US Coal Exports Bound for Japan's New Power Plants
U.S. miner Cloud Peak Energy said on Tuesday it will export coal from a Montana mine for 30 to 40 months to two new power plants in Japan with shipments that could start late next year. The coal from Montana's Spring Creek Mine will be carried by rail to Vancouver and then sent by ship for delivery to two 540-megawatt coal gasification plants in Fukushima Prefecture, Cloud Peak said. JERA Trading Pte Ltd, a trading company based in Singapore, will buy the coal from Cloud Peak. Sales of the coal are expected to reach 1 million metric tonnes in the final contract year, Cloud Peak said.
LISCR Welcomes Russian Boost For Tanker Owners
Sea trades. Cohen says, "Liberia is the flag of choice for the world's tanker fleet, and for Russian shipowners flying foreign flags. Russia's old system, under which ships of a few favoured flags were charged lower port dues, effectively made it difficult for owners of Aframax and Suezmax tankers trading to Russia to benefit from the efficiency of the Liberian Registry, and difficult for Russian ships flying foreign flags to trade to their own ports. Now a typical 80,000 dwt vessel under our flag will see port costs cut by as much as two-thirds when calling at Russian Black Sea ports. The Liberian Registry continues to grow, as shipowners…
Trade Across North Sea To Grow: DFDS
In spite of the ongoing Brexit discussion, DFDS continued to increase its volumes on the North Sea freight routes to and from the UK. Continued growth in the UK and EU economies is good news for all, said a press release from Northern Europe's largest shipping and logistics company. DFDS' recently published Q2 results were the best ever recorded in the company and this was among other things due to a very positive development in trade across the North Sea. DFDS' routes carried 6% more trailers between ports in Norway, Sweden, Denmark, the Netherlands and Belgium and ports in the UK.
Tonnage Tax Window Opens on Changes
Stephens. Stephens shipping newsletter, the Bottom Line. for the UK shipping sector. The flagging requirement imposed by the EU has been incorporated into the tonnage tax regime as fairly as possible. examines how EU rules on bunkers will affect shipowners' costs.
Liberian Registry Applauds Ukraine Boost for Tanker Owners
tanker owners and raise standards in the Black Sea trades. dues tariffs for vessels flying favored and non-favored flags. dues are now the same for both categories. serving the Black Sea oil export trades. access the trade. Liberian flag. "Liberia is the flag of choice for the world's tanker fleet. flying foreign flags to trade to their own ports. calling at Ukrainian Black Sea ports. choice, unhindered by two-tier charging systems for port dues. by retaining its position as the best-performing major ship register. policy. their performance over a three-year rolling period. size.
UK Budget is Good News for Shipping Sector
International accountant and shipping adviser Moore Stephens says the UK Budget 2013 contains generally good news for the shipping sector. Measures which will have an impact on the shipping industry include a reduction in the main rate of UK corporation tax. This is 23 per cent for the year ended 31 March 2014, reducing to 21 per cent from April 2014. A further reduction to 20 per cent from April 2015 has now been announced. There was also good news for shipping on the capital gains front.
Some UK Budget Good News for Shipping Industry
International accountant & shipping adviser Moore Stephens says the UK Budget 2013 contains generally good news for the shipping sector. Measures which will have an impact on the shipping industry include a reduction in the main rate of UK corporation tax from 23% for the year ended 31 March 2014 to 21% from April 2014. A further reduction to 20% from April 2015 has now been announced. There was also good news for shipping on the capital gains front. Last year the government announced that, where a company had a functional currency other than sterling, capital gains and losses on disposals of shares would, with effect from April 2013, be calculated in that functional currency rather than in sterling.
Product Tanker Released After Probable Cargo Theft
On Sunday, we heard the good news of the release of Hai Soon 6, following its hijack on 25th July off Ghana. Not long after this news from the IMB, Dryad relocated the vessel in exactly the place we expected – off the Niger Delta and some 200 miles east of where she went missing. The bad news is that this is now looking like the third successful cargo theft this year in West Africa. From Angola in the south, where MT Kerala was hijacked in January, to Ghana in the west, where the latest victim fell prey to organised crime…
Ship Values Rise
As the world has been beset by a wave of bad financial news -- from the looming financial crisis and credit crunch to the rapidly escalating cost of industrial materials, particularly steel -- Clarkson via its weekly Clarkson Index delivered some good news for a change, as the index, which is a measure of prices for all types of vessels, rose for the first time in more than three months. According to a Bloomberg report, this has buoyed the stock prices for some of the world's largest shipbuilders, including Hyundai Heavy Industries and Daewoo Shipbuilding & Marine Engineering. Hyundai Heavy Industries Co. and Daewoo Shipbuilding & Marine Engineering Co.,
Score One For The Crews
In a good news/bad news ruling, a London judge ruled in an appeal case that a crew's rights to wages from the proceeds of a vessel's sale took precedence over a bank holding a mortgage over the ship. The claim centered on the sale in 1997 of the vessel Turiddu after the First National Bank of Maryland obtained judgment as mortgagees against the owners, the Maltese Pius Shipping Company, for $1.67 million.
Korea Shipbuilders Win Orders Worth $1B
According to a Jan. 12 report from The Chosum Ilbo, Korean shipbuilders won new orders worth over $1b in the first 10 days of the new year, in a complete reversal of the situation last year. STX Offshore & Shipbuilding and Hanjin Heavy Industries delivered the good news on Jan. 11, and Daewoo Shipbuilding & Marine Engineering and Sungdong Shipbuilding & Marine Engineering won new orders earlier. Industry insiders said an overseas marketing drive in the second half of last year finally paid off. (Source: The Chosun Ilbo)
Bids Ready for Nysted II Offshore Windfarm
The Danish Energy Authority has approved four applicants to bid on construction of the world’s large offshore park at Nysted, south of the isle of Lolland. The bidders are a Dutch company, a Danish company and two Danish/ Swedish consorts. This is good news according to the managing director of the Danish Wind Industry Association.
DP World's Southampton Licence Extended
DP World Limited announces that it has agreed with Associated British Ports (ABP) to extend the license agreement for DP World Southampton for a further 25 years until 2047. Simultaneously, DP World announces that it has acquired the remaining 49% stake in DP World Southampton from ABP, making DP World the sole owner of the business. “We are delighted with the 25 year extension of the license agreement for DP World Southampton, which is one of the most efficient terminals in the UK and the only deep-sea container terminal on the south coast of England…
Good News for Incat
The Australian Broadcasting Corp. has reported that Incat, in receivership since March, has completed the partial sale of one of its vessels, for $20 million, significantly aiding the financially stricken company. According to the report, Sydney-based Record Investments has acquired an interest in one of the company's older catamarans. Incat reportedly retained a stake in the vessel due to a variety of potential charterers interested in the vessel.
Shipping in UK 2009 Budget
Shipping accountant Moore Stephens said the fact that the 2009 UK Budget does not include any measures which significantly affect the shipping sector could be regarded as good news for the industry. Although the government has been asked to make changes to UK tonnage tax, the 2009 Budget makes no mention of it. Moore Stephens tax partner Sue Bill said, “Possible changes to the tonnage tax regime could have included an amendment to the EU flagging rules excluding ships time-chartered into the fleet, and clarification of the position with regard to the changes proposed in January 2008 which were later withdrawn. But these are complex issues to resolve as they depend on agreement with the European Commission.
Moore Stephens Welcomes UK Tonnage Tax Revision
Accountant and shipping adviser, Moore Stephens, has welcomed the decision of Her Majesty’s Revenue & Customs (HMRC) to revise, as promised, its UK Tonnage Tax Manual to at least partly restore, on an interim basis, the pre-2009 interpretation of the strategic and commercial management tests. Moore Stephens has been working for some time with the shipping industry, and in particular with the Chamber of Shipping, in campaigning for HMRC to reconsider its 2009 reinterpretation of the tonnage tax rules.
Judge Lifts Drilling Ban ... but Will it Last?
While offshore drillers, service and product suppliers received a bit of good news when U.S. District Judge Martin Feldman's ruled yesterday to remove the Obama Administration’s six-month moratorium on offshore drilling, questions regarding how quickly operations will return to normal are still up in the air, as according to the Wall Street Journal the administration vows to fight the decision. "Judge Feldman recognized the potential for the ban to cause significant economic harm to our country and the Gulf Coast…
UK Budget Good News For Shipping
Leading accountant and shipping adviser Moore Stephens says that, despite mixed news for non-UK-domiciled individuals, the UK Budget 2011 appears to be good news for shipping. The bad news in the Budget, announced on 23 March, is that the existing annual remittance basis charge for non-doms resident in the UK for twelve years or more will increase from £30,000 to £50,000, albeit not until 6 April, 2012. The good news is that the government also proposes not to tax foreign income or capital remitted to the UK for the purposes of ‘commercial investment in UK businesses’…
Bath Iron Works Gets Mixed News Out Of Washington
WLBZ2 is reporting that some good news and some bad news for Maine shipbuilder Bath Iron Works in Washington. The Senate Armed Services Committee yesterday endorsed President Bush's 3.4b dollar request to develop and build the first two DDX. In that scenario, BIW would build one, and Northrop Grumman's Ingalls Shipbuilding would build the other. But the House Armed Services Committee voted a day earlier to build only one ship, and that Ingalls would do the work. A compromise must be worked out, and that could take months. Source: WLBZ2
BP Amoco To Update Mammoth GOM Oil Discovery Soon
BP Amoco Plc said it should be able to provide an update on its giant Crazy Horse deepwater oil discovery in the Gulf of Mexico when two appraisal wells are completed during the next couple of months. "I would say the preliminary results are very encouraging and hopefully we will have some news in the near future," BP Amoco's Houston region Vice President David Welch told reporters after addressing the American Petroleum Institute's Houston chapter. The London-based company announced the Crazy Horse discovery last year, estimating that it contained reserves of at least one billion barrels of oil, making it the biggest ever deepwater discovery in the Gulf of Mexico.
New Ferry Service from West France to North Spain
Minister for Transport, Tourism & Sport Leo Varadkar has welcomed a new ferry route into Ireland in a matter of weeks, after LD Ferries confirmed a weekly service from western France and northern Spain. The LD Ferries service will connect Rosslare with St Nazaire on the west coast of France, and with Gijón in northern Spain. “This is a very welcome announcement and provides a valuable new landbridge from France and Spain into Ireland. It’s the first service of its kind to Ireland, and it’s great news for our tourism industry. “This is the second positive announcement of a new ferry service in a matter of weeks. Last November a new route from Cherbourg to Dublin was announced.
Hvide to Trade on Nasdaq Beginning January 2
Hvide Marine Incorporated (HMI) announced that its application for listing on the Nasdaq National Market has been approved. The Company's stock is scheduled to begin Nasdaq trading on January 2, 2001, under its current ticker symbol, HVDM. The company's warrants are unaffected and will continue to trade on the Over-the-Counter Bulletin Board. "This is good news for our investors and an important step forward for the company," said President and Chief Executive Officer Gerhard E. Kurz. "Listing on Nasdaq means a higher profile for HMI and enhanced visibility and liquidity for the stock, as well as immediate access to the best bid and ask prices. We anticipate a broader and more active following among investors as a result."
EMMF Enters Gulf Coast Barge Market
ExxonMobil Marine Fuels (EMMF) announced it is to offer a full range of marine fuels (HFO and MDO) for barge delivery in the ports of Beaumont, Port Neches, Port Arthur, Orange, and the Lake Charles area of the US Gulf Coast. This new service extends EMMF's previous USGC sales capability and improves its global supply network consistent with the efforts to meet the needs of its customers. Joe Rud, Manager of Marketing and Supply for EMMF, said: "This is good news for shipowners who wish to purchase high quality fuel in the US Gulf Coast region. It is also a good example of the combined strengths of ExxonMobil Refinery & Supply, EMMF and our barging partners coming together to expand product availability and services to customers."