Tropical Storm Earl moves inland over southeastern Mexico
Tropical Storm Earl moved inland early on Saturday over southeastern Mexico where torrential rains could produce deadly flash floods and mudslides, the U.S. National Hurricane Center said. The storm with winds of 50 mph (80 kmh) was about 30 miles (50 km) southwest of Veracruz, Mexico as it headed west at 9 mph (15 km), the Miami-based center said in an advisory late on Friday night. The center said Earl would weaken as it moved inland throughout the day on Saturday…
Los Angeles Port Fellows Program Makes an Impact
As the maritime industry continues to evolve, the need for developing well-trained, knowledgeable and tech-savvy port leaders of the future has never been greater. Last April, the Port of Los Angeles announced its first-ever Fellows Program, an educational initiative focused on developing the next generation of maritime and port leadership. The one-year, on-the-job experience for graduate students…
Cosco in Red
Chinese shipbuilder Cosco Corporation (Singapore) has suffered a net loss of S$ 36.8 million (US$ 27.4 million) in the second quarter of 2016. The net loss for the same quarter a year earlier stood at S$ 4.7 million. The widened quarterly loss was attributed to losses in the company’s shipyard and shipping operations. A report in the Strait Times say that the sluggish marine engineering and shipping markets continued to weigh on revenue…
First “Neo-Panamax” Calls Port of Philadelphia
The first of a new class of “Neo-Panamax” shipping vessels called the Port of Philadelphia to begin a new phase of transport along the Delaware River. The MSC Sofia Celeste, an 8,800 TEU (Twenty-foot Equivalent Unit) vessel operated by the Mediterranean Shipping Company, docked at the Packer Avenue Marine Terminal in South Philadelphia for the first time, making it the largest ship to ever call the Port of Philadelphia.
Rickmers Profit Nosedives, Plans Lay-ups
Rickmers Maritime incurred a loss of US$55.6m in the second quarter, wider than the year earlier $15.7m on the back of a non-cash impairment charge as charter market conditions deteriorate. The Singapore-based consider is planning to lay up some of the 11 containerships it has operating in the spot market to save costs when the vessels are redelivered. Charter revenue fell 37 per cent to $18 million, due to reduced charter rates and lower vessel utilisation rates.
LNG-Prices Slide, Middle East Boosts Imports
The new new supply of liquefied natural gas (LNG) from Russia's Sakhalin plant and weakening demand from Egypt helped snap a months-long rally. Hence Asian spotLNG prices fell this week, reports Reuters. Meanwhile, countries in the Middle East and North Africa led by Egypt, Kuwait and Morocco are boosting liquefied natural gas import capacity, taking advantage of low prices to meet rising energy demand, according to a Bloomberg report.
UK Treasury Deletes 3 Iranian Shipping Lines from Sanctions List
The UK Treasury deleted names of three Iranian martitime companies active in maritime transportation from its list of entities entitled to financial sanctions. As per report by IRNA British HM Treasury has announced that following the EU, it had removed from its list sanctions the names of the three Iranian companies that had already been sanctioned due to the EU non-proliferation sanctions. The asset freeze no longer applies to IRISL Club…
Cyprus Launches Maritime Academy
The University of Nicosia announced the operation of the Cyprus Maritime Academy at the Bernhard Schulte Shipmanagement Centre for Nautical Education, where the academy’s facilities are housed. According to local media reports, Cyprus Maritime Academy will receive its first students in September 2016 and offer four-year degree programs which will cover the three main sectors of the nautical industry: Nautical Science, Nautical Engineering, and Nautical Electric Engineering.