BusinessNews
Total Buys Engie’s Upstream LNG Business
Total has bought Engie’s portfolio of upstream LNG assets for an overall enterprise value of $1.5 billion. Additional payments of up to $ 550 million could be payable by Total in case of an improvement in the oil markets in the coming years. The transaction makes Total the second largest global LNG player among the majors with a worldwide market share of 10 percent, with the group managing an overall LNG portfolio of around 40 Mt per...
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Wärtsilä Wins Landmark Contract for Scrubbers
Technology group Wärtsilä has secured a landmark $200 million contract from a European container carrier for scrubber system retrofits, defying skeptics of exhaust treatment as a means of sulfur emissions compliance. In a statement, Wärtsilä said that it will deliver 50 MW, 60 MW and 70 MW Wärtsilä hybrid scrubber systems for the retrofits. These systems have the flexibility to operate in both open loop mode (for the open ocean) and closed loop mode (for freshwater trading areas). Wärtsilä will...
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China Reaches Top 20 in Global Innovation Index
China reached the world's top 20 most-innovative economies in the Global Innovation Index ranking published annually by Cornell University, INSEAD and the World Intellectual Property Organization. Now in its 11th edition, the Index ranks 126 economies based on 80 indicators, ranging from intellectual property filing rates to mobile-application creation, education spending and scientific and technical publications. China's number 17 ranking this year represents a breakthrough for an economy witnessing rapid transformation guided by government policy prioritizing research and development-intensive ingenuity....
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Blockchain System Readied for Mining and Metals
Blockchain venture studio ConsenSys and cloud-based metal concentrates exchange Open Mineral have announced a joint venture establishing Minerac, a blockchain consortium for mineral commodities trading and connected supply chains operations. A number of mining companies and financial institutions will join as stakeholders and collaborators. The companies state that the mining and metals industry is a critical component of the global economy, however, many operational and commercial practices remain inefficient and antiquated, leading to critical data omissions, security vulnerabilities and even...
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BIMCO Predicts More Pain for Crude Tanker Sector
In a research note released Tuesday, BIMCO laid out a dire depiction of the market for dirty tankers: "absolutely horrible," with earnings at the lowest level on record and little chance of improvement until next year. According to BIMCO and Clarksons, VLCCs are earning just $6,000 per day, Suezmaxes about $11,000 per day and Aframaxes about $9,500 per day - all well below breakeven levels. Relief may not be coming anytime soon, as BIMCO expects that crude tanker market will not...
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China to Expand Air Pollution Measures
On July 3, China’s State Council released the full text of a three-year action plan to curb air pollution by 2020. Air pollution in China is now affecting 37 percent of China's population, and measures taken so far are falling short of government goals and public expectations. The new plan offers tougher limits and proposes a quicker shift to cleaner fuels such as LNG and electricity, and high grade iron ore, coal and metals. The challenge is many of these...
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Rolls-Royce Sells Commercial Marine Business to Kongsberg
Rolls-Royce has signed an agreement to sell its commercial marine business, to Kongsberg, for an enterprise value of £500 million ($660 million) and net proceeds of around £350 million to £400 million. The move follows a strategic review by Rolls-Royce of its commercial marine operations announced in January 2018. The sale includes propulsion, deck machinery, automation and control, a service network spanning more than 30 countries and ship design capability, which to date has seen around 1,000 ships of Rolls-Royce...
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New Trade Restrictions from G20 Economies Double
The World Trade Organization’s 19th monitoring report on Group of 20 (G20) trade measures shows that new trade-restrictive measures have doubled compared to the previous review period. The report also shows that G20 economies continue to implement trade-facilitating measures, with the rate increasing slightly. The report covers the period from mid-October 2017 to mid-May 2018. A total of 39 new trade-restrictive measures were applied by G20 economies during the period, including tariff increases, stricter customs procedures, imposition of taxes and...
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Best Practices for Finding Cyber Threats and Vulnerabilities
Last year’s (Not)Petya ransomware attack had a significant impact on Danish shipping giant A.P. Moller-Maersk. In this incident, several port terminals across multiple countries experienced massive disruptions, costing the company $300 million. This security breach reaffirms the importance of a proactive approach to cybersecurity in the maritime industry. For many, knowing where to start this process can feel overwhelming. So, how should ports and shipping companies approach cybersecurity? Let’s take a look at the essentials. Maritime Cybersecurity Risk Assessment The...
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CMA CGM Founder Jacques R. Saadé Passes
Jacques R. Saadé, the founding president of the CMA CGM Group, passed away on June 24 at the age of 81. Saadé was born in Beirut, Lebanon in 1937. He graduated from the London School of Economics in 1957 and soon took charge of the family business. In 1978, when Lebanon's civil war made circumstances in Beirut difficult, he moved to Marseille, France and created the Compagnie Maritime d'Affrètement (CMA). CMA began with four employees, a single ship and only one maritime...
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