Ministry Of Trade And Industry News

09 Jul 2019

Caribbean Maritime Sector Going Green

Pic: International Maritime Organization

Government and private stakeholders have expressed their support for climate action in the Caribbean, with a focus on decarbonizing the shipping sector.According to International Maritime Organization (IMO),  during a regional workshop on Capacity Building for Climate Mitigation in the Maritime Shipping Industry, held at the Chaguaramas Campus of The University of Trinidad and Tobago (1-3 July), Caribbean maritime sector committed to decarbonization.The workshop, the second for the region…

28 Nov 2018

NYK to Demonstrate Tidal Energy in Singapore

Turbines. Image: NYK Line

Nippon Yusen Kabushiki Kaisha (NYK) and Japanese telecom giant MTI have reached an agreement to participate in a long-term demonstration of tidal energy being sponsored by MAKO Energy and Sentosa Development Corporation, which will provide the demonstration site.The demonstration will start next spring in a first-time attempt to commercialize tidal energy in Singapore.MAKO Energy is the Singapore-based subsidiary of Elemental Energy Technologies, a tidal turbine developer that has interest and expertise in the area of renewable energy solutions, particularly tidal power and its applications.

23 Mar 2018

Russia to Restrict US Imports in Response to Tariffs

© amadeustx / Adobe Stock

Russia's Ministry of Trade and Industry said on Friday it was preparing to impose restrictions on U.S. imports in response to U.S. tariffs on steel and aluminium, the Interfax news agency reported.     (Reporting by Polina Ivanova Writing by Gabrielle Tétrault-Farber Editing by Andrew Osborn)

10 Jul 2017

OSV Companies Running Out of Options -Study

© corlaffra / Adobe Stock

As oil continues to sell below $50 per barrel, 2017 could be one of the toughest years in decades for Offshore Supply Vessel (OSV) companies, according to a study of 44 companies in the industry by AlixPartners. The firm’s analysis highlights these companies’ rising debt burdens, making it increasingly unlikely that most of them can maintain solvency. The industry faces grave financial pressure, which is clear from recent bankruptcy filings and distressed mergers. Exploration and production (E&P) companies have drastically reduced their rig counts, causing demand for OSV services to plunge.

22 Aug 2016

A Shipyard Grows in Trinidad & Tobago

Spurred by Panama Canal Expansion and U.S. As Trinidad and Tobago seeks to diversify its economy, it is banking on a massive shipyard construction project as the centerpiece of a maritime industry and economic revival. A Trinidad and Tobago Parliamentary debate earlier this year centered on the Motion, ‘Increase of Loan Ceiling under The Development Loans Act.’ One diversification strategy involves the country’s thrust into the development and expansion of the maritime sectors, particularly Shipbuilding and Repair.

08 Oct 2015

Singapore Delegation Visits ACE Winches

Yeoh Choon Jin, Head of Marine and Offshore, SPRING Singapore; Ho Chi Bao, Director, Manufacturing & Engineering and International Partnership Office Asia Pacific, SPRING Singapore; Jasmine Pang, Manager, Marine and Offshore, SPRING Singapore; Hayley Yule, Marketing and Communications Director; and John Jones, Middle East and Caspian Sales Manager (Photo: ACE Winches)

ACE Winches hosted a delegation from SPRING Singapore to its Towie Barclay Works facility for a visit to share an overview of its products and services, including manufacturing and engineering expertise. Several delegates from the Marine and Offshore Department in SPRING Singapore were welcomed to ACE Winches global headquarters by key personnel during their visit to Northeast Scotland. SPRING Singapore is a statutory board under the Singapore’s Ministry of Trade and Industry, responsible for helping Singapore enterprises grow.

06 Aug 2013

Keppel Celebrates 45 Years

In commemoration of its 45th Anniversary, themed “Shaping the Future”, Keppel Corporation commits $12 million to National Art Gallery, Singapore in support of its center for art education, to be named Keppel Center for Art Education. Committed to shaping the future, Keppel Corporation presented, as a gift to children of Singapore, the commitment of $12 million to National Art Gallery for its center for art education, which will be named Keppel Center for Art Education. President Tony Tan witnessed the presentation of the cheque by Dr Lee Boon Yang, Chairman of Keppel Corporation and Mr Choo Chiau Beng, CEO of Keppel Corporation to Mr Hsieh Fu Hua…

16 Jul 2013

Norway First to Sign IMO Fishing Vessel Safety Protocol

Agreement Signing: Photo credit IMO

The Kingdom of Norway has become the first State to sign the Cape Town Agreement of 2012 on the Implementation of the Provisions of the 1993 Protocol relating to the Torremolinos International Convention for the Safety of Fishing Vessels, 1977. Ms. Ida Skard, Director General, Maritime Department, Ministry of Trade and Industry, Norway, signed the Agreement, at IMO Headquarters. The Cape Town Agreement of 2012 updates and amends a number of provisions of the Torremolinos Protocol.

30 May 2013

Shipping Experts to Discuss Arctic Opportunities

Photo: Rederi

Minister Trond Giske, Secretary General Koji Sekimizu, Chairman Masamichi Morooka and Director General Sturla Henriksen will meet the press at on Wednesday, June 5 at 2 p.m. to discuss at a major Summit in Oslo, where the Board of the International Chamber of Shipping (ICS) will meet with political leaders from major shipping nations and the Secretary General of the United Nations’ International Maritime Organization (IMO) to discuss sustainability and shipping in the Arctic. The objective is to create a dynamic arena for dialogue between policy makers and the shipping industry.

30 Apr 2013

Aker Enters TRS Agreement

Aker ASA entered a TRS (Total Return Swap) agreement with exposure to 1,500,000 shares in Aker Solutions ASA.  The expiration date of the TRS agreement is November 1, 2013 and the settlement price in the agreement is NOK 83.717325 share. Aker owns 70% of the shares in Aker Kvaerner Holding AS, which in turn owns 110,333,615 shares, representing 40.3% of the outstanding shares in Aker Solutions. The Norwegian government, through the Ministry of Trade and Industry, owns the remaining 30% of the Aker Kvaerner Holding shares.

09 Nov 2011

ClassNK Earns Authorization From Norway

Top class society granted RO status at Tokyo ceremony. The Government of Norway officially recognized ClassNK as its newest Recognized Organization (RO) at a special signing ceremony held at the Royal Norwegian Embassy in Tokyo on 8 November 2011. Deputy Minister Rikke Lind of Norway’s Ministry of Trade and Industry, and ClassNK Chairman & President Noboru Ueda signed the agreement, which grants the Tokyo-based classification society the authority to perform surveys and issue certificates for Norwegian flagged vessels.

24 May 2011

State Secretary Lind Receives WISTA Award

WISTA Norway announces Rikke Lind as the “Shipping name of the year” during Nor-shipping 2011. Lind receives the award as recognition of her dedicated efforts to support women in the maritime industry for more than 10 years. Rikke Lind will accept the award this afternoon at a ceremony in Oslo. Women´s International Shipping & Trading Association (WISTA) is an organisation for women at management level in the maritime industry. Its mission is to facilitate networking and professional development for women in shipping.

19 Jul 2010

AISSat-1 Begins Mission with Kongsberg Payload

Image courtesy Saltwater PR, Google

Norway’s AISSat-1 Satellite recently started its mission with a payload developed by Kongsberg Seatex AS. The AISSat-1 was launched successfully from India on July 12, and has already begun transmitting AIS messages from space to earth via Kongsberg Satellite Services' ground station at Svalbard. AISSat-1 is an experimental satellite, equipped with a Kongsberg Seatex payload that receives and forwards AIS messages from ships. Using the technology in a fully developed system will improve safety at sea for vessels in Norwegian waters.

30 Apr 2010

Kongsberg Seatex Technology on AIS Satellite

Photo courtesy Saltwater PR

The Norwegian satellite, AISSat-1 will be launched from India on 9 May. The satellite will be used by maritime authorities as an additional means of ensuring safety at sea in the High North. The satellite is equipped with technology developed in a joint effort by the Norwegian Defence Research Establishment (FFI), Kongsberg Seatex AS, the Norwegian Coastal Administration and the Norwegian Space Centre. The project is funded by the Ministry of Trade and Industry. All passenger…

10 Feb 2009

Keppel’s DSS 51 Semi for Transocean

Lady Sponsor Mrs Lyn Thierens (third from right), spouse of Mr Harry Thierens (centre), Gulf of Mexico Drilling & Completions Wells Director of BP, is accompanied by (from left) Mr Rob Saltiel, Executive VP (Performance) of Transocean, Mr Teo Soon Hoe, Group Finance Director of Keppel Corporation, Guest-of-Honour Mr Peter Ong, Permanent Secretary of the Ministry of Trade and Industry, Mr Tong Chong Heong, CEO of Keppel O&M and Mr Choo Chiau Beng, CEO of Keppel Corporation.

Keppel FELS Limited has completed Transocean’s Development Driller III, an ultra-deepwater drilling rig built to Keppel’s proprietary DSS 51 semisubmersible (semi) design. The Development Driller III is designed to construct wells as deep as 37,500 ft wells and operate in water depths of up to 7,500 ft, upgradable to 40,000 ft and 10,000 ft, respectively. Designed by Keppel’s Deepwater Technology Group in collaboration with Marine Structures Consultants of the Netherlands, DSS units have a total payload of 13,500 tons.

26 Mar 2004

Izar Launches Faroe Island Ferry

IZAR San Fernando Shipyard recently celebrated the launching of the Ropax ferry for the Ministry of Trade and Industry of the Faroe Island, that will be operated by Strandfaraskip Landsins. This ship that means the introduction of the yard in the conventional ferry sector has been designed to operate in harsh weather conditions. This RoPax ferry has capacity for nearly 1,000 passengers and 200 cars. The accommodation area is distributed in two decks and includes huge lounges and 34 cabins. A stationary area in the main deck and mobile car-decks compose the cargo space.

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