Hutchison Port Holdings Trust Sees Q4 Red
Hutchison Port Holdings Trust said on Friday it swung into loss in the last quarter of 2014 due to a HK$19 billion ($2.45 billion) impairment of goodwill, the first…
Port Battle Underscores Possible Libya Break-Up
Armed factions deploying heavy weapons. Peace talks making little progress. Hidden behind a pile of sand, a tank points its gun towards Libya's biggest oil port on the other side of an invisible frontier that now divides the north African nation. Factions fighting for control of Libya and its oil wealth have moved columns of heavy weapons to this new front line running through the middle of the country…
Manila Urges Beijing to Halt South China Sea Dredging
The Philippines strongly urged China to stop reclamation work on a disputed submerged reef within its exclusive economic zone in the South China Sea, the foreign ministry said on Friday.
Scandlines Takes Over Ferry Route Helsingør-Helsingborg
First State Investments is taking over the ferry route Helsingør-Helsingborg including the five vessels operating the line. retroactively as of 1 January 2015. million, keeping the leverage below 4.7 x EBITDA. The remaining proceeds from the transaction are planned for upstream dividend to the ultimate owners of Scandlines. Going forward, Scandlines will focus on its two ferry routes between Puttgarden-Rødby and Rostock-Gedser together with the two BorderShops in Puttgarden and Rostock.
EMGS Posts 4Q 2014 Results
Electromagnetic Geoservices ASA (EMGS) recorded revenues of USD 52.5 million in the fourth quarter 2014, up from USD 41.7 million in the third quarter and from USD 44.9 million in the corresponding quarter in 2013. Contract sales totaled USD 25.5 million, while multi-client sales were at USD 27.0 million this quarter. The Company had an EBITDA of USD 18.6 million and a net income of USD 15.1 million.
USCG Respond to Sinking Vessel in Astoria, Ore.
The Coast Guard is responding to the sinking of a derelict vessel at the Port of Astoria Thursday. A Coast Guard incident management team is currently on scene and working with Port of Astoria personnel to minimize the impact of pollution from the sunken Cap’n Oscar to the maritime environment. Watchstanders at Coast Guard Sector Columbia River received a call from port personnel Thursday evening when they noticed the derelict vessel was sinking.
Gazprom holds First Investor Day in Asia
Gazprom held the 10th annual Investor Day for the first time in the Asia-Pacific Region – in Hong Kong (February 3) and Singapore (February 5). Taking part in the events were Andrey Kruglov and Alexander Medvedev, Deputy Chairmen of the Gazprom Management Committee; Dmitry Lyugai and Vsevolod Cherepanov, Members of the Gazprom Management Committee as well as heads of the Company’s specialized structural units and subsidiaries. The events were met with great interest by the investment community.
VesselVanguard Debuts App for iPad
VesselVanguard has come up with a new mobile app that gives boat owners an easier way to understand and manage all of the various maintenance requirements for their vessel and its systems and equipment. The app provides a simple, streamlined gateway for VesselVanguard subscribers to access its many features and capabilities, with an interface custom-tailored for ease-of-use on the iPad. “Since launching VesselVanguard three years ago…
SAL Heavy Lift Completes Africa Move
AL Heavy Lift's Frauke has completed a six-month project transporting oversize cargoes for a West African offshore development. Two empty carousels - each measuring 12 m high by 26 m wide and tipping the scales at 620 tonnes - were loaded onboard the heavy lift vessel in Netherlands and exported to the USA. Stateside, more than 2,000 tonnes of umbilicals were spooled onto the carousels. The carousels…
Igor Sechin discusses Rosneft with Putin
The President of the Russian Federation Vladimir Putin held a working meeting on Wednesday with the Head of Rosneft Igor Sechin, who reported on the Company’s 2014 operational results to the President of the country. The overall hydrocarbons production at year-end was approximately 252 mln toe, which is amounts to a 4.6% organic growth compared to 2013 levels. Daily production level exceeds 5 mln boe, which is by one third higher than ExxonMobil’s level.
Whats Needed for Future Force
Chief of Naval Operations (CNO) Adm. Jonathan Greenert outlined his thoughts Feb. 4 on three science and technology objectives for the Navy and Marine Corps of the future, at the Naval Future Force Science and Technology (S&T) EXPO in Washington, D.C. Speaking before nearly 3,000 attendees from across government, academia and industry, Greenert charged his audience to reduce reliance on gunpowder; increase stamina for underwater unmanned vehicles' power and propulsion systems…
Mitsubishi Minatomirai Museum to Open "Ocean" Zone
On March 1 (Sun) the Mitsubishi Minatomirai Industrial Museum will launch its newly renovated "Ocean" zone, an area dedicated to introducing advanced technologies relating to the earth's oceans. In its new configuration the zone will display items in a way that enables visitors to experience what it's like to undertake deep-sea exploration using, for example, a simulator of a next-generation submersible research vessel.
China's $40b Maritime Silk Road Shaping Up
China's $40 billion fund to finance its most ambitious global plan - the Silk Roads and Maritime Silk Road is moving forward steadily as its management team has taken shape. China has appointed top officials to manage the fund. A team headed by Wang Yanzhi, an official with China's foreign exchange regulator, has been formed to formally operate the fund. People's Bank of China (PBOC) assistant governor Jin Qi will be the fund's chief executive and Zhu Surong…
Hutchison Chinese Ports Assets for Sale
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…
Shipping Not to Blame for Seal Deaths
New evidence has emerged that seal deaths around the UK’s coastal waters are the result of predatory behavior by grey seals, rather than ship propeller injuries, says UK Chamber of Shipping. Sea Mammal Research Unit researchers observed a grey seal killing five young seals, leaving them with the distinctive spiral seal injuries that had previously been believed to be the result of shipping activity.
MCC Rolls Out Direct China-Myanmar Shipping Service
The first direct shipping route between Myanmar and China, IA5 (Intra Asia 5) was launched in Yangon, by Maersk Line and MCC Transport. Sources said that the Tokyo Trader, the first vessel to do direct shipping service has already left Shanghai on January 27 and is expected to arrive in Myanmar port city of Yangon on Februaty 9 at Yangon International Port. It will run with eight vessels (1100 TEU), docking every week at Myanmar International Port.
Container Company ECT Under Investigation
The Dutch Authority for Consumers and Markets (ACM) is reportedly investigating alleged market manipulation by Europe Container Terminals (ECT), the largest container company in the Rotterdam harbor. According to anonymous sources, ACM raided ECT last summer and found it was giving priority to inland shippers it hired itself to take goods to and from the port in its European Gateway Services. Several companies complained about the preferential treatment ECT.
Live Oak Plans LNG Plant on Calcasieu Channel
Louisiana Governor Bobby Jindal and Martin Houston, Chairman of Live Oak LNG, has announced a new natural gas liquefaction and export project, up to a $2 billion investment, to be developed in the Calcasieu waterway. The $2 billion plant will be located on the Calcasieu Ship Channel and will create 100 direct jobs and 385 indirect jobs, the governor said. The permanent jobs will pay an average salary of about $75,000. About 1,000 construction workers will be hired.
Shipping Rates Drop as China Cuts Coal Need
Shipping costs plunged to almost the lowest on record following tumbling demand for coal in China and weakening growth in the nation’s iron ore purchases, reports Bloomberg. The Baltic Dry Index, which tracks freight rates for ships carrying raw materials, has slumped to its lowest point in 29 years, hit by a shipping glut, falling commodity prices and declining import demand from China. The BDI fell to 577 this week…
Hyundai Glovis Signs $100m Qatari Shipping Deal
Hyundai Glovis Co., South Korean shipping firm, clinched a $100 million shipping service contract with a building materials firm in Qatar, reports Yonhap news agency. According to the agreement signed with state-run Qatar Primary Materials Co., Hyundai will transport 12 million tons of aggregates to the Arab nation from neighboring United Arab Emirates for the next two years. The aggregates imported…