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30 Nov 2023

Japan Urged to Scale up Offshore Wind Auctions

© Fokke Baarssen / Adobe Stock

International energy companies, from Germany's RWE to Spain's Iberdrola, are urging Japan to beef up offshore wind power auctions and make investments more attractive, amid soaring installation costs as competition for suppliers grows worldwide.Although desperate to ease its heavy dependence on energy imports from the Middle East and Russia, Japan is coming late to offshore wind, but some industry players say it is taking a more cautious approach that puts it at a disadvantage."It's a global race and we can't look at it in isolation…

26 Oct 2023

Europe's Offshore Wind Power Goal Hits New Snag: Security

Nysted wind farm - Credit: Plenz - Own work - CC BY 3.0 DEED via Wikimedia Commons

As Europe turns to renewable sources to diversify energy supplies away from Russian oil and gas, a peaceful marine scene conceals a billion-dollar security headache.Rising above the Baltic Sea less than 10 km (6 miles) off the coast of Denmark, 161 wind turbines spin slowly. They supply around 4% of the country's power, sent to shore through two cable connections.The turbines have no barriers or surveillance."Our technicians are only here until five o'clock in the afternoon, then they go home…

18 Sep 2023

New FSRU Arrives in France as Greenpeace Blocks Port

© Jean Nicholas Guillo / Greenpeace

A new LNG floating storage regasification unit (FSRU) arrived in western France on Monday morning, a TotalEnergies' spokesperson said, as activist group Greenpeace tried to prevent it from entering port.Demand for liquefied natural gas (LNG) in Europe has grown in the wake of the war in Ukraine, with France relying on its four LNG terminals to replace Russian gas imports and help supply neighbors like Germany.The Cape Ann FSRU arrived at Le Havre port on Monday morning, LSEG ship tracking data showed.However, environmental group Greenpeace blocked the tanker's course in protest at what they sa

08 Mar 2023

French Strike Disrupts Rhine River Traffic

© philipbird123 / Adobe Stock

Rhine river traffic came to a standstill in some places on Wednesday due to strikes against French government plans to raise the pension age, with sections of the river in France, Germany and Switzerland affected, a CGT union representative and Germany's Waterways and Shipping Administration (WSA) said.Around 1.28 million people in France had participated in a sixth day of protests on Tuesday against a draft law that would see the pension age delayed by two years to 64.A blockade at Strasbourg lock on the Rhine was cleared by police and an evacuation of the blockades at the Marckolsheim lock…

26 Nov 2017

Total CEO Not Worried over Possible Norway Fund Capital Exit

Patrick Pouyanne (File photo: Total)

The possible exit of Norway's sovereign wealth fund from the capital of French oil and gas major Total will take place over time and is thus unlikely to hurt Total's stock price, Chief Executive Officer Patrick Pouyanne said on Friday. "I can tell you that, obviously, the managers of the fund who we know very well...are not going to sell in a manner that would lead to a stock-price collapse," Pouyanne told shareholders during an annual gathering in Paris. Acccording to Thomson Reuters data, Norges Bank Investment Management - owns around 1.6 perent of Total's capital.

16 Mar 2015

Court: Vens to Pay Tidewater $46 mln

A World Bank tribunal has ordered Venezuela to pay oil service company Tidewater around $46 million in compensation for seized vessels, in a decision the South American country hailed as a victory. The claim, one of many similar cases, stems from the 14-year rule of late leader Hugo Chavez, who made sweeping nationalizations a cornerstone of his socialist administration. However, this award is far smaller than the hefty arbitration decisions that have hit cash-strapped Venezuela in recent months. Eleven Tidewater ships were seized in 2009 by Venezuelan authorities after signing a law to nationalize them, according to Tidewater. "The much higher amounts claimed were rejected because the tribunal found that the nationalization was lawful…

23 Oct 2014

New York, London Juxtaposed by New Maritime Event

On November 13, the newly formed New York Maritime Consortium, a coalition of leaders from New York Maritime Inc. (NYMAR), the Society of Maritime Arbitrators (SMA), the Maritime Law Association (MLA) and the Association of Shipbrokers and Agents (ASBA), will host an event entitled “New York and London: Perception and Reality”. According to the event’s organizers, key industry figures from the areas of finance, arbitration and law from both sides of the Atlantic have been invited to illustrate the strengths of each jurisdiction, and how the two relate to each other. Chief Judge Loretta Preska of the Southern District of New York Federal Court will moderate the event. The forum will be held from 2:30-6 p.m. at The Harvard Club.

16 Jun 2014

Siemens, Mitsubishi Challenge GE with Alstom Offer

Germany's Siemens and Japan's Mitsubishi Heavy Industries presented a joint offer to France's Alstom on Monday that included 7 billion euros ($9.5 billion) in cash, challenging a bid by General Electric. Under the deal, Siemens offered to buy Alstom's gas turbines business for 3.9 billion euros in cash, and MHI to buy stakes in Alstom power assets including hydroelectric power equipment and grid, to be held in separate joint ventures. MHI would inject 3.1 billion euros in cash into Alstom and offer to take a stake of up to 10 percent in the French firm from shareholder Bouygues. "Alstom would remain an independent energy and transport player with a strong brand," Siemens Chief Executive Joe Kaeser said. Alstom said it would review the proposal in the coming days.

06 Jun 2014

France to host airshow-style nuclear exhibition

France hopes to boost its nuclear industry with a biennial exhibition modeled on the Paris Air Show, although it does not expect reactor orders to pile up as fast as airplane contracts. To be held in the same Le Bourget venue as the airshow, the October 14-16 World Nuclear Exhibition (WNE) expects some 7,000 visitors will visit stands representing nearly 500 French and foreign nuclear industry companies, the organisers said on Thursday. "Obviously, it would be an illusion to expect to sign as many nuclear reactor contracts there as the airline industry does at the airshow," WNE chief Gerard Kottmann told reporters. At the 2013 Paris Air Show…

20 May 2014

Siemens Asks Alstom For More Info

Germany's Siemens wrote to Alstom on Tuesday asking for more information ahead of a likely offer for the French company's power business, French Economy Minister Arnaud Montebourg said. Alstom is already in talks with U.S. conglomerate General Electric over a 12.35 billion euro ($16.9 billion) bid for its power arm, which it is due to review by June 2. Under pressure from the French government, however, it has opened its books to Siemens as well. Sources have told Reuters that Siemens is working on a formal offer to swap part of its rail business plus cash in exchange for Alstom's power business, which could come as early as this week.

29 Apr 2014

Alstom Accepts 10 Bln Euro GE Bid For Its Energy Unit

The board of Alstom accepted General Electric's 10 billion euro ($13.82 billion) bid for its energy unit on Tuesday, several sources familiar with the situation told Reuters. Sources said GE is not in exclusive talks with Alstom. The French transport-to-turbines group is also set to receive an offer from its much larger German competitor Siemens AG , which said it had sent a letter to Alstom after its managing and supervisory boards had decided to make an offer. Alstom is expected to make a statement about the two offers early on Wednesday, before its shares, suspended since late last week, resume trading. The rival bids have triggered a fierce national debate about the fate of power turbine and train manufacturing in France - both integral to the country's engineering pedigree.

25 Apr 2014

GE in talks to buy Alstom's global power arm-sources

General Electric is in talks with Alstom to take over its global power business and a deal could be announced in the coming days, two sources familiar with the matter said on Friday. No price tag was given for the deal, which could be announced in the coming days, according to the sources. The power business accounts for nearly three quarters of Alstom's 20.3 billion euro revenue. One of the sources said the approach was initiated by Alstom and that its top shareholder Bouygues - which has a 29 percent stake - backed the proposed deal. Alstom declined to comment. Bouygues could not immediately be reached for comment. Reporting by Matthieu Protard, Benjamin Mallet; and Natalie Huet

05 Mar 2013

World Bank Offers to Aid Jamaica's Logistics Hub Plans

Jamaica’s plans to become one of the world’s top four logistics centres has received a major boost after the World Bank committed to providing technical and other assistance for specific aspects of the proposed Global Logistics Hub initiative. The World Bank Group, through its representative to Jamaica, Giorgio Valentini, has endorsed the Government of Jamaica’s plans for the logistics hub initiative, describing it as ‘transformational’ when implemented which will significantly enhance Jamaica’s potential for growth. A 16 person delegation from the World Bank Group visited Jamaica last month for consultations on Jamaica’s Country Partnership Strategy which will feature the Logistics Hub Initiative.

05 Apr 2004

Barge Hits Moored USCG Vessels

A tug pushing two barges drifted into two U.S. Coast Guard ships at the north side of the Corpus Christi Inner Harbor at 4 p.m. Wednesday. One of the barges struck both the Coast Guard Cutter Mallet, a 75-foot inland construction tender, and the Coast Guard Cutter Brant, an 87-foot patrol boat, both located at the Coast Guard harbor facility here. No one was injured and neither of the ships or barges are taking on water. Though the two damaged ships will need to be repaired, no Coast Guard mission will be affected. Personnel from Coast Guard Marine Safety Office Corpus Christi are investigating the cause of the accident.

16 Aug 2001

Rib Report

AB Inflatables Delivers For Diversity Of Applications

17 Sep 2001

U.S. Coast Guard Taps Reservists To Patrol Waterways

Coast Guard officials recalled more than 300 reservists this past Friday to carry out various missions throughout the Gulf of Mexico and the inland waterways in response to the need for increased security across the nation. The USCG has been authorized to activate its entire reserve force of 8,000, if necessary, to ensure security of ports and waterways. They will also aid with New York rescue and recovery efforts while ensuring the ability to maintain other pertinent operations, including search and rescue, and illegal narcotics interdiction operations. Reservists throughout the Gulf and inland waterways will serve as boatcrews, security details, marine safety inspectors and communications watchstanders, among other positions.