Home / Author Archives: hellenicshippingnews. (page 1650)

Author Archives: hellenicshippingnews.

ADB should uphold multilateralism, foster development in Asia-Pacific

The Asian Development Bank (ADB) should uphold multilateralism and foster a development environment in the Asia-Pacific region, Finance Minister Liu Kun said on May 4. Speaking at the business session of the 52nd Annual Meeting of the Asian Development Bank’s Board of Governors which is being held in Nadi, the third largest city of Fiji, Liu said that ADB should uphold multilateralism and foster an enabling development environment for the prosperity of Asia and the Pacific. ‘At present, one of the major risks that threatens the endeavor of international development ...

Read More »

China: Continuity, stability key policy goals

Chinese economic policies will maintain stability and continuity to enhance international macroeconomic policy coordination and tackle headwinds, economists said. The importance of international collaboration in macroeconomic administration has been stressed by Chinese leaders as they have drawn a plan for more comprehensive opening-up. Beijing’s stance comes amid growing spillover effects of policies among countries and, according to forecasts by the World Bank and the International Monetary Fund, the likelihood that global growth may lose some steam this year, economists said. One of the key ways to strengthen policy coordination is ...

Read More »

Hope fades that US-China deal will substantively tackle subsidies

US businesses are tempering their expectations that a trade deal with Beijing will force China to significantly cut back on its state subsidies. “We’re likely to get language that … touches on transparency, but we’re not likely to get the commitment that we want from the Chinese, in terms of they’re really cutting back and eliminating subsidy practices, not just in the steel and aluminium sectors but in a range of sectors,” said Myron Brilliant, the US Chamber of Commerce’s head of international affairs. China’s complex web of subsidies and ...

Read More »

China unveils rules to rein in bad government investment behaviour

China has announced long-considered rules on how and where government funds should be invested as Beijing cracks the whip on misappropriation and dubious use of state financing across the country’s vast and often complex structure of government. Government investment plans must be reviewed for their alignment with national economic and social development goals before they can be approved, the State Council said in a decree published on Sunday. China will also increase budgetary constraints on government investment funds, which must not be inflated by illegal borrowing, the State Council said. ...

Read More »

Tanker Market Rates 04/05/2019

Daily rates on main tanker routes as compiled by shipbroker Charles R. Weber.

Read More »

Shipping firm loses court bid to make Hong Kong authorities help it retrieve oil tanker detained over alleged oil transfer to North Korea

The owner of a Hong Kong-registered tanker detained in South Korean waters for allegedly transferring oil to the North has lost its court bid to demand that local authorities help retrieve the vessel. The High Court on Thursday said the detention of the 16,500-tonne carrier Lighthouse Winmore, owned by Win More Shipping, involved foreign affairs and was therefore the central government’s responsibility. Under the Basic Law, the city’s mini-constitution, it was up to Beijing to intervene if needed, the court said in a judgment handed down on Thursday. A resolution ...

Read More »

Telenor Satellite Selects Newtec Technology To Meet Growing Bandwidth Demand

Telenor Satellite aims to satisfy rising demand from its customers for higher throughput maritime services on its THOR 7 Ka-band High Throughput Satellite (HTS) with a new collaboration with Newtec on its Newtec Dialog® platform. Newtec is a leader in the design, development and manufacture of equipment for satellite communications. Telenor Satellite will use the platform for high end users such as Ferry, Cruise and OSVs where it will be able to fully exploit the potential of THOR 7 and deliver a service that far exceeds what it is possible ...

Read More »

Teekay Corporation Announces Pricing of $250 Million Private Offering of Senior Secured Notes

Teekay Corporation announced the pricing at par of $250 million in aggregate principal amount of 9.25% senior secured notes due November 2022 (the Notes). The Company decided to reduce the offering amount from $300 million as a result of its previously announced agreement to sell the Company’s remaining interests in Teekay Offshore Partners L.P. (Teekay Offshore) (NYSE: TOO) to Brookfield Business Partners L.P. (BBU)(BBU-UN.TO), together with its institutional partners (collectively Brookfield), for $100 million in cash. The Notes are being offered to eligible purchasers under Rule 144A and Regulation S ...

Read More »

Canada accedes to Nairobi Wreck Removal Convention

Hazardous shipwrecks can cause many problems. Depending on its location, a wreck may be a hazard to navigation, potentially endangering other vessels and their crews. IMO’s Nairobi Wreck Removal Convention goes some way to resolving these issues. It covers the legal basis for States to remove, or have removed, shipwrecks, drifting ships, objects from ships at sea, and floating offshore installations. Canada has become the 44th State to accede to this important IMO treaty. H.E. Janice Charette, High Commissioner & Permanent Representative of Canada to IMO, met IMO Secretary-General Kitack ...

Read More »

Philippines container ports pass security assessment by US Coast Guard

Security protocols in three of the country’s international container ports have received a positive assessment from the United States Coast Guard (USCG), according to the Department of Transportation. The DOTr said the Subic Bay International Terminal, Davao International Container Terminal and the Manila International Container Terminal were found to have significantly improved in the conduct of the International Port Security Program following a country assessment by the USCG last month. The country assessment is conducted by the USCG in all countries servicing US-flagged vessels engaged in international trade to facilitate ...

Read More »

Port pro of the month: Brendan Keating (IE)

This month we are taking you to Ireland, more specifically to Cork. In what follows, Brendan Keating, Chief Executive of the Port of Cork will discuss his views on the future of his port, ongoing and planned investments, the impact of Brexit, the relationship with the local community and many other interesting topics. Can you briefly present the Port of Cork? What are its main characteristics and challenges? The Port of Cork is the key seaport in the south of Ireland and is one of only two Irish ports which ...

Read More »

Shell to ship first cargo of LNG from Australia’s Prelude in Q2: CFO

Shell expects to ship its first LNG cargo from its Australian floating LNG production facility, Prelude in the second quarter, its CFO Jessica Uhl said. Speaking after the release of its Q1 earnings, Uhl said the first LNG would follow the shipment of the first condensate cargo from Prelude last month. Prelude FLNG is one of the most anticipated LNG projects in recent years due to its deployment as the world’s largest floating facility, though it has experienced delays due to unspecified production issues. “We expect to ship our first ...

Read More »

Indonesia’s Pertamina cuts Jan-April crude oil imports by 48 pct

Indonesia’s PT Pertamina has reduced crude oil imports for January-April by nearly a half from a year earlier, following a regulation to help reduce the country’s energy imports, the state energy firm said in a statement. * Crude oil and condensate imports by Pertamina in January-April were 25 million barrels, down from 48 million barrels a year ago, company senior official Fajriyah Usman said in the statement * Pertamina said it slashed cost of imports by $1.4 billion * As of third week of April, Pertamina has signed deals with ...

Read More »

Turkey not able to diversify oil imports easily, foreign minister says

Turkey will be unable to diversify oil imports quickly after the United States ended waivers on purchases from Iran, the Turkish foreign minister said on Thursday, a day after a U.S.-imposed sanctions deadline. The United States demanded on April 22 that buyers of Iranian oil stop purchases by May 1 or face sanctions, ending six months of waivers that had allowed Iran’s eight biggest customers, including Turkey, to import limited volumes. While Turkey has managed a gradual shift away from its heavily reliance on Iranian crude over the past year, ...

Read More »

U.S. Steel Tariffs Are Making Waves As Far Away As Turkey And Malaysia

Increased tariffs designed to protect the U.S. steel industry are starting to have international repercussions in unexpected places with Malaysia launching an anti-dumping investigation into steel imported from Turkey, a country hit hard by the changed U.S. import rules. What’s upset Malaysia’s steel industry is a flood of cheap steel from Turkey that used to find a market in the U.S. leading to a request from the Malaysian Steel Association for a government investigation into whether steel from Turkey and Singapore is being dumped at a price lower than the ...

Read More »

Recent Videos

Hellenic Shipping News Worldwide Online Daily Newspaper on Hellenic and International Shipping