Container Shipping: ONE Begins
Japan's Ocean Network Express (ONE) announced the commencement of container shipping businesses on April 1, 2018. ONE is the result of an integration of the container operations of three Japanese shipping carriers, namely, Kawasaki Kisen Kaisha, Ltd ("K" Line), Mitsui O.S.K. Lines, Ltd (MOL) and Nippon Yusen Kabushiki Kaisha (NYK). In April 2017, MOL, NYK and 'K' Line, started services as "THE Alliance" with other major domestic and foreign shipping companies.
Atlantic Navigation Calls Off Equity Sale to Gulf Navigation
Atlantic Navigation Holdings said that discussions pertaining to sale of a substantial equity stake to Gulf Navigation Holding have terminated because the parties involved could not reach an agreement on the definitive terms. "The deal calling for the sale of a substantial equity stake in Atlantic Navigation to Gulf Navigation Holding PJSC is no longer on the table," said a press release from the company.
ExxonMobil Wins Eight Deepwater Blocks in Brazil
ExxonMobil has increased its holdings in Brazil’s pre-salt basins after winning eight additional exploration blocks during Brazil’s 15th bid round. The blocks awarded add about 640,000 net acres to the ExxonMobil portfolio. Six of the eight newly awarded blocks will be operated by ExxonMobil. The additional blocks expand the company’s total position in the country to more than two million net acres, making it one of the largest acreage holders among international companies in Brazil.
Port of Oakland Forecasts Steady Growth
Containerized cargo volume moving through Port of Oakland is expected to increase 2 percent annually for the next five years. The catalyst for growth: a nearly $700 million injection of capital from outside investors. That’s the message Port of Oakland officials delivered to trade and transportation leaders here this week. “This is good, measured growth that’s not debilitating for our community or our operations…
Noble Sells Kamsarmax Bulker
Singapore-listed commodity giant Noble Group (NGL) has announced it has entered into a memorandum of agreement to sell a Kamsarmax-size dry bulk carrier to Cypriot company Ocean Liberty Marine Ltd and Transmed Shipping Ltd for US$24 million in cash. The vessel, called the Ocean Vision, is currently mortgaged to a financial institution. According to sources, part of the proceeds from the sale will go towards paying down the amount owned under the relevant facility.
Port of Seattle Goes Green
The Port of Seattle Commissioners took action to create its 2018 Energy and Sustainability Committee and identify top environmental priorities to reduce greenhouse gas emissions and further innovative collaborations to protect the air and water quality of surrounding communities. Co-chaired by Commissioners Fred Felleman and Ryan Calkins, the Committee develops policy recommendations and provides oversight of strategic conservation decisions the Port will make in 2018 and 2019.
BW Offshore Gets FPSO Abo extension
Global provider of floating production services to the oil and gas industry BW Offshore has signed an interim extension agreement for Abo FPSO with Nigerian Agip Exploration Ltd, a subsidiary of ENI S.p.A., until 30 April 2018. The short term extension has been agreed to secure operational continuity while joint work is continuing to conclude the negotiations. Two weeks ago, BW Offshore received notice…
Arctic: ExxonMobil Exits, Rosneft Goes Ahead
Russian state oil company Rosneft will continue geological explorations in the Arctic offshore zone after ExxonMobil quits the joint projects, reports TASS. The report qouted Natural Resources Minister Sergey Donskoy saying that the Arctic licenses will remain with Rosneft and the company "plans to continue to operate there". Exxon Mobil decided to withdraw from the joint projects with Rosneft in late 2017 after Washington issued a legal act expanding against Russia.