Allowing US Oil Export Could Push Crude Prices Higher -CBO
Lifting the ban on U.S. crude exports could push the price of domestic oil up roughly $2.50 a barrel in the coming decade, a report from the Congressional Budget Office said on Wednesday.
Insufficient Steel Found in Panama Canal Locks Sill
The seepage found in the Panama Canal’s third set of locks is said to be the result of an inadequate amount of steel reinforcement, the Panama Canal Authority (ACP) announced today. ACP said it was informed by the contractor responsible for the design and construction of the locks, Grupo Unidos por el Canal, S.A. (GUPC), that the localized seepage found in the concrete sill between the lower and middle…
Weapons Bound for Yemen Seized on Iranian Boat
Saudi-led coalition forces said on Wednesday they had seized an Iranian fishing boat loaded with weapons on its way to deliver them to Houthi fighters in Yemen.
Hurricane Joaquin Continues to Strengthen
Joaquin, the third hurricane of the 2015 Atlantic season, continues to strengthen and is likely to develop into a major hurricane in the next couple of days as it moves toward the Central Bahamas, the U.S. National Hurricane Center said on Wednesday. Joaquin, now a Category 1 hurricane, is located about 190 miles (305 km) east-northeast of the Central Bahamas with maximum sustained winds of 85 miles per hour (135 km/h), the latest advisory said.
White House Does Not Support Efforts to Lift Oil Export Ban
The White House does not support efforts by the U.S. Senate to lift the ban on oil exports, despite provisions in the legislation allowing the president to halt…
Weaker Capesize Demand Pulls Down Baltic Index
The Baltic Exchange's main sea freight index, which tracks rates for ships carrying dry-bulk commodities, fell on Wednesday, primarily due to lower demand for capesize vessels. The overall index, which factors in average daily earnings of capesize, panamax, supramax and handysize dry-bulk transport vessels, dropped 26 points or 2.81 percent to 900 points as rates fell across vessel segments. The capesize index was down 95 points, or 4.68 percent, at 1,936 points.
US Coast Guard Offloads $41mln Drug Haul
Approximately 1,100 kilograms of cocaine and 4,420 pounds of marijuana interdicted in the Caribbean Sea worth an estimated wholesale value of $41 million was offloaded by U.S. Coast Guardsmen at Coast Guard Base Miami Beach, Fla., Tuesday. The drugs were seized as part of Operation Martillo and Unified Resolve. On September 20, a Coast Guard HC-144 Ocean Sentry aircraft located a suspicious go-fast vessel southeast of Isla Saona, Dominican Republic.
Nicaragua Canal Project Fraught with Risks
Nicaragua's planned $50 billion canal project is "fraught with risks and uncertainties," and could cause more harm than good unless the government and its Chinese…
Hapag-Lloyd, Maersk Partner on Dangerous Goods Safety
Hapag-Lloyd and Maersk Line have agreed to cooperate in increasing the safety of dangerous goods following a meeting today in Hamburg in which Maersk Line showed interest to implement a tracing system similar to Hapag-Lloyd’s watchdog program into its business processes. The watchdog program, together with the Hapag-Lloyd FIS (Freight Information System), continuously examines cargo data to identify anything conspicuous.
Infrared Systems Protect UK Navy Ships at Sea
International manufacturer of panoramic infrared thermal imaging systems HGH Infrared Systems was selected by the British Navy to incorporate its Spynel-S 3500 into an integrated Compact Combat System (C2S) for situational awareness and ship-based protection against small fast inshore attack crafts (FIACs). The system has already been tested in trials in the U.K. and will be used in part toward securing war ships in perilous locations.
IRS Scores High with US Coast Guard
The U.S. Coast Guard (USCG) has placed the International Register of Shipping (IRS) in the top bracket of those recognized organizations (RO) that consistently achieve…
Teekay Secures $1bln from Chinese Bank
Teekay Corporation announced today it has entered into a framework cooperation agreement with the Export-Import Bank of China (CEXIM) for up to $1 billion in new loan facilities.
BW Gas Floating LNG Terminal Arrives in Egypt
A second liquefied natural gas (LNG) import terminal arrived in Egypt without cargo on Wednesday and will start operating in the third week of October, state gas…
Intermarine Promotes Corporate Finance Director
Project, breakbulk and heavylift cargo transporter Intermarine, LLC reports it has promoted Chad Call to Director of Corporate Finance. Call will continue to report to Michael Dumas, Executive Vice President and Chief Financial Officer. In this new role, Call will be responsible for managing the company’s banking relationships, corporate financial analysis, forecasting and financial reporting. Call joined Intermarine in 2010…
World Carbon Debate Must Consider Great Lakes Shipping
As the debate continues both at home and abroad on carbon offsetting measures, the Chamber of Marine Commerce is urging stakeholders and governments to consider the environmental advantages and the competitive challenges faced by the Great Lakes-St. Lawrence shipping industry. The call comes as the Ontario government develops details of a new cap-and-trade system to reduce greenhouse gas emissions…
House Bill Introduced to Block Arctic Drilling
Rep. U.S. Congressman Jared Huffman (Dem.-Calif.) introduced a bill Monday called the Stop Arctic Ocean Drilling Act of 2015, which would prohibit new or renewed oil and gas leasing in the Arctic Ocean Planning Areas of the Outer Continental Shelf. The Senate version of the Stop Arctic Ocean Drilling Act of 2015 was introduced by Sen. Jeff Merkley (Dem.-Ore.) on July 16, 2015. Following closely on…
AT&T Network Connects Maersk’s Reefer Containers
A.P. Moller-Maersk Group has entered an agreement with AT&T to use its Internet of Things (IoT) technology to connect its refrigerated containers. In what is reported to be one of the largest industrial IoT deployments of its kind, Maersk is working with AT&T to track and monitor the condition of refrigerated containers with perishable goods. Maersk has connected more than 290,000 of its refrigerated containers to the AT&T network.
Four CMA Cadets Awarded Crowley Scholarships
Four California Maritime Academy (CMA) cadets were awarded Thomas B. Crowley Sr. Memorial scholarships from the Crowley Maritime Corporation. The scholarships were presented to cadets Andrew Leonard, Griffin Sims, Bonnie Claire Muchnick and Alex Yonkman by Crowley’s manager for marine development and compliance, Vicky Ellis, at Tuesday’s Containerization & Intermodal Institute’s Connie Awards Dinner in Long Beach, Calif.
Palau Ship Registry Eyes Asia Expansion
With the opening of three new offices in Asia, The Palau International Ship Registry (PISR) said it is pushing ahead with a growth strategy intended to place the Palau flag among the region’s foremost ship registers. The newly opened offices in Qingdao and Dalian, China, and Tainan, Taiwan join PISR’s existing offices in Singapore, Shanghai, Guangzhou and Fuzhou-China, to fortify the register’s position across the Asia-Pacific region.
Giant Harbor Crane Delivered in Port Bronka
Multipurpose Sea Cargo Complex Bronka took delivery of a LHM 800 mobile harbor crane from Liebherr Maritime Cranes on September 26, marking delivery of the first LHM 800 in heavy lift configuration. Located at the southern shore of the Gulf of Finland, Port Bronka is about to become an important multipurpose terminal on the Baltic Sea, according to Liebherr. In order to handle growing vessel sizes and heavy industrial goods right from the beginning…