Aerial Survey Underway for Nicaragua's Panama Canal Alternative
The $50 billion canal project is expected to receive final survey reports by March 2016.
HKND IS led by billionaire Wang Jing
HKND Group (HKND) says Australia's\u00a0CSA Global\u00a0Monday kicked off the process of aerial surveying along the route of the proposed $50 billion\u00a0Nicaragua Grand Canal, World Maritime News reports.
John Murray, Senior Advisor at HKND says that the survey will result in baseline data to assist with detailed planning, adding that most of the data collection phase of the aerial survey process will be completed over the next few months, with the final survey products scheduled for delivery by March 2016.
The survey is reported to cover the entire proposed 276 km canal corridor, as well as the 2km wide circumference of Lake Nicaragua.
It was also noted that the survey will enable the assessment of geological risks including seismic and volcanic activities, tsunamis, landslides, slope stability, and liquefaction.\u00a0
The... project is of international significance and has the potential to economically transform Nicaragua and the region.
Jeff Elliott, Managing Director, CSA Global
"The Nicaragua Interoceanic Grand Canal project is of international significance and has the potential to economically transform Nicaragua and the region," said Jeff Elliot, CSA Global's Managing Director.
"CSA Global is very proud to be associated with such a visionary project. CSA Global's capabilities and experience are a good fit for the project's technical requirements."
Construction of the new canal had previously been expected to begin as early as 2014.
It is currently expected to begin some time in the first quarter of 2016, with the latest delays due to "new environmental mitigation measures."
"We and (Nicaragua president Daniel Ortega) have made the decision that all studies recommended by the environmental groups have to be undertaken,"\u00a0Paul Oquist, executive director of the Nicaragua Grand Canal Commission, said earlier this week.
"No stone will be left unturned in terms of the environmental elements."
The new canal aims to be an alternative to the existing Panama Canal, and if completed could well have significant implications for shipping and bunkering markets in the Americas.
Skangas duel fuel LNG carrier Coral Energy (image credit/Skangas)
Liquified natural gas (LNG) bunker tanker Coralius has made its first trip loading and delivering LNG to and from Norwegian ports, according to trade press reports.
The 5,800 cubic meter capacity tanker, which is owned by Norwegian gas company Skangas, was delivered to the company in June. Skangas also operates LNG carrier Coral Energy.
OPEC Cutback Extension to be Discussed in November, But Developments Could Render Any Deal Meaningless
Analysts say everything from Saudi exploration to rising tensions with North Korea could radically alter the dynamics of the international market. File Image / Pixabay
Ever since the Organization of the Petroleum Exporting Countries (OPEC) extended the duration of its production cuts earlier this year to March of 2018, speculation has been rampant that the meager cutback volume coupled with the large number of members