MOL Signs Long-Term Charter with Uruguayan JV for FSRU
Japanese shipping company Mitsui O.S.K. Lines, has, through its wholly-owned subsidiary Lakler S.A., agreed to conclude a charter contract with Gas Sayago, for a floating storage and regasification unit (FSRU) project in Montevideo, Uruguay. Gas Sayago is a joint venture (JV) owned by UTE – the Uruguayan state power company – and ANCAP – the state oil company. The contract will take effect upon governmental approval which is expected to be granted by the end of 2016.
LNG: Did the Greeks Get it Wrong?
In December 2013, Alibra’s market report front page read: “When in shipping, do as the Greeks do.” At that time, Alibra was referring to the fact that 31% of the LNG carrier orderbook had been ordered by Greek owners. Billions of dollars in CAPEX were being pumped into natural gas exploration, as well as building infrastructure such as liquefaction and export terminals, especially in the US. Some 180 LNG carriers were ordered between January 2011 to December 2014 – many of them speculatively.
Thyssenkrupp Involves in Panama Canal Expansion
Thyssenkrupp supplied 14 innovative elevators for expansion of the Panama Canal , seven for each new lock complex, one of which is on the Atlantic side and the other on the Pacific. Traffic through the locks will be monitored from two control towers that can be accessed via two elevators. The other elevators are installed at several points along the locks. “The elevators descend to a depth of roughly…
Panama Canal Launches Green Award System
The Panama Canal has launched the Green Connection Award, a new initiative to recognize customers who demonstrate excellent environmental stewardship, and to encourage others to implement technologies and standards to help reduce greenhouse gas emissions. Panama Canal customers that meet and exceed environmental standards set by the International Maritime Organization (IMO) and/or other globally recognized standards will be considered.
Cosco: No to Shark Fin
China's biggest shipping and logistics company Cosco has pledged a total ban on transporting shark's fins, says SCMP. It called the move a "body blow" to the international shark's fin trade. In a letter addressed to the Hong Kong branch of the US-based wildlife conservation group WildAid obtained by the Sunday Morning Post, China Ocean Shipping Company (Cosco Shipping) “pledges to implement” a “no shark fin” policy.
Young Taken on PESA Advisory Board
Hoover Container Solutions’ chairman and CEO, Donald Young, has been nominated and elected to the Petroleum Equipment & Services Association (PESA) Advisory Board for a three-year term. PESA’s leadership is comprised of experienced industry executives dedicated to advancing priorities of the service and supply sector. The role of the PESA Advisory Board is to offer insight to the PESA Board of Directors and staff…
NASSCO Bags USS Oak Hill Modification Award
General Dynamics NASSCO-Norfolk was awarded a $42 million cost-plus-award-fee modification to a previously awarded contract for the repair and alteration for the USS Oak Hill (LSD-51). NASSCO-Norfolk will provide ship repair services including engine replacement/repairs, ballast tank preservation, habitability upgrades and close-in weapons system repairs. Work will be performed in Norfolk and is expected to be completed by April 2017.
ASEAN in Discord Ahead of Meeting with top China, U.S. Diplomats
Southeast Asian nations were thrown into disarray after Cambodia on Saturday blocked them from issuing a statement referring to an international court ruling against China's territorial claims in the South China Sea, diplomats said. The U.N.-backed Permanent Court of Arbitration in the Hague handed an emphatic legal victory to the Philippines in the maritime dispute earlier this month, denying China's sweeping claims in the strategic seaway.
Ecuador Pays $112 mln Award to Chevron
Ecuador has paid $112 million to energy company Chevron Corp over a four-decade-old contract dispute, even though it remains in disagreement, the head of the central bank has said. A Hague arbitration court awarded the U.S. company $96 million in 2011 in a dispute stemming from a 1973 deal that called for Texaco, later acquired by Chevron, to develop fields in exchange for selling oil to Ecuador at below-market rates. Various appeals by Ecuador against the ruling failed.
Canada Seek to contain Oil Spill
Authorities are building a new containment boom to fight an oil spill in a major western Canadian river, officials said on Saturday, after the spill breached a previous barrier and threatened the drinking water of several communities along the coast. The city of North Battleford, which draws its drinking water in part from the North Saskatchewan River, shut its supply intake on Friday and switched to using ground water, provincial officials said in a telephone conference with reporters.