Bank sues Sainty Marine over $48m loan

Shenzhen-listed Sainty Marine has been sued by Bank of Jiangsu over a CNY300 million (USD48 million) loan dispute, the first lawsuit brought against the company in the wake of a series of defaults on debts.
On 14 May, Nanjing City Intermediate People’s Court put on file the suit filed by Bank of

NOL slashes 1Q15 loss to $11m

Singapore’s Neptune Orient Lines (NOL) has slashed its first-quarter 2015 loss to USD11 million, compared with USD98 million in the first quarter of 2014.
Pre-tax earnings totalled USD133 million in the period, up from USD33 million last year, while its revenue declined 13% to USD2 billion in the

Pyeongtaek-Dangjin widens access channel

South Korea’s Pyeongtaek-Dangjin port has completed dredging works to widen its access channel from 1,000 m to 1,200 m.
The dredging works were designed to improve conditions of sea routes as vessels that enter and depart from the port are getting bigger and faster. In addition, the port, located

Australia Selling Port as Chinese Demand Wanes

By Reuters 2015-05-14 20:05:25

The state of Western Australia plans to sell the country’s fourth largest port, its premier said on Thursday, in a bid by the resource-rich state to raise funds as demand from its main customer China wanes.

State Premier Colin Barnett did not say when Fremantle Port would be put up for sale, or how much the state government expected from the deal. He did, however, forecast a bigger than expected A$2.7 billion ($2.19 billion) budget deficit for the financial year ending June 30 2016.

“The decision to pursue a sensible program of further asset sales will enable the Government to build new infrastructure to support future growth without putting further pressure on the state’s finances,” Barnett said in a statement.

Last year, the state earmarked another two ports – Port Hedland’s Utah Point Bulk Handling facility and Kwinana Bulk Terminal – for sale.

Once hailed as the economic engine for Australia, Western Australia’s A$213 billion-a-year economy has been have been hard hit by lower demand for its resources as China’s economic growth slows.

Last year, Moody’s downgraded the state’s credit rating to Aa1 from Aaa.

“Commodity prices have plummeted, our share of (goods and services tax) revenue has been driven to record lows and softening economic conditions have directly reduced all other major sources of State tax revenue,” state Treasurer Mike Nahan said in the statement. ($1 = 1.2303 Australian dollars)


Shell’s Arctic Rig Arrives in Seattle

By Reuters 2015-05-14 20:00:13

The first of two Royal Dutch Shell drilling rigs slated for Arctic oil exploration arrived in Seattle on Thursday as environmental activists geared up for days of protests over plans to store the equipment at the city’s port.

Shell is planning to use Seattle as a base to store and maintain the rigs and other equipment as it resumes exploration and drilling this summer in the Chukchi Sea off Alaska, where it has not drilled since a mishap-filled 2012 season.

The decision to resume drilling, and the port’s decision to allow Shell to lease space in Seattle, has been met with anger by some city leaders and environmental activists who say drilling in the delicate Arctic ecosystem could lead to an ecological disaster.

Environmental groups also contend that weather conditions make it impossible to safely drill in the remote Arctic, a region that helps regulate the global climate because of its vast layers of sea ice.

Over coming days and weeks, protesters are planning dozens of demonstrations, including in boats and kayaks, to try to prevent the rigs from leaving again. At least one city councilman, Mike O’Brien, said he planned to participate.

Activists constructed an approximately 20-foot-tall (6-meter) metal tripod at the entrance to Shell Oil’s fuel transfer station in Seattle on Tuesday to try to block access to the rigs.

The Puget Sound region has for decades been a hub for equipment used in energy drilling in Alaska even as some environmental groups and politicians have pushed for the region’s economy to move beyond oil, gas and coal and into clean energy.

Seattle Mayor Ed Murray and the City Council have urged the port to reconsider its lease to Shell, and the city’s planning department has ruled that the port’s agreement with Shell is in violation of its city permit.

The Port of Seattle had asked Shell to delay its plans to move the Polar Pioneer rig to the city on Thursday while it appealed. Shipping company Foss Maritime has also appealed the ruling.

A Shell spokesman said it intended to move ahead with plans to dock the rigs at the port despite the permit questions and protests. A timeline of when Arctic exploration would resume was not yet known, he said.

The other rig planning to dock in Seattle, the Noble Discoverer, was at the Port of Everett and also headed to the city this week.