Over 75 workers of the mine are engaged in the protest. (Colombo Gazette) Workers of the Kahatagaha Graphite Mine launched a protest underground today.The protest was launched over fears the Kahatagaha Graphite Mine is to be privatised.
zoom Antwerp-based tanker owner and operator Euronav NV has reached an agreement to buy out its 50% joint venture partner for full control of the 2005-built Very Large Crude Carrier (VLCC) V.K. Eddie.Euronav will buy the 305,261 dwt vessel from the joint venture company Oak Maritime (Canada) Inc. at a price of USD 39 million and will receive back 50% of the proceeds.Under the agreement reached between the parties, the Daewoo-built vessel would be delivered for full control to Euronav in mid-November.“This is a logical move for both parties. It permits Euronav to further simplify our financial and operating structure. In addition, it reiterates our positive view on the medium-term outlook for the tanker sector by actively increasing our capacity at what, we believe, are attractive asset prices,” Hugo De Stoop, CFO, said.Earlier this week, Euronav reported that its net profit for the third quarter of 2016 plunged to USD 0.1 million from USD 72.2 million reported in the same period a year earlier.The company said that seasonal freight rate weakness compounded by vessel supply factors marked the third quarter.“Freight rates were lower during the third quarter with anticipated seasonal weakness throughout the quarter compounded by higher levels of less favored vessel supply from several sources affecting tanker owners pricing behavior,” Paddy Rodgers, CEO of Euronav, said.Read More
zoom US Customs and Border Protection (CBP) has withdrawn the proposed modifications to the country’s Jones Act which regulates maritime commerce in US waters and between US ports.The changes, which were presented on January 18, 2017 by President Barack Obama’s administration, would have revoked waivers that helped oil and gas operators to stay in line with restrictions, Reuters cited US Customs and Border Protection’s data.CBP said that, based on the comments received on the matter, both supporting and opposing the proposed action, and CBP’s further research on the issue, “we conclude that the agency’s notice of proposed modification and revocation of the various ruling letters relating to the Jones Act should be reconsidered.”The agency added that the move, relating to customs application of Jones Act to the transportation of certain merchandise and equipment between coastwise points, came info effect on May 10.Following the announcement, the American Petroleum Institute (API) welcomed CBP’s action, describing the proposed modifications as “harmful new Jones Act rulings.” “A recent report projected that this proposal could have resulted in the loss of thousands of American jobs, reduced U.S. oil and natural gas production, and diminished revenues for federal and state government,” Erik Milito, API Upstream Director, said.“By rescinding the proposal, CBP has decided not to impose potentially serious limitations to the industry’s ability to safely, effectively, and economically operate,” Milito added.Read More