Gunvor Returns to Profit in 2019
Energy trader Gunvor Group returned to profit in 2019 after its first net loss a year earlier, helped by record earnings in its U.S. division, and said business so far in 2020 remained strong.The Geneva-based firm, which reported a 2019 net profit of $381 million after a loss of $330 million in 2018, said on Tuesday it was also helped last year by earnings from gas trading and its European refining business.But the group, one of the world's top five oil traders, said revenue dipped to $75 billion in 2019 from $87 billion in 2018.Gunvor, which launched its U.S.
Privinvest’s Deliveries to Mozambique: A Model for Africa
Media reports about Mozambique’s failure to launch a fishing and security fleet and its subsequent $2 billion debt default seem destined to torpedo, or at least set back similar efforts to build needed coastal security and national fishing fleets across Africa. That must not happen.The systems and equipment Mozambique bought a few years ago from shipbuilder Privinvest could serve as a template for coastal African nations seeking to rightfully benefit from their natural resources…
Ten Turkish Sailors Seized by Pirates off Nigeria
Ten Turkish sailors were taken hostage by armed pirates who attacked a Turkish-flagged cargo ship off the coast of Nigeria, the vessel's owner said on Tuesday, adding that another eight sailors were left safely aboard.Turkey's foreign ministry said the sailors were seized on Saturday evening. After the pirates left the ship it was taken to Ghana's Tema port, and Ghanaian and Nigerian authorities are working on returning the captured sailors, the ministry said.Shipping company Kadioglu Denizcilik said its ship…
Piracy Retreating in Q1 2019
The International Chamber of Commerce International Maritime Bureau’s (IMB) published its report for the first three months of 2019, reporting less incidents of piracy and armed robbery against ships than the first quarter of 2018.During the first quarter of 2019, IMB reported 38 incidents of piracy and armed robbery at sea, which are 28 less incidents than the first quarter of 2018, which stood at 66.IMB’s Piracy Reporting Centre detailed that 27 vessels were boarded, seven vessels were fired upon and four attempted attacks occurred in the first quarter of 2019.
Norden Expands into West Africa
Danish shipping giant Norden is opening an office in Abidjan, Ivory Coast, as part of the Company’s continued global expansion.The office will generate new business and focus on contributing positively to the development of the region, the dry bulk and tanker owner said in a press release.“Norden opens offices and employs people with a long-term horizon and that is also the case for our move into West Africa. We wish to come even closer to our business partners and increase our business presence and at the same time be part of and help the region develop by investing manpower…
Global Piracy Up in 2018, Gulf of Guinea Leads
Piracy increased on the world’s seas in 2018, with a marked rise in attacks against ships and crews around West Africa, the International Chamber of Commerce’s International Maritime Bureau’s (IMB) latest annual piracy report reveals.Worldwide, the IMB Piracy Reporting Centre (PRC) recorded 201 incidents of maritime piracy and armed robbery in 2018, up from 180 in 2017.The Gulf of Guinea remains increasingly dangerous for seafarers. Reports of attacks in waters between the Ivory Coast and the Democratic Republic of Congo more than doubled in 2018…
For the Global LNG Industry, is the FSRU Honeymoon Over?
A giant vessel docked at the port of Moheshkhali in Bangladesh two months ago, propelling the populous but poor nation into the fast-expanding club of liquefied natural gas (LNG) buyers.The Excellence is the latest floating storage and regasification unit (FSRU), a type of carrier that has proliferated since 2015 as many countries switch to a cleaner and increasingly cheaper fuel than oil and coal.But the young FSRU industry has been beset by more project delays than successes in the past 12 months as fluctuating energy prices…
Djibouti, CMA CGM in Talks to Develop New Container Terminal
Djibouti is in talks with French shipping company CMA CGM to develop a new container terminal at an initial cost of $660 million as part of the tiny African country's bid to expand into a sea and air transport hub for the continent. Aboubakar Omar Hadi, chairman of the Djibouti Ports and Free Zone Authority (DPFZA), told Reuters on Tuesday that the authority hopes to award the concession in July. It was also prepared to buy out DP World's stake in an existing container terminal to end a row with the Dubai port operator and avoid arbitration, he said.
GasLog Updates on LNG Market
During the quarter and post quarter end, there has been continued momentum in the start-up of new LNG liquefaction capacity with the fourth train at Sabine Pass in the U.S. shipping its first commissioning cargoes in August 2017, said GasLog Partners. Sabine Pass has now shipped approximately 200 cargoes since start up in early 2016. Post quarter end, Chevron's Wheatstone LNG project in Australia started production with the first LNG shipment expected in the coming weeks. Dominion's Cove Point project in the U.S.
GasLog Updates LNG Market Outlook
During the quarter ended June 30, 2017, there was continued momentum in the start-up of new LNG liquefaction capacity with the fourth train at Sabine Pass commencing commercial production. Later this year, Wheatstone in Australia and Cove Point on the east coast of the U.S. are expected to start production. In total, Wood Mackenzie estimates that projects with approximately 28 million tonnes per annum ("mtpa") of nameplate capacity will come online in 2017. In addition, Shell's 3.2 mtpa floating liquefaction facility "Prelude" departed Samsung en route to the Browse Basin, offshore Australia.
MSC Inks 35-year Deal to Run Ivory Coast Terminal
Mediterranean Shipping Company (MSC) has signed a 35-year concession agreement with Ivory Coast's second port of San Pedro to operate its container terminal as part of a deal to upgrade the facility, the Swiss shipping company said on Tuesday. Ivory Coast is the world's leading producer of cocoa, and over half of its total output is exported via the port of San Pedro, which is located near the main western growing regions. The country's main port is Abidjan, which is one of the region's busiest. Investments for upgrades to the port will total nearly 300 billion CFA francs ($510 million), including around 130 billion CFA francs from MSC, the company said in a statement.
OPEC Set to Prolong Oil Cuts
OPEC will likely agree to extend production cuts for another nine months, delegates said on Tuesday as the oil producer group meets this week to debate how to tackle a global glut of crude. OPEC's de facto leader, Saudi Arabia, favours extending the output curbs by nine months rather than the initially planned six months, as it seeks to speed up market rebalancing and prevent oil prices from sliding back below $50 per barrel. On Monday, Saudi Energy Minister Khalid al-Falih won support from OPEC's second-biggest and fastest-growing producer…
In Demand: Hoegh LNG’s Sveinung Stoehle
Satisfied with the recent opening of a new floating LNG import terminal in Turkey plus contract successes in Africa and Asia, Hoegh LNG CEO and president, Sveinung Stoehle, cautiously lets us into his stylish Oslo offices for a bit of “disclosure”. The Hoegh business model is winning out, and now six floating storage and regasification units, or FSRUs, are in operation with four newbuilds on the way. The terminal in Turkey was built in just six months: “It would be years, not months, for a land-based gas terminal,” Stohle asserts.
Armed Piracy in West African Waters Rise
Bulk of attacks occurred off Nigeria. Armed attacks on ships in West African waters nearly doubled in 2016, with pirates increasingly focused on kidnapping their crew for ransom off Nigeria's coast, a report said on Tuesday. A recent spate of attacks off Somalia, meanwhile, may also indicate a resurgence of piracy in East Africa as a result of less vigilance, the Oceans Beyond Piracy (OBP) project said. OBP, a project of the privately funded One Earth Future Foundation that encourages cooperation across the international maritime community to tackle piracy, recorded 95 attacks in West Africa's Gulf of Guinea in 2016, up from 54 the previous year.
Ferry Safety and Technology Conference 2017
There is a convergence of new advances in technology for ferries AND quantum leaps in ferry operations in Asia, Africa and North America. Can operating a ferry be made better safer and cheaper? Yes, says technology. What’s exciting about this year’s Ferry Safety and Technology conference, the Third Annual, is the promise of technology – how telematics, affordable sensors, and graphic visualization – enhance safety, and vastly benefit the quality and cost of operations. This isn’t a conference for nerds and geeks – it’s for those of who need to use technology to understand it.
Ivory Coast's Main Port Shut Down
Paramilitary gendarmes firing in the air sealed off access to Ivory Coast's main port on Wednesday, forcing companies including cocoa exporters to close down, as weeks of unrest in the security forces showed no signs of easing. President Alassane Ouattara, who is also facing a wave of public sector strikes, ordered his defence minister and military chiefs to hold urgent talks with members of the security forces about their grievances in a bid to quell the instability. Ivory Coast has emerged from a 2002-2011 political crisis and civil war as one of the world's fastest-growing economies but the violence, which began with an army mutiny nearly two weeks ago, has hit its image as a post-conflict success story.
Repeat Order for Damen from Ivory Coast
Following the contract signing between Damen Shipyards Group and Société de Transport Lagunaire (STL) for 16 shallow-draught ferries for the Ivory Coast city of Abidjan, the two companies have announced a supplementary contract for eight Damen Pontoons 2404. STL will use the pontoons for vessel mooring and passenger transfer purposes. The eight 24-metre pontoons will be used to construct four separate ‘hop-on, hop-off’ ferry stations that will be capable of mooring a ferry as well as providing a stable structure fit for safe embarkation of passengers.
Abidjan Orders 16 Passenger Ferries
As part of a presidential plan to reduce urban congestion and greenhouse gas emissions in the Ivory Coast city of Abidjan, 16 new passenger ferries have been ordered by Société de Transport Lagunaire (STL). Known as the economic capital of the Ivory Coast, Abidjan is located around the 100-km long Ébrié Lagoon on the west coast of Africa and therefore water-based transport holds a vital position in everyday life in the area. Furthermore, due to rapid population growth and the deterioration of existing ferry services, traffic congestion is a major problem in the city.
No recovery for Container Traffic in sight - Drewry
Asia to West Africa container traffic fell by 19% in the third quarter; the end-year result will not be much better. The IMF’s latest World Economic Outlook, published last month, described “multispeed” growth for sub-Saharan Africa economies with the divide between the haves and have nots hinging on different nations’ exposure to commodities. The biggest West African economies of Nigeria and Angola are struggling to adjust to lower oil revenues with the former expected to see GDP contract by 1.7% this year and the latter to flat-line.
More than 11,000 Migrants Rescued off Libya this Week
More than 5,000 migrants were saved on Tuesday and Wednesday off the Libyan coast and 28 bodies recovered, bringing the total number of people rescued this week to more than 11,000, Italy's coast guard said. More than 20 people were reported to have suffocated in the hold of one overloaded fishing boat, bringing the total death toll for Monday and Tuesday to 50. Italian officials said three women saved on Monday had given birth over the past 24 hours on a coast guard vessel that was bringing some 1,000 refugees to Sicily. The women and their three children were all reported to be in good health. The coast guard said the 4,655 migrants rescued on Tuesday were taken from 33 overcrowded boats…
Nearly 11,000 Migrants Rescued in Last 48 hours off Libya
Many bodies found in the hold of one ship. More than 4,650 migrants were saved on Tuesday off the Libyan coast and 28 bodies recovered, bringing the total number of people rescued in the last 48 hours to nearly 11,000, Italy's coast guard said on Wednesday. More than 20 people were reported to have suffocated in the hold of one overloaded fishing boat, bringing the total death toll for Monday and Tuesday to 50. Italian officials said three women saved on Monday had given birth over the past 24 hours on a coast guard vessel that was bringing some 1,000 refugees to Sicily. The women and their three children were all reported to be in good health.
San Pedro Port Expansion Project Awarded
Ivory Coast has awarded a project to upgrade its second port of San Pedro to global shipping giant Mediterranean Shipping Company (MSC) and the Bilal Group, a government spokesman said on Wednesday. Speaking after a cabinet meeting in the commercial capital Abidjan, Bruno Kone said MSC would invest 122 billion CFA francs ($209.14 million) and the Bilal Group 186 billion CFA francs ($318.83 million) under the build-operate-transfer deal. (Reporting by Loucoumane Coulibaly)
CMA CGM Launches New EURAF 6 Service
CMA CGM Group has launched its new service EURAF 6 by cooperating with a partner under a slot swap agreement. Enhanced service coverage with a second loop direct from West Med to West Africa strategic markets. Direct service from Italy and Spain to Senegal, Ivory Coast, Nigeria and Ghana with the transit time vastly improved up to 6 days. Coverage of Takoradi port on a 21-day frequency from worldwide origins.