Ministry Of Finance News

22 Mar 2019

Rauma Marine to Build Ferry for Kvarken Link

Image: Rauma Marine Constructions Oy

Finnish-Swedish passenger ferry operator Kvarken Link has signed a construction agreement with Finnish shipbuilding company Rauma Marine Constructions for a car and passenger ferry, set to operate between the Finnish city of Vaasa and the Swedish city of Umeå.Following the agreement, the planning of the vessel can begin with immediate effect. The Ministry of Transportation and Communications of Finland, the Ministry of Economic Affairs and Employment, and the Ministry of Finance…

07 Jan 2019

Chabahar Port Begins Commercial Operations

Pics: Press Information Bureau

Commercial operations began at ndia Ports Global Chabahar Free Zone (IPGCFZ), at Chabahar with the arrival of a vessel after Government of India took over the operations.A Cyprus registered bulk carrier had arrived at Chabahar with 72458 MT of corn cargo. The vessel MV MACHERAS berthed at the terminal at 0130 hrs on 30th December 2018. Thus IPGCFZ carried out its first cargo operation by discharging the imported cargo(ex Brazil) using pneumatic un-loaders.India has written a history with its engagement in Chabahar, claimed a governement release.

18 Oct 2018

Port of Hamburg, Metrans Group Join for Intermodal

Axel Mattern, Joint CEO of Port of Hamburg Marketing, and Egidijus Lazauskas, Deputy Director-General and Director Freight Traffic for Lithuanian Railways, have signed a Memorandum of Understanding in Vilnius to strengthen cooperation on the routes to and from the Port of Hamburg. Photo: Hafen Hamburg Marketing

The Port of Hamburg and Metrans Group are intensifying their links with Lithuanian Railways. Axel Mattern, Joint CEO of Port of Hamburg Marketing, and Egidijus Lazauskas, Deputy Director-General and Director Freight Traffic for Lithuanian Railways, have signed a Memorandum of Understanding in Vilnius to strengthen cooperation on the routes to and from the Port of Hamburg.In addition, Hamburger Hafen und Logistik AG - HHLA’s intermodal subsidiary Metrans, and Lithuanian Railways signed a Letter of Intent to promote and improve cross-border freight flows.For years…

30 Aug 2018

Port of Rotterdam Pact for Brazil's Pecém Port

Photo: Port of Rotterdam Authority

As shareholders in the Port of Rotterdam Authority, the Municipality of Rotterdam and the Ministry of Finance have approved the participation in the Port of Pecém, a rapidly growing port in Northeast Brazil.The participation involves an investment of some 75 million euros and, in addition to holding 30% of the shares, the Port of Rotterdam Authority will have joint control of strategic decisions and positions at Executive Board, Supervisory Board and management level.The Port of Rotterdam Authority and Ceará State are expected to sign the decision next month…

31 Jul 2018

India Issues New Guidelines for Investment in Ports

Indian Prime Minister Narendra Modi. Photo: PIB

India's Ministry of Shipping has undertaken a diverse set of initiatives as part of its drive to boost profitability across major Indian ports.One major initiative is to improve the returns earned on treasury investments by the ports for pension, provident and surplus funds. Across all major ports, these funds add up to around INR  33,000 crore (USD 4.8 billion), yielding interest of around INR 2,700 crore (USD 394 million)Looking for ways to push this amount further, the Ministry…

11 Jul 2018

Key Oil Export Terminals Reopen in Libya

Damage at Ras Lanuf terminal June 18, 2018 (Photo: NOC)

Tripoli-based National Oil Corp (NOC) said on Wednesday four export terminals were being reopened after eastern factions handed over the ports, ending a standoff that had shut down most of Libya's oil output.Production and export operations would be restored "within the next few hours", an NOC statement said, although the restart at Es Sider and Ras Lanuf, where workers were evacuated and storage tanks damaged in fighting last month, was expected to be gradual.A tanker at Hariga was due to start loading 1 million barrels of crude on Wednesday afternoon…

02 Jul 2018

DP World Digitalizes Dominican Republic's Logistics System

Photo: DP World

A new electronic trade portal that will enable trade and make life easier for business has been launched in the Dominican Republic by Dubai Trade World (DT World). As a subsidiary of DP World, DT World will provide its ‘Mawani’ system that connects logistics services onto one platform, as well as management and consultancy services to DR Trade – a new joint venture company formed by DP World Caucedo and the Haina International Terminal. A recent signing ceremony in Caucedo to mark the agreement was attended by representatives of the Dominican Republic’s Ministry of Finance…

05 Mar 2018

India Allocate Funds for Development of Inland Waterways

National Waterways-1. Photo: Water Resources Information System of India

The Government of India has got a budget allocation of  INR 228 crore (USD 35.1 mln) for the development of Inland waterways transport, which also includes INR 126 crore (USD 19.4 mln) for North Eastern Region, for the year 2017-18. The proposal for raising Extra Budgetary Resources (EBRs) of  INR 1,000 crore (USD 154 mln) through bonds was approved by Ministry of Finance in 2016-17. Out of  INR 1000 crore, INR 340.00 crore was raised during 2016-17. Remaining amount of INR 660.00 crore has been raised in the Financial Year 2017-18.

07 Feb 2018

Indian Cabinet Clears Changes in Major Port Authorities Bill 2016

Indian Prime Minister, Narendra Modi. Photo: PIB

Indian's  Union Cabinet has approved the incorporation of the official amendments to the Major Port Authorities Bill 2016, which is pending in the Parliament. The Amendments are based on the recommendations of the department related parliamentary standing committee. The changes sought include the number of the labour representatives to be appointed in the Port Authority Board among the serving employees of the Port has been increased from one to two, among others. The Board of…

27 Nov 2017

FMC's Doyle to Exit Commission in January, 2018

Willima P. Doyle, U.S. Federal Maritime Commissioner

Today, the Office of Commissioner William P. Doyle of the U.S. “Last week, I notified The President of the United States Donald J. Trump of my intention to leave the Federal Maritime Commission effective January 3, 2017. It has been an honor and a privilege to continue serving in the Trump Administration. I thank President Barack Obama for nominating and appointing me twice as a Commissioner. “I am proud to have worked alongside my fellow Commissioners and with such a dedicated and hardworking Commission staff.

10 Aug 2017

India to Push Shipping Sector

The Union Minister for Shipping, Nitin Gadkari. Photo: PIB

Under the Government of India’s Sagarmala Program to promote port-led development, a master plan has been formulated for the 12 Major Ports. 142 port capacity expansion projects with an estimated cost of  INR 91,434 Crore (USD 14.3 billion) and capacity creation of 884 MMTPA have been identified in this master plan for implementation over the next 20 years. Out of these, 58 projects with project cost  of approximately INR  28,767 Crore (USD 4.5 billion)  have been approved. In 2015…

19 Jun 2017

India to Sensitize Maritime Fraternity to New Tax Regime

Rajive Kumar, Secretary, Ministry of Shipping. Photo: PIB

The Ministry of Shipping in India conducted a workshop on “GST for Shipping” in New Delhi today to sensitize all constituents of the maritime fraternity, as the country lauches the new Goods and Services Tax (GST) to revolutionize the country's tax system. The workshop was attended by representatives from ports, various attached and subordinate organizations under the Ministry of Shipping and industry associations. Chairing the workshop Rajive Kumar, Secretary Shipping said that…

22 Mar 2017

Libyan Oil Output Rises after Port Fighting Ends

Libya's oil production has reached 700,000 barrels per day (bpd), the National Oil Corporation (NOC) said on Wednesday, recovering from a drop earlier this month caused by fighting at two key oil ports. "We are working very hard to reach 800,000 barrels by the end of April 2017, and, God willing, we will reach 1.1 million barrels next August," NOC Chairman Mustafa Sanalla was quoted as saying in a statement. The NOC said in a separate statement it hoped to produce 55,000 bpd in the coming weeks from the Abu Attifel and Rimal fields, which are currently closed for maintenance. The fields are operated by Mellitah Oil and Gas, a joint venture between the NOC and Italy's ENI.

15 Mar 2017

Will LNG Remain a Key Energy Source?

© phonix_a / Adobe Stock

Japan imported 8.3 million metric tons of LNG in January, an increase of 1.06 million metric tons compared to the previous year. The data, released by the Japanese Ministry of Finance, also reveals that the amount the country pays for LNG imports had increased by 6.7 percent since 2015. Japan is one of the largest LNG importers in the world and it is expected that gas and LNG will continue to remain a key energy source in the future. The nation’s reliance on LNG rose in 2011 following the closure of the country’s nuclear reactors…

11 Dec 2016

Master Plan to Develop Indian Ports

Indian Prime Minister Narendra Modi. Photo: Press Information Bureau, Govt of India

Based on the present traffic and cargo scenario of Major Ports, a Master Plan has been prepared for expansion of port capacity, which includes a number of new ports. Sagar Island (West Bengal):  Public Investment Board (PIB) has appraised the project subject to the condition that state Government shall ensure possession of the land is available to National Highways Authority of India (NHAI)  or any other Agency providing road connectivity and to railways/agency providing rail connectivity. Projected Traffic is to be around 3.5 MTPA in 2020 increasing to around 27 MTPA in 2035.

13 Sep 2016

Port of Antwerp Gets Nuke Detectors

Photo courtesy of Port of Antwerp

Arktis Radiation Detectors was selected to supply radiation portal monitors and mobile detection systems to the Belgian Government, for use at the Port of Antwerp. Under the contract, which has been let by the Belgium Ministry of Finance, Arktis and partner Bavak - Arktis’ exclusive distributor for the Benelux Region - will supply the port with radiation detection equipment for the largest capacity container terminal in Europe, located at the Left Bank in the Port of Antwerp.

23 Aug 2016

Indian Shipping Seeks Road Fund for Development of Waterways

Nitin Gadkari. Photo: Press Information Bureau, Govt of India

The Shipping Ministry of India has mooted a proposal to utilize part of the fuel cess collected for building national highways for expansion of National Waterways as well. The Union Minister for Shipping, Road Transport & Highways, Nitin Gadkari said his Ministry has sent a proposal seeking allocation of 5% of the Central Road Fund for development of Inland Waterways. “My Ministry has prepared the proposal, but the final decision will be taken by the Ministry of Finance. I am pursuing the matter” Gadkari added.

18 Mar 2016

Prices Ease Though Argentine Demand Limits Losses

Argentina tenders for 19 cargoes. Asian spot prices for liquefied natural gas (LNG) eased under pressure from growing supplies though fresh demand from Argentina limited losses, traders said. LNG for May delivery in Asia eased to $4.50 per million British thermal units (mmBtu), down 5 cents from the previous week. Traders said prices were supported by Argentina's tender to buy 19 LNG cargoes for May to August delivery, following a large purchase earlier in the week. Traders said Argentina bought about 20 cargoes on Wednesday from companies including Trafigura, Statoil, BP, Gazprom, Glencore, Gas Natural and Petrobras, having tendered for 32. The cargoes sold for about $4.50 per mmBtu, they said.

01 Mar 2016

TonenGeneral Imports Japan's First Kurdish Oil Cargo

TonenGeneral imported Japan's first cargo of Kurdish crude from northern Iraq in January, a source with direct knowledge of the matter said on Tuesday. Iraq's semi-autonomous Kurdistan region began selling oil directly to world markets in 2015 to get money for its survival and to fight Islamic State. Typically, Kurdish oil, exported via Turkey's Mediterranean port of Ceyhan, has gone to Europe. TonenGeneral imported about 1 million barrels of Kurdish oil last month, classified as "export blend of Iraqi origin" in data from the Ministry of Economy, Trade and Industry's (METI). The cargo was delivered to TonenGeneral's refineries in Kawasaki and Chiba, both of them near Tokyo, according to the source and Ministry of Finance data. TonenGeneral declined to comment on the deal.

12 Jan 2016

Russia Sets Oil Production Record for 2015

Courtesy Arctic Info

Against the backdrop of a sharp drop in oil prices sharply increased their exports, Russia has set a new record for oil production in 2015. This is a new record for oil production (including gas condensate) - 534 081 000 tons, which is 1.4% higher than in 2014, reports "Interfax" referring to the data of the Central Supervisory Control fuel and energy complex. The leader was the company "Bashneft". Others are "Gazprom Neft", "Surgutneftegaz" and reduced "Rosneft", "Lukoil" and "Slavneft".

31 Dec 2015

Indian Ministry of Shipping to Promote Ease of Biz

Promoting ease of doing business has been at the core of the efforts of the Ministry during the year. Focus has beenonsimplifying procedures by removing irritants that make it cumbersome to carry on business smoothly. Obsolete Rules under the Merchant Shipping Act, 1958 weeded out: The Ministry of Shipping has decided to rescind 13 Rules under the Merchant Shipping Act, 1958 (as amended), having found them to be obsolete and unnecessary. Out of the 13 Rules, 6 has been rescinded and 7 have been pre-published before rescindments.

25 Nov 2015

Greek Shipowners Fiercing Protect Tax Breaks

Shipping minister says current measurement method not effective. On the day he took office as Greece's shipping minister in June 2012, Kostis Moussouroulis received a visit from a 90-year-old shipowner. He still remembers the older man's words: "Don't forget, the best minister of shipping and maritime affairs is the minister who is doing nothing for the shipping industry. That's the way Greek shipowners like it. The magnates who run one of the biggest merchant marine fleets in the world have long argued that if Greece tried to tax them, they would leave - and that their departure would devastate the economy. In recent years, as international institutions repeatedly bailed out Greece, the lenders have also pushed Athens to beef up its tax take.

16 Nov 2015

Oman Shipping Names Two New Tankers

The recently named tanker Muscat Silver (image: Oman Shipping)

Oman Shipping Company (OSC) has performed the naming ceremony for two new product and chemical tankers – the Muscat Silver and Rustaq Silver. The ceremony took place at the Hyundai Mipo Dockyard in Ulsan, South Korea. OSC will now take delivery of the Muscat Silver as part of a deal which will see 10 MR tankers delivered to it over the next year. All the vessels will be chartered to Shell International Trading and Shipping Company Ltd for its Project Silver, which consists of 50 new-builds. They will each operate worldwide with 20-strong crews - including a number of Omani officers.

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