As Oil Crisis Deepens, Hedge Funds Sense a Turnaround
Hedge fund managers sensed oil prices were nearing a turning point last week, and for the first time in more than two months started to add long positions in anticipation prices would bounce from an unsustainable low.Overall, hedge funds and other money managers were still net sellers of 19 million barrels of petroleum in the six most important futures and options contracts in the week ending on March 31.But they initiated 40 million barrels of new purchases as well as 59 million barrels of fresh sales, according to position records published by ICE Futures Europe and the U.S.
US Says No Requests Yet to Waive Jones Act to Help Oil Companies
The U.S. government said on Monday it has not yet received requests to waive a 100-year-old law on shipping goods between domestic ports, despite some interested parties who say temporarily lifting the regulation would help energy companies hurt by the oil price plunge.Kelly Cahalan, a spokesperson at the U.S Customs and Border Protection agency of the Department of Homeland Security, said no requests to waive the Merchant Marine Act, better known as the Jones Act, have been received.U.S.
USCG Oversees Disembarkation of 250,000 Cruise Ship Passengers Due to COVID-19
The disembarkation of more than 1,200 passengers from the cruise ships Zaandam and Rotterdam in Port Everglades, Fla. on Friday, combined with one remaining disembarkation being coordinated, add to the U.S. Coast Guard's processing of more than 120 vessels in the last three weeks to remove 250,000 passengers from cruise ships due to the COVID-19 pandemic.The Coast Guard, under guidance from the Centers for Disease Control and Prevention (CDC) and working with Department of Homeland Security partners Customs and Border Protection (CBP) and the Transportation Security Administration (TSA)…
Coronavirus-stricken Zaandam to Dock in Florida
Two Holland America Line cruise ships, including the coronavirus-hit Zaandam, are scheduled to dock at Port Everglades on Thursday, a spokesperson for the Florida port confirmed.The port said it would hold berths open for the two ships as details for the conditions of arrival are being finalized. An estimated time of arrival is to be determined.Florida has been working with the cruise line and the U.S. government to develop a plan to allow thousands of passengers exposed to COVID…
Cruise Passengers Await Florida Deal Allowing Them to Disembark
The U.S. government and Florida were working on a plan on Wednesday to allow thousands of cruise ship passengers exposed to an onboard coronavirus outbreak to disembark, a day after President Donald Trump urged the governor to drop his opposition to their docking.Fort Lauderdale Mayor Dean Trantalis said he was not opposed to them docking in his city. But he said a clear protocol was needed to protect residents of his South Florida city from infection.“There can be no missteps in this process…
USNS Mercy Arrives in Los Angeles
U.S. Navy hospital ship USNS Mercy (T-AH 19) arrived in Los Angeles, Friday to support the nation’s COVID-19 response efforts.While in Los Angeles, the ship will serve as a referral hospital for non-COVID-19 patients currently admitted to shore-based hospitals, and will provide a full spectrum of medical care to include general surgeries, critical care and ward care for adults. This will allow local health professionals to focus on treating COVID-19 patients and for shore-based hospitals to use their Intensive Care Units and ventilators for those patients.Operated by Military Sealift Command…
HII Promotes Boudreaux
Huntington Ingalls Industries (HII) announced Tuesday that Chad N. Boudreaux has been appointed executive vice president and chief legal officer, effective April 1, 2020. Current Executive Vice President and Chief Legal Officer Kellye Walker recently announced her decision to pursue another opportunity, and she will depart HII on March 31.Boudreaux is currently the corporate vice president for litigation and chief compliance and privacy officer for HII. As executive vice president and chief legal officer, Boudreaux will report to HII President and CEO Mike Petters.
Grand Princess Passengers Bound for Coronavirus Quarantine
An ocean liner barred from returning to port in San Francisco due to a coronavirus outbreak on board will dock briefly at a nearby terminal in Oakland, where passengers will be unloaded and sent on to medical and quarantine sites elsewhere, officials said on Sunday.The cruise ship Grand Princess, whose guests have been largely confined to their staterooms since Thursday, is due to arrive at the Port of Oakland on Monday to begin immediately disgorging its 2,400 passengers, California Governor Gavin Newsom told a news conference.Nearly all 1…
CLIA: Any Action to Limit Cruising is Unwarranted
A cruise industry trade association has hit back at reports speculating that the U.S. government may move to discourage some travelers from taking cruises as part of a broader Trump administration effort to limit the spread of coronavirus."Any action to restrict cruising is unwarranted, and at odds with the World Health Organization which 'continues to advise against the application of travel or trade restrictions to countries experiencing COVID-19 outbreaks'," the Cruise Lines International Association (CLIA) said in a statement on Friday.U.S.
Measuring the Hostile Ocean Beneath Hurricanes
Unmanned Vehicles Collect Data for Improving Storm ForecastsThe influences of ocean conditions and currents on living environments are now more widely appreciated—from the Earth’s climate and severe weather conditions to fisheries and biodiversity. Sustained and widespread measurements are needed to provide essential clues for understanding the oceans, for effective monitoring of environmental changes, and for helping to clarify the long-term effects of global warming.To meet this challenge, ocean researchers have invented various types of unmanned observing platforms.
Kongsberg Sells Subsidiary Hydroid to HII
Kongsberg Maritime AS has signed an agreement to sell its underwater technology subsidiary company Hydroid, Inc. for $350 million to shipbuilder Huntington Ingalls Industries (HII). In conjunction with the transaction, HII and Kongsberg Maritime are also establishing a strategic alliance to jointly market naval and maritime products and services to the U.S. government market and potentially to global markets.Kongsberg Maritime acquired Hydroid for USD 80 million in 2007 and is…
@ Glosten: “Crazy ideas are not off the table”
From racing scows on the inland lakes of Minnesota to graduating from the United States Merchant Marine Academy to taking the helm of Glosten, Morgan Fanberg has led a ‘maritime life.’ We caught up with Fanberg in his Seattle office to discuss the path ahead for one of the U.S.’ most progressive and respected naval architecture and marine engineering firms.Morgan Fanberg has always been a ‘maritime guy,’ but his early maritime aspirations centered on racing sailboats. “I went to St.
IMO 2020: U.S. Restricts the Use of Certain Fuels in Scrubber Vessels
With the January 1 implementation of IMO 2020, which requires dramatic reductions in the sulfur content of emissions from ocean-going vessels, the United States government issued a new rule that it asserts actually facilitates the distribution of compliant fuel.The US Environmental Protection Agency asserts that it is taking steps to allow for the distribution of distillate fuel with sulfur content of up to 5,000 ppm sulfur—something that it asserts was previously prohibited.
Mexico: U.S. and Canada to Sign USMCA Trade Deal
Canadian and U.S. government representatives will arrive in Mexico on Tuesday to sign the United States-Mexico-Canada Agreement (USMCA), Mexico's President Andres Manuel Lopez Obrador said.The three countries have come to an agreement over labor, steel and aluminum, he said at his regular daily news conference. (Reporting by Daina Beth Solomon and Abraham Gonzalez, Editing by Frank Jack Daniel)
SHI to Pay $75 Mln to Resolve Bribery Case
Samsung heavy industries Co Ltd has agreed to pay more than $75 million in criminal penalties to resolve a U.S. investigation of a scheme to pay millions of dollars in bribes to officials in Brazil, the U.S. Justice Department said on Friday.Samsung Heavy has admitted to paying about $20 million to a Brazilian intermediary between 2007 and 2013 knowing that parts of it would be paid as bribes to officials in Brazil's state-run oil company Petrobras SA for a contract which facilitated the sale of a drill ship by Samsung Heavy…
SHI to Pay $75m in Fine: US Justice Dept
South Korean shipbuilder Samsung Heavy Industries Co. (SHI) has agreed to pay $75 million in penalties to avoid prosecution in the United States over its scheme to pay millions of dollars in bribes to Brazilian officials to win a contract.“Samsung Heavy Industries paid millions of dollars to a Brazilian intermediary, knowing that some of that money would be used to bribe high-level executives at Petrobras and obtain a lucrative shipbuilding contract,” said Assistant Attorney General Brian A. Benczkowski of the Justice Department’s Criminal Division.
US Funds $30 million for Coastal Flood Protection
The U.S. government's oceans and waterways agency will provide $30 million to improve coastal resilience, officials said, aiming to reduce the impacts of worsening storms, flooding and rising seas in nearly half of U.S. states.Grants through the program are designed to restore or expand coastal wetlands, dunes, reefs, mangroves and barrier islands that are key to coastal protection, said the National Oceanic and Atmospheric Administration (NOAA) in an announcement.Coastlines worldwide are being damaged or threatened by more extreme and destructive weather…
ARC Adds New Ship
American Roll-on Roll-off Carrier (ARC) announced that its M/V ARC Integrity loaded equipment from the Army’s 1st Combat Aviation Brigade (CAB) at the port of Rotterdam.The ARC Integrity is ARC’s latest addition to the U.S.-flag fleet, having re-flagged to U.S. registry in Bremerhaven, Germany in October 2019. ARC Integrity moved a mix of helicopters, vehicles, containers, and other ground support equipment for 1st CAB, the “Demon” Brigade, which now returns home to Fort Riley…
Growth of US Inbound Containers Has Slowed
The accumulated growth rate for US inbound containers has almost been cut in off half from 5.1% in 2018 to 2.6% in August of 2019.Towards the end of 2018, US retailers frontloaded consumer goods ahead of the planned tariff hike in January 2019. While another US tariff hike of 10% on Chinese goods worth USD 160 billion is planned for December 15, BIMCO does not expect the same frontloading to occur this time around, due to heightened uncertainty about the rumored trade deal.According to communication by the US government…
BHP: No Impact from Sanctions on China's COSCO
The sanctions imposed by the United States on subsidiaries of Chinese state-owned group COSCO have not affected the world's biggest dry bulk shipper BHP , the mining company said, after carrying out due diligence to check.In one of the biggest sanctions actions taken by the U.S. government since its crackdown on Iranian oil exports, Washington imposed sanctions on Chinese companies in late September for alleged involvement in moving crude oil from Iran.COSCO Shipping Tanker (Dalian)…
Maritime History & the Panama Canal
The Panama Canal is a strategic crossroads for maritime traffic, and is arguably one of the most important maritime developments in the past century. Here we take a deeper dive into the history behind that famous strip of waterway.The present canal, which saw its first vessel transits in 1914, along with possible alternatives through Nicaragua and Mexico, had actually been on the minds of merchants, explorers and military/political strategists since the Age of Exploration in early 1500’s.
Unipec Resumes Using COSCO Tankers
China's Unipec has resumed using tankers owned by COSCO weeks after it suspended bookings due to U.S. sanctions on some of the Chinese shipping company's subsidiaries, trade sources said on Tuesday.Refinitiv data showed one COSCO owned tanker - belonging to a subsidiary not affected by the U.S. sanctions - was sailing to Asia with a cargo of oil chartered by Unipec, the trading arm of Asia's top oil refiner, Sinopec.Sinopec officials did not immediately respond to requests for comment after business hours.In one of the biggest sanctions actions taken by the U.S.
Tankers Sail after U.S. Provides Sanctions Relief
At least three tankers are on their way to Asia with U.S. oil cargoes after Washington gave temporary approval to wind down transactions with a Chinese shipping company that it sanctioned last month, according to data and shipping sources.In one of the biggest sanctions actions taken by the U.S. government since its crackdown on Iranian oil exports, Washington on Sept. 25 announced sanctions on Chinese tanker companies, including COSCO Shipping Tanker (Dalian), a subsidiary of…