U.S. production rose by more than 450,000 barrels per day (bpd) in the five months ending in February, according to the U.S. Energy Information Administration (EIA). Total U.S. crude production has increased from a recent low of 8.567 million bpd in September to 9.031 million bpd in ...

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DP World says Trump is seeking fairer deals

The chairman of DP World said US president Donald Trump’s push for free trade agreements was not protectionism but a drive for fairer deals. Speaking at the Arab Media Forum, Sultan Ahmed bin Sulayem said he did not believe Mr Trump would hurt global trade. Mr Trump is seeking to renegotiate the North American Free Trade Agreement with Canada and ...

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Russia’s ex-finance minister: Oil price to stay at $40-60 per barrel in next five years

World oil prices will fluctuate within the range of $40-60 per barrel in the next five years, Russian ex-finance minister Alexei Kudrin told TASS. “My forecast remains: the oil price will fluctuate within the range of $40-60 per barrel in the next 4-5 years. This will be a period of movement towards a new equilibrium,” Kudrin said. Even if the ...

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Platts to launch low-sulphur marine gasoil assessments

S&P Global Platts will launch new low-sulphur marine gasoil and diesel oil prices at several bunkering ports in Asia from June, it said in a note to subscribers. This is to cater to the rising sales of the fuel sold in Singapore and as sulphur limits are expected to tighten globally in the years ahead, the company said. While low-sulphur ...

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What’s next for ballast water management?

Latest developments on the entry into force of the Ballast Water Management (BWM) Convention took centre stage at the 8th International Conference on Ballast Water Management (24-25 April) in Singapore. IMO Secretary-General Emeritus, Koji Sekimizu, and Chief Technical Advisor of the GEF-UNDP-IMO GloBallast Partnerships Programme, Jose Matheickal, delivered keynote addresses at the event. Among other key issues, participants discussed the ...

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First LNG bunkering demonstration carried out in Singapore

A bunkering demonstration transferring liquefied natural gas (LNG) to a ship was carried out on Tuesday (May 2) – the first time the natural gas has been supplied to a ship from a port in Southeast Asia. The bunkering process involved the transfer of the gas from a truck to a vessel alongside Jurong Port’s berths. The demonstration was carried ...

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GNS Voyager Open Permit™ provides new options for Pay as You Sail

Global Navigation Solutions (GNS), the maritime services group, has introduced a breakthrough PAYS service, VoyagerTM Open Permit, which delivers unrestricted access to AVCS coupled with Voyager route planning and navigation management software. Building on PAYS licensing, the VoyagerTM Open Permit service is an entirely new way to buy ENCs. Users get unrestricted access to the entire AVCS portfolio and can ...

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Pacific and European countries demand shipping makes tough CO2 cuts

A coalition of Pacific Island and European countries have agreed to work together to ensure the UN’s International Maritime Organisation delivers an ambitious climate deal for shipping. Ministers meeting in Tonga from April 24-28 formally endorsed the work of a “High Ambition Coalition for shipping” ahead of IMO negotiations in London next month. The group – which includes the Marshall ...

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Harvey Gulf Gets New Jones Act Subsea Construction Ship

On Tuesday, offshore vessel operator Harvey Gulf announced the delivery of the first in a series of two Jones Act-compliant subsea construction vessels, the MPSV Harvey Sub-Sea.Harvey Gulf says that the ship can do the kind of field development work that is currently performed by foreign-flagged vessels – like subsea installations and removals, inspection, repair and floatel services. The second vessel in the class, the Harvey Blue-Sea, is expected ...

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Container Ship Sets Panama Canal Transit Record

The container ship COSCO Development has set a record as the largest vessel to date to enter the expanded Panama Canal. The 13,092 TEU Neopanamax vessel is the largest in both dimension and capacity to transit the Expanded Canal since it was inaugurated in June 2016. She began her voyage in Asia and will soon become the largest ship to ...

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Details of Sewol Investigation Committee Decided

The South Korean government has decided on the makeup and duties of the committee that will investigate the cause of the 2014 Sewol ferry disaster that killed over 300 people, mostly school children.The 53-member committee will be led by a minister-level chairman and will include officials from the maritime, interior, education and personnel management ministries, along with the National Police ...

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Death Toll Rises in Shipyard Crane Accident

  Another worker who was injured in the collapse of a crane at Samsung Heavy Industries’ Geoje yard has died of his wounds, bringing the accident’s death toll to six. On Monday afternoon, a tower crane at Geoje was lifting a large object when it collided with a gantry crane and collapsed onto a break area, which was a frequent ...

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Cost Cuts and Rising Prices Lift Oil Majors’ Profits

  The oil industry’s fiscal recovery is progressing faster than many expected: on Tuesday, BP announced that its profit for the first quarter rose to $1.5 billion, about 20 percent above analysts’ expectations and almost three times its earnings in the same period last year. Brent crude futures began to fall in late 2014 and bottomed out below $30 per ...

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Live Export Global Trade Worth $18 Billion

The trade in livestock is growing rapidly and has more than doubled in value over the past decade.The global live export trade is now valued at over $18 billion per annum, according to a research report, Enhancing the Competitiveness of the Australian Livestock Export Industry, undertaken by the Australian Farm Institute for the Livestock Export Program, a collaborative initiative of ...

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U.S. Defense Budget to Get $21 Billion Boost

U.S. President Donald Trump has announced that his contested budget will see a $21 billion increase in defense spending ending what he says were “years of painful cuts.”“Not only did we achieve this massive and badly needed increase in defense, but we did so without having to put in place an equal increase in non-defense spending, breaking the so-called parity ...

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Aramco Cuts Asia Oil Pricing as Saudis Seen Losing Market Share

Saudi Arabia, the world’s largest crude exporter, cut pricing for June oil exports to Asia as it fights to defend sales in its biggest regional market. The kingdom raised pricing to all other regions. State-owned Saudi Arabian Oil Co., known as Saudi Aramco, lowered its official pricing for Arab Light crude to Asia by 40 cents to an 85 cent ...

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Japan 2016/17 oil sales fall to lowest in over 46 yrs

Japan’s total oil sales in the fiscal year ended March 31 fell to the lowest in more than 46 years, trade ministry data showed, reflecting a gradual decline in demand amid a falling population and a shift to more efficient vehicles and equipment. Japan’s total oil sales fell 2 percent to 3.05 million barrels per day (176.88 million kilolitres), marking ...

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Libya’s oil output hits 760,000 bpd, highest since 2014: NOC

Libya’s oil production has risen above 760,000 barrels per day (bpd), its highest since December 2014, the National Oil Corporation (NOC) said. Chairman Mustafa Sanalla said in a statement the NOC was working on plans to increase production further. He has previously set a goal of boosting output to 1.1 million bpd by August. The NOC gave no breakdown for ...

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Why is today’s oil market, a ‘no mans’ land?

The oil market has never been easy to call but these days it appears to be in “no mans” land. Why is that the case? A few weeks back American Tomahawk missiles took out a Syrian airfield. The price of the North Sea Brent crude jumped up by 2% to $56.08/barrel, but within days gave up this gain. And, since ...

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Westports 1Q core profit after tax below expectations

Maintain buy call with a target price (TP) of RM5: Westports Holdings Bhd recorded a first quarter ended March 31, 2017 (1QFY17) core profit after tax of RM151 million (down 6% year-on-year [y-o-y]), which fell short of our expectations, representing 20% of our full-year forecast. The shortfall was to a large extent attributed to a higher-than-expected effective tax rate of ...

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Massive Ships Threaten Portland’s Long-Term Container Export Prospects

Increasingly massive container ships threaten the relevance of the Port of Portland’s container terminal, where cranes aren’t large enough to accommodate the behemoth vessels, experts say. “In many ways, this is where the market is headed and what we have to contend with in Portland,” said Randy Fischer, senior analyst at the port. “It’s bigger ships coming in and smaller ...

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Home blood pressure monitors may not be accurate enough: Study

TORONTO: Even as doctors are increasingly relying on home blood pressure monitoring to manage patients with hypertension, many of the devices are too inaccurate to be useful, according to a small study. About 70 per cent of the time, home monitors weren’t accurate within 5 mmHg, which is considered clinically important, researchers say. And 30 per cent of the time ...

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Malaysia Airlines reaches settlement with family over MH17

KUALA LUMPUR: Malaysia Airlines announced Tuesday (May 2) it has reached a settlement with an Australian family who lost four family members on Flight MH17. Perth couple Anthony Maslin and Marite Norris lost their children Evie, 10, Mo, 12, and Otis, 8, along with their grandfather on the Boeing 777 which was shot down over Ukraine in 2014. The airline ...

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New virtual ‘bilur’ currency, tied to oil, takes aim at bitcoin

  GENEVA: A new virtual currency launched on Tuesday (May 2) aims to rival industry leader bitcoin by pegging its value to hard oil assets, a first in the rapidly growing digital money sector. The currency called “bilur” and created by London-based financial services company R Fintech uses the technology pioneered by bitcoin, while trying to offer an alternative for ...

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Greece, creditors look to debt relief after provisional fiscal deal

ATHENS: Greece and its creditors on Tuesday (May 2) closed a troubled chapter on fiscal reforms with a preliminary deal on pension and tax cuts, offering hope for a debt relief agreement later this month. “The negotiations are concluded,” Euclid Tsakalotos told reporters outside a central Athens hotel after an all-night negotiation with the senior representatives of the European Union, ...

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How two cutting edge US nuclear projects bankrupted Westinghouse

WILMINGTON, Del./NEW YORK: In 2012, construction of a Georgia nuclear power plant stalled for eight months as engineers waited for the right signatures and paperwork needed to ship a section of the plant from a factory hundreds of miles away. The delay, which a nuclear specialist monitoring the construction said was longer than the time required to make the section, ...

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North Korea says US bomber flights push peninsula to brink of nuclear war

SEOUL: North Korea accused the United States on Tuesday (May 2) of pushing the Korean peninsula to the brink of nuclear war after a pair of strategic U.S. bombers flew over the area in a training drill with the South Korean air force. The two supersonic B-1B Lancer bombers were deployed amid rising tensions over North Korea’s dogged pursuit of ...

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China demands ‘immediate’ halt to US missile shield in South Korea

BEIJING: China called Tuesday (May 2) for the immediate suspension of a controversial missile defence system hours after Washington confirmed the shield was now operational in South Korea. “China’s position is clear-cut and firm. We oppose the deployment of the THAAD system in (South Korea) and urge relevant sides to immediately stop the deployment. We will firmly take necessary measures ...

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THAAD missile defence system now operational in South Korea: US

WASHINGTON: A controversial US missile defence system whose deployment has angered China is now operational in South Korea, a US defence official said on Monday (May 1). Washington and Seoul agreed to the Terminal High Altitude Area Defence (THAAD) battery deployment in July in the wake of a string of North Korean missile tests. “It has reached initial intercept capability,” ...

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Trump says would be ‘honoured’ to meet North Korea’s Kim

WASHINGTON: US President Donald Trump said on Monday (May 1) he would be “honoured” to meet North Korean leader Kim Jong-Un under the right conditions, in comments that contrasted with earlier threats of military action. As Pyongyang threatens to carry out a sixth nuclear test that would further inflame tensions, Trump appeared to offer the prospect of a diplomatic off-ramp. ...

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Panama Canal performing above initial expectations

The expanded Panama Canal has performed way above what was expected since its inception. It has gained 15 new liner services; transited six neopanamaxes (after an initial forecast of “two to three” in the first year); and has had more than five liquefied natural gas (LNG) vessels a week transiting the canal (beating the original estimate of “one a week”). ...

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Shanghai Port Congestion Could Last Weeks

Forwarders and shipping lines are warning their customers that severe congestion at the Port of Shanghai, the world’s busiest container port, could last for several weeks. The congestion has been attributed to unusual weather in the Shanghai area that has caused dense fog, higher-than-usual container volumes, and confusion caused by the recent realignment of in shipping alliances. A report by ...

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Colombo Port terminal: Contract to India to be announced by end May

The government is expected to announce the award of the contract for the development of the container terminal at the Colombo port as a Joint Venture with India by the end of this month, according the Memorandum of Understanding (MoU) signed between the two sides in New Delhi last week. The MoU, in its final version worked out in New ...

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Indonesia’s Widodo lauds opening of shipping route

Indonesian President Joko Widodo on Sunday lauded President Rodrigo Duterte’s “extraordinary commitment” to establish a new shipping route linking Mindanao to Indonesia, saying that the project shows the administration’s concern for people outside Metro Manila. “I know you care deeply for the areas of your proud country that are far from the wealthy capital city of Manila,” Widodo told Duterte ...

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Saudi Aramco to boost oil loading capacity with reopened terminal

State oil giant Saudi Aramco plans to launch its overhauled Muajjiz oil terminal on the Red Sea next year, lifting its total loading and export capacity to as much as 15 million barrels per day, Saudi officials said. Located on the Red Sea, Muajjiz had been used as an export terminal for Iraqi crude through the Iraqi Pipeline in Saudi ...

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Major ports in India to take satellite port route for expansion

The government-run ports in Chennai, Paradip and the Jawaharlal Nehru Port Trust (JNPT) in Mumbai are developing satellite ports as part of their expansion plans, two government officials aware of the development said. A satellite port can either be one that is already existing or is created near a port that is reaching capacity. Satellite ports help overcome issues such ...

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Bangladesh and its South Asian neighbors need to develop container ports

Bangladesh and its South Asian neighbors can make their container ports more efficient in order to grab a bigger share of international trade and create more jobs, a World Bank report said. This can be achieved through boosting private sector participation, improving governance and encouraging competition, said the report. While noting that Bangladesh and South Asia have had impressive economic ...

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Singapore Launches LNG Bunkering Standard

The Maritime and Port Authority (MPA) of Singapore has released a standard for LNG bunkering.The technical reference (TR 56) convers requirements for custody transfer, procedures and safety distances and competency requirements for personnel. The technical reference covers LNG delivery from LNG bunkering facilities (i.e. trucking, shore, terminal, shipping and ISO tankers lifting facilities) to receiving ships through four modes of ...

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Crane Collapse Kills Five at Samsung Heavy Industries

    [Brief] On Monday afternoon, a giant tower crane at the Samsung Heavy Industries yard in Geoje collided with another crane and collapsed, killing five contract workers and seriously injuring four others. Eight to ten addditional workers sustained minor injuries, and responders continued the search for survivors late Monday. It was the yard’s most serious accident in years. The ...

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Duterte Welcomes Chinese Warships to Philippines

  On Monday, Philippine president Rodrigo Duterte welcomed three ships of the Chinese People’s Liberation Army (Navy) to his home town of Davao, Mindanao. “Very impressive,” Duterte said, following a tour. “It’s clean and even the carpeting, it’s all carpeted inside, it’s like a hotel.” Returning the complement, RAdm. Shen Hao, the PLAN Deputy Commander of the East China Sea, ...

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Strange Vessel Sightings Unsettle American Samoa

American Samoa is a quiet place, an American territory in the South Pacific with seven islands, 60,000 inhabitants and a tuna canning factory. The main island of Tutuila has as many as 10 stop signs, “depending on how many are actually standing,” according to American Samoa Tourism. Rarely if ever does its name come up in discussions of maritime security ...

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Construction Commences on Australian Shipyard

Australian construction contractor Civmec has begun construction of what will become Australia’s largest undercover shipbuilding and repair facility.The project is being undertaken by Civmec subsidiary Forgacs Marine and Defence. The 18-storey high, ship and module construction, ship repair and maintenance facility in Henderson, Western Australia, is expected to be used in Australia’s A$89 billion ($67 billion) naval ship and submarine ...

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Madrid Maersk Makes Maiden Port Call

  On April 27, Madrid Maersk, a 20,568 TEU container vessel and the first second generation Triple-E class vessel, called the Port of Tianjin in China. This was the first port on its maiden voyage. Madrid Maersk is the first in a series of 11 second generation Triple-E vessels. It is also the first of the 27 vessels Maersk Line ...

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Australian Live Export Not Competing with Meat Industry

  A report released today indicates that the Australian live export industry is often not competing with the domestic meat processing industry, a common criticism the industry faces from animal welfare organizations that consider the it inhumane to transport slaughter animals by sea. The research report, Enhancing the Competitiveness of the Australian Livestock Export Industry, was undertaken by the Australian ...

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Chinese Beat Australians as Antarctic Tourists

The International Association of Antarctica Tour Operators (IAATO) has announced its tourism figures for the 2016-2017 noting that most Antarctic visitors originate from the U.S., but China has moved up to second place ahead of Australia. The number of visitors travelling to Antarctica with IAATO members was 44,367, an increase of 15 percent compared to the previous season. Overall, visitation ...

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Bombardier board approves proposal to cut chairman’s pay

REUTERS: Bombardier Inc said its board of directors approved a proposal to slash Executive Chairman Pierre Beaudoin’s pay by US$1.4 million, bringing his 2016 compensation to US$3.8 million, equal to his remuneration for 2015. The move comes after Beaudoin asked the board to reset his compensation as the rise in pay had “become a distraction” from the company’s regular work. ...

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