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.
Jakarta to Boost Security of Small Vessels
Jakarta will boost security of small vessels after hijackings 15 July, says a report in Protection Vessels International Ltd (PVI). Indonesia is currently discussing with the International Maritime Organisation the rules for deployment of naval and coast guard vessels to escort small vessels delivering traded goods between Indonesia, Malaysia and the Philippines, after a series of hijackings in the Sulu and Celebes seas by Abu Sayyaf group (ASG) pirates.
GAIL, Gazprom Renegotiating LNG Deal
As weak demand in India forces it to stall some contracted supply, GAIL India Ltd (GAIL) is in talks with Russia's Gazprom to delay and renegotiate a 20-year gas purchase deal undercut by low spot prices, reports Reuters. GAIL and Gazprom had earlier signed a deal for two decades at a price linked to oil, adding to contracts to buy the fuel from GDF Suez SA and Gas Natural Fenosa this year. Accordingly…
IOC Mulls Buying GSPC's Stake in Mundra Terminal
Indian Oil Corporation (IOC), the country's largest oil company, is in talks to buy debt-laden Gujarat State Petroleum Corp’s (GSPC) stake in the under-construction Rs.4,500 crore ($669 million) Mundra LNG import terminal, according to PTI. IOC is keen to buy a stake in Mundra terminal but does not want GSPC to exit the project completely. IOC wants the state government entity to remain as a part of the project for smooth operations, sources said.
N.Korea Builds New Submarine Base
North Korea is in the midst of building a new naval base on the east coast to accommodate submarines capable of firing submarine-launched ballistic missiles (SLBMs), says IHS Jane's Defence Weekly. North Korea is building a new naval base at Sinpo, South Hamgyong Province for new 3,000-ton submarines that carry submarine-launched ballistic missiles. Based on analysis of satellite imagery, the defense…
China’s One Belt, One Road: Will it Reshape Global Trade?
The future of trade in Asia could depend heavily on what becomes of China’s expansive One Belt, One Road initiative, which calls for massive investment in and development of trade routes in the region. In this episode of the McKinsey Podcast, recorded in May, McKinsey senior partners Joe Ngai and Kevin Sneader talk with Cecilia Ma Zecha about One Belt, One Road—what it really means, what it needs to become a reality, and why people should take it seriously.
Turkey’s Role for the Tanker Market
Even though the coup attempt in Turkey failed and the transportation situation normalized quickly thereafter, Poten & Partners take a look at the importance of Turkey to the tanker market. Turkey is not a large oil or gas producer; according to JODI its crude oil production amounts to about 48 thousand barrels per day (Kb/d) of crude oil and almost 400 million m3 of natural gas in 2015. The country’s oil consumption averaged about 927 Kb/d in 2015, about 1% of the global consumption.
Hyundai Bags NZ Defence Order
Hyundai Heavy Industries (HHI), the world’s largest shipbuilder, has won an order to build a 23,000 ton class logistics support vessel for New Zealand Defence Force’s Maritime Sustainment Capability (MSC) project. HHI was selected as a preferred bidder in December 2015. HHI will deliver the logistics support vessel to New Zealand by the end of 2019. Under the MSC project, the Royal New Zealand Navy…
Damen ASD Tug for Mexico
Damen congratulates Reylaver on the safe arrival and naming ceremony of the new ASD Tug 2411 Jesus. In order to reach her owners, the vessel undertook, on her own keel, a significant voyage covering 10,500 nautical miles. Reylaver ordered the new vessel from Damen Shipyards Group in April 2015. After a successful construction phase at Damen Shipyards Changde, she made a major journey starting in Shanghai…
Navig8 Acquires Chemical Tanker from STX
Navig8 Chemical Tankers Inc (the “Company”) (N-OTC: CHEMS), an international shipping company focused on the transportation of chemicals, today announced that it has taken delivery of the Navig8 Topaz, a 49,000 DWT IMO2 Interline-coated chemical tanker, from STX Offshore & Shipbuilding Co., Ltd. (“STX”). The Navig8 Topaz is the second STX vessel to be delivered under the sale and leaseback arrangements entered into with Ocean Yield ASA (“Ocean Yield”) announced on April 1, 2015.
B&G Software Upgrade for Zeus2 and Vulcan Chartplotter
B&G, the world’s leading sailing navigation and instrument specialist has upgraded its latest software for the full range of Zeus2 and Vulcan chartplotters. The new software upgrade enhances B&G chartplotters, allowing users to wirelessly download high-resolution weather information using PredictWind* GRIB files to store meteorological forecasts. This new functionality helps in trip planning or developing strategy for top-level competition.
Eni Cancels Vessel Deal with Viking Supply Ships
Viking Supply Ships A/S (VSS) has received an early termination notice of the contract for the Ice-class 1A AHTS “Njord Viking”. The vessel has been working for Eni Norge in the Barents Sea and has also been part of the extended towing-preparedness in the area on behalf of the Norwegian Coastal Administration. The vessel was according to the contract with Eni Norge firm until the end of 2016, with optional periods of 2 x 6 months thereafter.
Los Angeles Pushes for Valero Terminal Improvements
The Port of Los Angeles has released an Initial Study/Notice of Preparation (IS/NOP) — the first step in the Environmental Impact Report (EIR) process — for a Marine Oil Terminal Wharf Improvements Project at the Valero Terminal on Mormon Island in Los Angeles Harbor. The primary goal of the proposed project is to comply with the Marine Oil Terminal Engineering and Maintenance Standards (MOTEMS) to protect public health…
Piracy Drops to 21-year low - IMB
Piracy and armed robbery at sea has fallen to its lowest levels since 1995, despite a surge in kidnappings off West Africa, according to a new report from the International Chamber of Commerce’s International Maritime Bureau (IMB). IMB’s global piracy report shows 98 incidents in the first half of 2016, compared with 134 for the same period in 2015. When piracy was at its highest, in 2010 and 2003, IMB recorded 445 attacks a year.
China sets up South China Sea environment protection fund
China has set up a 15 million yuan ($2.25 million) environmental protection fund for the South China Sea having already spent double that in the past four years…
As Market Sours, LPG Tankers Anchor off Singapore
Record U.S. LPG exports to Asia flip market into a glut. Last year, liquefied petroleum gas (LPG) supplied to Asia was being snapped up by petrochemical makers. Now, after a flood of U.S.
Baltic Index Falls on Weak Freight Rates
The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, fell on Monday due to weaker rates across all segments, except handysizes. The overall index, which factors in rates for capesize, panamax, supramax and handysize shipping vessels, was down nine points, or 1.25 percent, at 709 points. The capesize index lost 18 points, or 2.01 percent, at 877 points.
Passenger Vessel Runs Aground off Hawaii
The 65-foot commercial passenger vessel Spirit of Kona ran aground on the island of Hawaii, Sunday, the U.S. Coast Guard reported. Coast Guard Sector Honolulu watchstanders received notification Sunday morning that the vessel ran aground on the rocks near the Kailua-Kona Lighthouse. The vessel reportedly broke free of its mooring in Kailua Bay as Tropical Storm Darby passed over the region early Sunday. No one was aboard the vessel at the time of the incident.