THE BIG ONE
Japan and the Philippines have begun talks for the transfer of two large coast guard ships to Manila, to help patrol the disputed South China Sea, a Japanese foreign ministry official said on Friday, as part of a deal on defence equipment. The two brand-new 90-metre (295-ft) multi-role response vessels will be in addition to ten 44-metre (144-ft) mid-sized coast guard ships, worth 8.8 billion pesos ($188.52 million), that Japan is set to start delivering next week. "Both governments are looking into the possibility of getting two more vessels, this time the bigger ones," Masato Ohtaka, deputy spokesman of Japan's foreign ministry, told journalists in Manila. "We're in the middle of dialogue between the two sides, they are still discussing details and we need a little more time." The ship delivery figured in an 80-minute meeting between Philippine President Rodrigo Duterte and Japanese Foreign Minister Fumio Kishida on Thursday in southern Davao City. "We talked about how Japan can help the Philippines in capacity building, particularly with regards to maritime security," Ohtaka added. China claims almost the entire South China Sea where about $5 trillion worth of trade passes every year. Brunei, Malaysia, the Philippines, Taiwan and Vietnam also have claims on the sea believed to have rich deposits of oil and gas.
Recovering stock markets boost oil prices; U.S. crude on track for first weekly gain in nine weeks. Oil prices steadied on Friday after bouncing back from six-and-a-half-year lows on recovering equities markets, strong U.S. economic growth and news of low crude supplies from Nigeria. Oil saw its biggest one-day bounce since 2009 on Thursday, with North Sea Brent and U.S. light crude rising more than 10 percent. U.S
Predicting when large earthquakes might occur may be a step closer to reality, thanks to a new study of undersea earthquakes in the eastern Pacific Ocean. The study, reported in today’s Nature, is the first to suggest that small seismic shocks or foreshocks preceding a major earthquake can be used in some cases to predict the main tremors. Scientists from the Woods Hole Oceanographic Institution (WHOI) and the University of Southern California (USC) report that some types of large
Most research ships don’t live to see their 40’s, and to approach 50 is almost unheard-of. But the Albatross IV is quite an exception to this maritime rule. Today, thanks to a recent overhaul at SENESCO’s repair facility in Quonset Point, Rhode Island, she is back at her home base in Woods Hole, Massachusetts preparing to head back out to sea for another 5-7 years of ocean exploration. The Southeastern New England Shipbuilding Corporation (SENESCO) began its a major overhaul on the
A new, bigger shipbuilder was unveiled in Dalian recently, as part of the restructuring of the city's shipbuilding industry, ShanghaiDaily.com reported. Dalian Shipbuilding Industry Co was formed by the merger of Dalian Shipyard Co and Dalian New Shipbuilding Heavy Industry Co. Dalian Shipyard, with more than a 100-year history, used to be one of China's big military shipbuilders. Dalian New Shipbuilding, established 15 years ago, was one of the country's biggest shipbuilders
Iran Makes $100 B Oil Find, Major Companies Compete For Big Deals Iran announced its biggest oil find in 30 years last week, a 26-billion barrel field discovered just as the country drives to revive exploration activities and foreign firms compete for big deals. Oil Minister Bijan Zanganeh said the oilfield in the prolific southwest Khuzestan province has the potential to produce up to 400,000 bpd. He said that development on the field, which is close to the Iraqi border
The CMA CGM Group announced the signature of three major agreements on the biggest worldwide maritime trades with China Shipping Container Lines (CSCL) and United Arab Shipping Company (UASC). Under the name of Ocean Three, the agreements; which include a combination of vessel sharings, slot exchanges and slot charters; concern the following maritime trades: Asia-Europe, Asia-Mediterranean, Transpacific and Asia-United States East Coast.
The term short-sea shipping comes up aplenty these days, as the powers-that-be rediscover the practicalities and the economies of waterborne transport. The thinking is renewed and the interest revitalized, but for a lot of harbors nationwide it's deja vu. Take the island city of New York, and the multitudes of communities near and far that are joined to it by inland waters—the rivers, sounds, creeks, streams—all the way up to Albany, to Waterford and the Canal system
Colombian state-run oil producer Ecopetrol will fully restart its Cartagena refinery by March, Chief Executive Officer Juan Carlos Echeverry said on Thursday. The action will make Colombia self-sufficient in refined oil products it has had to import in increasing quantities during the facility's refurbishment, which will more than double its capacity to 165,000 barrels per day. "We expect that by March at the latest the refinery will be working one hundred percent"
In his 47-year Congressional career, former Congressman Jim Oberstar has received many honors. But few are as big – literally – as the announcement that The Interlake Steamship Company will rename and rechristen one of its massive ships the MV Hon. James L. Oberstar this spring. The vessel will sail from layup in March as the MV Hon. James L. Oberstar, and will be rechristened in a ceremony at Duluth later this spring.
Cash from top shareholder, executives should cover offload costs. South Korea's government said cash held by Hanjin Shipping Co Ltd and funds pledged by its parent group should meet the costs of unloading some $14 billion in cargo stranded on vessels operated by the troubled container line.
COSCO Shipping, plans to ramp up container volume at Greece’s biggest port in Piraeus by 35 percent by 2018, the port’s new managing director, Fu Cheng Qiu, said, reports Reuters. China's biggest shipping company, which owns the world's fourth-largest container shipping fleet
The first shipment of gas fracked from U.S. shale will arrive in Britain next week, upping pressure on Scotland to reassess its opposition to fracking. Chemicals giant Ineos will be importing ethane, obtained from rocks fractured at high pressure
China COSCO Shipping will not raise its shipping prices as it had planned, reports Caixin quoting shipping agency representatives at Shanghai’s port. The shipping giant has given up its plan to take advantage of Hanjin Shipping’s bankruptcy by raising prices after a
With delivery beginning in October 2016, the new order strengthens market position in the transport of temperature-sensitive goods / Tests with new refrigeration equipment and natural refrigerants. Hapag-Lloyd will also be investing in its container fleet this year: The liner shipping
Clarksons Research says that iron-based materials such as steel are used incredibly widely in the world’s industries today, with clear implications for shipping too. The versatility and strength of steel has made it today’s most important construction material, with 1
A unit of India's Adani Enterprises Ltd will buy the company that operates Australia's Abbot Point Coal Terminal from Glencore Plc for A$19.25 million dollars ($14.52 million), ending a legal wrangle over control of the port. The statement from Adani and Glencore said Adani Ports and Special
DP World London Gateway Port has announced a new shipping service to Australia, the Mediterranean and other key markets. CMA-CGM’s NEMO (North European Mediterranean Oceania) and Hapag Lloyd’s EAX (Europe, Australia Express) combined service will begin calling at DP World
A consortium of global and domestic funds, backed by investors including China Investment Corp, agreed to buy Australia's busiest port for a higher-than-expected A$9.7 billion ($7.3 billion), a sign that tough equity markets are helping fuel appetite for infrastructure.
Greater Jakarta, one of the world's most densely populated cities, sits on a swampy plain and is sinking at a faster rate than any other city in the world. As per a report in Reuters, Indonesia will resume land reclamation that will help prevent Jakarta from sinking below sea level
Seaspan Corp chairman and ceo Gerry Wang has described the bankruptcy of South Korea’s biggest container line Hanjin Shipping Co as the industry’s equivalent of the Lehman Brothers collapse that triggered the global financial crisis, reports Bloomberg.
Container throughput at the Port of Salalah, part of the APM Terminals Global Terminal Network, reached 1.584 million TEU* in the first half of 2016, representing a 29% increase over volume handled during the same period the year prior. The completion of a new deep-water General Cargo and
Not enough companies in the shipping industry are following joined-up risk management procedures, according to international accountant and shipping adviser Moore Stephens. The second annual Moore Stephens Shipping Risk Survey revealed a fall, when compared to last year
Shipping industry faces worse storm than after financial crisis. The industry has been squeezed on both the supply and demand sides: too many vessels have been built and not enough scrapped, while global trade has slowed down.
Hyundai Heavy Industries (HHI), the world’s largest shipbuilder and a leading construction equipment manufacturer, announced today it enters into an exclusive strategic alliance agreement with CNH Industrial, one of the world's largest capital goods companies