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Amicable Solution News

04 Aug 2015

Asian Nations Call for Stop to South China Sea Land Work

Calls grow for China to halt land reclamation. Southeast Asian countries on Tuesday backed a U.S. call to halt land reclamation in the South China Sea, underlining unease in the region over Beijing's continued expansion on disputed islands. China has said it does not want the issue raised at this week's meeting of foreign ministers from the Association of Southeast Asian Nations (ASEAN) in Kuala Lumpur. But Malaysia Foreign Minister Anifah Aman said member nations agreed that "exercising self-restraint in the conduct of activities that would complicate or escalate tension must be enhanced" in the South China Sea. Philippines Foreign Minister Albert Del Rosario accused China of carrying out "massive reclamation activities" in the disputed waters.

11 May 2015

Ghana, Ivory Coast Leaders to Discuss Maritime Dispute

The presidents of Ghana and Ivory Coast agreed on Monday to negotiate an amicable end to issues around their maritime dispute, former U.N. Secretary General Kofi Annan, who will chair the negotiations, said on Monday. "We have a deal," Annan told Reuters. A source close to the talks later made clear Annan was referring to the fact that he had been able to get the two presidents - Ivory Coast's Alassane Ouattara and Ghana's John Dramani Mahama - to talk. "This is just a start of the process. They are asking Mr. Annan to help them find an amicable solution," the source said. The two presidents will not be discussing the delimitation of the border, the source said, since that is under the jurisdiction of the International Tribunal for the Law of the Sea in Hamburg.

23 Mar 2015

Update on Noreco's Danish Licences

As previously reported, Norwegian Energy Company ASA’s (Noreco) Danish subsidiary was in January prevented from making payments for its share of production costs at the Nini field, and it was consequently in breach of the licence agreement. As this situation was not remedied as of 21 March 2015, the other partners may now claim Noreco’s 30 per cent interest in the licence without any consideration. As part of the negotiations to agree on an overall restructuring proposal for Noreco, a committee of bondholders stated that their consent would require that the costs and cash flows related to Noreco’s operations in Denmark must be improved.

10 Feb 2009

Dryships Sells M/V Toro

On Feb. 6, DryShips Inc. (NASDAQ:DRYS), a global provider of marine transportation services for drybulk cargoes and off-shore contract drilling oil services, announced an agreement to sell the M/V Toro at a reduced sale price. On July 17, 2008, DryShips entered into an agreement to sell the M/V Toro, a 1995 built 73,034 dwt Panamax drybulk carrier, for a price of approximately $63.4m. DryShips has reached an agreement with the buyers whereby the price will be reduced to $36m. The M/V Toro is currently employed in the spot market. DryShips expects to recognize a gain of approximately $10m which will be recognized in the first or second quarter of 2009. As part of the agreement the buyers will release the deposit of $6.3m to DryShips immediately and will make a new deposit of $1.5m.

24 Oct 2000

Shipbuilders Complain About S. Korean Shipbuilding Aid

European shipbuilders recently complained to the European Union over South Korean state aid to its shipbuilders, opening the way for a possible EU case against Seoul at the World Trade Organization (WTO), Reuters reported. The Committee of EU Shipbuilders' Associations (CESA) said it had filed a complaint with the European Commission under the EU's Trade Barriers Regulation over alleged trade distortions in global shipbuilding caused by South Korean aid to its industry. "We are complaining about the state aid that Korean companies are receiving," Reinhard Lueken, the head of CESA's Brussels office. He said there were a number of bankrupt shipyards in Korea still offering prices which did not cover their costs.

08 May 2001

EU to S. Korea: Agreement on Subisdies Soon Or Else

The European Union's executive body proposed starting a World Trade Organisation (WTO) dispute against South Korea over alleged subsidies to its shipyards unless a deal could be reached by June 30. At the same time, the European Commission said it would propose allowing temporary government aid for European shipyards hit by South Korean competition for the duration of the WTO case. Both proposals will be discussed by EU industry ministers who meet on May 14 and 15. "Although we have not closed the door to an amicable solution with the Korean authorities, the clock is now ticking," EU Trade Commissioner Pascal Lamy said. The Commission…

25 Jun 2001

EU, S. Korea Will Try Last Minute Negotiations

European Union (EU) and South Korean officials meet next week to try to settle a row over alleged subsidies to Korean shipyards and avert an EU threat to take the dispute to the World Trade Organization. Negotiators meet in Brussels on Monday and Tuesday. It could be the last chance for an amicable solution of the row over the EU's allegations that Seoul pays its shipbuilders illegal subsidies, subsidies which it says threaten the existence of European competitors. The EU's executive Commission said in May it would start a WTO dispute against South Korea -- the world's biggest shipbuilder -- over the issue unless a deal could be reached by June 30.

16 Jun 2003

EU Requests Establishment of WTO Panel Over Korean Shipbuilding Practices

The European Commission has requested the WTO's Dispute Settlement Body (DSB) to set up a Panel over the unfair Korean shipbuilding practices, at its next regular meeting of 24 June. This decision has been taken further to the failure of bilateral and or WTO consultations to reach an amicable solution to this long-standing dispute. EU Trade Commissioner Pascal Lamy said: "It is regrettable that Korea has shown no real will to resolve the issue in an amicable manner. In particular, we deplore the fact that Korea has failed to respect its commitments under the bilateral Agreement with the EU signed in June 2000 (the so-called Agreed Minutes). Furthermore Korea has made no efforts to find a solution during the three rounds of WTO consultations which have taken place since October 2002.

23 Oct 2002

EU Takes South Korea to WTO

The European Commission has requested the World Trade Organisation (WTO) to set up formal consultations under its Dispute Settlement mechanism over the unfair Korean shipbuilding practices. This decision has been taken further to the failure to reach an amicable solution to this long-standing dispute by September 30, 2002. EU Trade Commissioner Pascal Lamy said: "The lack of progress in our bilateral discussions so far has left us with no option but to take Korea to the WTO. I now call on Korea to swiftly settle this matter within the WTO consultations". In these consultations, the European Commission will convey to Korea its view that…