Abu Dhabi Investment Authority, the world’s biggest sovereign wealth fund with estimated assets at US$875 billion is still interested in Polish shipyards.
The Polish State Treasury received an inquiry from ADIA in July 2008, but no offer was received. Deputy Treasury Minister, Zdzislar Gawlik, said: "When the European Commission questioned the shipyards' restructuring programs, sales of shares in any of the plants to an investor cannot be carried out. “The only thing that can be done is to sell shipyard property in line with an alternative scenario proposed by the European Commission." The Polish government has until November 3, 2008, to notify EU competition commissioner, Neelie Kroes, whether they agree to sell shipyard property or reimburse state subsidies.
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Saturday, November 1, 2008
Petrobras signs Cuba offshore oil pact
Brazilian state-owned oil company Petrobras signed an agreement with Cuba to explore for oil in the country's still untapped offshore fields, which Cuban energy officials say may hold more than 20 billion barrels of reserves.
Petrobras agreed to make an initial investment of $8 million to begin exploration of the block, just off Cuba's northern coast east of Havana. The contract gives Petrobras seven years to explore and 25 years to produce oil and gas in a production-sharing contract with Cuba. Cuba has divided its offshore area in the Gulf of Mexico into 59 blocks, 29 of which have been leased for exploration to companies from around the world, but not the US due to prohibitions under the US trade embargo against Cuba. Brazil got block 37 near the onshore fields from which Cuba currently produces most of its 60,000 barrels per day of oil. The fields include onshore wells that use horizontal drilling to draw oil from reservoirs several miles offshore. Petrobras' block covers 1600 square kilometre and includes waters 1640 feet (500 metres) to 5250 feet deep. Brazilian President Luiz Inacio Lula da Silva and Cuban President Raul Castro attended the signing ceremony in the Cuban capital.
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Petrobras agreed to make an initial investment of $8 million to begin exploration of the block, just off Cuba's northern coast east of Havana. The contract gives Petrobras seven years to explore and 25 years to produce oil and gas in a production-sharing contract with Cuba. Cuba has divided its offshore area in the Gulf of Mexico into 59 blocks, 29 of which have been leased for exploration to companies from around the world, but not the US due to prohibitions under the US trade embargo against Cuba. Brazil got block 37 near the onshore fields from which Cuba currently produces most of its 60,000 barrels per day of oil. The fields include onshore wells that use horizontal drilling to draw oil from reservoirs several miles offshore. Petrobras' block covers 1600 square kilometre and includes waters 1640 feet (500 metres) to 5250 feet deep. Brazilian President Luiz Inacio Lula da Silva and Cuban President Raul Castro attended the signing ceremony in the Cuban capital.
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USNS Amelia Earhart delivered to US Navy
San Diego, USA: General Dynamics NASSCO delivered USNS Amelia Earhart to the US Navy on October 30, 2008.
"We have reduced the man-hours to build this sixth ship of the T-AKE class by nearly 50 percent when compared to the production time of the lead ship,” said Frederick J. Harris, president of General Dynamics NASSCO. “This is among the most efficient shipbuilding performances in the United States for a class of complex ships." Construction of the ‘USNS Amelia Earhart’ began in December 2006. NASSCO has incorporated international marine technologies and commercial ship design features into T-AKE class ships, including an integrated electric-drive propulsion system, to minimize operating costs during their projected 40 year service life. With a cargo capacity of more than 10,000 tonnes, the primary mission of T-AKE ships is to deliver food, ammunition, fuel and other provisions from shore stations to combat ships at sea.
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"We have reduced the man-hours to build this sixth ship of the T-AKE class by nearly 50 percent when compared to the production time of the lead ship,” said Frederick J. Harris, president of General Dynamics NASSCO. “This is among the most efficient shipbuilding performances in the United States for a class of complex ships." Construction of the ‘USNS Amelia Earhart’ began in December 2006. NASSCO has incorporated international marine technologies and commercial ship design features into T-AKE class ships, including an integrated electric-drive propulsion system, to minimize operating costs during their projected 40 year service life. With a cargo capacity of more than 10,000 tonnes, the primary mission of T-AKE ships is to deliver food, ammunition, fuel and other provisions from shore stations to combat ships at sea.
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Konig & Cie looking to set up KG fund in India
Mumbai: Hamburg-based shipping investment firm Konig and Cie has targeted the lucrative Indian market for its next shipping fund.
“We are looking to set up a shipping-focused fund, which could be as much as $500m, for India,” Tobias Konig, md of Konig and Cie told during a recent visit to Mumbai. The Indian fleet is due to undergo a major rehaul in the next two years as IMO regulation requiring all liquid carriers to be double hulled. The Indian National Shipowners’ Association estimates that the country requires $20bn in investment in order to boost its flagged tonnage to 20m gt and retain its 13% share of international cargo carried over the next two years. ‘As of August, the strength of our fleet comprises of 886 ships of 8.92m gt/14.60m dwt, up from 821 ships of 8.99m gt/14.98m dwt a year ago,’ INSA president Sabyasachi Hajara who is also chairman and md for the Shipping Corporation of India told. ‘We crossed the 9m gt mark in February this year and I expect that we will cross the 10m gt mark in the near future.’ This is a particularly likely scenario in light of the Rs 2,000 crores ($470m) set aside to buy ships in the tonnage tax reserve over the past three years.
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“We are looking to set up a shipping-focused fund, which could be as much as $500m, for India,” Tobias Konig, md of Konig and Cie told during a recent visit to Mumbai. The Indian fleet is due to undergo a major rehaul in the next two years as IMO regulation requiring all liquid carriers to be double hulled. The Indian National Shipowners’ Association estimates that the country requires $20bn in investment in order to boost its flagged tonnage to 20m gt and retain its 13% share of international cargo carried over the next two years. ‘As of August, the strength of our fleet comprises of 886 ships of 8.92m gt/14.60m dwt, up from 821 ships of 8.99m gt/14.98m dwt a year ago,’ INSA president Sabyasachi Hajara who is also chairman and md for the Shipping Corporation of India told. ‘We crossed the 9m gt mark in February this year and I expect that we will cross the 10m gt mark in the near future.’ This is a particularly likely scenario in light of the Rs 2,000 crores ($470m) set aside to buy ships in the tonnage tax reserve over the past three years.
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Oceansaver BWMS Approval
OceanSaver’s ballast water management system was granted final approval from the IMO at the latest meeting of the Marine Environment Protection Committee (MEPC 58) in London.
The Ballast Water Working Group of the Joint Group of Experts on the Scientific Aspects of Marine Environment Protection, which advises the MEPC, had carefully studied OceanSaver's application for final approval in July this year, and recommended that the MEPC grant this approval at its meeting in October. With final approval from MEPC, Norwegian authorities can grant type approval to the technology before year's end. After the MEPC meeting, there are four ballast water management systems with final approval according to the strict performance standards laid down in the IMO convention on ballast water treatment. This convention is still subject to ratification by 30 member governments representing 35 per cent of commercial tonnage, though it is believed that many nations hesitate to ratify before approved technology is available. With approval of more of these systems, ratification is expected to accelerate. At MEPC 58, three additional nations ratified the convention, bringing the total to 16 nations representing 14.2 per cent of global tonnage. OceanSaver made its first commercial delivery this autumn. At MEPC 58, delegates reviewed available technologies for ballast water management, which included a review of their applicability on different vessel types and sizes.
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The Ballast Water Working Group of the Joint Group of Experts on the Scientific Aspects of Marine Environment Protection, which advises the MEPC, had carefully studied OceanSaver's application for final approval in July this year, and recommended that the MEPC grant this approval at its meeting in October. With final approval from MEPC, Norwegian authorities can grant type approval to the technology before year's end. After the MEPC meeting, there are four ballast water management systems with final approval according to the strict performance standards laid down in the IMO convention on ballast water treatment. This convention is still subject to ratification by 30 member governments representing 35 per cent of commercial tonnage, though it is believed that many nations hesitate to ratify before approved technology is available. With approval of more of these systems, ratification is expected to accelerate. At MEPC 58, three additional nations ratified the convention, bringing the total to 16 nations representing 14.2 per cent of global tonnage. OceanSaver made its first commercial delivery this autumn. At MEPC 58, delegates reviewed available technologies for ballast water management, which included a review of their applicability on different vessel types and sizes.
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Friday, October 31, 2008
Turkish ship hijacked off Somalia; 6 others escape
Pirates hijacked a Turkish ship with 20 crews off the coast of Somalia but at least six other ships have fended off pirate attacks in the last two days.
The M/V Yasa Neslihan freighter was boarded by pirates in the Gulf of Aden on Wednesday, the International Maritime Bureau in Malaysia said. Noel Choong, a Maritime official, said an Italian-operated cargo ship with 26 crews managed to escape a pirate attack in the same area Tuesday with unspecified aggressive maneuvers. NATO sent three ships over the weekend into the Gulf of Aden -one of the world's busiest shipping lanes for anti-piracy patrols and to escort cargo vessels. But attacks have continued unabated. On Wednesday, the U.S. Navy said commercial shipping vessels foiled five recent attempted hijackings by pirates in the Gulf of Aden. In one instance, a Spanish military patrol plane thwarted pirates trying to hijack an oil tanker by buzzing them three times and dropping smoke canisters. At least 77 ships have been attacked in the African waters this year. Thirty-one ships have been hijacked, and 10 remain in the hands of pirates along with nearly 200 crew members.
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The M/V Yasa Neslihan freighter was boarded by pirates in the Gulf of Aden on Wednesday, the International Maritime Bureau in Malaysia said. Noel Choong, a Maritime official, said an Italian-operated cargo ship with 26 crews managed to escape a pirate attack in the same area Tuesday with unspecified aggressive maneuvers. NATO sent three ships over the weekend into the Gulf of Aden -one of the world's busiest shipping lanes for anti-piracy patrols and to escort cargo vessels. But attacks have continued unabated. On Wednesday, the U.S. Navy said commercial shipping vessels foiled five recent attempted hijackings by pirates in the Gulf of Aden. In one instance, a Spanish military patrol plane thwarted pirates trying to hijack an oil tanker by buzzing them three times and dropping smoke canisters. At least 77 ships have been attacked in the African waters this year. Thirty-one ships have been hijacked, and 10 remain in the hands of pirates along with nearly 200 crew members.
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Tap eyes full capacity as revenue surges
Australia’s Tap Oil’s revenue are up 72% for the quarter ending in September despite a 37% slide in production, but the company said it is on target to generate revenue at close to full capacity by the end of 2008.
Tap posted higher revenue of A$22.2 million (US$14.8 million) for the three month period compared to the previous quarter due to higher oil and gas prices, while total production fell 69,924 barrels of oil equivalent to 118,196 boe. “During the quarter, Tap Oil restored the majority of its production base, with successful tie-in of Woollybutt South in July, restoring gas re-sales from John Brookes in August and progress to repairs at the Harriet venture facilities damaged by the Varanus Island incident,” the company’s chief executive said today in the quarterly report. He added that Tap’s cash position is starting to reflect the stronger production performance. At the end of September Tap had net cash of A$47 million, but this had improved to over A$60 million by late October. Looking to the future the company is in the midst of shooting wall-to-wall 3D seismic across Western Australian permit WA-351-P, which it says has liquefied natural gas- gas scale potential, reinforced by Hess’ three recent gas discoveries in the adjacent permit. Tap is also starting an exploration programme over Block M in Brunei as well as expects the Fletcher-3 appraisal well in Santos operated permit WA-191-P to be spudded next month. The well is designed to evaluate the oil discovery made by the Fletcher-1 and 2 well in 2007. Taps’ participation in Fletcher-3 has increased from 8.2% to 10.9333%.
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Tap posted higher revenue of A$22.2 million (US$14.8 million) for the three month period compared to the previous quarter due to higher oil and gas prices, while total production fell 69,924 barrels of oil equivalent to 118,196 boe. “During the quarter, Tap Oil restored the majority of its production base, with successful tie-in of Woollybutt South in July, restoring gas re-sales from John Brookes in August and progress to repairs at the Harriet venture facilities damaged by the Varanus Island incident,” the company’s chief executive said today in the quarterly report. He added that Tap’s cash position is starting to reflect the stronger production performance. At the end of September Tap had net cash of A$47 million, but this had improved to over A$60 million by late October. Looking to the future the company is in the midst of shooting wall-to-wall 3D seismic across Western Australian permit WA-351-P, which it says has liquefied natural gas- gas scale potential, reinforced by Hess’ three recent gas discoveries in the adjacent permit. Tap is also starting an exploration programme over Block M in Brunei as well as expects the Fletcher-3 appraisal well in Santos operated permit WA-191-P to be spudded next month. The well is designed to evaluate the oil discovery made by the Fletcher-1 and 2 well in 2007. Taps’ participation in Fletcher-3 has increased from 8.2% to 10.9333%.
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