EU Backing UK on Green Maritime Transport
The EU's TEN-T Program will support with almost $6.29 million the pilot construction of the UK's first liquefied natural gas (LNG) bunker at Teesport near Middlesbrough and the LNG propulsion system of two new ships. The project will help reduce maritime pollution and support the roll-out of LNG technology in the UK. This project is a real breakthrough in the use of LNG for short sea shipping as it will develop a dedicated LNG supply and demand chain in the UK. It will also demonstrate the viability of LNG as an environmentally sound alternative to present marine fuels…
OMI Corporation Announces First Quarter Results
OMI Corporation a major international tanker owner and operator today announced its financial results for the first quarter ended March 31, 2002. Craig H. Stevenson, Jr., Chairman and Chief Executive Officer of the Company commented that "We are pleased to record a profit for the first quarter in view of the weakest rate environment for larger crude carriers since the mid - 1980's. While we expected a weak first quarter, substantially warmer than normal weather in the northern hemisphere as well as low natural gas prices, and thus lack of natural gas for oil substitution, resulted in an additional reduction of about 0.9 million barrels per day (b/d) in oil demand compared to the same period a year ago.