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Panama Canal Case Headed to Arbitration

Picture Credit: Panama Canal Authority.

 The Panama Canal Authority (PCA) and the consortium building a third set of locks for the inter-oceanic waterway said in separate statements that they will take a dispute over cement quality to international arbitration.   The PCA has asked for an international arbitration panel to review a decision to award US$233 million to the consortium expanding the canal in a dispute over cement quality.   The consortium, led by Spain's Sacyr and Italy's Salini Impregilo, and including Belgium's Jan de Nul and Panama's CUSA, said in January it had won US$233 million of the US$463 million it claimed in the dispute.   In the latest chapter of an often thorny relationship between the authority, known as the ACP, and the Grupos Unidos por el Canal consortium (GUPC), the latter said Tuesday it has filed a request for international arbitration as it seeks an award of $345 million.   The request for arbitration comes 56 days since the issuance of a decision by a panel created by the contractor and the Canal Authority to resolve disputes. Under the terms of the contract, both sides have the right to appeal the decision of the panel to the court of arbitration.   Arbitration is the last resort of the mechanism established in the contract for the design and construction of the new locks. It will be held in Miami.  


Mideast Crude Tanker Earnings Slip, Ukraine Watched

By Jonathan Saul, Reuters Crude oil tanker earnings on the major Middle East route fell on Tuesday as a build up of vessels available for hire weighed on rate sentiment. Shipping markets continued to monitor developments in Ukraine after Russia sent military forces into the Crimea region of southern Ukraine. Russian President Vladimir Putin said Moscow would only use military force in Ukraine as a last resort. A U.S. official said it was ready to impose economic sanctions on Russia.


Final Designs, King Abdullah Sea Port

KAEC+Port_web.jpg

Emaar, the Economic City (Emaar.E.C), the Tadawul-listed company developing King Abdullah Economic City (KAEC), has revealed the final blueprints of the KAEC Sea Port, designed in coordination with Halcrow, the international consultancy specializing in the provision of planning, design and management services for maritime projects. One of the six key components of the 168 million sq m KAEC, the Sea Port will be the largest in the Red Sea with a capacity to handle 20 million TEU (twenty ft


Hurricane Blanca Weakens off Mexico, Still Headed for Resorts

Hurricane Blanca Photo NOAA

  Hurricane Blanca weakened to a category 1 storm on Friday but is still expected to hit Mexico's Baja California peninsula on Sunday, the U.S. National Hurricane Center said. Blanca, the second hurricane to form off Mexico's Pacific coast this year, is about 330 miles (531 km) southwest of the major port of Manzanillo, with maximum sustained winds of 90 miles per hour (145 km), the Miami-based NHC said in a report.


Hurricane Patricia Threatens Mexico

Photo: NOAA

Hurricane Patricia strengthened into one of the most powerful storms in history on Friday as it barreled toward Mexico's Pacific Coast, forcing resort hotels to evacuate tourists and residents to stockpile supplies. The U.S. National Hurricane Center said the Category 5 storm was the strongest ever recorded in the Western Hemisphere, and the World Meteorological Organization compared it to 2013's Typhoon Haiyan, which killed thousands in the Philippines.


Ardent in for Major Expansion in India

Capt. Arnab Chakravorty Operations Director, Asia-Pacific, Ardent

Before the furious monsoon and tropical cyclones hit South East Asia, Ardent, the amalgamation of two salvage giants, has already positioned itself to tackle the growing number of accidents and casualties that become a regular feature this time of the year. Ardent is also responding to the recent initiatives of the Indian Shipping Minister Mr. Nitin Gadkari, who is focused strongly on setting up new ports, augment capacity of existing ports, develop coastal shipping, passenger ferry services


World's First Floating Resort Scheduled To Set Sail In 2001

The world's first ocean-going luxury resort is scheduled to be afloat late in 2001 now that Bahamas-registered ResidenSea has secured financing and found a builder, company officials said. The vessel for the rich, dubbed The World of ResidenSea, was conceived four years ago by Norwegian cruise magnate Knut Kloster Jr. "After four years of an uphill struggle...we have finally made it," Henning Oeglaend, chairman of the board of ResidenSea


Ottawa to Mulls Banning U.S.-bound Tankers from N.B. Waterway

The Canadian Press reported that federal politicians say Canada is considering regulations to ban liquefied natural gas supertankers from a sensitive waterway in the Bay of Fundy, risking renewed territorial tensions with the United States. Maxime Bernier, Canada's new minister of foreign affairs, assured a citizens' group on Sunday that Canada is opposed to the prospect of LNG supertankers navigating the treacherous waters that lead into Passamaquoddy Bay between Maine and New Brunswick


New Maritime Exhibition Planned

Cyprus’ MIE Group, Limassol, is arranging an exhibition of marine equipment managers and services (East Med Marine Exhibition) during 7-8th April next year (2005) at the Hawaii Grand Hotel & Resort, Limassol. Backed by the Cyprus Minister of Communications and Works, the exhibition will not only have exhibitors that use MIE as their agent in Cyprus, but also other marine equipment and service companies. Some 45 companies have already signed up for this exhibition


Marauder Fired on by U.S. Fleet Tanker

USNS Rappahannock: Photo credit USN

A small motor vessel fired on in the Persian Gulf after ignoring warnings to keep away from 'USNS Rappahannock' The incident occured near Jebel Ali, United Arab Emirates. In accordance with Navy force protection procedures, the sailors on the USNS Rappahannock (T-AO 204) used a series of non-lethal, preplanned responses to warn the vessel before resorting to lethal force.
 The U.S. crew repeatedly attempted to warn the vessel's operators to turn away from their deliberate approach


Chinese Dry Bulk Import Up 20% in February

Chinese seaborne dry bulk import totaled 124Mt in February, up a massive 20% compared to the same month last year when adjusted for the extra day in February last year, says Klaveness  dry bulk research report.   YTD import is up 17% compared to the same period last year


Inmarsat FleetBroadband Moves Towards IMO GMDSS Nod

Photo: Inmarsat

The role of Inmarsat as sole provider of satellite technology performing to Global Maritime Distress and Safety System (GMDSS) standards is set for advancement, after an IMO Sub Committee decided to greenlight consideration of both FleetBroadband and Fleet One for formal approval.  


North Korean Coal Ships Sail Home after China Denies Cargo

A fleet of North Korean cargo ships is heading home to the port of Nampo, the majority of it fully laden, after China ordered its trading companies to return coal from the isolated country, shipping data shows.   Following repeated missile tests that drew international criticism


Rickmer's Group Worth $740 Million

Rickmers Group fleet value, from March 21, 2016 (Source: VesselsValue)

Following last month’s news that Singapore Based Rickmers Maritime Trust is to be wound up, Rickmers Holding AG released a statement on April 19 reporting that an understanding had been reached regarding restructuring of the Rickmers Group.  


South Carolina Container Volumes Climb 5%

South Carolina Ports Authority reported a 5.4 percent increase in 20-foot equivalent unit (TEU) volume fiscal year to date, with 1,029,450 TEUs handled since the period began in July.     December was a solid finish to the second quarter of fiscal year 2017, with 164


OOIL Sales Up 10% to $1.3 bln

Pic:  Overseas (International) Limited

 Orient Overseas (International) Ltd (OOIL) whose principal holding is its container unit OOCL, posted a 10.3% fourth quarter year-on-year revenue increase in 2016 to US$1.3 billion.    The total volumes were 20.2% up from the same period last year


SC Ports Reports All-time Record Container Volume

Photo: SCPA

 South Carolina Ports Authority (SCPA) announced an all-time record container volume of nearly 105,000 pier containers and 185,018 twenty-foot equivalent units (TEUs) handled in January.     As measured in pier containers, or total box volume, SCPA handled 104, 792 boxes last month


SC Ports sets Container Volume record

Hapag-Lloyd Photo South Carolina Ports Authority

 South Carolina Ports Authority (SCPA) announced an all-time record container volume of nearly 105,000 pier containers and 185,018 twenty-foot equivalent units (TEUs) handled in January.  As measured in pier containers, or total box volume, SCPA handled 104, 792 boxes last month


Container Volume Up 8 Percent at SC Ports

Container Operations at the port of Charleston, SC (CREDIT SCPA)

The South Carolina Ports Authority reported an 8 percent increase in container volume since its fiscal year began in July.    As previously reported, SCPA handled an all-time record container volume in January, with 185,018 TEUs moved last month


China Launches South China Sea Cruise Ship Tour

A new Chinese cruise ship has embarked on its maiden voyage to the disputed Paracel Islands in the South China Sea, state news agency Xinhua said on Friday, the latest effort by Beijing to bolster its claims in the strategic waterway.  


Chine Cruise Ship's New Destination: Disputed South China Sea

Image: China State Shipbuilding Corporation

 China has commissioned a new cruise ship to take tourists to islands claimed by Vietnam in the disputed South China Sea, reinforcing its claim over the area, reports Reuters.   The ship called Changle Gongzhu, or Changle Princess, sailed from Sanya with 308 passengers on board


US Crude Stocks Jump, Gasoline Inventories Plunge - EIA

U.S. crude stocks rose last week as refineries cut output, while gasoline stocks and distillate inventories fell, the Energy Information Administration said on Wednesday. Crude inventories rose by 8.2 million barrels in the last week, compared with analysts' expectations for an increase of 2


Royal Caribbean cuts South Korean Ports from China Cruises

Royal Caribbean Cruises Ltd will remove visits to South Korean ports from its China cruises, the firm said in a statement, amid rising tension between the two countries over Seoul's deployment of a U.S. missile defence system.   In a post on its Chinese website, the U.S


CMA CGM Returns to Net Profit in Q4

File photo: CMA CGM

CMA CGM, the world's third-largest container line, swung back to a net profit in the fourth quarter of last year, supported by a recovery in freight rates and efficiency measures taken during a prolonged downturn in shipping, the company said.  


Australia: Melville Assists Daydream Island

HMAS Melvilles Rigid Hull Inflatable Boat prepares to deliver emergency water supplies to Daydream Island as the ship supports the rescue of more than 400 people, following the destruction caused by Tropical Cyclone Debbie. Photo: Royal Australian Navy

 More than 400 stranded guests and staff have been rescued from Daydream Island off Queensland, ravaged by Tropical Cyclone Debbie, thanks to the actions of HMAS Melville.    The hydrographic ship was operating near Townsville when the cyclone hit the Whitsunday Islands






 
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