Marine Link
Monday, October 23, 2017

Economic Sanctions

Canada Slaps Sanctions on Russia Energy Firms

Canada slaps sanctions on Gazprom, other Russia energy firms   Canada is imposing economic sanctions against Russian energy firms such as natural gas producer Gazprom OAO in response to the actions of Russian-backed militants in Ukraine, Ottawa said on Monday.   A government statement did not give details of the sanctions. Other firms targeted are Gazprom Neft OAO, Surgutneftegaz OAO and Transnefteprodukt OAO.     (Reporting by David Ljunggren; Editing by Richard Chang)

Norway Supports Statoil, Rosneft JV

Photo pixabay.com

  Norwegian authorities have given the Stavanger-based energy giant Statoil the go-ahead on joint projects with Rosneft, a Russian oil titan that was the target of Western sanctions in 2014. Statoil and Rosneft previously agreed on four projects to explore and produce oil on the Russian continental shelf in the Barents Sea and in the Sea of Okhotsk close to the Arctic Circle. Additionally, there are two joint cooperation projects onshore.

Ninety North Korean Ships Granted Entry to Japan

Ninety North Korean vessels were granted certificates to enter Japanese ports in the eight months since a new law that bans entry of any ship without insurance took effect, according to a Daily Yomiuri report. The law on liability for oil pollution damage, which came into force on March 1, requires vessels of 100 tons or larger to be insured before docking in Japan. It had been viewed as a de facto economic sanction

Shipping Company's Losses Total $110M

Ukraine's Danube Shipping Company lost $110 million due to military action in Yugoslavia last year that destroyed bridges and blocked traffic along the Danube, transport minister Leonid Kostyuchenko said. NATO launched air strikes last year on Yugoslavia, which it accused of ethnic cleansing in the province of Kosovo, densely populated by ethnic Albanians. Kostyuchenko said collapsed bridges had blocked 63 Ukrainian ships on upper stretches of the Danube

Russia Says Will React if U.S. Imposes New Sanctions

  Russia will take counter measures if Washington imposes new sanctions on Moscow over the Ukraine crisis, Russia's Deputy Foreign Minister Sergei Ryabkov said on Saturday. The U.S. Congress has readied new sanctions on Russian weapons companies and investors in the country's high-tech oil projects, but U.S. President Barack Obama has yet to sign a corresponding bill into law. "We will not be able to leave that without an answer

Trucks Carrying Turkish Exports Blocked at Russian Border

Around 1,250 trucks carrying Turkish exports have been blocked from entering Russia and are stranded at border posts awaiting clearance, a senior shipping industry representative told Reuters on Monday.   Six days after NATO-member Turkey shot down a Russian fighter jet in the first known incident of its kind since the Cold War, calls for calm have gone largely unheeded. Ankara refuses to back down and Russia responds with sanctions.  

East Ukraine Referendum Raises Fears Of Dismemberment

  Rebels pressed ahead with a referendum on self-rule in east Ukraine on Sunday and fighting flared anew in a conflict that has raised fears of civil war and pitched Russia and the West into their worst crisis since the Cold War. Clashes broke out around a television tower on the outskirts of the rebel stronghold of Slaviansk shortly before voters made their way to polling stations through streets blocked by barricades of felled trees

Russia to Deepen Novorossiysk for Larger Ships

Photo: PJSC NCSP

 The Russian government plans to spend between $400 to $500 million to expand and deepen the harbor of the Novorossiysk seaport to handle larger vessels, reports Moscow News.   Construction, in order to make it more competitive with Ukrainian ports also on the Black Sea,  is set to begin in the first quarter of next year with completion scheduled for 2020.   Russian government expects that the project will boost container volume at Novorossiysk by 10 to 15 percent

Iran Hurries India to Finish Chabahar Port

Map courtesy: Hindustantimes

 India has come “under pressure” from Iran to complete the Chabahar Port project, with the lifting of Iranian trade sanctions, reports Hindu Business Line.   Acting strategically to China’s repeated attempts to wean away India from Chabahar Port upgradation, India is taking steps to firm up its bilateral negotiations and alliance with Iran.    According to highly placed sources

Iran Seeks $2.5B to Modernize its Oil Tankers

(Photo: Greg Trauthwein)

Iran is seeking $2.5 billion investment to modernise its oil tankers fleet following the lifting of sanctions against Tehran, managing director of National Iranian Tanker Company (NITC) was quoted as saying by state news agency IRNA on Saturday. Iran emerged from years of economic isolation after crippling sanctions were lifted in January in return for Tehran complying with steps to curb its nuclear ambitions. Reuters reported last month that two Chinese firms were pushing for

Qatar Navigation Launches Pakistan Service

(File photo: Qatar Navigation)

Major Qatari shipping conglomerate Qatar Navigation (Milaha) is launching a direct service between Qatar and Karachi in Pakistan, the company said on Sunday, as it seeks to counter economic sanctions against Doha by other Arab States.   Saudi Arabia, the United Arab Emirates, Bahrain and Egypt severed diplomatic and transport links with Doha on June 5, ending the use of Dubai's Jebel Ali port as a trans-shipment centre for goods flowing to and from Qatar.  

Qatar Touts New Port in Face of Sanctions

Qatar inaugurated a new $7.4 billion port along its Gulf coast on Tuesday that officials said would become a regional transport hub and help shield its economy against sanctions enforced by neighbouring Arab states.   The Hamad port, 40km south of Doha, is one of the largest such facilities in the Middle East.   Since Saudi Arabia, Egypt, Bahrain and the United Arab Emirates (UAE) severed ties with Qatar in June

PacRim Nations Crack Down on N.Korean Ships

South Pacific island nations are scouring shipping records for vessels with links to North Korea after Fiji said it had identified 20 falsely flagged ships it suspects the isolated regime is using to evade United Nations sanctions.   Fiji, along with Interpol and the Singapore-based regional shipping regulator Tokyo MoU, are investigating the vessels for links to North Korea, a spokesman for the country's Maritime Safety Authority (MSAF) told Reuters on Friday

U.N. Bans Four Ships over N.Korea Coal, U.S. Mulls Four More

File Image (CREDIT: AdobeStock / (c) )

The United Nations Security Council has banned four ships from ports globally for carrying coal from North Korea, including one vessel that also had ammunition, but the United States postponed a bid to blacklist four others pending further investigation.   The vessels are the first to be designated under stepped-up sanctions imposed on North Korea by the 15-member council in August and September over Pyongyang's sixth and largest nuclear test and two long-range ballistic missile launches

North Korea Launches Ferry Service to Russia

Vladivostok, Russia (© vesta48 / Adobe Stock)

North Korea launched a ferry service to the Russian city of Vladivostok on Wednesday to develop links and boost economic cooperation, the North's state media said, as it faces increasing isolation over its weapons development. Experts have said North Korea's leader, Kim Jong Un, may be hoping closer ties with Russia would help if China, the North's main economic benefactor, steps up sanctions against it over its weapons programmes, in defiance of U.N. resolutions.

Iran Raises Oil Exports to West, Almost on Par with Asia

© Evren Kalinbacak / Adobe Stock

Iran's oil exports to the West surged in May to their highest level since the lifting of sanctions in early 2016 and almost caught up with volumes exported to Asia, a source familiar with Iranian oil exports said. Iran, which used to be OPEC's second biggest oil exporter, has been raising output since 2016 to recoup market share lost to regional rivals including Saudi Arabia and Iraq. While many Asian nations continued to purchase oil from Iran during sanctions

India's Plan to Develop Iranian Port Faces US Headwinds

Western manufacturers are shying away from supplying equipment for an Iranian port that India is developing for fear the United States may reimpose sanctions on Tehran, Indian officials say, dealing a blow to New Delhi's strategic ambitions in the region.   Lying on the Gulf of Oman along the approaches to the Straits of Hormuz, the port of Chabahar is central to India's hopes to crack open a transport corridor to Central Asia and Afghanistan that bypasses arch-rival Pakistan.  

Novatek Aims to Topple Qatar from LNG Top Spot

File photo: Novatek

Russian gas producer Novatek aims to topple Qatar as the world's biggest exporter of liquefied natural gas as it gets closer to completing its first LNG project, a top executive said, batting away concerns about U.S. sanctions on the sector.   The country's largest non-state gas producer is expected to start exporting LNG from the first phase of the Yamal project, situated far above the Arctic circle, towards the end of this year and may bring forward its final stage by six months

US Sanctions Chinese Shipping Firm over North Korea Ties

The U.S. Treasury Department said on Thursday it was placing financial sanctions on two Chinese nationals and a Chinese shipping company over their ties to North Korea stemming from its nuclear program.   The department said in a statement it was sanctioning Wei Sun for links to the Foreign Trade Bank of the Democratic People's Republic of Korea, Hong Ri Li for his links to North Korean banking executive Song-hyok Ri, as well as the Dalian Global Unity Shipping Co Ltd of Dalian, China

U.S. Sanctions Vens as Pressure Builds on Maduro

The Trump administration imposed sanctions on 13 senior Venezuelan officials as the country's opposition launched a two-day strike on Wednesday, heaping pressure on unpopular President Nicolas Maduro to scrap plans for a controversial new congress.   Venezuela's long-time ideological foe the United States targeted the country's army and police chiefs, the national director of elections, and a vice president of the state oil company for alleged corruption and rights abuses.  

Oil Markets Brace for Possible US Sanctions on Venezuela

© Federico Rostagno / Adobe Stock

U.S. oil markets were readying for fallout from potential U.S. sanctions on Venezuela's vital oil sector on Monday after Sunday's election in the struggling country was deemed a "sham" by Washington.   Venezuelan President Nicolas Maduro on Monday celebrated the election of a new legislative superbody that will have the power to dissolve state institutions such as the opposition-run Congress. Countries around the world denounced the vote.  

Milaha Plans Base in Oman after Trade Hit by Diplomatic Rift

Qatar Navigation (Milaha), a top Doha-based shipping and logistics group, said it was shifting its regional trans-shipment hub from Dubai to the Omani port of Sohar after a diplomatic crisis in the region disrupted Qatar's trade.   Milaha is setting up a warehousing and logistics operation at Sohar, on Oman's northern coast, and is exploring other opportunities to expand in that country, the company said on Monday.  

Milaha Launches Kuwait Service amid Diplomatic Crisis

(Photo: Milaha)

Qatar Navigation (Milaha) , a top Doha-based shipping and logistics group, said on Wednesday it had launched a new container service to Kuwait amid a diplomatic crisis that has seen it lose access to regional trans-shipment hub, Dubai. Milaha will operate the weekly, direct service between Kuwait and Qatar using a vessel capable of handling the equivalent of 515 20-foot containers, the company said in a statement.

Market Conditions Unchanged: Containerships

Image: Containerships

 Multimodal transport company Containerships said the guidance for 2017 remains unchanged. In 2017, Net Sales are expected to grow by 5-10% and EBITDA for the full year is expected to improve on the previous year.   The company does not expect any major changes in market conditions. The challenging situation in the Mediterranean is expected to continue.   Work on building the LNG vessels is ongoing and delivery will take place as planned in 2018

Global FLNG Capex to Total USD 37.6bln

Global Expenditure on FLNG Facilities by Region, 2012-2023. Graph: Douglas-Westwood

 Global Capex on FLNG facilities is set to grow at a 9% CAGR over the 2018-2023 period, with expenditure forecast to total $37.6bn, said Douglas-Westwood report.   Given the strong fundamental drivers – increasing gas consumption due to economic growth, fuel switching, and energy security – the outlook for the import vessels will remain strong over the 2018-2023 period.   Despite near-term concerns due to challenging market conditions

Maritime Reporter Magazine Cover Oct 2017 - The Marine Design Annual

Maritime Reporter and Engineering News’ first edition was published in New York City in 1883 and became our flagship publication in 1939. It is the world’s largest audited circulation magazine serving the global maritime industry, delivering more insightful editorial and news to more industry decision makers than any other source.

Subscribe
Maritime Reporter E-News subscription

Maritime Reporter E-News is the subsea industry's largest circulation and most authoritative ENews Service, delivered to your Email three times per week

Subscribe for Maritime Reporter E-News