Latest News
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Seatrium and Maersk resolve dispute over $475 Million contract for offshore Wind vessel
Singapore's Seatrium shipbuilder announced on Monday that it had reached an agreement with Denmark's Maersk for the delivery of an offshore wind vessel. The vessel was intended to be used on a project near New York. Seatrium reported Maersk terminated its contract with Seatrium on October 10 citing "construction delays", but at the time did not mention if it had paid the completed work. Maersk will pay $360 million, the remaining balance of the $475 million contract price. Maersk will pay the remaining balance of $360 million, or $475 million. Both parties agreed that the "optimal course of action" was to end all legal proceedings and withdraw from court. This decision was made after taking into consideration, among other things, financial implications and the risk of costly and lengthy proceedings. Seatrium stated that the project was 99.8% complete as of December 22. (Reporting by Shivangi Lahiri in Bengaluru; Editing by Chris Reese)
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Officials say that the US is pursuing a third oil tanker near Venezuela
Officials told reporters on Sunday that the U.S. Coast Guard is pursuing a tanker near Venezuela in international waters. If successful, this would be the second operation of the weekend and third in less two weeks. A U.S. official stated that the United States Coast Guard was actively pursuing a dark fleet vessel sanctioned by the United States, which is part of Venezuela’s illegal sanctions evasion. It is under a judicial seize order and flying a false-flag." A second official confirmed that the tanker was under sanctions but said that it hadn't been boarded yet. He also noted that interceptions could take many forms, including?sailing close to vessels that are of concern or by flying near them. Officials who spoke under condition of anonymity did not specify a location or identify the vessel that was being pursued. The White House didn't immediately respond to an inquiry for comment made on Sunday. TRUMP'S CAMPAIGN OF PRESSURE Donald Trump announced last week a "blockade", which would prevent all oil tankers subject to sanctions from entering or leaving Venezuela. Trump's campaign of pressure on Venezuelan President Nicolas Maduro includes a stepped-up military presence in the region, and over two dozen military attacks on vessels near Venezuela in the Pacific Ocean or Caribbean Sea. The attacks have killed at least 100 people. Kevin Hassett said that the first two oil tanks seized were on the black-market and supplying oil to countries with sanctions in a TV interview?on Sunday. Hassett told CBS's "Face the Nation," "I don't believe that Americans should be concerned that prices will go up due to these seizure of these ships." "There are only a few of them and they were black-market ships." One oil trader said that oil prices may rise slightly when Asian trading resumes Monday. Giovanni Staunovo, a UBS analyst, said that "we might see modest price increases at the beginning of this week because market participants may see it as an escalation since more Venezuelan barrels are at risk." One analyst stated that the seizure of oil barrels from Venezuela, Russia, and Iran could increase tensions in the shadow fleet which transports oil from sanctioned nations. Matias Togni is an oil shipping analyst for NextBarrel. He said that the seizures could encourage Ukraine to continue to attack Russian vessels, and perhaps encourage Europe to also detain vessels linked to Moscow's dark fleet. Helen Coster, Steve Holland, Shariq Khan, and Idrees Al, reporting; Helen Coster, writing; Sergio Non and Chizu Nomiyama, editing; Costas Pitas and Andrew Heavens.
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Officials say that the US is pursuing a third oil tanker near Venezuela
Officials told reporters on Sunday that the U.S. Coast Guard was pursuing an oil tanker near Venezuela in international waters. This would be the second operation of this kind in the past weekend, and the third if it is successful. A U.S. official stated that the United States Guard was actively pursuing a vessel sanctioned as part of Venezuela's illegal efforts to evade sanctions. It is under a judicial seize order and flying a false-flag. A second official confirmed that the tanker had been sanctioned, but said that it hadn't yet been boarded. He also noted that interceptions could take many forms, including flying or sailing close to vessels that are of concern. Officials who spoke on condition of anonymity did not specify the location or name of the vessel that was being pursued. The White House didn't immediately respond to an inquiry for comment on Sunday. Last week, U.S. president Donald Trump announced a "blockade", which would prevent all oil tankers subject to sanctions from entering or leaving Venezuela. Trump's campaign of pressure on Venezuelan president Nicolas Maduro includes a "increased military presence" in the region, and over two dozen military strikes against vessels near Venezuela in the Pacific Ocean or Caribbean Sea. The attacks have resulted in at least 100 deaths. Kevin Hassett said that the first two oil tanks seized were on the black-market and were providing oil to sanctioned countries in an interview with NBC on Sunday. Hassett stated on CBS's "Face the Nation?" program that "people in the U.S. shouldn't be concerned that prices will go up due to these seizures of ships." "There are only a few of them and they were black-market ships." One oil trader said that oil prices may rise slightly when Asian trading resumes Monday. Market participants may perceive this as a price increase, as more Venezuelan barrels are at risk because the tanker is not listed on the US sanctions list. Analysts say the seizures are raising geopolitical concerns and will likely cause friction within the shadow fleet of vessels that transport oil from sanctioned nations like Venezuela, Russia, and Iran. Matias Togni is an oil shipping analyst for NextBarrel. He said that the seizures could legitimize, and perhaps encourage, Ukraine to continue to attack Russian vessels, and maybe even encourage Europe to also detain vessels linked to Moscow's dark fleet. Togni stated that the output of Venezuelan and Iranian crude oil is already slowing down. He added that he anticipates the same thing to happen for Russia. He said that oil from countries subject to sanctions will likely be sold at steeper discounts, as logistics costs increase. This could limit the rise in benchmark prices. Helen Coster, Steve Holland, and Shariq Khan contributed to the reporting; Helen Coster wrote the article; Costas Pitas edited it; Sergio Non, Paul Simao, and Chizu Nomiayama provided editing.
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Serbian students protest university pressure following railway station tragedy
On Sunday, several thousand activists from all over Serbia rallied in support of the student protests that took place in the southwest region. They were protesting what they called government pressure on public universities. The protest, which was part of a larger movement against political interference in higher educational institutions, was 'the first demonstration of its kind held in Novi Pazar - a town with majority Bosniak Muslim residents. This is one of many protests that have been organised since the roof of a railway in Novi Sad, a northern city, collapsed last year and 16 people were killed. After walking for days, students from Novi Pazar joined mass protests at Novi Sad on the first anniversary of the roof collapse. They claim that the university administration has now revoked regular status of students who were absent because of protests, and dismissed dozens lecturers. Momcilo elenbaba who came from a town 190 km north of Novi Pazar, travelled to show his support for the students. "I came here because 200 students and 30 professors have lost their jobs." The protesters want the resignation of the managing board of the university and the election a new rector. Dzenana Ohmetovic, an activist, said: "We're here to send a signal to Serbia that we are fighting for interim management and survival of our university." "This is a concern for all of us and not just Novi Pazar." Participants observed a moment's silence for victims of the collapsed roof throughout the protest. They waved flags of their cities and universities, whistled and chanted "Pump Up!" Students, academics and opposition figures are leading the protest movement that accuses Serbian president?Aleksandar Vucic of encouraging corruption, poor public services, nepotism and restrictions on freedom of media. Vucic, and his party, deny these allegations. Novi Pazar, Serbia's?youngest?town in terms of demographics, has 60% of its majority muslim population below the age of thirty. Since the breakup Yugoslavia, more than 30 years ago, despite its ethnic makeup, there have not been any clashes between Orthodox Serbs and those from Novi Pazar.
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Telecom Italia will hold a Sunday board meeting to discuss the conversion of savings shares
Two sources say Telecom Italia's board of directors will meet Sunday afternoon to discuss the?long-awaited? plan?to transform its savings shares into regular stock. The move is intended to reduce costs and simplify its capital structure. Two sources said that Telecom?Italia's board will meet on Sunday afternoon to discuss a?long-awaited plan?to convert its savings shares into ordinary stock. The move is aimed at cutting costs and simplifying the capital structure. Two sources familiar with the matter said that the board would discuss the final details of the conversion plan, and they expect to call for a shareholder meeting to vote on it at the end January. The board will also appoint a director to fill a vacant position, according to the sources, but did not elaborate. A Telecom Italia spokesperson refused to comment. This conversion would be another important step in the restructuring of the company, after the 19.8 billion-euro sale to KKR of its fixed-line networks, aimed at reducing debt, and its entry by the state-backed Poste Italiane, as its largest shareholder. Savings shares make up nearly?28% (or 166 million euros) of Telecom Italia’s capital structure. They are guaranteed to pay a minimum dividend. Pietro Labriola, the chief executive of Italy's largest phone group, has said that it aims to eliminate dual-class shares and reduce costly savings shares. The savings shares were trading at 0.57 euro?each on Friday, a 7-cent premium over the ordinary stock. The conversion would require a majority of two-thirds at the ordinary shareholders' meeting and would dilute existing investors. This includes the largest shareholder, Poste Italiane with a 27,3% stake. Separately, the shareholders of Savings will vote on this proposal. Telecom Italia tried to eliminate its saving shares a decade before, but Vivendi, then the top investor at that time blocked the plan.
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Iraq: International firms in Kurdistan are required to transfer crude oil under the deal
Iraq's State Oil Marketer SOMO announced?on Sunday that international producers in Kurdistan are still obligated to send their crude oil under a September Export agreement After DNO, the Norwegian government said that it would not be taking part in this agreement. SOMO's statement is in response to an article in September that cited DNO, which said it would sell to the Kurdish region directly and did not have immediate plans to ship through the Iraq-Turkey Pipeline. In the September agreement between Iraq's Oil Ministry, Kurdistan’s Ministry of Natural Resources and production companies, SOMO agreed to?export crude oil from Kurdish oilfields through the Turkey pipeline. DNO, the largest international oil company active in Kurdistan, welcomed the agreement but refused to sign it because it wanted more information on how the outstanding debts would?be paid. It stated that it would continue to supply directly to the semi-autonomous Kurdistan region. SOMO reported on Sunday that the Kurdistan Ministry of Natural Resources had reaffirmed their commitment to the agreement "under which all international companies engaged in extracting and producing crude oil in the region are required to provide the quantities to SOMO except for those quantities allocated to local consumption within the region." (Reporting and editing by Jaidaa Tolba and Ahmed Tolba)
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Swedish Customs has boarded a Russian ship to conduct an inspection
Customs officials in Sweden said that they had inspected the cargo of a Russian freighter anchored off Swedish shores on Friday, after it developed engine problems. Martin Hoglund said that the European Union has sanctioned the owners of the Adler vessel. Hoglund stated that "we boarded the ship shortly after midnight last night with assistance from the Swedish Coast Guard &?the police to conduct a customs check." "The inspection is still going on." Hoglund refused to reveal what the customs service found aboard the ship. Marine Traffic's ship tracking service reports that the Adler, a container carrier measuring 126 metres long, is a roll-on/roll-off vessel. The Adler is currently anchored near Hoganas, southwest Sweden. According to OpenSanctions - a database of sanctioned individuals and companies, as well as government watchlists - the Adler and its owners M Leasing LLC, are both subject 'to U.S. Sanctions for suspected involvement in weapons transportation. Hoglund confirmed that the ship left the Russian port of St Petersburg, but said that customs had no information on its destination. (Reporting and Editing by Frances Kerry).
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San Francisco's major outage has restored power to about 95,000 customers
According to the emergency management department of the city and Pacific Gas and Electric Company, the main utility company in the city, power was restored for about 95,000 customers. Pacific Gas and Electric Company reported that the blackout affected about 130,000 people in the California city with an estimated 800,000 residents. PG&E reported that crews had restored electric service to 95,000 customers as of?11 p.m. on Saturday. About 35,000 remained without it. Outage caused traffic congestion and some businesses were forced to close?temporarily. The San Francisco Department of Emergency Management had posted earlier that day on social media: "A large power failure is impacting San Francisco. Only call 9-1-1 in a life-threatening emergency. Avoid non-essential traveling. Treat?traffic signs as four-way stops. Keep refrigerator and freezer door 'closed. Turn off major appliances to prevent surges."
Seatrium and Maersk resolve dispute over $475 Million contract for offshore Wind vessel
Singapore's Seatrium shipbuilder announced on Monday that it had reached an agreement with Denmark's Maersk for the delivery of an offshore wind vessel. The vessel was intended to be used on a project near New York.
Seatrium reported Maersk terminated its contract with Seatrium on October 10 citing "construction delays", but at the time did not mention if it had paid the completed work.
Maersk will pay $360 million, the remaining balance of the $475 million contract price. Maersk will pay the remaining balance of $360 million, or $475 million.
Both parties agreed that the "optimal course of action" was to end all legal proceedings and withdraw from court. This decision was made after taking into consideration, among other things, financial implications and the risk of costly and lengthy proceedings.
Seatrium stated that the project was 99.8% complete as of December 22. (Reporting by Shivangi Lahiri in Bengaluru; Editing by Chris Reese)
(source: Reuters)