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Economic Sanctions

Canada Slaps Sanctions on Russia Energy Firms

Canada slaps sanctions on Gazprom, other Russia energy firms   Canada is imposing economic sanctions against Russian energy firms such as natural gas producer Gazprom OAO in response to the actions of Russian-backed militants in Ukraine, Ottawa said on Monday.   A government statement did not give details of the sanctions. Other firms targeted are Gazprom Neft OAO, Surgutneftegaz OAO and Transnefteprodukt OAO.     (Reporting by David Ljunggren; Editing by Richard Chang)


Norway Supports Statoil, Rosneft JV

Photo pixabay.com

  Norwegian authorities have given the Stavanger-based energy giant Statoil the go-ahead on joint projects with Rosneft, a Russian oil titan that was the target of Western sanctions in 2014. Statoil and Rosneft previously agreed on four projects to explore and produce oil on the Russian continental shelf in the Barents Sea and in the Sea of Okhotsk close to the Arctic Circle. Additionally, there are two joint cooperation projects onshore.


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


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


Russia Says Will React if U.S. Imposes New Sanctions

  Russia will take counter measures if Washington imposes new sanctions on Moscow over the Ukraine crisis, Russia's Deputy Foreign Minister Sergei Ryabkov said on Saturday. The U.S. Congress has readied new sanctions on Russian weapons companies and investors in the country's high-tech oil projects, but U.S. President Barack Obama has yet to sign a corresponding bill into law. "We will not be able to leave that without an answer


Trucks Carrying Turkish Exports Blocked at Russian Border

Around 1,250 trucks carrying Turkish exports have been blocked from entering Russia and are stranded at border posts awaiting clearance, a senior shipping industry representative told Reuters on Monday.   Six days after NATO-member Turkey shot down a Russian fighter jet in the first known incident of its kind since the Cold War, calls for calm have gone largely unheeded. Ankara refuses to back down and Russia responds with sanctions.  


East Ukraine Referendum Raises Fears Of Dismemberment

  Rebels pressed ahead with a referendum on self-rule in east Ukraine on Sunday and fighting flared anew in a conflict that has raised fears of civil war and pitched Russia and the West into their worst crisis since the Cold War. Clashes broke out around a television tower on the outskirts of the rebel stronghold of Slaviansk shortly before voters made their way to polling stations through streets blocked by barricades of felled trees


Russia to Deepen Novorossiysk for Larger Ships

Photo: PJSC NCSP

 The Russian government plans to spend between $400 to $500 million to expand and deepen the harbor of the Novorossiysk seaport to handle larger vessels, reports Moscow News.   Construction, in order to make it more competitive with Ukrainian ports also on the Black Sea,  is set to begin in the first quarter of next year with completion scheduled for 2020.   Russian government expects that the project will boost container volume at Novorossiysk by 10 to 15 percent


Iran Hurries India to Finish Chabahar Port

Map courtesy: Hindustantimes

 India has come “under pressure” from Iran to complete the Chabahar Port project, with the lifting of Iranian trade sanctions, reports Hindu Business Line.   Acting strategically to China’s repeated attempts to wean away India from Chabahar Port upgradation, India is taking steps to firm up its bilateral negotiations and alliance with Iran.    According to highly placed sources


Iran Seeks $2.5B to Modernize its Oil Tankers

(Photo: Greg Trauthwein)

Iran is seeking $2.5 billion investment to modernise its oil tankers fleet following the lifting of sanctions against Tehran, managing director of National Iranian Tanker Company (NITC) was quoted as saying by state news agency IRNA on Saturday. Iran emerged from years of economic isolation after crippling sanctions were lifted in January in return for Tehran complying with steps to curb its nuclear ambitions. Reuters reported last month that two Chinese firms were pushing for


Iran Crude Oil Exports to Hit 4-month Low

Iran's crude oil exports are set to decline 5 percent in November to a four-month low, a source with knowledge of its preliminary tanker schedule said, as low seasonal demand in Europe takes the edge off its post-sanctions export bonanza.  


The US Election: Ramifications for Maritime

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Clinton vs. Trump. Perhaps one of the most important presidential elections in U.S. history, the 2016 Election Day results with have impacts felt far and wide – and all throughout maritime industry. A proverb common to both Greek and Turkish cultures states that a wolf may


India's Sagarmala for Sustainable Growth of Coastal Community

Indian Shipping Minister Nitin Gadkari. Photo: Official Twitter Page

 The Ministry of Shipping, India has sanctioned Rs. 30 Crore ($4.37 mln) for capacity building and providing safety training of 20,000 workers engaged in ship recycling activities at Alang-Sosiya recycling yard in Gujarat.   


Hyundai Near Deal With Iran for 10 Ships

Photo: Hyundai Heavy Industries Co

 Hyundai Heavy Industries Co. (HHI), a major shipyard in South Korea, looks set to clinch a deal with Iran to supply 10 ships, says a report in Yonhap.   The contract, valued at USD650 million, will see Hyundai supply the Islamic Republic of Iran Shipping Lines, (IRISL) with four 14


Shipping is the Least Optimistic Segment in Transportation

Image: Norton Rose Fulbright US LLP

 Shipping is the least optimistic industry within the transport sector, by a significant margin, according to the seventh The way ahead Transport survey from global law firm Norton Rose Fulbright.    Only 15% believe that current market conditions are positive


Antwerp Port Inks Iranian Collaboration

Eddy Bruyninckx signed the agreement on behalf of the Antwerp Port Auhority, Saeed Nejad on behalf of the Ports & Maritime Organisation. Photo Antwerp Port

Last week Antwerp Port Authority signed a collaboration agreement with Shahid Rajaee Port Authority which controls the port of Bandar Abbas in Iran.   Bandar Abbas accounts for 90% of the in- and outgoing containers of Iran and for nearly half of the 200 million tonnes of freight handled by


UK Treasury Deletes 3 Iranian Shipping Lines from Sanctions List

Image: IRISL GROUP

 The UK Treasury deleted names of three Iranian martitime companies active in maritime transportation from its list of entities entitled to financial sanctions.  As per report by IRNA British HM Treasury has announced that following the EU


Has the Link between OPEC Production and VLCC Rates broken?

Graph: Poten and Partners

 For the tanker market, in particular for VLCCs, increasing Middle East OPEC production is typically a good sign.    Poten and Partners in its Shipbrokers Reports says that does not appear to be the case at this particular moment


Iran's Crude Oil Exports above 2.1 Mln BPD in July

Iran's crude oil exports in July were more than 2.1 million barrels per day, the oil ministry's news agency SHANA cited a senior Iranian oil official as saying on Wednesday.   Director of the International Affairs Department at National Iranian Oil Company (NIOC) Mohsen Ghamsari told SHANA


India to Revive Irano Hind Shipping Company

Photo: Shipping Corporation of India

 India's government owned Shipping Corp. of India Ltd (SCI) plans to revive a 40-year-old joint venture with an Iranian company after a gap of 4 years, reports Bloomberg.   The recent removal of anti-Tehran sanctions opened the way for resuscitating Irano Hind Shipping Co


Gas Carrier Fleet Nears a New Milestone

Graph: Clarksons Research

 In the last two decades gas shipping sectors have been amongst the faster growing parts of the the world of global shipping industry, says Clarksons Research.   This week’s Analysis takes a look at how shipping’s ‘coolest’ sector has grown in prominence to


Saudi Arabia Begins Naval Exercises in Gulf

Saudi Arabia began naval war games including live fire exercises on Tuesday in the Gulf and Strait of Hormuz, the world's most important oil route, official media reported, a move that coincides with heightened tensions with regional rival Iran.  


North Korean Ships Reflag in Tanzania

 Around 50 ships owned by or related to North Korea have reflagged in Tanzania since the United Nations Security Council adopted its strongest-ever resolution on the country in March, in an apparent attempt to circumvent the sanctions.  


As Iran Oil Tenders Near, Investors Still in the Dark on Terms

Two years after Iran pledged to open up its oil industry in anticipation of the lifting of sanctions, foreign companies say they still have little information about Iranian oil fields and contract terms, hindering investment decisions. Bosses from oil majors including BP, Total, Eni


Iran Shipping Lines Head Sees Business Rebound by Mid-17

(Photo: IRISL)

Container shipper Islamic Republic of Iran Shipping Lines (IRISL) Chairman Mohammad Saeidi expects the firm to have recuperated by the middle of next year the business lost while Iran was subject to international sanctions.   "Step by step the problems have been resolved






 
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