Development Corp News

A U.S. appeals court on Tuesday rejected a lawsuit filed by environmental groups challenging federal approvals needed to construct a $39 billion project that would move natural gas from Alaska’s North Slope across the state.A three-judge panel of the U.S. Circuit Court of Appeals for the District of Columbia said the U.S. Federal Energy Regulatory Commission's review of plans for the state-run Alaska Gasline Development Corp's project satisfied the National Environmental Policy Act requirements to take a hard look at environmental impacts of major proposals…

The Biden administration on Thursday approved exports of liquefied natural gas from the Alaska LNG project, a document showed, as the United States competes with Russia to ship natural gas from the Arctic to Asia.The Department of Energy approved Alaska Gasline Development Corp's (AGDC) project to export LNG to countries with which the United States does not have a free trade agreement.Backers of the roughly $39 billion project expect it to be operational by 2030 if it gets all the required permits.

The year just ended, 2021, might be described as being about “trying to get back to normal”, across the entire transportation spectrum, two years into the pandemic. During this time, the decarbonization and electrification waves have swept across maritime passenger transport. The passenger side of the business is dependent on multiple funding sources; increasingly, this money will be driven by environmental and social considerations.The long-awaited funding of “infrastructure”-related projects…

The U.S. Treasury Department on Tuesday imposed sanctions on four maritime firms and vessels transporting Venezuelan oil to Cuba, amid an acute fuel scarcity in the island that is forcing people to line up for gasoline and public transport.Despite tough U.S. measures against Venezuela's state-owned oil company PDVSA in January, Cuba's state-run oil import and export company Cubametales and other Cuba-based entities "have continued to circumvent sanctions by receiving oil shipments from Venezuela…

NYC Economic Development Corp. Signs on as Event Sponsor.The Center of Excellence for Offshore Renewable Energy at the State University of New York Maritime College and the Maritime Industry Museum at Fort Schuyler, proudly announce their partnership in hosting of the Ocean Wind Energy Conference on Thursday, September 26, 2019 at 9 a.m. in the Maritime Academic Center, SUNY Maritime College. Featured presentations by industry leaders such as Keynote Speaker Dr. Alana Duerr, Director of DNV GL…

Alaska Gasline Development Corp (AGDC) has signed an agreement with BP and Exxon Mobil to help advance the state-owned company's proposed $43.4 billion Alaska liquefied natural gas (LNG) project.According to the agreement, the concerned parties would work together to identify ways to improve the Alaska LNG project ’s competitiveness, and progress the Federal Energy Regulatory Commission authorization to construct the project.AGDC Interim President Joe Dubler said, “Our respective organizations share an interest in the successful commercialization of Alaska’s stranded North Slope natural gas. BP and ExxonMobil possess world-class LNG expertise which may help AGDC responsibly advance this project with maximum efficiency for the benefit of Alaskans…

Saint Lawrence Seaway Development Corporation (SLSDC) has awarded a construction contract for a new TundRA 3600 ice class tug to shipbuilder Gulf Island Fabrication, to be built at their yard in Jennings, La. The SLSDC is a wholly owned U.S. government corporation tasked with operating and maintaining the St. Lawrence Seaway between Massena, N.Y. and Lake Ontario, within the territorial limits of the United States. The tug, which will be based in Massena, N.Y., will primarily operate between the Snell and Eisenhower locks with typical duties including icebreaking/ice-management services…

If you want to book a plush river cruise vacation in America’s heartland – say on the Mississippi or Ohio Rivers – you can do it. The American Queen Steamboat Company’s website offers as many as 13 river cruises in 2018. Certainly, the ‘bourbon cruise,’ aboard the lavish American Duchess sounds like fun. Or, maybe next year you can sign up for the nine-day ‘Derby Cruise.’ And, next year means 2019 because the 2018 cruise is sold out. Maybe the most fun is that passengers themselves…

As demand for liquefied natural gas (LNG) grows, so does the need for LNG carriers. Many shipping companies in recent years have placed orders for LNG ships, and shipyards are busy building them. The maritime industry is also exploring ships powered by natural gas, rather than more traditional sources. To address this topic, SUNY Maritime College will host a conference, LNG: Not just a cargo, on Thursday, November 2. The conference will include presentations and panel discussions from a wide variety of maritime companies…

The first ocean vessel of the year arrived at the Port of Indiana-Burns Harbor marking the official opening of the international shipping season. Port officials welcomed the 413-foot general cargo carrier BBC Mont Blanc and presented the captain with the Ports of Indiana Steel Stein. "The arrival of the first ocean ship of the new year is an exciting time not only for our port, but also for our port companies and numerous other regional businesses that rely on the cargoes these vessels carry," said Port Director Ian Hirt. "For northwest Indiana, the opening of the St.

Australia & New Zealand Banking Corp (ANZ) has agreed to sell its 20 percent stake in Shanghai Rural Commercial Bank (SRCB) for US$1.33bn. China Cosco Shipping Corp and Shanghai Sino-Poland Enterprise Management Development Corp had each agreed to acquire 10 percent of SRCB. The sale comes as the bank moves to shrink its business and scale back its presence in the region. ANZ said the sale will not have a meaningful impact on its balance sheet, with the price broadly in line with the value of the asset in ANZ's annual accounts. No comment was immediately available from China Cosco Shipping or Sino-Poland. State-owned China Cosco Shipping has amassed stakes in several Chinese banks and financial companies, says a report in FT.

The state-owned Alaska Gasline Development Corp. (AGDC), and ConocoPhillips Alaska Inc. have executed a memorandum of understanding (MOU) to form a joint venture company (JV) to market liquefied natural gas (LNG) from the Alaska LNG project. AGDC said the joint venture would also focus on buying North Slope gas and pursue support of other major North Slope producers in the formation. The JV's ultimate goal is to bring global LNG buyers and North Slope wellhead sellers together. According to Alaska Dispatch News, the JV will also try to bring ExxonMobil and BP into the joint venture, according to a statement from the Alaska Gasline Development Corp., the state corporation that represents Alaska in the $55 billion Alaska LNG project.

Alaska Gasline Development Corp. President Keith Meyer says the Big 3 oil companies are cooperating with the state’s desire to take full ownership of the AK LNG Project. He laid out an ambitious list of “to-dos” the state needs to check off if it is going to lead the $55 billion Alaska LNG Project to fruition at a board of directors meeting. According to local media, ExxonMobil, BP and ConocoPhillips in recent months have signaled they may not all continue with the project amid the global slump in the price of oil and liquefied natural gas. Now, the state and the oil companies are working "cooperatively" on a plan to turn over leadership of the project to Alaska, said Keith Meyer, president of the Alaska Gasline Development Corp.

China COSCO Shipping Co. Ltd (China COSCO Shipping) officially  inaugurated the company “COSCO shipping Financial Holdings Limited (COSCO shipping Financial) in Hong Kong. It was former China Shipping (Hong Kong) Holdings, reports Sinocast. The formation of Cosco Shipping Financial followed the completion of the merger between China Cosco Group and China Shipping Group in February this year to become Coscocs. COSCO Shipping Financial Holdings, together with China Shipping Container Lines, will form a financial holding platform of China COSCO Shipping Corporation. Its businesses include ship leasing, container leasing and manufacturing, non-shipping business, equity investment, internal financial services, banking equities and insurance business.

Adani Ports  has entered into a non-binding Memorandum of Understanding with L&T Shipbuilding Limited (L&T) for evaluating the operations of the port at Kattupalli, Tamil Nadu, with effect from October 1, 2015 for a period of one month. The development comes amid reports that Gautam Adani-led Adani group is likely to take over the operational and management control of L&T Kattupalli International Container Terminal near Chennai to strengthen its presence on the east coast. The definitive agreements would be entered into later. While all non-operating revenues and expenses will be to L&T s account. Adani shall be responsible for EBIDTA gains and losses arising from the Port operation for this period. The shipyard will continue to be managed and operated by L&T, it added.

The Shipping Ministry, Government of India has named Anil Udhavrao Diggikar, a Maharashtra cadre Indian Administrative Service (IAS) officer of the 1990 batch, as the new chairman of the state-owned Jawaharlal Nehru Port Trust (JNPT). AT present Mr Diggikar is the vice chairman and managing director of the Maharashtra State Road Development Corp. Ltd. The port will be having a Chairman after a long gap as the port did not have a fulltime chairman even since N.N. Kumar demitted office in March this year. JN port is the largest container port in India having handled 4.467 million TEUs for the year ended 31st March 2015 the highest since it was opened in 1989. Overall, the port handled 63.80 million tonnes of cargo in 2014-15, up 2.36% compared with 62.33 million tonnes a year ago.

BAM International has completed its €65 million project to construct the Aqaba LNG terminal for Aqaba Development Corp. (ADC). The operating company of Royal BAM Group handed over the project on 23 June, two months ahead of schedule. The LNG terminal forms part of ADC’s plan for developing Aqaba’s energy ports. The government has tasked ADC to develop Jordan’s energy intake capabilities to ensure a consistent supply of energy. In partnership with sister company BAM Contractors from Ireland and Jordan’s engineering company MAG, BAM International designed, built and commissioned an LNG jetty with approach trestle, including the mechanical, engineering and piping services, buildings, infrastructure works and tug jetty berth for attending tugs within 17 months.

The arrival of the 655-foot bulk carrier M/V Irma at the Port of Indiana-Burns Harbor signals the official opening of the port’s international shipping season. Port officials welcomed 2015's first ocean vessel on Monday with a ceremony presenting the Ports of Indiana "Steel Stein" to the ship's captain. "Our port is open year-round handling Great Lakes ships and river barges, but the first ocean vessel of the year signifies the opening of Northwest Indiana's gateway to the world," said Port Director Rick Heimann.

The Working Harbor Committee is presenting a screening of the documentary film "Liemba!" on Tuesday, March 31 at the Community Church of NY. The screening will feature special guest speaker James Wong, Director of Ferries, NYC Economic Development Corp. "Liemba!" is a documentary on the history and significance of the 100-year old historic vessel MV Liemba, a ferry connecting communities and people with work on the great Lake Tanganyika, the second largest freshwater lake in the world. The lake is divided among four countries, Tanzania, Democratic Republic of Congo, Burundi and Zambia.

The South China Morning Post has reported Hong Kong billionaire Li Ka-shing's Hutchison Whampoa Ltd is mulling the possible sale of a 40 percent stake of Hutchison Port Holdings (HPH) to a quartet of state-owned mainland China companies. If it goes through, the move would underscore Hutchison’s recent tactic of monetizing port assets to free up capital to support other high-growing businesses. HPH is talking to a consortium of mainland Chinese companies as it is planning to a HK$160 billion ($20.6 billion) stake in its ports business. Hutchison holds an 80 percent stake in HPH, the world's largest container port operator by throughput with a foothold in 52 ports in 26 countries.

Sponsored by the American Association of Port Authorities and hosted by the Unified Port of San Diego, a workshop examining port-related economic development programs, analyzing solutions to development/funding challenges and quantifying results will be held Feb. 20-21, 2014 (Day 1, 8:00 a.m. -5:00 p.m.; Day 2, 8:30 a.m.-12:30 noon) at the Hilton San Diego Bayfront, 1 Park Boulevard, San Diego, Calif. Among the key topics on the minds of Western Hemisphere port development…

Metro Cruise Services LLC entered a four-year agreement with the New York City Economic Development Corp. (NYCEDC), where it has been designated as the sole and exclusive operator of the Brooklyn Cruise Terminal (BCT). This will be the first time in Metro’s company history that marine terminal and stevedore operations will be conducted in the Port of New York. Metro’s cruise brand has grown in the Northeast region in recent years, beginning with the providing of stevedore services in the Port of Boston to Crystal, RCI, Celebrity and Carnival cruise lines.

Huntington Ingalls Industries has announced that its AMSEC LLC subsidiary has picked an existing building in Virginia Beach for its new headquarters. AMSEC had been engaged in a two-year search to identify a new location in the Hampton Roads area for its headquarters. AMSEC signed a 10-year lease agreement with the Olympia Development Corp. for the property located at 5701 Cleveland St. AMSEC will occupy approximately half of the six-story, 126,000 square foot building adjacent to Interstate 264.