US Battles Russia for European LNG Market
As the U.S. prepares to enter the European gas markets with its first delivery of liquefied natural gas, Norway and Russia are expected to increase production to lower prices and make exporting less desirable to the U.S., reports Daily Sabah. Europe will become the third continental customer for U.S. LNG with a delivery set to arrive in Portugal this week, while the U.S. is expected to increase global LNG supplies by 15-20 percent next year.
Nigeria's LNG Export Falls
Babs Omotowa, Managing Director and Chief Executive Officer of Nigeria LNG Limited (NLNG), has raised alarm over Nigeria’s dwindling investments in Liquefied Natural Gas (LNG), according to a report in Thisday. He noted that with no new investments, Nigeria would possibly drop from her current position of the 4th world’s largest exporter of LNG to 10th position by 2020. NLNG had earned $90 billion revenue since 1999 and that it has elevated Nigeria to number four exporter of LNG in the world…
Hanjin to Divest Assets
The South Korean carrier Hanjin Shipping plans to generate USD 357 million from asset sales. South Korea’s largest container operator by capacity plans to sell items such as dry bulk activities while the debt-stricken shipping group negotiates with shipowners for a reduction in charter contracts. Without lower prices, a debt restructuring will not be an option, say the creditors. “Hanjin Shipping will continue aggressive restructuring efforts,” the company said in the statement.
Hanjin Shipping, Hyundai Merchant Merger Talks in Air
A report in WSJ says that Hanjin Shipping Co has applied for a creditor-led debt restructuring to avoid bankruptcy, reviving talk of a possible merger with rival Hyundai Merchant Marine Co. (HMM). It could be merged as a part of the government-led restructuring of ailing industries and companies, according to government sources. Both Hanjin Shipping Co. and Hyundai Merchant Marine Co. (HMM) are in hot water, but they are different from each other in a debt structure.
France to Help Libya with Naval Security
France has expressed its willingness to help Libya’s new unity government with maritime security as the fledgling administration seeks to assert its authority over the chaos-wracked country, reports AFP. "We must wait for [Libyan] Prime Minister [Fayez Sarraj] to tell us what security measures should be taken and what he intends to get from the international community to ensure the maritime security of Libya," French Defense Minister Jean-Yves Le Drian said.
Hyundai Heavy Industries Back in Black
According to a regulatory filing, Hyundai Heavy Industries (HHI) racked up 10.2728 trillion Korean won in sales for Q1 2016, a 7.8 percent decline from the previous quarter while operating income swung to a profit of 325.2 billion won, putting an end to a nine-quarter losing streak. The officer added, “We see the 1Q 2016 consolidated earnings have not deviated much from the annual performance goal we set up early this year.
Crude Prices up 3% on Gasoline Rally, Weak Dollar
Crude oil prices rose about 3 percent on Tuesday on the back of a rally in the gasoline market and as a tumbling dollar boosted commodities denominated in the greenback…
ABS Reflects on Strong 2015 Performance
ABS held its Annual Meeting on April 26, 2016 in New York, where Chairman, President & CEO Christopher J. In 2015, the ABS-classed fleet surpassed 230 million gross tons (mgt), a nearly five percent growth from the previous year. The largest areas of expansion for the class society came from the tanker, gas carrier, containership, bulk carrier, offshore support vessel and offshore production unit sectors.
El Faro’s Voyage Data Recorder Located
The voyage data recorder (VDR) belonging to sunken cargo ship El Faro was found early Tuesday morning in 15,000 feet of water, about 41 miles northeast of Acklins and Crooked Islands, Bahamas, the National Transportation Safety Board (NTSB) announced. A specialist team comprised of investigators and scientists from the NTSB, the U.S. Coast Guard, Woods Hole Oceanographic Institution and Tote Services…
Viega Relocates Its US Headquarters
Viega LLC announced that it will move its North American headquarters to Broomfield, Colorado, where it will build a new headquarters and educational training facility, with construction set to begin this summer. Relocation activities will begin immediately, to temporary office space, with the move completed by December 31, 2017. Viega LLC employs nearly 500 people in North America, with a central manufacturing and distribution center in McPherson…
This Day In Naval History: April 26
1860 - The screw steamship Mohawk captures the slaver Wildfire with 530 slaves on board in the Bahama Channel, taking them to a camp in Key West guarded by Mohawks Marines until returned home. 1869 - As a post-Civil War push for re-enlistments, the Good Conduct Medal, then called Good Conduct Badge, is authorized by Secretary of the Navy Adolphus E. Borie. 1918 - USS Stewart (DD 13) collides with an unidentified steamer near Brest, France.
AIS Regulations: New Responsibilities and Opportunities
March Coast Guard deadline represents milestone for AIS use in U.S. From increasing situational awareness and enhancing the safety and security of maritime transportation, to its use in accident investigation, search and rescue, Aids to Navigation and asset monitoring, the role of AIS (Automatic Identification System) as a flexible and developing technology continues to grow in significance. The month…
Eastern Libya Ships First Oil Cargo in Defiance of Tripoli
A government based in eastern Libya has shipped its first cargo of crude in defiance of authorities in the capital Tripoli, a bold move that could deepen the divisions…
Orion Marine Concepts Launches Q-Strata Software
Aiming to provide niche control over managed/owned vessels, Indian maritime based software provider Orion Marine Concepts has released a strategic intelligence software suite approved by DNV GL.
Stronger Capesize Demand Boosts Baltic Index
The Baltic Exchange's main sea freight index, which tracks rates for ships carrying dry bulk commodities, rose on Tuesday, primarily helped by higher demand for capesize vessels.
Haimark Line Cancels Future Cruises
Passenger vessel operator Haimark Line Limited has cancelled all future cruises, the U.S. Federal Maritime Commission (FMC) has advised. Haimark operates a single vessel…
Canada to Build 7 New Survey Vessels
Canadian Minister of Fisheries, Oceans and the Canadian Coast Guard, Hunter Tootoo, announced that Kanter Marine Inc. of St. Thomas, Ontario is the winning bidder…
US Navy Awards Additional LCS Work to Austal
Austal Limited has been awarded a not-to-exceed $9,937,228 modification to a previously awarded Littoral Combat Ship (LCS) contract to provide procurement and engineering…
Turkish Crew Freed Two Weeks after Kidnap by Pirates off Nigeria
Six Turkish members of a cargo ship's crew who were kidnapped by pirates off the coast of Nigeria two weeks ago have been released and are safely back in Istanbul…
Libya Asks UN Council to Blacklist Ship Carrying Eastern Oil
Libya has asked the United Nations Security Council to blacklist an Indian-flagged ship that is on its way to Malta carrying crude oil shipped by the rival eastern Libya government, Libya's U.N.