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
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
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.
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
Viva Gaming Resorts reported that it has finalized its bare-boat charter agreement and related letter-of-credit commitments with Discovery Dawn Limited Partnership and, as a result, has now taken possession of the Bahamian-flagged luxury casino cruise ship M/V Island Dawn. The cruise ship is presently being moved from its previous location in Freeport, Grand Bahamas, directly to Corpus Christi, with scheduled arrival this week
Tunisia's navy rescued more than 350 illegal migrants off its coast and was searching for hundreds more on Wednesday after they tried to sail from neighbouring Libya to the Italian island of Lampedusa, the local Red Cross said. Boat smugglers often use Tunisia's proximity to the Italian
Tropical storm Carlos threatened Mexico's Pacific coast with heavy rain on Monday as it churned west near the port of Lazaro Cardenas, and it is forecast to become a hurricane again by early Tuesday, the U.S. National Hurricane Center said.
The ports of the Estonian state-owned port operator Tallinna Sadam (Port of Tallinn) handled in June 1.68 million tonnes of cargo and serviced 1,045,461 passengers. Compared to the same period last year, the cargo volume dropped by 25% while the number of passengers was by 1
A U.S. government weather forecaster on Thursday warned that much-watched El Nino conditions are likely to last another nine months, potentially roiling global crops and commodities prices. The National Weather Service's Climate Prediction Center projected a more than 90 percent chance that El
The former chief executive of Norwegian Cruise Line Holdings Ltd sued Richard Branson's Virgin Group in federal court in Miami for $300 million on Wednesday over plans by the British billionaire to launch his own luxury cruise line.
With Legislative Reform Committee giving the go-ahead for the suggested Suez Canal Project regulatory legal frame work, Egypt is offering investors massive projects worth billions of U.S. dollars for the development of the Suez Canal region.
Budget constraints are jeopardising Malaysia's defence spending plans, which include replacing ageing fighter jets and beefing up its maritime capabilities, at a time when Beijing is growing more assertive in the disputed South China Sea.
Venezuelan state oil company PDVSA's exports to Asia and the Americas fell last year though shipments to Europe increased, according to a preliminary government report issued this month. The OPEC country's Oil Ministry did not explain the overall drop in exports in its report to Parliament
Hundreds of people in the north of the main Philippine island of Luzon left evacuation centres and returned home on Sunday after a typhoon weakened significantly as it made landfall, although officials still warned of heavy rain and rough seas.
Irwin F. Edenzon, the retired president of Huntington Ingalls Industries' (HII) Ingalls Shipbuilding division, accepted the Navy League of the United States' Fleet Admiral Chester W. Nimitz Award last night. The Navy League presented the award at the annual Sea-Air-Space Black Tie Reception and
Murmansk Governor Marina Kovtun, at the first meeting of the State Commission for the development of the Arctic has proposed a change to the system of energy pricing for the Murmansk region and zoning of marine areas. The authorities of the Murmansk region linked the successful
Adani Ports and Special Economic Zone Limited (“APSEZ”), India’s largest port developer and part of Adani Group, today announced the financial results for the fourth quarter and year ended March 31, 2015. Consolidated cargo across all ports handled by the company was
Charity endurance event ‘Row Around Singapore Island (RASI)’ beats electrical storm and finishes with time triumph, high emotion and VIP celebrations at the finish line. ‘Mission RASI’, took place last week as part of Singapore’s 50th Anniversary
Today at a christening ceremony in Nice, France, Windstar Cruises debuted Star Breeze, the second of the fleet’s three new all suite power yachts. The christening ceremony and pier-side champagne celebration mark the luxury yacht’s introduction to the Windstar fleet
As agreements was signed between Singapore and Malaysia to boost the number of ferry trips between Changi Ferry Terminal, Singapore and Tanjung Belungkor in south-eastern Johor, Malaysia. The memorandum of understanding (MOU) signed was between Singapore's Maritime and Port