• 2019 May 16 14:17

    The AEC welcomes new chair, signs MoU with Arctic Council

    The delegates of the Arctic Economic Council (AEC) convened in Rovaniemi, Finland for their fifth Annual Meeting since the establishment of the organization in 2014.

    Heidar Guđjonsson of Iceland was welcomed as the new chair of the organization after a unanimous decision from AEC delegates. Guđjonsson takes over after Tero Vauraste (CEO, Mariadi Oy), as chairmanship of the organization shifts from the Finnish business community to the Icelandic businesses.

    “Having worked with Arctic questions for years, I am excited and honored to take over the chairmanship of the AEC”, said AEC chair Guđjonsson. “The Finnish business community with Tero Vauraste as their appointed representative has done a tremendous work these past years to broaden the scope of the AEC’s work. I am thankful for their commitment and their drive.” As Icelandic business community takes over the Chairmanship, the AEC will continue on the path laid by the new strategic plan (2019-2021) created under the Finnish businesses’ chairmanship.

    In addition to the transition of chairmanship, the AEC also elected a new Executive Committee, which will be led by Guđjonsson. Vauraste, Thomas Mack representing the Aleut International Association, and Evgeniy Ambrosov representing Russian businesses, will all continue in the roles of vice chairs. In addition, the AEC membership welcomed Geir Seljeseth from Norway as a new vice chair.

    “The changes in demography and international living standards call for more resource utilization and increased need for infrastructure. The significant changes taking place will also speed up the Arctic development. The Icelandic business community sees connectivity, data transfer and blue economy as important themes during its chairmanship. Blue economy contains an untapped potential which can significantly contribute to diversifying the economy and creation of new jobs in Arctic communities as well as helping feed the world with high quality protein”, says Guđjonsson.

    The AEC has endorsed the intent of the Arctic Investment Protocol (AIP), originally a product of the World Economic Forum Global Agenda Council on the Arctic. The work on these responsible investment principles will be a key issue during the Icelandic businesses’ chairmanship. “I firmly believe that universally applicable investment principles promoted by the people of the Arctic and their businesses can help promote both local inclusion, local content and also help facilitate investments in our region”, Guđjonsson says.

    During the Arctic Council Ministerial Meeting in Rovaniemi earlier this week, the AEC signed a Memorandum of Understanding (MoU) with the Arctic Council. The aim of the Memorandum of Understanding is to provide a framework for cooperation and to facilitate collaboration between the Arctic Council and the Arctic Economic Council. This strengthens the AEC’s position as the Arctic Council’s preferred partner in issues related to responsible economic development. “This marks a significant development in our mutual relationship and I am thankful to the Finnish Arctic Council Chairmanship for the excellent collaboration during our chairmanships”, says Tero Vauraste.

    “Being chair of the AEC has been an honor and privilege,” says outgoing AEC chair Vauraste. “The Finnish business community set out to strengthen the operations of the AEC and work on themes related to safe, competent and interconnected Arctic. During our chairmanship, we have also actively worked towards the global business community as linking the Arctic markets with the global ones is central for the development of our trade. We have also reacted to the recent development within international trade by actively promoting the need for freedom of trade,” says Vauraste. “I am excited to see the Icelandic business community taking the AEC’s work forward.”

    During the AEC’s Annual Meeting, the organization’s Working Groups on Maritime Transportation and Responsible Resource Development issued their reports. The AEC Maritime Transportation Working Group has worked under the leadership of Chairman Mikko Niini (Navidom). Their report “The State of the Maritime Transportation in the Arctic” provides an overview of the current status of maritime transportation in the Arctic and discusses challenges related to further development of the sector.

    The Responsible Resource Development Working Group’s report titled “Mineral Development in the Arctic” provides insights and an exchange of ideas around mineral development projects in the Arctic. The report is a consolidation of insights from a wide spectrum of Arctic stakeholders with a specific focus on mining in the North American Arctic. It includes feedback from companies that have developed Arctic mining projects and what made them successful, as well as from other stakeholders representing Indigenous groups, potential Arctic investors and government entities. The Working Group is co-chaired by Ms. Lillian Hvatum-Brewster (ATCO Group, Canada) and Mr. Bruce Harland (Crowley Maritime, USA) The report was formally launched at the Arctic Business Forum event on May 8.




2019 June 24

17:50 Four cruise ships visit the Port of Riga at the same time
17:27 Finnish Government proposes supplementary appropriation of EUR 40 million for basic infrastructure management
17:05 Austal delivers third guardian class patrol boat to the Australian Department of Defence
16:47 Incat Crowther announces contract to design a 65m catamaran passenger ferry
16:46 Construction and operation of dual-fuel ships has low economic efficiency – USC President
16:45 Maersk Drilling completes sale of jack-up Mærsk Giant
16:24 USC set to build floating electricity-generating facilities running on LNG supplied by bunkering ships
16:03 Van Oord and Mammoet enter into cooperation with scale-up Verton
15:45 United Shipbuilding Corporation to launch the first LNG-powered ferry for Ust-Luga – Baltijsk line in late July
15:30 United Shipbuilding Corporation establishes USC-Propulsion and USC-Interior subdivisions
15:03 MOL signs deal on a long-term charter contract to utilize "MOL FSRU Challenger" for Hong Kong Offshore LNG Terminal Project
14:42 New USC Vice-President, Civil Shipbuilding, to get into office on 10 July 2019
14:21 USC expects its Astrakhan cluster to build 12 river-sea class ships per year
14:03 Yang Ming announces new China-Thailand direct service
13:37 Port of Rotterdam Authority to collaborate with four new companies
13:25 Igor Vasilyev appointed as Acting General Director of FTI Rostransmodernizatsiya
13:02 ARIES gained ABS Certification: Middle East 1 st Remote Inspection Techniques specialist
12:20 BC Ferries releases year-end results
12:10 Keel laid for the first of Damen’s revolutionary new FCS 7011 Crew Change
11:56 Average wholesale prices for М-100 HFO down to RUB 15,377 in RF spot market
11:29 FESCO to launch new container train to China via Far East overland route
10:58 Southern Center of Shipbuilding and Ship Repair acquired property of Krasniye Barrikady plant
10:35 Satti floating drilling unit owned by Kazmortransflot delivered to Azerbaijan
10:13 Throughput of Chinese ports grew by 4.1% to 5.5 billion tonnes in Jan-May’2019
09:53 MABUX: Bunker Market this morning June, 24
09:52 Brent Crude futures price is up 0.4% to $64.71, Light Sweet Crude – up 0.68% to $57.82
09:34 Container throughput of port Hong Kong (China) down 7.7% to 7.55 million TEUs in Jan-May’2019
09:17 Baltic Dry Index is up to 1,239 points

2019 June 23

16:29 INPEX submits revised plan of development for Abadi LNG Project
15:13 Oceanwide Expeditions: Hondius sister ship m/v Janssonius ordered for 2021
14:19 CMA CGM announces FAK rates on Asia - Pakistan, India and Sri Lanka service
13:46 Coast Guard rescues five from capsized boat in Chesapeake Bay
12:43 Danske Commodities signs 20-year PPA with Hywind Scotland wind farm
10:29 TMC sets up office to support Chinese yards

2019 June 22

15:24 AAPA selects Christopher Connor as its new CEO
12:37 TMC contracted by VARD to supply marine compressors for Viking Cruises' vessels
11:23 ABS to class first ‘tri-fueled’ vessel for Harvey Gulf
10:13 Port of Oakland steps up as ships carry bigger loads than ever
10:05 Coast Guard responds to barge aground in Naknek, Alaska

2019 June 21

18:07 Austal gets Navy's modification to littoral combat ship contract
18:04 MODEC awarded Letter of Intent by Petrobras related to Búzios 5 FPSO
17:58 Frontline announces acquisition of VLCC resale and two LR2 newbuildings
17:56 BC Ferries adds extra sailings for the summer
17:55 Maritime Anti-Corruption Network to develop Global Port Integrity Index and Scale Up Collective Action in West Africa
17:37 Siemens Gamesa receives first offshore wind preferred supplier nomination in Japan: up to 455 MW for Obayashi Corporation
17:12 Krasnoye Sormovo launches final RSD59 ship in a series four units ordered by STLC
16:38 Ships of RF Navy’s Pacific Fleet involved in exercises in the Sea of Japan
16:26 Government of Canada enters into negotiations with Chantier Davie for construction of two ferries
16:14 Standic expands with state-of-the-art chemical storage terminal in Port of Antwerp
15:50 Klaipedos Nafta announced call for Chief Executive Officer
14:27 Safety management training takes centre stage
14:26 USCG says Polar Security Cutter to be homeported at Seattle
14:03 Maersk to offer customers carbon-neutral transport
13:35 LUKOIL’s dividends payable for 2018 will be RUB 250 per ordinary share
13:15 Anthony Veder expands fleet with taking in five gas carriers from GATX
13:12 HELCOM’s Executive Secretary to step down in August 2019
12:48 Novotrans acquired stevedoring company operating Ro-Ro ferry facility at the port of Ust-Luga
12:30 Samskip fine tunes multimodal network for post-Brexit hard choices
12:11 Matson christens first Kanaloa class Con-Ro vessel 'Lurline'
11:54 Royal IHC and Semiotic Labs develop smart solutions for the dredging industry