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Disclosure and Presentation Under IFRS 16

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Disclosure and Presentation Under IFRS 16 DAILY COLLECTION OF MARITIME PRESS CLIPPINGS 2018 – 293 Number 293 *** COLLECTION OF MARITIME PRESS CLIPPINGS *** Saturday 20-10-2018 News reports received from readers and Internet News articles copied from various news sites. Several Vroon Offshore units made from Carton at scale 1 : 700 by Joop Marechal from Velsen South (The Netherlands) 5Distribution : daily to 40.600+ active addresses 20-10-2018 Page 1 DAILY COLLECTION OF MARITIME PRESS CLIPPINGS 2018 – 293 Your feedback is important to me so please drop me an email if you have any photos / articles that may be of interest to the maritime interested people at sea and ashore PLEASE SEND ALL CORRESPONDENCE / PHOTOS / ARTICLES TO : [email protected] this above email address is monitored 24/7 PLEASE DONT CLICK ON REPLY AS THE NEWSLETTER IS SENt OUT FROM AN UNMANNED SERVER If you don't like to receive this bulletin anymore : please send an e-mail to the above e- mail adress for prompt action your e-mail adress will be deleted ASAP from the server EVENTS, INCIDENTS & OPERATIONS Van Oord's JUV AEOLUS loading monopiles at SIF Maasvlakte for the Norther OWF with in the background container vessel MILAN MAERSK IMO 9778820 Photo : Hans de Roo, Norther client rep. on board Aeolus (c) Philippines, Israel sign Palawan oil exploration deal By : Danessa Rivera, Alexis Romero Malacañang expressed hope the oil exploration deal between the Philippines and an Israeli firm would lessen Manila’s dependence on imports and its vulnerability to price shocks in the global market. On Wednesday, President Duterte and Ratio Petroleum Ltd. president and chief executive officer Itay Raphael Tabibzada signed an oil exploration agreement covering East Palawan Basin or Area 4 of the fifth Philippine Energy Contracting Round. The signing was ceremonial as 5Distribution : daily to 40.600+ active addresses 20-10-2018 Page 2 DAILY COLLECTION OF MARITIME PRESS CLIPPINGS 2018 – 293 the deal had already been inked during Duterte’s visit to Israel last month. Presidential spokesman Salvador Panelo said Duterte was the one who signed the agreement on behalf of the Philippine government because such exploration contract requires the President’s signature. The petroleum service contract will allow Ratio Petroleum to explore 416,000 hectares across East Palawan Basin for potential oil and gas resources. The deal is expected to cost at least $34.35 million, including data gathering and drilling activities over the initial seven-year contract period. Panelo said the signing of the agreement bodes well for the economic relations between the two countries and the Philippines’ petroleum industry. “If you remember, the President made statements that (the country) needs to attain energy security and sustainability at the soonest possible time. The problem is we do not have oil so we are experiencing difficulties,” Panelo said. “We’ve been dependent on oil-producing countries for our oil. So we need to boost the exploration of our own resources,” he added. Energy Secretary Alfonso Cusi said the awarding of the petroleum service contract to Ratio Petroleum is “a step in the right direction. “The President has been very clear – our country needs to attain energy security and sustainability at the soonest possible time. We are currently experiencing how our dependence on importation has left us at the mercy of price movements in the global oil markets,” Cusi said in a statement. The deal is the first petroleum service contract signed under the Duterte administration. The last service contract awarded was with PXP Energy Corp. in 2013. PXP Energy is the operator of Petroleum Service Contract No. 75 in North Western Palawan under the fourth Philippine Energy Contracting Round. Established in 1992, Ratio Petroleum has a number of large-scale operations at the Levant Basin in the Eastern Mediterranean Sea, off the coast of Israel, as well as offshore operations in Malta and Guyana. The Philippines has been importing 94 percent of its oil requirements, with the total import bill jumping to $9.89 billion in 2017, a 31.2 percent increase from the $7.54 billion import bill in 2016. President Duterte had earlier pointed to increasing oil prices as the main culprit for rising inflation, which peaked at 6.7 percent in September, its highest in nine years. The Department of Energy (DOE) is busy promoting investments in 14 pre-determined areas (PDAs) for potential petroleum exploration and development activities locally and abroad. The PDAs include one area in the Cagayan Basin, three in Eastern Palawan, three in Sulu, two in Agusan-Davao, one in Cotabato and four in Western Luzon. Duterte also met with officials from Japan and United Arab Emirates. Japan’s Liberal Democratic Party Special Adviser for Foreign Affairs to the President Katsuyuki Kawai paid a courtesy call on Duterte to discuss the relationship between Manila and Tokyo. “It was a courtesy call, an exchange of pleasantries and usual commitments on the mutual benefit that the countries will derive from their relationships,” Panelo said. Japanese paper Daily Manila Shimbun reported that Kawai had relayed to Duterte Japan’s willingness to provide additional help for the rehabilitation of war-torn Marawi City. The paper said Japan Prime Minister Shinzo Abe, through Kawai, also signified his interest to meet with Duterte on the sidelines of the Asia-Pacific Economic Cooperation leaders’ meet in Papua New Guinea or the Association of Southeast Asian Nations Leaders’ Summit in Singapore. – source : Philstar With Ding Cervantes The ROTTERDAM being piloted out of Halifax. Photo: René Serrao, Portuguese Cove, NS (c) No timeframe for removal of stranded Alaska tugboat No timeframe is in place for the removal of a tugboat stranded in the channel next to Juneau, officials said. The 107-foot (33-meter) tugboat LUMBERMAN has been stuck on a sandbar in the Gastineau Channel since May after it drifted when its anchor line broke, the Juneau Empire reported Wednesday. The channel falls under a patchwork of state, federal, and City and Borough of Juneau jurisdictions. The vessel is currently on state tidelands, so removing the boat is the state’s responsibility, said Rorie Watt, the Juneau city manager. Watt told Juneau Assembly members Monday that city staff members have received numerous complaints from residents sharing the sentiment that “we’re watching a slow train wreck in motion.” “It’s essentially an eyesore and a solid waste problem that is rising and falling with the tide on state 5Distribution : daily to 40.600+ active addresses 20-10-2018 Page 3 DAILY COLLECTION OF MARITIME PRESS CLIPPINGS 2018 – 293 tidelands,” Watt said. The state Department of Natural Resources is looking for funding sources to move the boat, said Chris Carpeneti, a natural resources specialist for the department. “It’s something we have to deal with, derelict vessels,” Carpeneti said. “Unfortunately there’s not a pool of money that’s been developed for DNR to deal with them.” The state Legislature passed a bill earlier this year that aims to give governments more tools to enforce regulations governing derelict vessels. The additional registration and shipping fees under the legislation are expected to direct funding for the removal of derelict vessels. That funding will likely not be available until sometime next year, Carpeneti said. The U.S. Coast Guard boarded the vessel this summer and removed fuel, eliminating the risk of an oil spill, Watt said. Source : seattletimes The OLYMPIC ARES inbound for Rotterdam passing the Delta Hotel in Vlaardingen Photo : Elizabeth Sinke © Message to readers: All banners are inter-active and click through to advertiser web sites MSC Orders Four Luxury Ships; Rooms Cost Up to $14,000 a Week With $2.3 billion ship order, Swiss company joins rivals in pursuit of wealthiest travelers Swiss-based MSC Cruises is ordering four ultraluxury cruise ships worth $2.3 billion, marking its entry into a growing market that caters to the wealthiest travelers. MSC officials said the ships will have 500 cabins each and will be much 5Distribution : daily to 40.600+ active addresses 20-10-2018 Page 4 DAILY COLLECTION OF MARITIME PRESS CLIPPINGS 2018 – 293 smaller than the behemoths that move up to 6,000 passengers to destinations in the Caribbean, Alaska and elsewhere. MSC is ordering the new boats from Italian shipyard Fincantieri SpA, the biggest builder of cruise ships. The order, which is expected to be announced as early as Thursday, puts MSC into a market catered by a small but growing number of operators, including Silversea Cruises and France’s Ponant, whose small ships have about 100 cabins. In June Royal Caribbean Cruises Ltd. paid $1 billion for a controlling stake in Silversea, which operates nine luxury vessels that generally have 50 to 100 cabins.Demand in the highest-end of the cruise market is also attracting new entrants. Ritz-Carlton, Marriott International Inc.’s luxury hotel chain, last year ordered three luxury ships that look like megayachts, which have 149 cabins. The MSC officials said cabins on its new ships could go around $14,000 per couple for a week-long cruise. Itineraries will include destinations on the U.S. West Coast, the Caribbean and the Mediterranean. Top cabins at existing MSC ships go for around $3,500 per person. “Our top cabins on existing ships sell out very fast, and we expect strong demand for a product that will be more luxurious,” an MSC official said. “The plan is to order more such ships in the future.” The cruise sector is a rare bright spot in an otherwise slow shipping industry. MSC and bigger operators like Miami-based Carnival Corp. and Royal Caribbean Cruises Ltd. have been reporting double digit annual revenue growth over the past five years.
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