Ports & Ships Maritime News

Jun 11, 2007
Author: P&S





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TODAY’S BULLETIN OF MARITIME NEWS

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  • Richards Bay crane goes into the harbour


  • DP World wins concession for Dakar container terminal


  • Coastwatch: Nigerian Navy gets tough


  • Moody upgrades SA’s foreign currency rating


  • Angola among Africa's best performing economies


  • Pic of the day – SANTA ROSA





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    Richards Bay crane goes into the harbour

    Richards Bay port people were hard at work during the weekend attempting to recover a large mobile crane that toppled over alongside the quayside leaving its extended boom and an arm from the Duys ship loader which it was assisting with dismantling laying in the water.

    The accident occurred at the port’s Dry Bulk Terminal near berth 705. There were no injuries in the incident but a small amount of diesel fuel has spilled into the harbour.

    No explanation has been offered as to how the accident occurred.



    DP World wins concession for Dakar container terminal

    DP World, the Dubai-based terminal operator has been awarded a concession to develop and operate the Dakar Container Terminal in Senegal, West Africa.

    According to the concession DP World will invest at least Euro 100 million in upgrading infrastructure and facilities at the terminal.

    The Dakar Container Terminal currently has an annual throughput of 250,000 TEU which is expected to be increased to 500,000 TEU by 2010 once the upgrade is complete and in terms of the concession signed.

    In addition to this DP World will spend Euro 300 million on designing and developing a new container terminal, Port du Futur with an annual throughput capacity of 1.5 million TEU.

    DP World will also operate the new terminal when it becomes operational by 2011.



    Coastwatch: Nigerian Navy gets tough

    Six vessels operating in Nigerian waters have been arrested on suspicion of being used to steal fuel oil in an around the port of Lagos.

    The detention of the unidentified vessels follows an investigation by Nigerian navy officers attached to Western Naval Command who made arrests of some of the personnel on board the vessels and later handed them over to the police.

    "These ships were found to be involved in criminal activities in our maritime environment in the Lagos area alone. Some of the suspects have been handed over to the police, while investigations are going on others to enable us ascertain their degree of involvement," Chief Staff Officer (CSO) Commodore Titus Owoyemi told a media briefing in Lagos.

    He said the vessels had been impounded over a period of eight months.

    Also in Nigeria the main militant group operating in the Niger Delta has announced the organisation is willing to suspend its campaign of attacking oil installations and kidnapping foreign oil workers provided the new federal government releases members of the militant group who are incarcerated in jail.

    The incoming Nigerian president, Umaru Yar’Adua said shortly after his inauguration that his priority was to end the crisis in Nigeria’s oil-producing region.



    Moody upgrades SA’s foreign currency rating

    Moody's Investors Service has changed the outlook on South Africa's foreign currency ratings to positive from stable to reflect the continued improvement in the country's external liquidity and other external credit indicators in spite of widening current account deficits.

    A positive outlook was assigned to the government's Baa1 foreign currency debt rating as well as to the Baa1 country ceiling for foreign currency bank deposits. Also changed to positive from stable was the outlook on the A2 country ceiling for foreign currency bonds, which acts as a cap on ratings that can be assigned to foreign currency-denominated obligations of other entities domiciled in the country.

    "South Africa's external debt metrics are now generally stronger than those of its rating peers in the Baa rating range," said Moody's Vice President Kristin Lindow. "The country's ability to pay - as indicated by its level of foreign currency debt relative to current account receipts and the low share of foreign currency debt in the government's total debt - suggest lessened vulnerability to exchange rate or other shocks."

    She emphasised that such resilience was particularly important in light of the country's enlarged current account deficits, which can subject the currency to shifting market sentiment and capital flows. In addition, increased attention to the next presidential transition in 2009 creates potential for sporadic market volatility.

    "Moody's is increasingly narrowing the gap between government foreign and domestic currency ratings," said Lindow. "In fact, Moody's now places most governments' foreign and domestic currency ratings at the same level."

    With the improvement of South Africa's external creditworthiness, the positive outlook on the foreign currency ratings signals that the two-notch gap between the government's Baa1 foreign currency and A2 domestic currency ratings may potentially be reduced by raising the foreign currency rating.

    "The country's public finance indicators are consistent with the government's A2 domestic currency debt rating," said Lindow. "Its outlook remains stable."

    The renewed strengthening of South Africa's public finances in recent years places the country solidly in the "A" rating range, with significantly lower ratios of external debt to GDP and government foreign currency debt to revenue than most countries at that rating level, explained the analyst.

    "Nevertheless," she said, "South Africa's lower income levels and significant socioeconomic challenges suggest that the government's domestic currency rating is well-placed at A2."

    - article published in ‘South Africa - The Good News’



    Angola among Africa's best performing economies

    Luanda 8 June 2007 (BuaNews) - The Angolan economy is among the 10 best performing ones in Africa, according to a report from the United Nations Economic Commission for Africa (UNECA) on regional economic developments in 2006.

    The document, issued by Angola's National Customs Board (DNA) here Thursday showed that Angola placed second in the terms of annual economic growth, at 17.6 per cent, surpassed only by Mauritania, which registered annual growth of 19.4 per cent in 2006.

    In Southern Africa, Angola is at the top, followed by Mozambique, (7.0,9 per cent), Malawi (6.9) and Zambia (6.0). At the bottom, Zimbabwe had negative growth of 4.4 in 2006, compared with minus 7.1 percent in 2005.

    Through its Accelerated and Shared Growth Initiative for South Africa (AsgiSA), South Africa aims to achieve an economic growth rate of 6 percent per annum by 2010.

    South Africa also aims to halve poverty and unemployment by 2014, using AsgiSA.

    The Gross Domestic Product growth for the first quarter of 2007 came in at 4.7 percent for South Africa, according to figures from Statistics SA.

    With regard to financial management, Angola is among the three best African countries. The national currency (Kwanza) had an appreciation of 8.5 per cent relative to the United States dollar in 2006.

    The Zambian Kwacha and Sudanese Dinar recorded an appreciation of 23 per cent and 12.5 per cent per cent, respectively while the Zimbabwe dollar suffered a depreciation of 87 per cent and an inflation rate of 1,216 per cent.

    Angola's economic stability is not only the result of the increase of oil revenues, but also because of inflows of foreign direct investment, a sustainable monetary policy and a macro-economic management adjusted to the current moment, the report said.



    Pic of the day – SANTA ROSA

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    The container ship SANTA ROSA in Cape Town harbour, 26 May 2007. Picture by Ian Shiffman


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