• 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 September 18

18:26 SGRE confirmed member of the Dow Jones Sustainability Indices in 2019
18:03 MOL repays existing loans through issuance of project bond for FPSO charter project
17:48 Russia’s Rosmorrechflot and Ministry of Industry and Trade develop preferential leasing programme
17:30 Vympel DB develops concept design for Arctic cruise ship
17:22 Metal Shark delivers new foil-assisted catamaran excursion vessel to Pure Florida
17:11 US Coast Guard shifts response efforts in Bahamas
17:03 ECSA considers the European State Aid Guidelines for maritime transport highly successful and key to maintaining a strong European shipping sector
16:39 Vigor hosts keel-laying ceremony for the U.S. landing craft MSV(L)
16:21 Vitol announces long-term LNG time charter contract with H-Line
16:03 Despite some positive indicators, concerns remain for offshore energy underwriters, reports IUMI
15:42 Wärtsilä Denmark joins Digitalisation in Shipping: Europe 2019 as Associate Partner
15:24 USCG ends search for migrants of capsized vessel off Martinica Beach
15:03 GTT receives an order from HHI & SHI for the tank design of six Very Large Ethane Carriers
14:50 FSUE Atomflot develops project on construction of 7MW icebreaking tugboat
14:33 Hapag-Lloyd to increase rates from North East Asia to Australia
14:16 Wärtsilä simulators provide advanced training at newly inaugurated Portuguese facility
14:14 Ørsted contracts Van Oord for cable installation at Greater Changhua offshore wind farms
14:12 GTT obtains Approval in Principle for Arc7 ice class ships from Russian Maritime Register of Shipping
14:03 ABS and Samsung Heavy Industries sign digital technology
14:00 SAAM Towage contracts Damen for delivery of tug vessel
13:31 Discussion “Development of recreational crafts and high-speed passenger vessels” begins at Neva 2019
13:10 Wärtsilä launches the Wärtsilä 31SG pure gas engine for marine market applications
13:04 International Association of Ports and Harbors visited by ICHCA representatives
12:38 RS issues Approval in Principle for new GTT’s LNG containment systems
12:03 LR awards Jiangnan AiP for 91,000 m3 VLGC Panda 91T design.
11:49 ADNOC acquires 10% of VTTI
11:30 LNG-fueled tugboat Ishin undergoes 1st LNG bunkering trial in Port of Kobe
11:02 ABS and Samsung Heavy Industries to develop next generation LNG carrier
10:37 Training underway for Jeddah Maritime Information Sharing Centre
10:21 Panama Canal signs agreement with Port of Rotterdam
10:12 TGS announces strategic milestones to accelerate growth
09:44 Brent Crude futures price is down 0.09% to $64.49, Light Sweet Crude – down 0.44% to $59.08
09:15 Baltic Dry Index is down to 2,283 points
08:56 MABUX: Bunker Market this morning, Sept 18

2019 September 17

19:06 Rosmorrechflot’s shipbuilding order for coming six years foresees construction of 147 vessels
18:29 Lead chemical carrier of Project 00216М named PortNews after our agency
18:05 MPC Capital and ZEABORN strengthen HARPER PETERSEN by combining their shipbroking activities
17:24 MOL issues integrated 'MOL Report 2019'
16:35 Eagle Bulk Shipping takes delivery of M/V Sydney Eagle
16:02 CMA CGM and TFG launch Rhine valley rail to German hinterland
15:30 CMA CGM announces FAK rates from North Europe to New Zealand
15:02 Sembcorp Marine’s Brazilian shipyard completes Petrobras P-68 FPSO
14:56 CMA CGM strengthens its intra-European and Mediterranean offer with the launch of the Black Sea Marmara Morocco service
14:10 Hapag-Lloyd announces General Rate Increase for Trans-Pacific eastbound
13:10 Zadar Cruise Port is Port of the Year 2019
12:10 Port of Oakland refrigerated exports jump 20 percent in past year
11:51 Combined Task Force Commanders discussed their shared aims and goals in tackling the threat of piracy
11:34 Lars Thrane makes its Iridium Certus® debut with the LT-4200 maritime satcom system
11:22 Belfast Harbour reveals ambitious growth plans
11:00 Marine cargo market characterised by “accelerating change” as underwriters take action to address continuing unprofitability, says IUMI
10:34 Safety at Sea and BIMCO publish cyber security white paper
10:27 ABS and Keppel partner in developing the first two new build Drilling Rigs with Smart Notations
09:43 Greenland research vessel picks MAN hybrid propulsion package
09:32 Brent Crude futures price is down 0.87% to $68.42, Light Sweet Crude – down 1.24% to $61.89
09:16 Baltic Dry Index is down to 2,311 points
08:56 MABUX: Bunker market this morning, Sept 17

2019 September 16

18:04 Ports draw $5B investment, 12K jobs to Georgia
17:59 GOGL increases investment in Singapore Marine
17:50 Pella launched first serial trawler of Project 03095, Castor
17:25 Tenders on pilot projects for stevedoring company concessions in Olvia and Kherson ports officially announced