Westports Eyes M&As in Asia
Malaysia's Westports Holdings Bhd is on the prowl for suitable merger and acquisition (M&A) target particularly in the Asean region that would be able to chart good growth to the benefit of terminal operators, says a report in the Star. The firm is pursuing a deal but had yet to find a terminal in the region that could join the group, informed Ruben Emir Gnanalingam, CEO of Westports. The company, which through its subsidiaries engages in the port development and management of port operations…
Oversupply, China Slowdown Push Freight Prices Down
Freight shipping prices have plummeted to a historic low, fueled by a long-standing problem of too many ships and lower demand from China, as per a report in AFP. However, the economists say that this is not a serious warning sign on the global economy. Last week, the Baltic Dry Index, the global benchmark for freight rates for ships carrying raw materials, plunged to its all-time low. BDI, which tracks the cost of transporting dry commodities such as coal…
Vietnam Shipping Industry Looks Bullish
The port of Ho ChiMinh City is expected to lead the way in terms of tonnage throughput handled in 2015. The port of Da Nang, however, is expected to outperform the larger Ho Chi Minh City port in terms of box sphere growth (10% compared to 8% respectively), says a recent report from Business Monitor International. In terms of the wider economy, BMI expect strong foreign direct investment (FDI), healthy…
Manila Ports Back at Optimum Utilization
Philippine Ports Authority (PPA) stated that utilization rate at the port of Manila is back to normal after the disruption of operations during the visit of Pope Francis to the country last month. The state-run PPA said in a statement that container yard utilization and vessel waiting time were normalizing as early as the second week of January and continues to improve. PPA general manager Juan Sta.
China’s LNG Terminals Underutilized
According to an Interfax analysis of customs data, China used just over half its LNG regasification capacity in 2014, as tariff hikes and cheaper competing fuels hit gas demand growth. Slow downstream demand, driven by rising natural gas prices and sluggish GDP growth, coupled with rising pipeline imports and plunging prices of alternative fuels, have halved China's LNG consumption growth, said industry sources.
NZ: Oil Spill off Taranaki
Maritime New Zealand (MNZ) said it was monitoring the situation of a small oil spill at the Raroa platform, about 70 kilometres off the Taranaki coastline. The operator, the New Zealand branch of international oil company OMV, says about 250 litres of oil was spilt on Friday when a pipe split during a routine transfer operation. It says it sincerely regrets an oil spill that is being investigated by MNZ.
Topaz, Saudi University to Offer Maritime Training
Topaz Marine KSA, a subsidiary of Topaz Energy and Marine, and the King Abdul Aziz University in Jeddah have joined forces to offer training to cadets from the university which allows them to operate as officers onboard sea going vessels. Topaz Marine is the first and currently only offshore support vessel business in Saudi Arabia to sign a letter of intent with the King Abdul Aziz University, a press release from the company said.
Taiwan's Lighthouses Major Tourist Attractions
The government of Taiwan is planning to open another two lighthouses to the public since such structures have become major tourism attractions in the country, the Maritime and Port Bureau informed. By 2015-end Chimei Yu Lighthouse on Penghu and Fukwei Chiao Lighthouse in New Taipei City will be added to the country's list of lighthouse tourist attractions. Taiwan has 35 lighthouses, 10 of which are currently open to visitors.
Fitzpatrick Appointed President of Robert Allan
The Board of Directors of Robert Allan Ltd. have accepted the announcement from Ken Harford, P. Eng. of his intention to retire in June, 2016 after eight years of leadership at Robert Allan Ltd. “Having completed the ownership transition from Rob Allan and his family to a group of senior managers and subsequently involving a further group of dedicated employees in the company ownership, it is time to pass the helm to the next generation” Harford said.
Aguirre Offshore GasPort Project Receives EIS from FERC
Excelerate Energy ("Excelerate"), in cooperation with the Puerto Rico Electric Power Authority ("PREPA"), has received the final Environmental Impact Statement ("EIS") from the Federal Energy Regulatory Commission ("FERC") for its Aguirre Offshore GasPort Project ("Project") located offshore Puerto Rico. The EIS assesses the environmental impacts of the liquefied natural gas ("LNG") terminal proposed by Excelerate and determines if the Project is suitable for construction and operation.
Eurasia Drilling, Schlumberger Merger Update
Eurasia Drilling Company Limited (the "Company") announces that Schlumberger B.V. ("SLB") and the Company are continuing to cooperate with the Russian Federal Anti…
ICC partners WCGC for Annual Golf Tournament
The International Chamber of Commerce (ICC) has become the Official Global Partner of the World Corporate Golf Challenge (WCGC), the largest and longest running corporate amateur golf event. The new venture is set to expand international participation, branding and media attention, making the event the "must-play" golf tournament of the year for business executives around the globe. An established event…
Navy Lays Keel of USS Omaha
Austal USA shipyard held a keel laying ceremony for the sixth Independence variant littoral combat ship, the future USS Omaha (LCS 12), Feb. 18. With Austal USA as the shipbuilder, teamed with General Dynamics as the combat systems provider, the future USS Omaha will be approximately 420 feet in length and have a waterline beam of greater than 100 feet. "Today we celebrate an important milestone in the construction and ultimately life of the future USS Omaha," said Capt.
Indian Police hold Company Officials Over Oil Ministry Leaks
Indian police have won court approval to hold five company officials for 72 hours as they investigate an alleged scam to steal documents from the oil ministry to sell to consultants and private companies. The officials from Reliance Industries, Essar , Cairn India, Jubilant Energy and Reliance Power were arrested on Friday along with seven other people, Ravindra Yadav, Additional Commissioner of Delhi Police, told Reuters on Saturday.
Egypt's Suez Canal Revenue at $434.8 mln
Revenues from the Suez Canal stood at $434.8 million in January, the state news agency said on Saturday, down from $445.5 million in December. The fastest shipping route between Europe and Asia is one of Egypt's main sources of foreign currency. A major expansion of the 145-year-old waterway is planned. (Reporting by Omar Fahmy; Writing by Yara Bayoumy; Editing by Alison Williams)
U.S. Ports Deal 'huge relief' for Workers, Economy
The White House said on Friday a deal between West Coast ports and the dockworkers union was "a huge relief" for the economy, businesses and workers affected by the lengthy labor dispute. President Barack Obama had received an update on the talks late on Thursday from Labor Secretary Tom Perez, whom he had dispatched to help resolve the dispute, the White House said in a statement. Obama "calls on…
U.S. West Coast Ports Reach Tentative Deal
A group of shipping companies and a powerful dockworkers union clinched a tentative labor deal on Friday after nine months of negotiations, settling a dispute that disrupted the flow of cargo through 29 U.S. West Coast ports and snarled trans-Pacific maritime trade with Asia. The settlement, confirmed in a joint statement by the two sides, was reached three days after U.S. Labor Secretary Thomas Perez…
Malta Freeport Chosen by 2 Mega Alliances
Malta Freeport Terminals have been chosen by two mega shipping alliances - 2M Alliance and Ocean Three Alliance - as their main transshipment hub in the Central Mediterranean. The '2M' Alliance is made up of Maersk Line and Mediterranean Shipping Company and the 'Ocean Three Alliance' is composed of CMA CGM, China Shipping Container Lines and United Arab Shipping Company. Malta Freeport statement…
Egypt Bullish on New Suez Canal expansion
The Egyptian government is pressing ahead with the first major expansion of the canal in almost 150 years, to allow ships to pass north and south concurrently, reports Telegraph. The Suez Canal Area Development and the Second Suez Canal Projects are the most important drivers of economic recovery in Egypt and mark a turning point for a country that has been marred by continuing instability. The project…
Turkish Naval Forces to Stay in Gulf of Aden
Turkish parliament’s approval to extend the mandate of Turkish Naval Forces in NATO's operation in the Gulf of Aden for one more year is strategically important, says a report in the Journal of Turkish Weekly. The region is critical for Turkey's foreign trade activities. NATO's international anti-piracy mission, Operation Ocean Shield (OOS), was first approved in 2009. OOS aims to counter piracy in…