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Panama Canal Case Headed to Arbitration

Picture Credit: Panama Canal Authority.

 The Panama Canal Authority (PCA) and the consortium building a third set of locks for the inter-oceanic waterway said in separate statements that they will take a dispute over cement quality to international arbitration.   The PCA has asked for an international arbitration panel to review a decision to award US$233 million to the consortium expanding the canal in a dispute over cement quality.   The consortium, led by Spain's Sacyr and Italy's Salini Impregilo, and including Belgium's Jan de Nul and Panama's CUSA, said in January it had won US$233 million of the US$463 million it claimed in the dispute.   In the latest chapter of an often thorny relationship between the authority, known as the ACP, and the Grupos Unidos por el Canal consortium (GUPC), the latter said Tuesday it has filed a request for international arbitration as it seeks an award of $345 million.   The request for arbitration comes 56 days since the issuance of a decision by a panel created by the contractor and the Canal Authority to resolve disputes. Under the terms of the contract, both sides have the right to appeal the decision of the panel to the court of arbitration.   Arbitration is the last resort of the mechanism established in the contract for the design and construction of the new locks. It will be held in Miami.  


Mideast Crude Tanker Earnings Slip, Ukraine Watched

By Jonathan Saul, Reuters Crude oil tanker earnings on the major Middle East route fell on Tuesday as a build up of vessels available for hire weighed on rate sentiment. Shipping markets continued to monitor developments in Ukraine after Russia sent military forces into the Crimea region of southern Ukraine. Russian President Vladimir Putin said Moscow would only use military force in Ukraine as a last resort. A U.S. official said it was ready to impose economic sanctions on Russia.


Final Designs, King Abdullah Sea Port

KAEC+Port_web.jpg

Emaar, the Economic City (Emaar.E.C), the Tadawul-listed company developing King Abdullah Economic City (KAEC), has revealed the final blueprints of the KAEC Sea Port, designed in coordination with Halcrow, the international consultancy specializing in the provision of planning, design and management services for maritime projects. One of the six key components of the 168 million sq m KAEC, the Sea Port will be the largest in the Red Sea with a capacity to handle 20 million TEU (twenty ft


Hurricane Blanca Weakens off Mexico, Still Headed for Resorts

Hurricane Blanca Photo NOAA

  Hurricane Blanca weakened to a category 1 storm on Friday but is still expected to hit Mexico's Baja California peninsula on Sunday, the U.S. National Hurricane Center said. Blanca, the second hurricane to form off Mexico's Pacific coast this year, is about 330 miles (531 km) southwest of the major port of Manzanillo, with maximum sustained winds of 90 miles per hour (145 km), the Miami-based NHC said in a report.


Hurricane Patricia Threatens Mexico

Photo: NOAA

Hurricane Patricia strengthened into one of the most powerful storms in history on Friday as it barreled toward Mexico's Pacific Coast, forcing resort hotels to evacuate tourists and residents to stockpile supplies. The U.S. National Hurricane Center said the Category 5 storm was the strongest ever recorded in the Western Hemisphere, and the World Meteorological Organization compared it to 2013's Typhoon Haiyan, which killed thousands in the Philippines.


Ardent in for Major Expansion in India

Capt. Arnab Chakravorty Operations Director, Asia-Pacific, Ardent

Before the furious monsoon and tropical cyclones hit South East Asia, Ardent, the amalgamation of two salvage giants, has already positioned itself to tackle the growing number of accidents and casualties that become a regular feature this time of the year. Ardent is also responding to the recent initiatives of the Indian Shipping Minister Mr. Nitin Gadkari, who is focused strongly on setting up new ports, augment capacity of existing ports, develop coastal shipping, passenger ferry services


World's First Floating Resort Scheduled To Set Sail In 2001

The world's first ocean-going luxury resort is scheduled to be afloat late in 2001 now that Bahamas-registered ResidenSea has secured financing and found a builder, company officials said. The vessel for the rich, dubbed The World of ResidenSea, was conceived four years ago by Norwegian cruise magnate Knut Kloster Jr. "After four years of an uphill struggle...we have finally made it," Henning Oeglaend, chairman of the board of ResidenSea


New Maritime Exhibition Planned

Cyprus’ MIE Group, Limassol, is arranging an exhibition of marine equipment managers and services (East Med Marine Exhibition) during 7-8th April next year (2005) at the Hawaii Grand Hotel & Resort, Limassol. Backed by the Cyprus Minister of Communications and Works, the exhibition will not only have exhibitors that use MIE as their agent in Cyprus, but also other marine equipment and service companies. Some 45 companies have already signed up for this exhibition


Marauder Fired on by U.S. Fleet Tanker

USNS Rappahannock: Photo credit USN

A small motor vessel fired on in the Persian Gulf after ignoring warnings to keep away from 'USNS Rappahannock' The incident occured near Jebel Ali, United Arab Emirates. In accordance with Navy force protection procedures, the sailors on the USNS Rappahannock (T-AO 204) used a series of non-lethal, preplanned responses to warn the vessel before resorting to lethal force.
 The U.S. crew repeatedly attempted to warn the vessel's operators to turn away from their deliberate approach


Nearly 100 Rescued after Batam Ferry Hits Trouble

Sea Prince. Photo by BatamFast Ferry Pte. Ltd

 Almost 100 people were rescued when a ferry sailing toward Singapore from the Indonesian island of Batam hit a floating object and reportedly started to sink, maritime officials said.   Singapore's Maritime and Port Authority (MPA) said it received a report last night that Indonesia-registered ferry 'Sea Prince' had hit a floating object after leaving Batam, one of the popular resort islands about 40 minute ride from Singapore.    


OOIL Sales Up 10% to $1.3 bln

Pic:  Overseas (International) Limited

 Orient Overseas (International) Ltd (OOIL) whose principal holding is its container unit OOCL, posted a 10.3% fourth quarter year-on-year revenue increase in 2016 to US$1.3 billion.    The total volumes were 20.2% up from the same period last year


SC Ports Reports All-time Record Container Volume

Photo: SCPA

 South Carolina Ports Authority (SCPA) announced an all-time record container volume of nearly 105,000 pier containers and 185,018 twenty-foot equivalent units (TEUs) handled in January.     As measured in pier containers, or total box volume, SCPA handled 104, 792 boxes last month


SC Ports sets Container Volume record

Hapag-Lloyd Photo South Carolina Ports Authority

 South Carolina Ports Authority (SCPA) announced an all-time record container volume of nearly 105,000 pier containers and 185,018 twenty-foot equivalent units (TEUs) handled in January.  As measured in pier containers, or total box volume, SCPA handled 104, 792 boxes last month


Container Volume Up 8 Percent at SC Ports

Container Operations at the port of Charleston, SC (CREDIT SCPA)

The South Carolina Ports Authority reported an 8 percent increase in container volume since its fiscal year began in July.    As previously reported, SCPA handled an all-time record container volume in January, with 185,018 TEUs moved last month


Asia Dry Bulk-Capesize Rates could slide as Tonnage Outweighs Demand

A typical Capesize Bulker (credit: BSM)

Many vessels available for charter put pressure on freight rates. Freight rates for large capesize dry cargo ships on key Asian routes are set to slide next week as the number of ships available for charter outpaced cargo demand, ship brokers said on Thursday.


Japan, Allies Block Proposal for South Atlantic Whale Sanctuary

Photo: IWC

Countries led by Japan on Tuesday blocked a move by South American and African states to create a South Atlantic sanctuary for whales they say are endangered by hunting despite a global moratorium in force for 30 years. The proposal brought by five African and South American countries would


INS Viraat on its last Journey

INS VIRAAT is being towed

The INS Viraat is on the last journey and the ship is being towed back by three tugs to Mumbai for the decommissioning. SCI Mukta, an Anchor Handling & Towing Vessel (AHTS) of the National Flagship Carrier i.e. The Shipping Corporation of India Ltd


OOCL Revenue Slides in Q3

Photo: Orient Overseas Container Line

Orient Overseas Container Line's (OOCL) total revenues decreased by 13.8 percent to $1.15 billion, for the third quarter of 2016.   The shipper’s total volumes were up 5.2 percent from the same period last year. Loadable capacity increased by 0.7 percent. The overall load factor was 3


Crude Stocks Jump 14 Mln Barrels -EIA

U.S. crude stocks rose sharply last week as refineries cut output, while gasoline stocks decreased and distillate inventories fell, the U.S. Energy Information Administration showed on Wednesday. Crude inventories rose by 14.4 million barrels in the last week


US Crude Stocks Rise on Heavier Imports - EIA

U.S. crude stocks rose last week as refineries hiked output, while gasoline stocks increased and distillate inventories rose, data from the Energy Information Administration showed on Wednesday. Crude inventories rose by 5.3 million barrels in the last week


Sea Tow Presents Franchise Awards

Sea Tow Rookie of the Year (Photo: Sea Tow Services)

Sea Tow Services International, Inc., a professional on-water assistance provider, honored members of its national network for outstanding customer service and dedication to boating safety at the Sea Tow Awards Luncheon held on November 17.


James Murray Joins Gulfstream Shipbuilding Management Team

James Murray (Photo: Gulfsteam Shipbuilding)

Gulfstream Shipbuilding welcomes James Murray, a second generation boat builder and operator/owner, to the Sales Management Team. James is the son of Jim Murray, who originally opened the shipyard 35 years ago as Freeport Shipbuilding.  James built a variety of custom boats at the shipyard


US Imports Up as Holiday Shopping Continues

© cvalle / Adobe Stock

Imports at the United States’ major retail container ports are expected to be up 3.2 percent this month over the same time last year as stores bring in the last of the merchandise for the holiday season, according to the monthly Global Port Tracker report released today by the National


Top 8 Cruise Industry Trends for 2017

© EpicStockMedia / Adobe Stock

As part of its 2017 State of the Cruise Industry Outlook, trade association Cruise Lines International Association (CLIA) has forecasted the top eight cruise travel trends that will have the greatest impact on the cruise industry in the coming year.


South Carolina Container Volumes Climb 5%

South Carolina Ports Authority reported a 5.4 percent increase in 20-foot equivalent unit (TEU) volume fiscal year to date, with 1,029,450 TEUs handled since the period began in July.     December was a solid finish to the second quarter of fiscal year 2017, with 164






 
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