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Economic Sanctions

Ninety North Korean Ships Granted Entry to Japan

Ninety North Korean vessels were granted certificates to enter Japanese ports in the eight months since a new law that bans entry of any ship without insurance took effect, according to a Daily Yomiuri report. The law on liability for oil pollution damage, which came into force on March 1, requires vessels of 100 tons or larger to be insured before docking in Japan. It had been viewed as a de facto economic sanction, as it was believed that most North Korean vessels would not fulfill the law's requirements and therefore would be unable to dock in Japan. But according to the report, some Liberal Democratic Party members recently said more North Korean vessels had insurance coverage than they had expected. Source: Daily Yomiuri


Shipping Company's Losses Total $110M

Ukraine's Danube Shipping Company lost $110 million due to military action in Yugoslavia last year that destroyed bridges and blocked traffic along the Danube, transport minister Leonid Kostyuchenko said. NATO launched air strikes last year on Yugoslavia, which it accused of ethnic cleansing in the province of Kosovo, densely populated by ethnic Albanians. Kostyuchenko said collapsed bridges had blocked 63 Ukrainian ships on upper stretches of the Danube


Kuwait In Trouble With Iraqi Authorities

Iraqi authorities told Kuwait on Friday it was "playing with fire" in seizing five vessels loaded with goods shipped from Iraq in violation of United Nations sanctions. An Iraqi Culture and Information Ministry spokesman, said the seizure was a foolish act that again confirmed Kuwait was acting as an Israeli-U.S. police force in the Gulf. "The Kuwaiti regime's repeated hindering of commercial navigation in the Gulf reveals that the Kuwaiti rulers..


Oil falls below $110 as Ukraine worries ease

Putin orders troops in military exercise back to base. U.S., EU warn Russia could face sanctions over Crimea; U.S. crude inventory likely rose 1 mln bbls last week. Oil fell more than $1 on Tuesday to below $110 a barrel after President Vladimir Putin recalled troops to base from military exercises in western Russia near its borders with Ukraine. April Brent crude was down $1.47 at $109.73 a barrel by 0900 GMT. It closed the previous session at its highest since Dec. 27.


Hints Of Possible Deal On Ukraine Gas Emerge At G20

 Behind statements that Russia will not budge in demanding Ukraine repay its debts for its natural gas deliveries, hints    emerged at a meeting of G20 finance chiefs this week that a deal in which Moscow eases its stance might be in the works.   Financial aid to Ukraine was a hot topic at a meeting of finance ministers from the Group of 20 leading nations, but the    country's gas crisis, which could threaten deliveries to Europe


UN Seeks Sanctions Waiver to Ship Arms to Mali

The United Nations is seeking an exemption from a U.N. Security Council arms embargo on Ivory Coast so it can ship weapons and military equipment across the East African nation to its peacekeeping mission in landlocked Mali, a spokesman said on Thursday. The statement came after U.N. sanctions monitors called for the world body to stop allowing arms to be shipped to the U.N. mission in Mali, known as MINUSMA, through Ivory Coast after they said a load of military hardware sent by China


EU Seeks Criminal Penalties for Environmental Offences

Pouring waste oil into water or polluting the air would become criminal offences across the European Union under proposals put forward by the EU's executive body on Tuesday. The offences are already outlawed under EU law but, in many cases, offenders currently face only civil sanctions or must pay compensation. Legislation proposed by the European Commission would ensure that the most serious breaches of environmental law would face criminal penalties when committed intentionally or due to


Cold Weather Sparks Higher Oil Prices

Oil prices rose on Wednesday after fresh industry data showed cold weather had eaten into heating oil inventories in the United States. The stocks figures rekindled concerns of inadequate winter heating fuel stocks as a bitter Arctic weather front wreaked havoc in the U.S. Midwest and began sweeping northeastwards. Prices showed little reaction to signs that Iraq was returning to the world crude market and had started loading an Indian-chartered tanker at the port of Mina al-Bakr on the Gulf


Iraqi Tanker Seized For Smuggling

Kuwait seized an Iraqi oil tanker for reportedly trying to smuggle 650 tons of fuel to the United Arab Emirates in violation of international sanctions. The official Kuwait News Agency (KUNA) quoted an Interior Ministry statement as saying that Kuwaiti patrol boats intercepted the tanker at dawn on Saturday (June 24) inside Kuwaiti territorial waters while sailing from Iraq's Umm Qasr port to the UAE. It said that 11 crew members were on board the tanker, which it said was carrying diesel fuel


Harrington Hoists Launches Kito Americas in S America

Harrington Hoists, Inc. has expanded into South America under the Kito brand.  In doing so, Harrington has launched the newly created Kito Americas; a Kito brand to support these markets.       “This is an exciting time for Harrington” commented Carlo Lonardi, VP Sales & Marketing, “for the first time Kito Corporation has sanctioned our expansion into the South American marketplace


"Gas War" looms as Pro-Russian militants raise flags in East Ukraine

 Pro-Russian militants raised their flags over official buildings in two eastern Ukrainian cities on Saturday, deepening a stand-off with Moscow which, Kiev warned, was dragging Europe closer to a "gas war" that could disrupt supplies across the continent.  


Putin set on defusing Ukraine crisis

Foreign ministers from East and West will try to defuse the Ukraine crisis on Thursday in Geneva, once frequently the scene of Cold War negotiations, but will risk being upstaged by Russian President Vladimir Putin. With Russian troops massed on the border with Ukraine


Shell Commited To Russia Expansion Despite Sanctions

Meeting with Shell CEO Ben van Beurden. (Photo: The Presidential Press and Information Office)

Royal Dutch Shell is committed to expansion in Russia, Chief Executive Ben van Beurden told Russian President Vladimir Putin at a meeting on Friday amid sanctions imposed on the country after its annexation of Ukraine's Crimea region.  


New sanctions threats as Ukraine stalemate goes on

A day after an international deal in Geneva to defuse the East-West crisis in Ukraine, pro-Russian separatists vowed not to end their occupation of public buildings and Washington threatened further sanctions on Moscow if the stalemate continued.


Maersk Line Art-Box Arrives in Philadelphia

Photo: Maersk Line

Frozen mussels from New Zealand to Port of Philadelphia begins Art-Box’s journey around the world to promote value of global container shipping Maersk Line, an ocean transportation company and a unit of the Maersk Group, announced today the arrival of the Maersk Line Reefer Art-Box


Virginia Leads US in Shipbuilding Jobs

Alexander Manning pulls a piece of track into position at Newport News Shipbuilding under a transfer car for the submarine John Marner (SSN 785). Photo by Chris Oxley

State maritime industry supports more than 63,000 jobs; worth over $5.5 billion annually to Virginia’s economy The American Maritime Partnership (AMP) today joined with the Shipbuilders Council of America (SCA), Senator Tim Kaine (D-Va.), Congressman Rob Wittman (R-Va


Shipbuilding Market Prospects: COSCO Leader Shares Insights

Captain Wu Zi Heng: Photo courtesy of COSCO

COSCO Vice-Chairman & President, Captain Wu Zi Heng responded in a question and answer session about his views on the future of the shipping market in an interview incorporated in the company's recent 2013 Annual Report. Excerpts as follows:


Bill Aims to Lift Ban on Texas Energy Exports

Congressman Michael McCaul introduced H.R. 4349, the Crude Oil Export Act, which lifts the 1970s era prohibition on the export of American crude oil and would remove the major remaining barrier that keeps the U.S. from being competitive with other oil exporting nations.


US Says Iran Oil Exports in Line with Sanctions

The United States on Friday dismissed suggestions that Iran was exporting much more oil than it is allowed to sell under a preliminary nuclear deal with world powers and predicted that aggregate Iranian oil sales would meet targets set for Tehran.


Russia: European Demand for O&G May Flag

A Russian deputy economy minister said on Tuesday that he did not rule out weaker European demand for Russian oil and gas due to tension over Ukraine. Andrei Klepach also told reporters that Ukraine is likely to reduce Russian gas purchases this year to 20 billion cubic metres, from 25


U.S. Crude Surges on Weak Dollar, Ukraine Concerns

Global oil prices surged on Tuesday as a weaker U.S. dollar boosted buying, while expectations for bullish inventory reports in the U.S. and fresh unrest in eastern Ukraine lent support. As the U.S. dollar plunged to session lows against the Japanese yen and the euro, U.S


IHC Merwede Reveals Healthy Orderbook

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IHC Merwede successfully increased its orderbook in 2013 across the main sectors of its business: offshore and dredging. The company received almost € 1.8 billion worth of new orders in the past year. At the end of 2013, the order book was valued at over € 1


House LNG Export Bill Advances

The Subcommittee on Energy and Power today approved H.R. 6, the Domestic Prosperity and Global Freedom Act, by a vote of 15 to 11. Authored by Rep. Cory Gardner (R-Colo.), the legislation would cut through the red tape blocking exports of U.S. liquefied natural gas (LNG). H.R


Iran's Oil Exports Surge above Sanctions

Iran's crude oil exports have surged to their highest in 20 months, far exceeding a 1 million barrel-per-day limit set by the West under an interim deal on curbing Tehran's nuclear program. The International Energy Agency's monthly report revised February's global crude imports from Iran


French foreign minister meets Raul Castro on historic visit to Cuba

 France's foreign minister met with Cuban President Raul Castro on Saturday during the first visit to the island by such a high-ranking French official in 31 years and a sign of the quickening pace of improving ties between the European Union and Havana.  


 
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