(www.MaritimeCyprus.com) French oil giant Total is buying Maersk Oil, a unit of the Danish shipping giant A.P. Moller-Maersk, for $7.45 billion (6.35 billion euros). It will pay for the company with $4.95 billion in Total shares, while taking on $2.5 billion of Maersk Oil’s debt. The boards of both companies have approved the deal. Total said the…
(Join our newsfeed: http://www.Maritimecyprus.com) Agreements aren’t just paperwork. They are roadmaps for successful and enduring business relationships. And if they’re not drafted as such, they’re forgotten about and only dusted-off when misunderstandings turn to disputes. Most of the many yacht management agreements I’ve seen aren’t fit for purpose at all. They’re normally written in impenetrable…
(Join our newsfeed at: http://www.MaritimeCyprus.com) The “Letter of regret” is a classic piece of dry humor that has been kicking around the maritime community for a long time. We could all use a little more humor in our lives. Consider this contribution from Dennis L. Bryant. Letter of regret Dear Sirs: It is with regret and haste…
(Join our newsfeed at http://www.MaritimeCyprus.com) The Panama Canal opened to traffic on 15 August 1914 with passage of the SS Ancon. First conceived in the 1600s, actual construction work was first begun by a French company in 1880. That attempt was defeated primarily by malaria and yellow fever. Work began on the present-day Panama Canal…
(Join our newsfeed at http://www.MaritimeCyprus.com) On 18 August 1990, the Oil Pollution Act of 1990 (OPA 90) was enacted into law in the USA. On March 24, 1989, the Exxon Valdez spilled over 11 million gallons of Alaskan crude into the water of Prince William Sound. There were many lessons learned the aftermath of the Valdez oil spill. Two…
(Join our newsfeed at: http://www.MaritimeCyprus.com) Dear fellow Maritime professionals. The State of California has not forgotten us (like many of us thought). In order to keep everyone busy, and in parallel keep the State treasury full, the California State Lands Commission (SLC) has just reminded everyone that the new Biofouling State regulations become effective on 1…
(Join our newsfeed at: http://www.MaritimeCyprus.com) The start of drilling by French major Total in Cyprus’ offshore Block 11 on July 13 has certainly increased the political temperature in the East Mediterranean. Everyone knew it would, especially since the UN-sponsored reunification talks between the internationally recognised Republic of Cyprus and the Turkish-Cypriot administration failed a week…
(Join our newsfeed at: http://www.MaritimeCyprus.com) Eni presents the 16th edition of the World Oil and Gas Review, the annual statistics report on world reserves, production and consumption of oil and gas with a special focus devoted to crude oil quality and the refining industry. Global Energy Outlook: main trends In 2016 oil reserves increased slightly (+0.2%)…
(Join our newsfeed at: http://www.MaritimeCyprus.com) What is the future of container shipping? Will industry consolidation continue and, if so, who will still exist in 2020? All highly relevant questions constituting a fairly amusing – yet nerdy – game at supply chain conferences. This often comes with the predictable disclaimer: nobody really knows. However, there are…
Learn all about sea turtles in the Mediterranean in the below infographic. (Join our newsfeed at http://www.MaritimeCyprus.com)
(Join our newsfeed at http://www.MaritimeCyprus.com) On 11 August 2001, the motor vessel Windoc and the Allanburg Bridge suffered a collision. Ship-bridge collisions are rare, because a true collision requires that both objects be in motion at the time of impact. The Allanburg Bridge (also referred to as Bridge 11) is a lift bridge over the…
(Join our newsfeed at http://www.MaritimeCyprus.com) Australia’s Federal Court has convicted Japanese shipping company Nippon Yusen Kabushiki Kaisha (NYK) of criminal cartel conduct and ordered it to pay a fine of A$25 million ($19.8 million). NYK was charged with giving effect to cartel provisions in an arrangement or understanding with other shipping lines relating to the…
