Venezuela and Cuba signed 16 new cooperation agreements in a move that further boosts the Bolivarian Alternative for the Americas (ALBA), a regional economic and social integration initiative launched by the two countries. Venezuelan President Hugo Chavez and Cuban Vice President Carlos Lage attended the signing ceremony held in Caracas. The accords are far reaching in the fields of transport, finances, agriculture, mining, industry, tourism and electricity, according to reports. The agreements also include the possibility of setting up two joint ventures in transportation, particularly shipbuilding and port modernization. The production of stainless steel and ferrous nickel was part of an agreement in the field of mining, while in communications an underwater cable link between the two countries including a satellite system and networks is envisioned. Source: Cuban News Agency
China’s shift towards a domestic consumer demand-oriented economy could provide a significant boost to the global shipping industry, as the world’s second largest economy targets more sustainable growth. “2013 will be another peak year of new vessel deliveries. Oversupply of capacity is still an obstacle for the shipping industry to overcome, but with the improvement of the world economy, the shipping sector is expected to experience moderate growth
The Transport Committee believes that continued financial inaction on the transport infrastructure may put economic growth at risk. In a report adopted, it calls on the Commission to table proposals on possible new and alternative ways of financing, in particular, the Trans-European Transport Networks (TEN-T). Since the priority investments have been slower than expected, key projects should now be selected for their financial feasibility.
Upon completion of the project, the creation of two new terminals due on stream in 2010, capacity will increase from the current 1m teu per year to 2.5m teu. Some 400 direct jobs will also be generated in addition to several thousand in allied sectors. Backing from the BEI – the European Union finance institution – acknowledges that the scheme meets several criteria for the development of European transport networks. During the signing, M
According to an April 13 report from the People’s Daily Online, the China Shipbuilding Industry Corporation (CSIC) and Singapore's Pacific International Lines (PIL) opened a joint venture - CSIC Pacific. Speaking at the opening of the company, Lim Hwee Hua, Singapore 's Minister in Prime Minister Office and Second Minister for Finance and Transport, said that this CSIC-PIL's partnership is reflective of the close links between China and Singapore.
Cypriot Transport Minister, Tasos Mitsopoulos, states the nation's shipping registry will not be affected by turmoil in banking sector. The Minister downplayed the impact of Cyprus's banking crisis on the local shipping industry, pointing out that none of the island's banks are active in ship financing, reports Tax-News. Despite Mitsopoulos's assurances, many shipping companies' bank deposits in Cyprus are expected to be heavily impacted by the banking sector developments
Maritime recruitment specialist Spinnaker Consulting has reported that despite general reports of a slowdown in the world economy, recruitment in the shipping, offshore and transport markets remains buoyant. Writing in the latest issue of Changing Course, Spinnaker's monthly e-mail newsletter, managing director Phil Parry says, "Contrary to most industry forecasts, 2002 does not look like being such a bad year for the shipping, offshore and transport job markets
As the U.S. Department of Transportation works to develop transportation policies to meet 21st Century needs, perhaps the most vexing problems faced are those associated with traffic congestion on the Interstate highways which parallel our Atlantic, Pacific and Gulf coastlines. Interstate 95, I-5 and I-10 carry automobile and truck traffic far beyond their design capacities. In the major metropolitan areas, which these highways intersect
Bulk shipping operator China Shipping Development is spending $87m on another two oil tankers to boost capacity. The new tankers, each with a capacity of 46,000 deadweight tons, are due for delivery between the fourth quarter of 2007 and the first quarter of 2009. Upon delivery, the shipping operator will control a fleet of 71 oil tankers with a combined carrying capacity of 3.5 million deadweight tonnes. The purchase of the two new vessels will be financed by bank borrowings
The Baltic Exchange and the Centre for Shipping, Trade & Finance at London’s Cass Business School unveiled plans today (10 March) to deliver a series of executive courses focusing on the management of a range of financial risks in the shipping markets. The two day course “Shipping Risk Management” will cover freight, bunker, ship price, credit, foreign exchange and interest rate risk and will be held in London, Hamburg, Athens, Hong Kong and Singapore during 2005
David Sneddon is to succeed Robert Hingley-Wilson as Chief Accounting Officer and Senior Vice President of Seadrill Management Limited. Mr Sneddon joined Seadrill effective December 1, 2013 as Senior Vice President and Chief Accounting Officer
In a speech to be given at the TOC Container Supply Chain: Middle East Conference on December 9, Andrew Kemp, Regional Director EMEA of the freight transport insurance specialist TT Club will warn of the additional liability that freight forwarders and other logistics operators are open to as a
Regarded by many as the only gateway to the Asian maritime market, Marintec China 2013 has opened with due ceremony in Shanghai. With a significant increase in the floor area from 2011, this year's Marintec China covers more than 70,000 square metres
The Long Beach City Council voted unanimously to confirm Mayor Bob Foster’s appointment of the City’s former Chief Financial Officer (CFO) Lori Ann Farrell to the Board of Harbor Commissioners, which oversees the Port of Long Beach and the staff of the City’s Harbor Department.
The International Chamber of Shipping (ICS) has written to the French Government to raise concerns about a new requirement for foreign shipowners to provide information to their French customers about CO2 emissions. The new rules apply a detailed methodology that has not been discussed
Nordic American Tankers Limited announce an underwritten public offering of approximately $65 million aggregate amount of common shares. The company's Chairman and Chief Executive Officer, Mr. Herbjørn Hansson is expected to purchase about $2
The offshore wind industry needs between EUR90 and EUR123 billion by 2020 to meet its 40 GW target , and equity and debt providers are willing to invest, but they fear regulatory instability considers the the European Wind Energy Association (EWEA).
Prices 8.13 Mln Public Share Sale at Discounted $8/Share Nordic American Tanker (NAT) opened this morning on the stock exchange down more than 10% (Down $0.85 to $8.025/share in late morning trading) after saying it has priced a 8.13 million public offering at $8 per share
Developer RWE Innogy is pulling the plug on the 240-turbine Atlantic Array project, report BBC News citing a Department of Energy and Climate Change (DECC) source. The 222m (721ft) tall turbines, planned to be situated in an area 200 sq km, (77 sq miles) about 16
Shuttle tankship owners and operators KNOT Offshore Partners report net income of $6.4 million and operating income of $9.4 million for the third quarter of 2013, as compared to net income of $0.2 million and operating income of $9.1 million for the same period in the prior year.
"World Shipping (China) Summit 2013" held in Ningbo, focused on the theme 'Responding to New Realities' with Hong Kong-based terminal & shipping group China Merchants Holdings International Co. (CMHI) acting as its special sponsor in conjunction with COSCO.
The Department for Transport (DofT) must become a keener advocate for UK ports, urges the Transport Committee, in a new report looking at policy for improving road and rail access to ports. Launching the report, Louise Ellman, Chair of Transport Committee, said:
Ship Finance International Limited announced its preliminary financial results for the quarter ended September 30, 2013, reporting preliminary 3Q 2013 results and quarterly dividend of $0.39 per share Hamilton. Highlights Declares third quarter dividend of $0.39 per share
Nordic American Tankers Ltd. (NAT) inform that they have created a new offshore supply vessel company, Nordic American Offshore Ltd. that has completed a $250m private placement. Earlier this month the investor market was informed that NAT was coordinating the establishment of Nordic American
In a fiercely contested election during the 28th IMO Assembly, Jamaica was successful in securing a seat in the most sought-after Category ‘C’ of the Council of the International Maritime Organization (IMO) for the 2014-2015 biennium.