Japan Warns against China's Maritime Activities
Japanese Foreign Minister Fumio Kishida warned against China's increasing maritime activities, such as artificial land construction in the South China Sea, reports Nikkei. Referring to tensions over China's growing assertiveness in the South China Sea, Fumio said that Japan will step up efforts to ensure the rule of law for "open and stable seas." He pledged to work for a further improvement of ties with Beijing.
DP World to Develop Russian Ports
Dubai-based port operator DP World and the Russian Direct Investment Fund have launched a joint venture to develop ports, transportation and logistics infrastructure in Russia. Signed on the sidelines of the World Economic Forum in Davos, Switzerland, the deal will give DP World an 80 percent stake in the new company, while the Russian government-backed fund will hold the remainder, news agency WAM reported.
Keppel Profits Fall
Singapore-based rig builder Keppel Offshore & Marine saw profits fall for last year along with revenues. It also revealed work had slowed on rigs being built for Sete Brasil with the Brazilian company not making payments in over a year. Keppel’s profit was S$481 million for the full year., down 54% from S$1,040 a year ago. For the quarter O&M business recorded a net loss of $61 million. It posted a net loss of $42.54 million for Q4 2015…
Miserable Start for Dry Bulk Shipping
The global production of steel dropped in 2015 compared to 2014, to a larger extent outside China, as China exported its surplus of steel to destinations across the globe; it is too complex to single out whether this is positive or negative for the seaborne dry bulk transport demand, says BIMCO. Going forward, the Chinese steel industry is set to grow its global market share, currently at 50%. Depending on domestic steel consumption in China…
Indonesia to Open Mini LNG Terminal in March
Indonesia's first mini liquefied natural gas (LNG) terminal, considered an ideal concept for a gas terminal an archipelago, is set to start operations in March, supplying 40 million standard cubic feet per day (mmscfd) of gas to Bali’s Pesanggaran power plant. PT Pelindo Energi Logistik (PEL) is aiming to see operations at its Benoa liquefied natural gas (LNG) terminal kick off by March, delivering LNG from Bontang in East Kalimantan to Pesanggaran power plant in Denpasar, Bali.
Hoegh LNG Declares Higher Dividend
Höegh LNG Partners LP announced that its board of directors (the "Board") has declared a quarterly cash distribution with respect to the quarter ended December 31, 2015 of $0.4125 per unit. This represents an increase of $0.075 per unit or approximately 22% from the third quarter 2015 distribution and is related to the acquisition of the FSRU Höegh Gallant. The distribution corresponds to an annualized distribution of $1.65 per unit.
China's Maritime Economy Approaches $1 Trillion
Total maritime output or maritime economy of China is expected to generate nearly 6.5 trillion yuan (988.79 billion U.S. dollar) in 2015, about 7 percent more than 2014, reports Xinhua. State Oceanic Administration (SOA) said that the total production value last year is expected to account for 9.6 percent of the total gross domestic product (GDP). The maritime economy has become an important boost to the national economy…
Annual Maritime Crime Statistics for 2015
Dryad Maritime, the UK’s leading maritime intelligence and operations company has released its analysis of worldwide reported incidents of piracy and crime against mariners for 2015. Providing commentary on maritime piracy and crime around the world, the conflict in Yemen and Libya, and the migrant crisis in the Mediterranean; the report outlines the diverse and complex threats that shipping companies and mariners face.
Hurricane Condition Whiskey for Port of Delaware Bay
The Captain of the Port (COTP), Delaware Bay, has set a modified Port Condition WHISKEY due to the anticipated arrival of a severe winter storm that will impact the Pennsylvania, New Jersey, and Delaware area in the next 72 hours. The COTP has determined the ports of Philadelphia, Camden, and Wilmington and surrounding areas will likely experience high winds, increased seas, and excessive tide variations.
MISC Hands Over Naval Auxiliary Vessel BM5 To RMN
MISC Berhad (MISC) today had successfully handed over to the Royal Malaysian Navy (RMN) the Naval Auxiliary Vessel BUNGA MAS LIMA (BM5), joining the RMN’s current fleet that will be deployed to safeguard the safety of our Malaysian waters and strengthen the RMN’s future maritime defense strategy. A ceremony to commemorate the handing over of the vessel was held today at the RMN Kota Kinabalu Navy Base, Sabah and attended by representatives from MISC and the RMN.
Good Year for Damen Shipyards Sharjah
Damen Shipyards Sharjah (DSS) was officially opened in January 2014. Now, two years later, the yard celebrates its anniversary with a total of 13 vessels being dry-docked simultaneously. The vessels include pilot boats, landing craft, OSVs, as well as a cable-laying vessel. DSS has had success since its opening in both the newbuild and conversion markets, as well as the repair sector. In 2015 DSS we delivered eight newbuilds…