True scale of shipping emissions revealed

A leaked UN report shows that international shipping accounts for 4.5 percent of global emissions of carbon dioxide.

Friends of the Earth's Head of Campaigns Mike Childs said that ‘The UN study highlights the alarming growth in carbon dioxide emissions from the shipping industry. It reinforces Friends of the Earth's call for the Government to include all the UK's emissions, including the UK's share of emissions from international shipping and aviation, in its new climate change law. It is ludicrous to leave them out. A bit like introducing a drink-driving law, that discounts whisky. We hope the Government's acknowledgement that shipping must take its share of the responsibility for tackling climate change means that they will now be included.' The Big Ask, Friends of the Earth campaign for a strong climate change law, which includes UK's share of emissions from international shipping and aviation, commits the UK to cutting its emissions by 80 percent and ensures steady progress by cutting emissions by at least three percent a year.

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ThyssenKrupp scouts for Indian JV partner

German component giant ThyssenKrupp is understood to be looking for a buyer or a JV partner for one of its global crankshaft facilities and major Indian component players such as Mahindra & Mahindra, Bharat Forge and Amtek have been sounded out on the possible transaction.

But the deal size, which is likely to be around the range of $500 million or Rs 2,000 crore may be a concern, said sources. ThyssenKrupp owns a crankshaft business in the US as well as in Europe. An email query to ThyssenKrupp went unanswered. Hemant Luthra, president, Systech, and a member of the M&M board, said: “We look out for every opportunity to increase share value and exploit synergy.” According to Bharat Forge CMD Baba Kalyani, “I don’t think the crankshaft facilities are up for sale and I am not entering into any JV with ThyssenKrupp”. The decision to look for a buyer/partner for its crankshaft business is part of a larger strategy by Thyssen Krupp to sell some of its automotive assets. The German giant recently sold off its precision forging business to Sona Okegawa for an undisclosed amount. As a matter of fact, some sources in the auto industry says ThyssenKrupp is also looking at selling its overall forging business.

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Top reveals $1.2M plaintiff payoff

Top Ships will pay $1.2M to settle the class-action investor suit stemming from its 2006 accounting restatement.

The settlement deal confirmed today will be filed with the US Southern District of New York judge for approval, after which it will be provided to shareholders for consideration. The $1.2M sum includes payment for attorney fees and plaintiffs’ counsel, suggesting that the actual payout to class-action plaintiffs will be slim. A settlement agreement had been reached in the Top case in late January. “We’re extremely pleased to have resolved this matter,” said Top CEO Evangelos Pistiolis. “We have settled this dispute for a modest amount and eliminated the distraction to management that protracted litigation would have caused. We have always believed that the class action was meritless,” he continued, adding: “We intend to continue to rebuild shareholder confidence in Top”. In November 2006, Top revealed that it would restate first- and second-quarter earnings following a change in accounting of its 13-ship sale-leaseback deal. The company’s share price plummeted, spurring numerous shareholder suits, which were consolidated last July.
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Global warming 'may soon wipe out marine life in Antarctica

Antarctica's marine life will be wiped out by an invasion of sharks, crabs and other predators if global warming continues, scientists have warned.

"Sharks are going to arrive in Antarctica as long as the warming trend continues, a bit more slowly than crabs -- crabs are going to get there first. But once they do get there they are capable of eating the organisms that live there," Prof Cheryl Wilga said. Prof Wilga of the University of Rhode Island in the United States is the leader of the international team that is currently studying the effects of climate change in the continent. Animals that live on the seafloor of Antarctica are some of the strangest creatures on Earth. According to the scientists, the arrival of sharks and shell-crushing bony fishes would lead to dramatic changes in the number and proportions of species found there. Shrimp, ribbon worms and brittle stars are likely to be the most vulnerable to population declines. The researchers have called for urgent local and global actions to protect this last pristine environment.
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ICTSI gets new equipment for MICT

International Container Terminal Services recently acquired three brand new eight-high Kalmar side lifters and five new Ottawa-Kalmar prime movers.

This was acquired for its flagship, Manila International Container Terminal (MICT), to further improve efficiency of operations at Manila's leading trade gateway. Specifically built for handling empty containers, the side lifters each have a 19,000mm lifting height, a turning radius of 6,000mm x 200mm, and a safe work load of 9 tonnes. The acquisition now enables the stacking of empty containers to a maximum of 7-high. The addition of the new equipment is expected to improve stacking, and bring about approximately 10 to 15 percent increase in yard capacity. This will result in the freeing up of more slots for import and export full containers. The MICT continues to have the largest and most modern container handling equipment fleet in the Philippines today.

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Stallion deals into California game

US consortium the Stallion Group has inked a deal with Production Specialties to participate in a natural gas prospect in California.

Under the terms of the farm-in agreement, Stallion will pay 12.5% of the costs of the first well to earn a 6.5% interest. Thereafter, Stallion will pay 6.5% of the costs of future wells to earn 6.5%. Stallion has participated in the drilling of the first well, located in North Sacramento Valley, and encountered a number of prospective pay zones.

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Transocean wins Indonesian drilling contract

StatoilHydro and other members of the Makassar Strait Explorers Consortium awarded a two-year contract to Transocean for the drillship GSF Explorer to drill on the Karama block offshore west Sulawesi in Indonesia.

Under the contract, which will begin in late 2009, GSF Explorer will drill 12 exploration wells. The first of the three wells in the Karama license is scheduled for the second half of 2010. StatoilHydro is operator of the three wells with a 51 percent stake; Pertamina will hold a 49 percent share in the wells. The consortium consists of Marathon International Petroleum Indonesia Ltd., Anadarko Popodi Ltd., ConocoPhillips (Kuma) Ltd., ENI Bukat Ltd., Statoil Indonesia Karama AS and Talisman (Sageri) Ltd. Marathon is acting as lead operator for the group, but each member is responsible for their own committed wells.
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