U.S. naval forces have deployed off the Somali coast to prevent leaders of defeated Islamic militias escaping. Kenya has also significantly tightened border security to stop an influx of fleeing fighters, as aid agencies called for help for genuine refugees. Uganda's president is traveling to Ethiopia to discuss forming an African force to stabilize the country. A two-week advance by Ethiopian troops swept the Islamic militias from areas they had controlled for six months. Source: BBC
At a scheduled meeting today, the Governing Board of the International Energy Agency discussed the current restraints on world oil supply, the significant decline in oil stocks worldwide and the sharp rise in oil prices. They expressed concern that the tightening supply situation could feed inflation and slow economic growth, thereby giving rise to problems particularly for developing countries. “Such instability would be in no one’s interest,” said Robert Priddle
The captain of the tanker Erika, which sank off France's west coast in December causing a huge oil spill, said crews had to work to such tight budgets that safety standards could not always be met. "There are certain things that nobody dares to say, but the job has changed a lot, everything is going too fast, everything is dominated by money," the 36-year-old captain said. The Erika's crew was winched to safety when the vessel split apart and sank in stormy seas on December 12.
The Panama Canal Authority (ACP) Board of Directors has unanimously appointed engineer Jose Barrios Ng as its new deputy administrator after serving as ACP chief financial officer since 2002. He will continue to oversee his former position until a replacement is appointed. Barrios Ng holds a master's in economics engineering from the University of California at Los Angeles, a master's in electrical engineering from Georgia Tech and a degree in corporate finance from the Massachusetts
Shipbrokers Simpson, Spence and Young's Pacific Capesize Index rose 123 points in the week ending Monday to 5,726. "A major resurgence from Japanese interests heated the spot market in the Pacific with rates rising accordingly. Because of the tightened supply situation any new interest will boost the market," SS&Y said. "Several charterers have already covered early November positions, but enquiries are still relatively plentiful leading to a conclusion of continued strength in the Pacific for
European Union transport ministers welcomed proposals to tighten safety rules for oil tankers in the wake of the disastrous Erika oil spill off France's Atlantic coast last year. Ministers from the 15 EU states had an initial discussion of proposals put forward by the EU's executive Commission, but took no decisions. The Commission has called for a series of measures, including the phasing out of single-hulled oil tankers and the tightening up of port inspections
Exxon-Mobil has toughened its policy on using tankers more than 20 years old, shipbrokers said. The company has adopted a policy of accepting vessels more than 20 years old only on a case-by case basis after senior chartering managers' approval. The move mirrors several oil companies' increasing reluctance to charter older tankers in the wake of the break up of the fuel oil tanker Erika in December. Heavy pollution of French beaches resulted from the sinking.
According to a June 20 report from the Associated Press, in reaction to the oil spill in the Gulf of Mexico, Britain has doubled rig inspections. Bulgaria scrapped plans for a new oil pipeline. Canada's offshore regulator is tightening oversight of its deepest-ever exploration well, being drilled by Chevron off the coast of Newfoundland. Meanwhile, China's offshore oil company, China National Offshore Oil Corp., or CNOOC
Coast Guard crews are overseeing the containment of product and pollution to minimize environmental impact from the fire at McCotters Marina in Washington, Jan. 7. Two thousand feet of boom was deployed to encircle the marina, and absorbent pads were placed within the boom where sheen was apparent. Eastern Environmental Management, a contracted cleanup company based from Rocky Mountain, N.C., is working to collect the absorbent pads and tighten up the boom.
The US Waterways Council Inc. (WCI) has mixed feelings about the impact on their sector of President Obama's FY 2014 budget proposals. WCI's initial views were as follows: This budget is steady-state with the overall funding level essentially the continuation of the post-sequester level for the U.S. Army Corps of Engineers’ Civil Works Program at $4.726 billion for FY ’14. While details are still unknown according to Assistant Secretary of the Army for Civil Works
Reuters - (The following statement was released by rating agency RPT-Fitch Solutions) Credit default swaps (CDS) on Diamond Offshore Drilling Inc. (Diamond) have widened 47% over the past month, according to Fitch Solutions. Diamond's CDS significantly underperformed the 3
Moscow stocks fall 10 pct, rouble down 2.5 pct over war jitters. Ukraine border guards say build-up of Russian armoured vehicles near Crimea. EU ministers meet but no immediate sanctions expected. Russia took a financial hit over its military intervention in neighbouring Ukraine
By Eric Onstad and Manolo Serapio Jr., Reuters Gold, crude oil and grains surged on Monday while industrial metals slid as investors reacted to escalating tensions between Moscow and Kiev after the Russian military tightened its grip on Ukraine's Crimea region.
By Oleg Vukmanovic and Henning Gloystein, Reuters As Russia tightened its grip on Ukraine's Crimea region this month, U.S. and European Union officials were urging the Obama Administration to speed up approvals of more liquefied natural gas (LNG) export terminals.
The AHTS market bottomed out at at the end of last week at GBP 10K levels, however recent activity has seen and will continue to see rates increase, considers Westshore Shipbrokers. In the AHTS market the high availability in Norway from earlier in the week has come down with one vessel available
Argosy Barge Lines, LLC of Bellaire, Texas, accepted the Madelaine-D 2502 as the newest addition to their fleet in March 2013. The ABS-classed deck barge was built by Sterling Shipyard of Port Neches, Texas. The barge was designed by Bristol Harbor Group, Inc
Global coatings supplier Hempel has launched HEMPAGUARD, a new hull coating concept for the shipping industry, which Hempel said offers both outstanding resistance to fouling during idle periods and significant fuel savings. The technology, dubbed ActiGuard
Global motor maker Regal has won type approval for its RN and RF series marine motors from the Russian River Register, one of the biggest classification societies in the world for inland waterway vessels. This complements approvals already granted from the other ship and vessel standard
Capstone Turbine Corporation, a clean technology manufacturer of microturbine energy systems, announced the company's inclusion on Deloitte's Technology Fast 500, a ranking of the 500 fastest growing technology, media, telecommunications, life sciences and clean technology companies in North
Adoption of dual-fuel, low-speed engine type by market grows apace. Knutsen OAS Shipping, the Norwegian shipping company, has placed an order for 2 × 2 7G70ME-GI engines in connection with the building of two 176,300 m3 capacity LNG carriers
While the Navy already has one of the strongest counter-fraud efforts in the government, Navy Secretary Ray Mabus today announced new measures to assure contracting integrity and to prevent fraud. Mabus, who briefed the Pentagon press corps this morning
Crowley orders multiple main and auxiliary dual-fuel engines for efficient, emissions-friendly U.S. – Puerto Rico-trade ConRo ships. Florida-based Crowley Maritime Corporation, the marine solutions, transportation and logistics company, has placed an order for 2 × ConRo ships
Chris Peitchinis outlines the benefits of using PYPLOK mechanically attached connectors which reduce new installation or maintenance repair costs. PYPLOK connectors are attached cold, in seconds, by swaging the connector on the pipe or tube with a hydraulic hand held tool
New DNV GL report reveals optimism in the sector but caution over rising costs and oil prices Amid a positive outlook for the industry in 2014, senior oil and gas professionals have forecast tighter monitoring of capital expenditure (capex) this year
Mitsubishi Heavy Industries, Ltd. (MHI) and Mitsubishi Kakoki Kaisha, Ltd. (MKK) have jointly developed a Hybrid SOx Scrubber System that efficiently removes sulfur oxides (SOx) from exhaust gas emitted by marine diesel engines. The Hybrid SOx Scrubber System is the first in Japan to comply with