Oil Up as U.S., China hit the Trade War Pause Button
Oil prices rose on Monday as markets reacted to news that China and the United States have put a looming trade war between the world's two biggest economies "on hold". Brent crude futures were at $79.13 per barrel at 0121 GMT, up 62 cents, or 0.8 percent, from their last close. Brent broke through $80 for the first time since November 2014 last week. U.S. West Texas Intermediate (WTI) crude futures were at $71.83 a barrel, up 55 cents, or 0.8 percent, from their last settlement. The U.S. trade war with China is "on hold" after the world's largest economies agreed to drop their tariff threats while they work on a wider trade agreement, U.S. Treasury Secretary Steven Mnuchin said on Sunday, giving global markets a lift in early trading on Monday.
Iran's Oil Customers in Europe Might Reduce Imports
European oil companies are not ruling out reducing Iranian oil imports after the threat of new U.S. sanctions, with some expecting banking issues to hinder trade, but there was no rush to immediately cut volumes.U.S. President Donald Trump said on Tuesday the United States was exiting an international nuclear deal with Iran and would impose new sanctions that seek to reduce oil exports from OPEC's third-largest producer.But as of Friday, companies in Europe said they were still taking Iranian oil.
India Seeks Banks Financial Support for Inland Water Transport
The Inland Waterways Authority of India (IWAI) will involve banks for ensuring availability of financing options for the private players engaged in Inland Water Transport (IWT) sector. Financing and funding for Operation and Maintenance of IWT assets is a challenge for shippers, vessel operators and asset management firms as the banking sector is not yet ready with any customized financing option for the sector. Addressing the day-long Stakeholders Conference on Emerging Business opportunities in Inland Water Transport Sectorwas organized by IWAI at New Delhi…
Navios Maritime Partners Adds One More Panamax Vessel
Navios Maritime Partners announced that it took delivery of the Navios Symmetry, a 2006-built, 74,477 dwt Panamax vessel on May 21, 2018. The international owner and operator of container and dry bulk vessels said in a press release that as previously announced, the vessel was acquired for a price of $11.0 million. The vessel is chartered out at a net rate of $9,375 per day until July 2018. Based on the existing charter and the current rate environment (Clarksons’ 1-year time charter rate for Panamax vessels as of May 18…
Indian Fishermen Hail US Supreme Court Decision to Hear World Bank Suit
Farmers and fishermen in western India have welcomed a U.S. Supreme Court decision to hear their lawsuit against a World Bank agency, which financed a power plant they blame for damaging the environment and their livelihoods.The U.S. Supreme Court on Monday agreed to hear an appeal by the villagers of a lower court ruling that the International Finance Corp (IFC) was immune from such lawsuits under federal law.The court must now consider for the first time whether international organisations are immune from such suits under federal law…
German Shipowners Get Back to Basics
The situation for the shipping companies based in Germany has been, much like the rest of the world in 2017, mostly tight. Currently, the German shipping companies are undergoing changes against this background. They are concentrating more and more on their core competences. Maritime Reporter & Engineering News' man in Germany, Peter Pospiech, recently talked to Alfred Hartmann, President of the VDR (Association of German Shipowners), for his exclusive insights on the size, shape and direction of German shipowners.Mr.
DESS Aquaculture Adds New 60M Harvest Vessel
DESS Aquaculture Shipping AS, a joint venture between Solstad Farstad ASA (SOFF) and Marine Harvest ASA, took delivery of the harvest vessel “Aqua Merdø” on May 24th 2018. The vessel will commence its 10-year charter contract with Marine Harvest upon delivery at location within few days. “Aqua Merdø” is developed in close collaboration between the owners and Salt Ship Design and has been built by Myklebust Verft, Norway. Long term financing of “Aqua Merdø” is arranged by ABN AMRO Bank N.V.
Dogger Bank (UK) Cable Route: OMM Completes Assessment
Offshore Marine Management (OMM) completes a feasibility study for Forewind’s planned North Sea wind energy development. The study was undertaken to assess route feasibility options along one of the development’s 160km long export cable corridors. The scope of work required OMM to analyse survey data, establish a Burial Protection Index (BPI) and carry out a burial assessment to recommend cable burial depths along the route. This was used to advise on the potential need for corridor widening and cable protection measures, including advising on appropriate techniques for cable burial and protection along the route. OMM used its in-house Esri GIS facilities to assess the data provided for geology…
Navigation Campaign Launched at Vankorneft
Rosneft subsidiary Vankorneft has launched the navigation campaign on delivery of nearly 400 thousand tons of cargoes via the Bolshaya Kheta River (left tributary of the Yenisei). This year, in addition to traditional cargo transportation at the Vankorskiy production site and the Priluki terminal, the delivery at the Suzunskoye field is also planned. The Suzun will become a new discharge terminal as in November 2013 the enterprise was confirmed to be the operator in the developing of new fields in the Vankor cluster, the Suzunskoye, Tagulskoye, and Lodochnoye fields.
Canadian Fleets, Seaway Invest $160 Mln for 2017 Season
Canadian ship owners and the St. Lawrence Seaway have spent an estimated $160 million on repair and infrastructure projects this winter, boosting the economic fortunes of communities throughout the Great Lakes, the St. Lawrence and east coast, according to the Chamber of Marine Commerce. Canadian ship owners have invested an estimated $70 million to maintain and upgrade their vessels during the winter months — an annual exercise that keeps their vessels in tip-top shape to safely and efficiently deliver goods for North American businesses. The St.
AKD: Chapter 11 Protection is Not Enforceable in The Netherlands
Netherlands law firm AKD says that, while beleaguered shipowners may be looking increasingly to Chapter 11 filings in the United States to protect their financial interests, the fact is that Chapter 11 does not enjoy the force of law throughout the world, and certainly not in The Netherlands. Haco van der Houven van Oordt, head of the shipping & offshore team at AKD’s headquarters in Rotterdam, says, “Nobody – and that includes the banks - wants to see shipping companies forced out of business. On the other hand, one cannot expect the banks to forgo the opportunity to ring-fence their losses in cases where they deem this to be the most propitious course of action.
Court Confirms Marco Polo Seatrade Chapter 11 Protection
U.S. Courts confirm Marco Polo Seatrade Chapter 11 protection and frees vessel. The New York Court supervising the reorganisation of Marco Polo Seatrade and its group affiliates has rejected the motions filed by the Royal Bank of Scotland and Credit Agricole seeking to dismiss the group's US Chapter 11 filings. Both lenders had asserted that Marco Polo Seatrade was not eligible for Chapter 11 protection and had indeed initiated its Chapter 11 case in bad faith. The court rejected all of the lenders' arguments. Antonio Zacchello, MD of Marco Polo Seatrade, says, "We are delighted that the court has confirmed that we acted in accordance with the law and in good faith in starting our Chapter 11 proceedings.
EIB Grants Wärtsilä R&D Loan
The European Investment Bank (EIB) has granted Wärtsilä a research and development loan of EUR 100 million. Wärtsilä will use the loan to develop the competiveness and environmental performance of the engines. The goal is to reduce running costs and to ensure sustainable development throughout the life cycle of the engines. The European Investment Bank funds research and development that supports the long-term competitiveness of businesses in the EU. "The EIB loan is of major importance in developing our business. In an environment where increased price competition challenges production in Europe it emphasizes the importance and capabilities of European R&D," said Mr Ole Johansson, President & CEO of Wärtsilä. Mr.
French Ferry Firm Loses State Aid Appeal
Cash-strapped ferry operator SNCM looks set to seek legal protection from its creditors after Europe's highest court ruled on Thursday it must pay back 220 million euros ($289 million) of French state aid. SNCM, owned 66 percent by transport group Transdev, has racked up losses as low-cost competitors have eaten away its market share and is fast running out of funds. Transdev - itself a joint venture between water and waste firm Veolia and French state bank CDC - has said it will…
NAMEPA Host Shipping Industry Awards Dinner
Shipping luminaries gathered recently in New York to discuss issues and recognize achievements at the 2013 North American World Maritime Day and NAMEPA (North American Marine Environment Protection Association) Marine Environment Protection Awards Dinner. “NAMEPA was honored to host this annual event, and gratified by the interest and participation at the highest levels of shipping in our industry” stated NAMEPA Chairman Clay Maitland. Topics covered in the day’s conference included promoting a safety culture and environmental stewardship…
Seadrill Files Chapter 11 Bankruptcy Protection
Seadrill Limited, one of the world’s largest offshore drilling companies, has filed for Chapter 11 bankruptcy protection at the Southern District Texas court, Reuters reported. The indebted oil rig firm controlled by Norwegian billionaire John Fredriksen is seeking to restructure its roughly $10 billion debts as the petroleum industry continues to grapple with low prices. Seadrill announced that the court overseeing the Company's chapter 11 restructuring proceedings has granted the relief requested by the Company in its key first-day motions related to ordinary course business activities.
The Marine Electronic Highway
Implementation of the Marine Electronic Highway (MEH) Demonstration Project in the Straits of Malacca and Singapore is set to begin shortly, following the signing of a $6.86 million grant agreement between the Global Environment Facility (GEF)/World Bank and the International Maritime Organization (IMO). transiting ships, while being also capable of incorporating marine environmental management systems. marine environment protection and the sustainable development and use of the coastal and marine resources of the Straits' littoral States, Indonesia, Malaysia and Singapore. In addition to the $6.86 million assigned to IMO for the regional MEH demonstration project…
China Shipbuilder Seeks Bankruptcy Protection
"The company filed for bankruptcy in mid-June as it is unable to meet its debt obligations of over 300 million yuan ($47.1 million)," Yu Shengyue, director of No. 2 Civil Tribunal of the People's Court of Wenling county where the company is based, informed 'Global Times', . The major creditors include the local branches of Construction Bank of China, Agricultural Bank of China, Bank of China and Zhejiang Materials Industry Group Corp, a State-owned logistics company, according to Yu. "The debtor and the creditors are considering reorganization, because the shipbuilding industry is not in good shape and the outlook is not optimistic, either. The company still has a ship order to be delivered," he said.
India to Flag Off Cargo Via NW 2 on River Brahmaputra
Nitin Gadkari, Indian Union Minister of Shipping will flag off the first movement of cement cargo through National Waterway (NW) 2 on River Brahmaputra in Assam today, under the Shipping Ministry’s flagship programme Sagarmala. He will also lay the foundation stone for bank protection work of Majuli Island tomorrow. Assam Chief minister Shri Sarbananda Sonowal, will also be present on the occasion. Marking a new milestone towards Government of India’s constant endeavors to promote economically more viable and environment friendly modes of transport in the country…
Intermodal Terminal to Come Up in Uttar Pradesh
Inland Waterways Authority of India (IWAI) will construct Intermodal Terminal at Uttar Pradesh's Ghazipur and will be linked to both National Waterways-I (NW-1) or river Ganga and National Highway-19 - connecting Ghazipur to Patna - and help in movement of cargo, with options for both land and water transportation. Union Minister for Shipping Nitin Gadkari, will lay the foundation stone for an Intermodal Terminal at Ghazipur in Uttar Pradesh today (25 January). The intermodal terminal at Ghazipur will have linkage to both NW-I or River Ganga and NH-19 which is just 650 metres away.
IMO Marine Environment Protection Committee Meeting Agenda
Implementation of energy-efficiency, ballast water management & ship-recycling rules on agenda for IMO Marine Environment Protection Committee. The Marine Environment Protection Committee (MEPC) of the International Maritime Organization (IMO) meets for its 64th session from 1 to 5 October 2012, at IMO Headquarters in London. As well as discussing matters relating to the implementation of energy-efficiency, ballast water management and ship-recycling regulations, the MEPC will also consider formally designating the Saba Bank, in the North-eastern Caribbean area of the Kingdom of the Netherlands, as a Particularly Sensitive Sea Area (PSSA).
India Announces Projects Status of Inland Waterways
The Shipping Ministry of India has announced the details of various ongoing major projects for development of National Waterways (NWs), which are as under four divisions. The government also revealed the techno–economic feasibility studies and Detailed Project Report (DPR) for the 106 new National Waterways. Since inception of Inland Waterways Authority of India (IWAI), projects worth Rs. 1871.567 crore ($275 million) for development of National Waterways (NWs) have been implemented till March, 2016.
Inland Waterways to Get Boost in India
The National Waterway Act, 2016 declaring 111 national waterways, including the 5 national waterways declared earlier has been enforced w.e.f. 12th April, 2016. The process for preparation of techno economic feasibility (TEF) study/Detailed Project Report (DPR) of new national waterways was initiated. As per the feasibility reports received so far, 32 new national waterways and five national waterways declared earlier are to be developed in the next three years. Out of these 32 new national waterways, DPRs for 8 waterways are available.