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Government Update

Oil Slips as Investors Fret About Rising US Drilling

© Volodymyr Shevchuk / Adobe Stock

Oil prices dipped on Monday, reversing earlier gains as concerns about a pick up in U.S. drilling activity trumped expectations that OPEC will extend output cuts till the end of 2017. "It's a still game of very narrow trading ranges between these mixed drivers," said ABN AMRO's senior energy economist Hans van Cleef.

US Sees Piracy Increase off Somalia Tied to Famine

Cargo ship MV OS-35 was recently attacked by suspected armed pirates in the Gulf of Aden (Photo: EUNAVFOR)

The United States is closely watching a recent increase in piracy off the coast of Somalia, a senior U.S. military official said on Sunday as Defense Secretary Jim Mattis visited an important military base in Djibouti.   The rise in piracy attacks has at least partially been driven by famine and drought in the region, the top U.

Norway Invites Coastal Ferry Route Bids

Norway's Geiranger fjord (CREDIT: AdobeStock / (c) iPics)

The Norwegian government is inviting shipping firms to compete for the right to provide a transport service for goods and passengers along the country's coastline, with 34 port calls from Bergen to Kirkenes, the Ministry of Transport and Communications said in a statement on Monday.   The European

Saudi Aramco Veteran to Oversee IPO

State oil giant Saudi Aramco has appointed company veteran Motassim al-Maashouq to officially oversee preparations for its initial public offering (IPO), industry sources told Reuters.   Maashouq, who most recently worked as vice president of corporate planning and is viewed by industry insiders as well connected with the financial community,

Turkey Raises Marine Pollution Fines

Photo: Republic of Türkiye Ministry of Transport, Maritime and Communications

 Turkey has raised the fines for marine pollution by 41 percent, Daily Sabah reported quoting the Ministry of Transport, Maritime Affairs and Communication.   The Ministry  has  also implemented stricter regulations after a ship hit rocks and spilled 50 tons of fuel in western Turkey.   The ministry's

World Bank USD375 mln Loan for India's Waterway Project

Pic: Inland Waterways Authority of India (IWAI)

 In a major boost towards realising India's ambitious inland waterways project, the World Bank has approved a $375 million loan for capacity augmentation of National Waterway-1(River Ganga) under Jal Marg Vikas Project (JMVP).   The government is developing NW-1 (River Ganga) under JMVP from Haldia

IMO in China to Share Policies

Image: International Maritime Organization (IMO)

 Addressing over 300 industry experts at the Green Shiptech China Congress 2017 (20-21 April), International Maritime Organization (IMO)'s Heike Deggim briefed the audience on the latest IMO regulations.    She drew attention to the global 0.50% sulphur limit from 2020 as a key item on IMO’s environmental agenda.

Denmark Aims to be Global Maritime Power Hub

Photo: Danish Maritime Authority

 The Danish Government receives recommendations from the Maritime Strategy Team on how to maintain the Danish stronghold as a maritime nation towards 2025.   The Maritime Strategy Team, headed by Chairman Jesper Lok, presents its recommendations to the Danish government. The recommendations represent

US Will Not Issue Drilling Waivers to Russia Sanctions

The United States will not make an exception for American companies, including oil major Exxon Mobil Corp, seeking to drill in areas prohibited by U.S. sanctions on Russia, Treasury Secretary Steven Mnuchin said on Friday.   "In consultation with President Donald J. Trump, the Treasury Department will not be issuing waivers to U.

Germany Vows to Reach 'Fair Contract' for New Warships

German Defence Minister Ursula von der Leyen vowed on Friday to press a consortium led by Luerssen Werft of Bremen for a "fair contract" for five new warships, saying the group's initial bid was too high.   "My goal is to get the contract started in this legislative period, but we want a good contact,

Iran's Crude Exports Dip to 14-month low

File Image (CREDIT: AdobeStock / (c) Carabay)

Iran's crude exports to hit 14-month low; May exports to total 1.66 mln bpd in May.   Iran's crude oil exports are set to hit a 14-month low in May, a person with knowledge of the Middle Eastern country's tanker loading schedule said, suggesting the country is struggling to raise exports after clearing out stocks stored on tankers.

Norway First to Ratify Hazardous Cargo Treaty

Dilek Ayhan, State Secretary in the Norwegian Ministry of Trade, Industry and Fisheries, hands over the instrument of ratification of the 2010 HNS Protocol to Kitack Lim, Secretary-General, IMO. (Photo: IMO)

Norway has become the first country to become a contracting state to a key compensation treaty covering the transport of hazardous and noxious substances (HNS) by ship.   The International Convention on Liability and Compensation for Damage in Connection with the Carriage of Hazardous and Noxious Substances by Sea,

Shanghai Grapples with Traffic Congestion

File Image (CREDIT: AdobeStock / (c) zhu difeng)

The world's busiest container port, Yangshan in China's business hub of Shanghai, is battling severe congestion wrought by dense fog, higher-than-usual volumes and the aftermath of a shake-up in shipping alliances, ocean carriers and port officials say.   More than 100 container vessels are now waiting outside the port,

Piraeus Targets Cruise Sector

File Image: Ferries in passenger port in Piraeus, Athens, Greece. CREDIT: AdobeStock / (c) AnastasiiaUsoltceva

Piraeus Port, Greece's largest, aims to increase its cruise traffic from 1 million passengers a year up to 1.5 million in the short-term and to 3 million long-term, its managing director, Fu Cheng Qiu, said on Friday.   COSCO Shipping, which owns the world's fourth-largest container shipping fleet,

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