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
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
Norway's Statoil defied gloom in the oil sector by reporting first-quarter earnings above expectations on Tuesday due to higher prices and good results from shale gas activities in the United States, lifting its shares. Regarding new sanctions on Russia, Statoil's CEO told Reuters it was too early to say whether he would attend a high-profile St Petersburg economic forum in June as planned, as the firm had to assess the impact of the measures first.
German Chancellor Angela Merkel said on Friday negotiations with Iran over its nuclear program have to be given a chance, but sanctions could still be reinstated if needed. Merkel said Iran had to comply with an agreement under which Tehran agreed to limit parts of its nuclear work in return for the easing of some sanctions. "If Iran does not meet its obligations, or does not meet them adequately, we remain ready to take back the current limited suspension of sanctions
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
Russian President Vladimir Putin on Saturday dismissed talk of a new Cold War over the crisis in Ukraine and denied trying to rebuild the Soviet Union after reclaiming Crimea. In an interview with Reuters and other international news agencies in a grandiose palace outside St Petersburg, Putin blamed the violence and political instability in Ukraine on the West and warned that sanctions would rebound on the United States and the European Union.
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..
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.
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
The seafaring Netherlands prides itself on being a trading nation, reluctant to let politics get in the way of a good deal. But since the downing, allegedly by Moscow-backed rebels in eastern Ukraine, of Malaysian Airlines flight MH17 with the loss of 193 Dutch lives, a growing Dutch chorus has called for the country to use its trade power to hit Russia in the wallet. Dozens of Russian firms have chosen to incorporate in the Netherlands to save money on tax
Mexico's Senate gave general approval on Monday to legislation laying out expanded powers for energy regulators, part of the fine print needed to implement a constitutional reform that overhauls the oil, gas and electricity sectors. Senators must still debate reservations to the regulatory
The UK economy is heavily exposed to lawlessness off the coast of Nigeria, a new report published today by the UK Chamber of Shipping says. The report found that almost all of the UK’s annual £6.3bn of trade with the region is put at risk by being moved through the high maritime crime
The downing of flight MA17 has prompted calls for further sanctions on Russia targeted at its energy sector. Douglas-Westwood in its 'DW Monday' analysis considers whether such sanctions could have sufficient teeth. Russia is the world’s largest exporter of natural gas and second
One sign of change in Iran as it works toward a nuclear deal with world powers is the way it is feeding itself, with private grain firms beginning a slow return to their traditional role as major food commodity importers. Iran was never barred from buying food under sanctions imposed by the
OPEC is ready to pump extra oil in the event of any supply disruptions caused by Iraq and its biggest producer, Saudi Arabia, can ramp up to capacity if needed, oil officials said on Tuesday. For now the market is well-supplied and prices above $114 a barrel are the result of market nervousness
Ships calling DP World/PCFC ports in Dubai are required to strictly comply with PCFC-EHS Ports and Maritime Regulations and IMO Marpol Annex VI –Regulations for the prevention of air pollution from ships, as amended to maintain the port environment cleaner and safer for the port
A U.N. tribunal has awarded Bangladesh nearly four-fifths of an area sprawling over 25,000 sq km (9,700 sq miles) in the Bay of Bengal, ending a dispute over a sea border with India that has ruffled ties between the neighbours for more than three decades.
Secretary of State of the United States, John Kerry said Sunday that there are still large differences between Iran and six world powers negotiating over Tehran's nuclear program, comments echoed by the Islamic Republic, while the deadline approaches to reach an agreement.
Iran's main oil tanker firm NITC will struggle for some time to call at European ports, get foreign insurance and overcome obstacles under western sanctions, even after a top court has annulled its blacklisted status in the European Union.
Mexican rescue workers were trying to refloat a North Korean vessel stranded in the Gulf of Mexico a few miles from a port where it had planned to load fertilizer, authorities said on Tuesday. The 6,700-metric-ton freighter Mu Du Bong, which had come from Cuba, ran aground on a reef on Monday
Adani Ports and Special Economic Zone (APSEZ), India’s largest port developer and part of the Adani Group, today said it had received the environment and coastal regulation zone clearance from the Union Ministry for Environment and Forests, for its 8
Iran and six world powers on Friday agreed to a four-month extension of negotiations on a long-term nuclear deal that would gradually end sanctions on Tehran in exchange for curbs on its nuclear programme, diplomats close to the talks said.
U.S. sanctions on Russia include Rosneft, Exxon's partner: Project may not break sanctions, but brings political risks. An ordinary, long-scheduled journey of an oil drilling rig into Arctic waters is turning into a major political exercise
A senior Russian official said on Monday he doubted France would cancel its sale of warships to Russia, despite coming under pressure from other Western leaders seeking to sanction Moscow after the downing of a Malaysian airliner in Ukraine.
An ordinary, long-scheduled journey of an oil drilling rig into Arctic waters is turning into a major political exercise, attracting international scrutiny and creating a dilemma for Exxon Mobil Corp. Exxon, the top U.S. oil major and the world's most valued oil company, is bringing the rig