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Arctic offshore market holds vast potential
FOR the offshore and marine sector the Arctic region is increasingly turning out to be an important niche segment. According to the United States Geological Survey, it is estimated that the Arctic may hold as much as 90 billion barrels of undiscovered oil reserves and 1,670 trillion cubic feet of natural gas, equivalent to as much as 13 per cent and 30 per cent of the world's total undiscovered oil and natural gas respectively.
Glut in large capesize ships to worsen
THE massive supercycle in the dry bulk sector over the past five years has been driven more by the lack of supply in the capesize segment of the market than by increased demand, according to Pacific Carriers commercial director Keith Denholm.
More shipping failures expected
Pacific Carriers Ltd, a Singapore-basedshipowner controlled by Malaysian billionaire Robert Kuok, said bankruptcies in the shipping industry will increase amid the steepest slump in prices in more than 30 years.
Tanker rates fall as oil demand slows
China president in Greece for port deal
Protection and indemnity clubs grow their presence

Strait Talk

Class acts of the classification societies
IT is a hard life, being a shipping journalist based in London. Last week, we first of all had to force ourselves to attend a Germanischer Lloyd (GL) press dinner at the amazing Trinity House building to be plied with champagne, wine, first-class cuisine and, also on a plate, a great deal of pertinent information straight from the Hamburg-based classification society's top executives.

web site

Shipping News

Arctic offshore market holds vast potential
FOR the offshore and marine sector the Arctic region is increasingly turning out to be an important niche segment. According to the United States Geological Survey, it is estimated that the Arctic may hold as much as 90 billion barrels of undiscovered oil reserves and 1,670 trillion cubic feet of natural gas, equivalent to as much as 13 per cent and 30 per cent of the world's total undiscovered oil and natural gas respectively.
Glut in large capesize ships to worsen
THE massive supercycle in the dry bulk sector over the past five years has been driven more by the lack of supply in the capesize segment of the market than by increased demand, according to Pacific Carriers commercial director Keith Denholm.
More shipping failures expected
Pacific Carriers Ltd, a Singapore-basedshipowner controlled by Malaysian billionaire Robert Kuok, said bankruptcies in the shipping industry will increase amid the steepest slump in prices in more than 30 years.
Tanker rates fall as oil demand slows
China president in Greece for port deal
Protection and indemnity clubs grow their presence

Strait Talk

Class acts of the classification societies
IT is a hard life, being a shipping journalist based in London. Last week, we first of all had to force ourselves to attend a Germanischer Lloyd (GL) press dinner at the amazing Trinity House building to be plied with champagne, wine, first-class cuisine and, also on a plate, a great deal of pertinent information straight from the Hamburg-based classification society's top executives.

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President Hu in Greece to mark Cosco's Piraeus CT takeover Shippers, carriers clash on immunity from China's anti-monopoly law Seven arrested in Chongqing after crane drops 11 workers in container Indian Navy wants UN mandate to expand anti-piracy role India's Gammon gain US$159m for container terminal Port of Archangel net profit up 85.2pc in first nine months DB, RZD's trans-Eurasia 85-TEU train operates in perilous times Port of Charleston's volume rises in October Triad, NC, wins FedEx Ground contract for regional distribution MidAmerica St Louis airport becomes new world link to South America Atlas Air and Polar Air Cargo crew to join Teamsters Air China Cargo takes delivery of first TU-204 freighter

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India sends destroyer to relieve hero frigate, mulls longer pirate patrols GIL takes delivery of Greatship Dhwani Dci In Dutch Deal For Dredger Global meltdown leaves tea exporters unfazed Bilbao joins Western ports in highlighting strengths, keen to tap Indian market Nethun offers LogIS as ideal solution for ports & maritime players Pulses importers' body chief favours higher MSP Govt explains policy on import/export of scrap & waste for recycling FinMin Chief Economic Advisor says monetary reforms vital to support higher growth rate Auto components imports placed on restricted list Accord infra status to SEZs asap to facilitate cheaper credit, Commerce Min directs RBI Banks to confer with exporters today

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NOVEMBER 25, 2008
Copenhagen Malmö Port appoints managing director M&M investing in Hof in Germany

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Indian Navy "sank Thai fishing vessel" Another ship reported hijacked UK budget: "No news may be good news" Carriers trim services, again North of England's 17.5% increase

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NOVEMBER 25, 2008
Moody's assigns Kirby an investment grade rating INTERTANKO calls for blockade of Somali coast OSG fined another $3 million S&Y adds Z-Tech tug

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NOVEMBER 25, 2008
Experts believe pirates are being fed information SOMALI pirates may be targeting high-value vessels using inside information and sophisticated tracking systems. Are pirates using AIS in the Gulf of Aden? P&I clubs anticipate flood of FD&D claims FREIGHT, demurrage and defence work is expected to rise next year as the trade slump leads to more legal expense disputes. Vafias slashes exposure in wet and dry markets GREEK shipping group cancels four LPG carriers and sells remaining shareholding in Brave Bulk Transport.

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NOVEMBER 25, 2008
Teekay issues sweeping results fix TEEKAY today revealed a sweeping restatement of results for the past five fiscal years, caused by an error in its accounting of derivates BHP abandons Rio Tinto takeover BHP BILLITON has today abandoned its multibillion-dollar takeover for Rio Tinto, blaming the collapse in global economic conditions Friendly fire deaths alleged REPORTS are today surfacing that a suspected pirate mother ship sunk by an Indian frigate on 18 November was in fact a Thai fishing vessel Deadly floods close Brazil ports TWO KEY Brazilian ports are closed today after deadly flooding in the state of Santa Catarina Yemeni ship taken off Somali A YEMENI cargo ship has become the latest target of pirates off Somalia Gas delegates fear credit future A SHAKY economical backdrop was identified as the biggest headache for European gas shipping in this today's opening sessions of the European Annual Gas Conference in Como, Italy

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NOVEMBER 25, 2008
Customs publishes new 10+2 filing rule The much-anticipated Importer Security Filing rule requiring additional data elements appears in today's Federal Register. Carrier alliances temporarily merge Asia-US services Matson ups Hawaii rates Ex-Im Bank expands access for small business exporters OECD projects worst recession since 1980s Houston bids Bayport CY Hamburg Sud drops Costa Container Lines brand Freight index falls again Global breakbulk operator BBI looking for investors SCI freshens Gulf SMILE Mumbai extends free time

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NOVEMBER 25, 2008
'Lower demand' prompts GA and NWA to combine Asia USEC loops China's President attends Piraeus port signing Timberbox set to boost intermodal cargo swap options Mumbai's GTI hits 1 million TEU

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NOVEMBER 25, 2008
FMM funds MPSVs Brazilian development bank approves $122m loan for four multipurpose platform supply vessels. Boxship bounce Containership owners Danaos and Seaspan lead rising US shipping stocks. OSG fined $3m New York tanker owner pleads guilty in Texas to pollution charges under $37m settlement. Looking long-term Turkey's Bayraktar Group says it is committed to its three supramax bulk carrier newbuildings. Ocean cashes in Michael Ioannides-led shipowner pockets $5m from opportunistic sale. Teekay figures fall Bjorn Moller-led Teekay Corp's restated earnings show drop in the bottom but no impact on cash flow. Credit is coming HSH Nordbank says ship finance deals will start to be written once again as the worst of the current credit freeze passes. Star v Oldendorff Dispute over Industrial Carriers' Star Beta charter ends up before arbitrators. Harry halts orders Greek shipowner freezes contract for four suezmaxes in South Korea after pulling eight other newbuildings. Megamerger dead BHP Billiton scraps takeover of Rio Tinto but shipping players say fallout will be minimal. Danaos buys self New York-listed containership owner plans to buy up 1 million of its own shares. No delay Transpetro boss denies Brazilian media report that a 23-vessel tender will be delayed until next year. Pirates strike A Panamanian-flagged cement carrier has become the latest victim of rampant gunmen off Somalia. Dividend hike Canada's Teekay Tankers bumps its dividend by 19% after a strong spot market. Rates head North Newcastle based P&I club declares 17.5% general increase but is looking for a 20% package through higher deductibles. Box alliance New World Alliance carriers team with Grand Alliance lines to cut boxship capacity between Asia and US east coast. Arctic business Norway's Polar Cruise Enterprises reportedly set to tender for new passenger vessel next year. Blockade call Intertanko boss Peter Swift urges firm action against rampant piracy Sell FRO? Goldman Sachs starts coverage of John Fredriksen's Frontline, Golden Ocean on downbeat note, but Golar is a "buy". Cargoship sinks Small vessel goes down off Bandar-e Dayyer in Iran, causing navigational risk. Costa crunch Italian cruiseship hits dock at Palermo in gale force winds, damaging bow. Anek behind Crete-based owner's third quarter and nine month profits fall short of last year's performance. Seadrill surges Offshore driller founded by John Fredriksen sees third quarter profit jump 111.28%. Two in two India's Great Eastern offloads second elderly bulker in two days as clear-out continues.

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NOVEMBER 25, 2008
COSCO, ACL chiefs say box recovery may come mid-2009 Standard & Poor's puts CSAV on "credit watch" Carrier alliances join on Asia/U.S. East Coast service Marine insurers may face deteriorating margins AXS Alphaliner estimates 115 boxships in layup TMT opts for Good Hope route Costa to be renamed Hamburg Süd TIACA calls for separate cargo, passenger air liberalization U.S. to require advance manifest data for general aviation Wal-Mart DCs, Norfolk Southern tap wind power Flat tire: Trucking index hits 5-year low CBP issues interim rule on "10+2" NAM takes credit for "10+2" modifications U.S. records negative 3rd quarter GDP Garment importers applaud Vietnam review Obama names economic brain trust Pa. Gov. Rendell makes case for infrastructure spending Oberstar continues as T&I chairman Ahern receives top DHS honor Compromise agreements with FMC net $242,500 West Coast ports continue cargo slide Richmond port expands Honda import presence

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NOVEMBER 25, 2008
New charter agreements for Farstad Farstad Shipping has signed two new charter agreements. ConocoPhillips will charter the AHTS vessel (Anchor Handling Tug Supply) Lady Sandra, built in 1998, for a period of at least 225 days with options to extend the charter by another 115 ... China awards DNV Det Norske Veritas, DNV, has been ranked as one of the top 60 multinational corporations (MNC) operating in China, according to the 2008 MNC Contributors to China list. In the ranking process, 100 multinational corporations were selected from 1,500 candidate ...

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NOVEMBER 25, 2008
Refiner pulls out of fuel market State-owned Middle East refiner will not sell any term fuel oil in the first quarter of 2009. Global Vision opens Far East office Experienced broker and trader will head up regional branch. Russia sets 'billion ruble fines' for oil companies Gazprom Neft charged with abusing its position in fuel oil market. Shipping company sees fuel costs up over $40 million Ferry operators blame record bunker prices for dip in profits. Dry bulk operator goes under South Korean dry bulk specialist has gone into bankruptcy. Bunkers rebound on firm oil price Demand remained thin in Singapore, traders report. Brightoil issues tender to buy fuel oil Chinese bunker supplier seeks three cargoes totalling 270,000 mt of fuel oil. Suez diversions 'will raise' bunker bill Maersk plans to reroute oil tankers to avoid pirate attacks. Aramco, Essar offer cargoes for December Fuel oil parcels offered from Saudi Arabian and Indian refineries. Shipowners urged to contribute to Malacca Straits fund The Nippon Foundation wants help to fund maintaining navigational aids.