Gulf May be Dampened by Oil, Aftermath of Earnings
Stock markets in the Gulf may be weighed down by soft oil prices and the aftermath of a mediocre corporate earnings season on Sunday, while Egypt's index may be boosted slightly as its currency strengthens on the black market. The September Brent oil contract settled at $42.46 a barrel on Friday, down 0.6 percent on the day and 14.5 percent lower on the month. It was the biggest monthly drop for Brent since December.
Maiden Call of the Hyundai Saturn to New York
As the leader of customer-focused terminal operations in North America, GCT USA has welcomed the Hyundai Saturn to GCT Bayonne. The Saturn is the first of five Hyundai ships in the G6's New York Express (NYX) service calling the port of New York and New Jersey through the expanded Panama Canal. The Saturn and its sisters are the first Hyundai neo-Panamax class vessels deployed on the Transpacific-US East Coast trade lane, all boasting a cellular capacity of 10,077 TEUs.
Sagarmala Aims to Promote Port-Led Development in India
To exploit the potential of India’s approximately 7,500 km long coastline and 14,500km of potentially navigable waterways the Sagarmala Programme aims to promote port-led development in the country, says the government of India. Sagarmala is a long term programme. The objectives of the Sagarmala Programme are Port modernization & new port development, enhancing port connectivity to hinterland, port led Industrialization and coastal community development.
U.S. to Crack Down on Ocean Noise that Harms Fish
The ocean has gotten noisier for decades, with man-made racket from oil drilling, shipping and construction linked to signs of stress in marine life that include beached whales and baby crabs with scrambled navigational signals. The United States aims to change that as a federal agency prepares a plan that could force reductions in noise-making activities, including oil exploration, dredging and shipping off the nation's coast.
India Eyes More LNG Purchases From Australia
India is trying to renegotiate LNG deal with Australia and looking at lowering the price of liquefied natural gas it plans to buy from the Gorgon project, says a report form PTI. According to sources, when LNG deals are being done at 12 per cent or 12.5 per cent indexation, the Gorgon deal is certainly on the higher side. Hence the Oil Ministry instructed Petronet LNG, a private firm whose chairman is the oil secretary of India, to rework the price.
133,500-ton Carnival Horizon Unveiled
Carnival Cruise Line has announced that their next and 26th cruise ship in the fleet will be called Carnival Horizon. The 133,500-ton 3,936-passenger ship is currently under construction in the Fincantieri shipyard in Italy. The Carnival Horizon will be the line’s second Vista-class ship and scheduled to be delivered in March 2018. “The name Carnival Horizon not only reflects the ship’s unique connection…
Clipper Yacht Race Ends After 40,000 Miles
London welcomed home the 12-strong fleet of the biennial Clipper Round the World yacht race, Saturday, July 30, 2016. Twelve teams celebrated the completion of the 40,000-nautical-mile ocean race — the world's longest — by sailing up the River Thames and under London's iconic Tower Bridge. The fleet began its parade at the Thames Barrier, and passed London landmarks such as Greenwich's Old Royal Naval College, The O2 Arena, Canary Wharf and historic Wapping.
DP World Takes Over Canadian Port
Dubai-based port operator DP World has signed a long-term lease agreement for the expansion and operation of the multi-purpose Rodney Container Terminal (RTC) at Saint John in New Brunswick, Canada. The global trade enabler will start running existing operations on 1 January 2017 and work in partnership with the Saint John Port Authority on a planned expansion programme expected to be completed in 2021, with the lease continuing for 30 years after.
Arctic Sea Ice Melt at Higher Level
Sea ice is decreasing in the Arctic but year-to-year variability in sea ice extent is large. Ice extent is influenced by atmospheric circulation, with temperatures dictating ice melt, and winds shifting the ice, reports the Nature. According to National Snow and Ice Data Center, through the first half of July, Arctic sea ice extent continued tracking close to levels in 2012, the summer that ended with the lowest September extent in the satellite record.
MPI Adventure Installs first Offshore Wind turbine on Sandbank
Wind Turbine Installation Vessel MPI Adventure installed the first of 72 SWT-4.0-130 offshore wind turbines on the Sandbank offshore wind farm. MPI Adventure is capable of installing 6 of these complete offshore wind turbines per cycle. After MPI Adventure completed its contract to assist with the commissioning of the offshore substation on the Sandbank offshore wind farm, she has re-mobilized for the offshore wind turbine installation works.
USS Carney Rescues 97 Migrants in Mediterranean
The Arleigh Burke-class guided-missile destroyer USS Carney (DDG 64) aided in the rescue of 97 migrants adrift in the Mediterranean Sea, July 29. Carney is forward deployed to Rota, Spain, and is conducting a routine patrol in the U.S. 6th Fleet area of operations in support of U.S. national security interests in Europe. Carney provided food and water to the migrants aboard the vessel before coordinating with a nearby merchant vessel to take them to safety.
U.S. Awards $61.8 Mln for Port Projects
U.S. Transportation Secretary Anthony Fox today announced 40 awards totaling nearly $500 million in funding for the FY 2016 Transportation Investment Generating Economic Recovery (TIGER) grants.
DP World takes over Rodney Container Terminal, Canada
DP World has signed a long-term lease agreement for the expansion and operation of the multi-purpose Rodney Container Terminal at Saint John, New Brunswick, Canada. The global trade enabler will start running existing operations on 1 January 2017 and work in partnership with the Saint John Port Authority on a planned expansion programme expected to be completed in 2021, with the lease continuing for 30 years after.
Moody's: Challenges Ahead for Asian Port Operators
Moody's Investors Service says lackluster global growth, weak commodity prices, high capital expenditure commitments and a liner industry struggling with overcapacity is testing the resilience of Asian port operators. "While the rated port operators in Asia have scope for cost cuts and are generally supported by their dominant market position, their resilience is being tested by these challenging operating conditions," says Ray Tay, a Moody's Vice President and Senior Analyst.
Singapore, Malaysia Conduct Joint Chemical Spill Drill
The Maritime and Port Authority of Singapore (MPA) and the Marine Department of Malaysia (MDM) conducted a joint chemical spill exercise at sea along the East Johor Straits to test the Joint Emergency Response Plan (ERP) for chemical spill incidents and the communication linkages between the Operation Liaison Officers (OLOs) and the Environment Liaison Officers (ELOs) in both countries. Jointly developed by the Maritime and Port Authority of Singapore (MPA)…
Protecting Sensitive Sea Areas in South-East Asia
Further progress towards identifying and designating Particularly Sensitive Sea Areas (PSSAs) in south-east Asia has been made during a regional meeting in Lombok, Indonesia (27-28 July). Some 30 participants from Indonesia, Malaysia, Philippines, Viet Nam and observers from Singapore met to identify any gaps in knowledge in potential areas to be selected and proposed to be designated as a PSSA by International Maritime Organization (IMO).
Mozambique Workshop Supports Seafarer Training and Assessment
An International Maritime Organization (IMO)-led workshop in Maputo, Mozambique is supporting countries in south-eastern Africa in implementing the STCW (Standards of Training, Certification and Watchkeeping ) Convention, which establishes international standards for training, certification and watchkeeping for seafarers. The workshop (25-29 July) is familiarizing maritime administrations and maritime training institutes with all recent amendments to the STCW Convention and Code…
China Refineries Enters Global Oil Trade
During the last year, China’s “teapot” refiners are helping to boost China’s crude import demand and their influence is expanding, says Clarkson Research Services. Chinese crude oil imports have historically been dominated by a handful of state-owned companies. However, since mid-2015 Beijing has started to liberalise China’s oil market, and is gradually allowing more independent refiners to process imported crude, and import crude oil directly.
Picking Up Panamaxes Like Pokemon
Alibra Shipping Research Weekly Market Report takes a look on current market scene of bulk carriers. For a little while now, the story has been “Now’s a great time to buy bulk carriers, asset prices are low…” We’re cautious of following the herd mentality so we wondered: is that still the case or has the moment passed? On Monday, the Baltic Exchange assessed the price of a five-year-old, 74,000-dwt Panamax at $13.6m.
Horizon Delivers Towboat Marty Cullinan for FMT
In June 2016 Horizon Shipbuilding, Inc. of Bayou La Batre, Ala. delivered the M/V Marty Cullinan, a 120’ towboat with a retractable pilot house, to its home port of New Orleans, La.