Oil Prices Rally after Turkish Military Takes Over
Oil prices extended gains in post-settlement trading on Friday after Turkey's armed forces said they had taken power in the country to protect the democratic order and to maintain human rights. Supply outages across the world have led to crude prices rallying from 12-year lows touched earlier in the year. For the oil market, a military coup raises concerns of an impact to the Kirkuk-Ceyhan pipeline, which runs from Iraq's Kirkuk oil fields to the Mediterranean port of Ceyhan in Turkey.
WFW Advises Teekay on Major Financing Initiatives
International law firm Watson Farley & Williams LLP (“WFW”) advised long-standing client Teekay on the successful completion of financing initiatives for Teekay Corporation and Teekay Offshore Partners LLP (“TOO”). This included assisting TOO on US$400m of secured bank financing and the raising of US$200m in fresh equity capital along with the deferment of certain bond maturity dates, whilst parent…
Fathom to Focus on Student Education
Fathom is finalizing preparations for its July 17 Dominican Republic voyage representing the first ever cruise to the Caribbean focused on Science, Technology, Engineering and Math (STEM) programming. The 7-day cruise will feature specialized STEM-focused workshops for educators that Fathom developed in close collaboration with the Center for Science Teaching and Learning (CSTL). Fathom also will play host to the fifth annual Clean Tech Competition…
Tighe Takes Charge of Information Warfare, Naval Intelligence
Vice Adm. Jan Tighe assumed the duties of the Deputy Chief of Naval Operations (DCNO) for Information Warfare (N2N6) and Director of Naval Intelligence (DNI) July 15 at the Pentagon. Tighe succeeded Vice Adm. Ted N. "Twig" Branch, who has submitted his retirement request following a 37-year Naval career. Branch assumed office as the DCNO for Information Warfare/DNI in July 2013. He also served as lead for the Navy's Information Warfare (IW) Community…
Petrobras, SBM Offshore, Brazilian Authorities Reach Settlement
The Ministry of Transparency, Oversight and Control (Ministério da Transparência, Fiscalização e Controle - "MTFC"), the Public Prosecutor's Office (Ministério Público Federal - "MPF"), the General Counsel for the Republic (Advocacia Geral da União - "AGU"), Petróleo Brasileiro S.A. - Petrobras ("Petrobras") and SBM Offshore signed a settlement agreement ("Settlement Agreement") today that closes out the inquiries of the MPF…
Roll-Lift Appoints New Agent
Roll-Lift, the Heavy Lift Transportation Specialist based in The Netherlands has appointed Mr. Miguel Flórez de la Colina as their sole representative for clients based in Spain, Portugal and France for projects undertaken outside Europe. Miguel has extensive experience gained in the heavy lift and transport industry, having an involvement since 1998 and also actively working in the construction industry since 1995.
Japanese Shipbuilding Sliced
New ship orders placed at Japanese yards fell by 80% during H1 2016 compared to H1 2015, according to data from the Japan Ship Exporters' Association (JSEA). According to ALIBRA Weekly Market Report , this is the worst decline since the autumn of 2008 in terms of gross tonnage. Yoshikazu Nakaya, a shipping analyst with Mizuho Bank, told Nikkei the current slump is "worse than the one following the global financial crisis” and thinks Japan’s shipbuilding industry “won't recover until 2021”.
Royals on the High Seas!
Regent Seven Seas Explorer is billed as the most luxurious cruise ship in the world. Her Serene Highness Princess Charlene of Monaco took the role of godmother. Dubbed as the ‘most luxurious ship ever built’, at a whopping cost of $450 million, Regent Seven Seas Explorer boasts one of the highest space ratios and lowest guest to cruise ratios in the history of cruising. Accompanied by her husband and Monaco's reigning monarch…
Promoting Facilitation in Fiji
A National Seminar on Facilitation of Maritime Traffic is being held in Suva, Fiji (13-15 July). The event aims to assist Fiji to more effectively implement the Convention of Facilitation of International Maritime Traffic (FAL) and to advise on the recently-adopted amendments to the Annex to the FAL Convention. The seminar has been organized by International Maritime Organization (IMO) and the Maritime Safety Authority of Fiji (MSAF)…
Somalia Stakeholders Forum Reviews Maritime Code
The revised Somalia Maritime Code is being finalized at a four-day Stakeholders Forum, sponsored by International Maritime Organization (IMO) (Kigali, Rwanda 12-15 July). The workshop is part of IMO’s ongoing technical assistance to the Federal Government of Somalia and regional authorities in establishing a Maritime Administration for Somalia capable of undertaking flag, port and coastal states duties in line with IMO instruments.
Cargo Shipping Market to Reach 12.52 Bln Ton by 2021
The Cargo Shipping Market is estimated to gain momentum after fiscal year 2018 after years of sluggish growth. Cargo Shipping Market is projected to reach 12.52 Billion Tons at CAGR of 3.5% from 2016 to 2021. According to report Cargo Shipping Market - Global Trends and Forecast to 2021, the growth in container transport will have highest growth in cargo shipping trade compared to other types of cargos. Demographic changes and the increased globalization drive the growth for container transport.