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.
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.
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
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 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 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.
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
Greek rescuers will deploy a robot submarine to search for the bodies of two French tourists believed to have drowned when a cruise ship sank off a resort island in the Aegean Sea last week, reported the Houston Chronicle. The ship's captain blamed the accident on sea currents that swept the Sea Diamond onto a charted reef off the island of Santorini, tearing a hole in the ship's hull. According to reports, more than 50 tons of the ship's fuel leaked after the sinking
The Canadian Press reported that federal politicians say Canada is considering regulations to ban liquefied natural gas supertankers from a sensitive waterway in the Bay of Fundy, risking renewed territorial tensions with the United States. Maxime Bernier, Canada's new minister of foreign affairs, assured a citizens' group on Sunday that Canada is opposed to the prospect of LNG supertankers navigating the treacherous waters that lead into Passamaquoddy Bay between Maine and New Brunswick
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
Chinese maritime officials on Friday removed an online notice giving the location of a $1-billion deepwater oil rig in the South China Sea two days after issuing it, following a warning from Vietnam about drilling in disputed waters. Vietnam closely tracks the movement of the oil rig
The GBP4million super yacht Princess 95 Queen Anna has been destroyed after it went up in flames in Turkey. The 90-foot superyacht yatch was completely gutted by the blaze in Ege Saray marina in Fethiye on Thursday. Smoke then completely engulfed the vessel and there were
A stricken cargo ship drifting on its side off the French Atlantic coast will run aground in southwest France if a renewed attempt to tow it to port fails on Monday, a French maritime official said. The 164-metre-long Modern Express, which was transporting 3
VesselsValue has provided a list ranking the top shipowning nations by value, including the percentage change difference against 2015 figures. Although the order may not have changed much from last year, the standout winner appears to be Denmark as the only country on the list to increase
Philippine authorities cancelled flights and urged residents and tourists to move to safer ground on Saturday as a powerful typhoon approached northeastern parts of the main island of Luzon. With winds of up to 160 kph (99 mph), typhoon Koppu is about 300 km (185 miles) east of Baler in
Hurricane Patricia was gaining strength off Mexico's Pacific coast on Thursday and was expected to land as "an extremely dangerous major" storm near a major shipping port and the tourist resort of Puerto Vallarta, the U.S. National Hurricane Center said.
The major Mexican cargo port of Manzanillo was set to reopen at 4 pm (21:00 GMT) on Saturday, a port official said, after avoiding the worst of Hurricane Patricia, which slammed into the country's Pacific coast but caused less damage than expected.
Adani Ports and Special Economic Zone Limited (“APSEZ”), India’s largest port developer and part of Adani Group, today announced a 16 per cent increase in its consolidated net profit to Rs. 667 crore for the second quarter on increased income from operations.
Royal IHC announced the sale of an Easydredge 3700, the largest vessel in the Easydredge series of standard twin-screw trailing suction hopper dredgers (TSHD), which are designed and built by IHC. This innovative and flexible Easydredge concept can be tailor-made to suit requirements
The last commercial shipyard on the Clyde, Scotland, has secured grant to help safeguard 125 jobs and create a further 100. Ferguson shipyard has been awarded a £1m grant to refurbish its Port Glasgow premises and help fund new jobs.
Abu Dhabi Ports─the master developer, operator and manager of ports and industrial zones in the Emirate―has started welcoming cruise liners at Sir Bani Yas Island, the Arabian Gulf’s first cruise beach stopover in Abu Dhabi. Two prominent luxury cruise vessels made their maiden calls
China's Hong Kong Nicaragua Development (HKND) Co. said it is delaying the start of construction on a controversial $50 billion inter-ocean canal across Nicaragua until late 2016. HKND has obtained approval for environmental studies of the canal earlier this month
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
U.S. crude stocks rose unexpectedly last week on a bigger-than-expected build in distillate and gasoline inventories and higher imports, data from the Energy Information Administration showed on Wednesday. Crude inventories rose by 2
In mid-2014, rig caused worst breakdown in ties in decades. China's Foreign Ministry said on Wednesday that a $1-billion deepwater oil rig was not drilling in disputed territory in the South China Sea, in response to a warning from Vietnam against such activity.