EU Changes Cabotage Contract Guidance
The European Commission has given new guidance on the interpretation of EU cabotage regulation, which allows contracts of up to 12 years instead of the current six years, according to trade organisation Maritime London. The EC statement explains: “With the new guidance competent authorities will have more legal certainty when awarding public service contracts and imposing public service obligations.
US Coast Guard Foundation Presents US$400,000 Check
Anne Brengle, president of the Coast Guard Foundation, presented the check to Rear Adm. Fred Midgette, commander of the Coast Guard 9th District at a ceremony in Cleveland. The presentation of the check was held at the Great Lakes Science Center in Cleveland, April 28, 2014. The money will be used to build a community center at Coast Guard Sector Sault Ste. Marie, Mich. Rear Adm. Midgette, commander of the Coast Guard 9th District based in Cleveland, expressed his appreciation for the donation.
Wärtsilä Executive Elected EUGINE President
Wärtsilä Corporation inform that Kari Hietanen, Executive Vice President at Wärtsilä Corporation, has been appointed President of the European Engine Power Plants Association (EUGINE). This is a newly established association of European manufacturers of engine power plants. Wärtsilä explains that there are 14 founding corporate members in the association, which acts as the voice of the industry in regulatory and policy matters relating to energy.
Panama Canal Expansion May Worsen Panamax Surplus: Analyst
The continuous cascading of surplus Panamax vessels into North-South trades is still contributing to over-capacity, and the problem is likely to get worse when the Panama Canal’s widened locks are opened at the end of 2015, according to the latest edition of Drewry Container Insight. MSC’s recently announced service between Asia and West Africa deploying 10 ships averaging 4,000 teu underlines a growing difficulty for North-South trades.
Scorpio Tankers Increase Q1 2014 Dividend
Scorpio Tankers Inc. has reported its results for the 3 months ended March 31, 2014 including the announcement of a US$100-Million stock buyback program and a quarterly dividend for shareholders. Closed on the previously announced sales agreement of seven VLCCs under construction for a gain of $51.4 million. Took delivery of three MR tankers under the Company's Newbuilding Program, STI Texas City, in March 2014, and STI Opera and STI Duchessa, in January 2014.
Analysts Strive to Price New Eco-Shipping Measures
“Think of a number. Any number will do, so long as it is very big. Then double it. The answer is likely to be as accurate as any supposedly informed estimates currently circulating in the shipping sector about the likely size of the industry’s bill for achieving compliance with incipient environmentally-inspired regulations governing the operation of ships," Maritime London quotes Moore Stephens shipping partner Michael Simms as saying.
Vard 2014 Order Book Bulging: Q1 2014 Report
Joint Singapore/Norway based offshore & specialised vessel designer and shipbuilder, Vard Holdings, has released its first quarter 2014 financial results, showing its order book value at a five-year high. During the quarter, one of the delayed vessels at Vard Niterói was completed, reducing the yard’s load from its peak in the fourth quarter of the last financial year. Vard Promar, the Group’s second Brazil yard…
U.S. Lawmakers Say Latest Russia Sanctions Too Mild, To Seek More
Senior U.S. Republican lawmakers said on Monday the latest sanctions imposed on Russian individuals and companies are too mild to deter Moscow from further action in Ukraine and promised to offer legislation as soon as this week to pressure the Obama administration to take stronger action. Tennessee Senator Bob Corker, the top Republican on the Senate Foreign Relations Committee, who earlier this month visited Ukraine and neighboring countries…
ExxonMobil To Announces Q1 Earnings- Conference Call
ExxonMobil Corporation (NYSE:XOM) will release first-quarter financial results on Thursday, May 1, 2014. The earnings press release will be available at 7 a.m. David Rosenthal, vice president of Investor Relations, will review the results during a listen-only conference call at 10 a.m. CT. The earnings presentation can be accessed via webcast or by calling (888) 765-5547 (Domestic) or (913) 312-1443 (International). Please reference confirmation code 6532513 to join the call.
LOC Group expands Asian operation
London Offshore Consultants, a global leader in marine and engineering consultancy for the shipping and offshore energy sectors, has further expanded its footprint in Asia, successfully registering LOC Seoul and opening the company's first office in South Korea. "Initially concentrating on the vibrant energy markets, our ultimate objective is for LOC Seoul to cover all aspects of our work," said Captain Jon Walker, Regional Head of Asia for the LOC Group.
Greenpeace sends protest ship as first Russian Arctic oil arrives
Greenpeace International has sent out a ship 'Rainbow Warrior'on Monday to confront the Russian Oil tanker bringing the first oil produced at a new Russian offshore platform in the Arctic Circle to Rotterdam. The oil was drilled at the Prirazlomnaya platform, an offshore rig owned by Russian energy giant Gazprom and the site of Greenpeace's protest last September. The ship sailed from the port of Rotterdam at 12:40 Dutch time (13:40 GMT)…
Hurricane spuds Lancaster well
Hurricane Energy plc announced that the Lancaster horizontal appraisal well was spudded at 10:30 hours BST on 26 April 2014. The Company is using the Transocean Sedco 712 semi-submersible drilling rig for the operation which is intended to drill and test the Lancaster basement oil discovery. The operation is expected to last approximately 75 days after which further technical analysis will be undertaken.
Ballard Power Posts Smaller-Than-Expected Loss
Canadian fuel cell maker Ballard Power Systems Inc posted a smaller-than-expected quarterly loss, helped by higher revenue from its engineering services and material handling businesses. Revenue from Ballard's engineering services business, which counts Volkswagen AG among its customers, rose nearly threefold in the first quarter ended March 31. The business accounted for half of Ballard's total revenue in the quarter.
New U.S. Sanctions On Putin Allies Cause Few Ripples
The United States imposed fresh sanctions on Russian firms and government officials on Monday, a move that financial markets largely shrugged off and U.S. Republican lawmakers dismissed as too little to deterMoscow from further action in Ukraine. The reaction underscored the dilemma facing President Barack Obama: how to use sanctions to punish Moscow for its intervention in Ukraine without hurting European countries and foreign companies with deep financial ties to Russia.
General Dynamics: $17.6B Contract for Submarines
The U.S. Navy awarded General Dynamics Electric Boat a contract valued at $17.6 billion for the construction of 10 additional Virginia-class submarines. Electric Boat is a wholly owned subsidiary of General Dynamics (NYSE: GD). The multi-year Block IV contract enables Electric Boat and its industry teammate, Newport News Shipbuilding, to proceed with the construction of two ships per year over a five-year period. Construction of the first Block IV submarine, SSN-792, will begin May 1.
Peru OKs $1.4 Bln Exploratory Work In Natgas Block
Peru has approved an environmental permit that will allow China National Petroleum Corp to do $1.39 billion of exploratory work in a natural gas block it is buying…
New Logistics Facility Coming to Port of New Orleans
Governor Bobby Jindal and CEO Jack Jensen of Jensen Companies announced the development of a new 500,000-square-foot logistics facility by TCI Plastics – a Jensen Companies division – at the Port of New Orleans. TCI will make a $36.5 million capital investment to build the facility at its France Road Wharf hub, and the project will create 160 new direct jobs with an average salary of more than $33,400, plus benefits.
PwC: Transport, Logistics Starts 2014 Subdued
Merger and acquisition (M&A) activity in the transportation and logistics industry began 2014 on a soft note, with the total volume of deals matching the lowest…
Klüber Introduces VGP-compliant Grease
Klϋber Lubrication, a worldwide manufacturer of specialty lubricants, has introduced Klüberbio AG 39-602, an environmentally acceptable adhesive lubricant for open gears and steel cables. Based on ester oil and selected additives, the grease complies with the requirements for environmentally acceptable lubricants (EALs) as defined in Appendix A of the U.S. Environmental Protection Agency’s 2013 Vessel General Permit (VGP).
Coast Guard to Hold Antiterrorism Exercise
Numerous local, state and federal law enforcement and emergency management agencies will be participating in a full-scale force protection exercise at Coast Guard Training Center Cape May, N.J.