THE BIG FOUR
Germany's largest bank, Deutsche Bank AG, has declared it will not finance a controversial coal port expansion in Australia near the Great Barrier Reef, responding to calls from environmental groups and tourism operators. HSBC, Europe's biggest bank, also signalled on Friday it would be unlikely to finance the project. Deutsche Bank's stand marks a win for those opposed to $26 billion worth of coal projects that plan to use the Abbot Point port, already facing delays due to weak coal prices. But one company involved said the bank's position made no difference. "This doesn't impact our proposed projects in any way," Indian firm GVK Hancock spokesman Josh Euler said. Green groups and marine operators fighting to protect the World Heritage-listed reef took their campaign to Europe this week, urging Deutsche Bank, Societe Generale and HSBC not to back the Queensland coal projects. They want to stop a government-approved expansion of Abbot Point that would involve dumping 3 million cubic metres of dredged soil about 25 kilometres (15 miles) from the Great Barrier Reef, an issue that is also of concern for UNESCO's World Heritage committee. Campaigners against the Abbot Point expansion failed to win support from Societe Generale on Tuesday, according to their web site, but were successful at Deutsche Bank's annual meeting on Thursday. (http://www.marketforces.org.au/europecoalfinance)
The first phase of the Jiangnan Changxing Shipbuilding Base has been finished and is already in operation on Changxing Island, Shanghai. Built by the China State Shipbuilding Corporation (CSSC), it has three production lines and four boatyards capable of holding 300,000-ton ships. Almost unparalleled in the world, it is the biggest shipbuilding project ever to be undertaken in China. Shanghai has the potential to be the world's largest shipbuilding base.
Since 1960, J. Ray McDermott's Middle Eastern facility has fabricated and installed over 630 structures, 330,693ST of steel, and has installed over 2,610 miles of pipeline throughout the Arabian Gulf, Egypt, India, the Caspian, Africa and the North Sea. Recently they have upgraded one of the assets that make these remarkable numbers possible. The firm’s Derrick Lay Barge-27, owned by Hydro Marine Services but operated by McDermott, now has an impressive set of specifications
Cargill has announced a change in shipping strategy, following the sale of its last four remaining Panamax bulk-carriers, and from here on will charter in ships for all its cargo requirements. "The widespread trend towards consolidation and size within the ship owning segment implies one either gets bigger or scales back," said Vice President of Cargill International Tom Intrator in a statement. "And in our case we have chosen the latter."
During November MacGREGOR won offshore equipment orders with a total value of over $73.5 million (50 million euros); the equipment will be delivered during 2009-2010 Offshore equipment orders recently signed by MacGREGOR’s Offshore division include the single biggest order in the history of the newly acquired Norwegian company Hydramarine AS. This is for two Hydramarine active heave compensated (AHC) cranes for an offshore vessel being delivered in 2010 to a Norwegian shipowner
Len Jones was born in 1911, the coronation year of King George V and the year the Titanic was launched at Harland & Woolf in Belfast. During his lifetime there have been four British monarchs, 19 Prime Ministers, two World Wars and the break up of the British Empire. Women have won the vote, man has landed on the Moon and the world has seen the invention of television, computers, the internet, mobile phones and SatNavs.
Brazil's state oil giant Petrobras said on Thursday that it had made four "important" new oil finds that should boost its oil reserves by about 1.4 percent. Petrobras said the discoveries in Brazil's northeast region would eventually increase reserves by more than 130 million barrels, or 1.4 percent. Brazil's current reserves are 9.278 billion barrels. The finds were made in four mature fields where production was thought to be declining.
Larsen and Toubro Ltd (L&T) has won a contract valued at about $240m to build four specialized ships for Dutch company RollDock BV. Indian companies are currently building about 245 ships worth more than Rs20,000 crore. Of this, about 70% are for overseas clients, who are placing orders at Indian yards as shipbuilding facilities in maritime strongholds such as , and are fully booked till 2011. Each ship will cost about $60m to build
For the second time in a week, global marine terminal operator DP World welcomed and simultaneously handled two mega container vessels at its flagship Jebel Ali Port, reinforcing its relentless efforts and capability to continuously meet customers’ demands. The ships, MSC Beatrice and MSC Lauren, sailed in within 10 hours of each other, barely a week after the MSC Daniella and the MSC Bettina. All the four vessels are owned by Geneva-based Mediterranean Shipping Company (MSC) and
Abu Dhabi-based, CCC (Underwater Engineering), saves on operational costs with Saab Seaeye Panther XT Plus ROV. “Its ten-thruster power easily overcomes the four-knot currents,” says CCC’s ROV Manager, Tavis Letherby, “and having two powerful Schilling manipulators to hand is a combination that stands out from everything else.” He finds that 90 per cent of the tasks normally undertaken by CCC’s 150 HP hydraulic work-class ROVs is now possible
The world's biggest container shipping company Maersk Line, a unit of A.P. Moller-Maersk, said it planned to raise freight rates on routes from Asia to northern Europe by $450 per 20-foot container (TEU). The new rates will take effect from Aug. 1, the company told Reuters in an email on Friday
French oil major Total has moved all expatriate staff based in Tripoli out of Libya following heavy fighting at the North African country's biggest airport in recent days, a spokeswoman said on Friday. "Following what happened at the airport
Holders of Argentina's defaulted debt and their supporters have warned the country risks being frozen out from international capital markets unless it finds a way to solve its legal problems by the July 30 deadline. But away from the bad-tempered litigation in U.S
Germany, which currently is home to the world’s biggest container vessel fleet, will in future have fewer small shipping firms as European banks avoid the industry and American and Asian financiers focus on bigger peers, according to a report by PricewaterhouseCoopers (PwC) cited by
MHI Vestas Offshore Wind A/S, a JV between Mitsubishi Heavy Industries, Ltd. (MHI) and Vestas Wind Systems A/S, has reached a conditional agreement with Skovgaard Invest ApS and Energicenter Nord for the purchase of four V164-8.0 MW offshore wind turbines for the Velling Mærsk
Palfinger Boats, Palfinger Ned-Deck and their partner Outreach Ltd. have secured a follow-up order from Sentinel Marine Ltd. The delivery of Sentinel Marine Ltd's fast rescue and aluminum daughter crafts order for four emergency response and rescue vessels (ERRVs)
The Kiel Canal Authority, Germany, has announced that due to maintenance works, the New Big South Lock at Kiel-Holtenau will be out of operation next week during the following periods: Mon 14 July: 12:00–18:00 hours Tue 15 July: 07:00–17:00 hours
Q2 net profit NOK 4.65 bln vs f'cast NOK 4.77 bln; loan losses NOK 554 mln vs fcast NOK 398 mln. Bank on schedule to fulfill capital requirements, but shares down 4.6 percent, Swedish bank shares lower. Higher-than-expected loan losses in the shipping sector ate into DNB's second-quarter
Hyundai Heavy Industries Co., Ltd. (HHI), the world’s biggest shipbuilder and a leading offshore facilities contractor, announced today that it received a Letter of Award (LOA) for a USD 1.94 billion order for the second package of the Nasr Full Field Development Project to build the
Maersk and MSC have just announced a mega vessel sharing agreement that will replace their failed P3 alliance early next year. It will be smaller, and compare well in size with the G6 and CKYH alliances – but what about CMA CGM? Drewry Maritime Research consider the question in their latest
Rammasun hits eastern Rapu-Rapu island, heads towards Manila; Strongest storm after last year's Haiyan. Thousands evacuated from coastal villages. Thousands of people in the Philippines fled from their homes on Tuesday as the strongest typhoon to hit the country this year made landfall
Kenyan police on Tuesday seized 341.7 kg of heroin hidden in the diesel tank of a ship, the biggest ever single seizure of drugs at the Indian Ocean port of Mombasa. Police said they did not know the departure point of MV Bushehr Amin Darya
A U.S. energy company has found a second buyer in Japan for its condensate, an ultra-light oil, paving the way for more excess barrels from the United States to head to Asia to meet growing demand. Enterprise Product Partners has signed a short-term contract to sell condensate to Japanese
Brazil hopes that during a visit by Chinese President Xi Jinping it can boost ties with its biggest trade partner beyond the exchange of commodities for manufactured goods, but that may be wishful thinking. Accords China will sign with Brazil when Xi meets with President Dilma Rousseff on
China and Brazil sealed their expanding commercial partnership on Thursday with a $5 billion credit line for Brazilian miner Vale and the purchase of 60 passenger jets from Brazilian planemaker Embraer. In a raft of energy, finance and industry accords signed before presidents Xi Jinping and