Venezuela's PDVSA Tightens Oil Prepayment Rules
Venezuela's state oil firm PDVSA is toughening terms for buyers after a month-long halt to most exports of crude and fuel, demanding prepayment ahead of loadings in either cash, goods or services, company documents showed.PDVSA's new Chief Executive Pedro Tellechea put the move in place this month. It reinforces measures implemented last year after several buyers skipped out on payments for oil, which provides most of the South American country's income.After taking the helm, Tellechea launched an extensive audit of supply contracts…
US Trade Deficit Reaches Record High
The U.S. trade deficit jumped to a record high in March amid roaring domestic demand, which is drawing in imports, and the gap could widen further as the nation's economic activity rebounds faster than its global rivals.Manufacturers lack the capacity to satisfy the surge in demand because of resource constraints and bottlenecks in the supply chain. Inventories are very lean. Demand is being driven by a rapidly improving public health situation and massive government aid to households…
Kongsberg to Deliver $40M Tech Package for First Jones-act WTIV
Norway's Kongsberg Maritime has secured a $40 million contract to supply an integrated technology solution for the first U.S.-built wind turbine installation vessel (WTIV) - the Charybdis.The vessel, being built at Keppel AmFELS shipyard in the U.S., is being constructed for US energy company Dominion Energy. The vessel is expected to be delivered by the end of 2023 and will be among the largest of its kind.The new WTIV will be able to transport and install several sets of next-generation wind turbines and their foundations.
Pentagon Chief Concerned About Beijing's Activity in South China Sea
U.S. Defense Secretary Mark Esper expressed concerns about Beijing’s “destabilizing” activity near Taiwan and the South China Sea in a call with Chinese Defense Minister Wei Fenghe, the Pentagon said on Thursday, the first time the two are believed to have spoken since March.The call came as U.S.-China ties have rapidly deteriorated this year over a range of issues, including Beijing’s handling of the coronavirus, telecommunications equipment maker Huawei, China’s territorial…
GNS, SIRM Join to Povide Cloud-based Services for Ship Managers
The maritime technology company Global Navigation Solutions (GNS) and the supplier of navigation and telecommunications equipment and services SIRM have announced a new strategic partnership.The new partnership will combine GNS’s expertise in data intelligence, back of bridge software and navigation with SIRM’s cloud-based services and telecommunications capability to deliver a new generation of ship-shore technology solutions and enhance office-based situational awareness."Agreement will leverage GNS’s unique data and software capabilities and SIRM’s cloud computing and ship-shore communications expertise," said a press release from…
China Firms ZTE & COSCO in Greek Port Logistics Deal
China's leading global provider of telecommunications equipment and network solutions ZTE and shipping conglomerate COSCO have signed an agreement allowing Greece's Piraeus Container Terminal (PCT) as a European logistics center for ZTE products for the wider Southern European region, reports Xinhua. Under the terms of the deal, from now on ZTE's deliveries in 12 major South-Eastern European markets will be routed via PCT, the largest port of Greece run by COSCO under a 35-year concession agreement. These markets are Croatia, Czech Republic, Slovakia, Slovenia, Austria, Hungary, Bulgaria, Romania, Italy, Spain, Portugal and Cyprus.
SAIT-Stento To Issue 1.2M New Shares
Communications services group SAIT-Stento will issue 1.2 million new shares at a maximum price of 32 euros each to make its stock more liquid and raise money for future acquisitions. SAIT-Stento, recently formed through the merger of Belgian communications services group Sait-RadioHolland and Norwegian telecommunications equipment maker Stento SAS, also said it expects to break even or even post better results in 2000. Revenues for the combined company should rise above year-ago levels on a pro-forma basis, it added. The merger partners posted combined revenues of 396 million euros in 1999. SAIT-Stento will offer to sell 70 percent of the 1.2 million shares to existing shareholders and the remaining 30 to the public. SAIT-Stento reportedly plans to change its name in the next few months.
Governor Announces First Innovation Partnership Zones
Governor Chris Gregoire announced the designation of 11 Innovation Partnership Zones in Washington, geographic areas that will promote and develop the state’s regional economies. Innovation Partnership Zones build on the success around the world of “research parks,” such as the Research Triangle in North Carolina and Torrey Pines in California and bring together research and higher education opportunities, innovation and economic activity to be a strong engine for regional economies. “Washington is home to some of the greatest innovations in the world and I am excited to support the continued success of our state’s world-class companies,” said Governor Gregoire.
Shipsales Boost Finland's October Trade Surplus
Finland posted a record monthly trade surplus for October, boosted by a major deal by one of its shipyards and accelerating economic recovery. The customs board's preliminary data for October showed a trade surplus of a record $1.4 billion, with exports up 14 percent year-on-year at $4.1 billion and imports up six percent at $2.7 billion. October saw the departure from Finland of Voyager of the Seas, the world's largest cruise ship, built by Kvaerner's Masa-Yards for Royal Caribbean. Economists said that despite this one-off item, the data added to evidence from figures in the past few months indicating that the economy was back on track after being hit by the Russian crisis and a global economic slowdown last autumn.
