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Royal Caribbean Will Build A Luxurious Sustainable Private Island In The South Pacific By 2022 – Singapore Tatler

Posted on October 30, 2019 by Danzig

Vanuatu, located in the South Pacific, is comprised of around 80 islands

It's touted to be the first carbon-neutral cruise destination in the world

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Earlier this week, cruise line Royal Caribbean announced its plans to build a sustainable private island in the South Pacific.

According to the announcement, the island, located in Vanuatu, will be called Perfect Day at Lelepa and will be built with features that will safeguard the islands ecosystems, and will be the first carbon-neutral cruise destination in the world.

(Related: How This Private Island Near Singapore Is A Champion For Sustainability)

We believe our destinations should be sustainably designed, Royal Caribbean International President and CEO Michael Bayley said in a statement. That idea goes beyond simply protecting the ecological features of Lelepa and includes showing respect for the people and traditions that make this a special place.

(Related: Celebrity Cruises' New Eco-Friendly Superyacht Will Let You Visit The Galpagos Islands In Luxury)

Bayley also stated that the island was created in collaboration with the community of Vanuatu to provide employment and education opportunities for locals while showcasing the distinct natural ecological beauty and diverse culture of the island nation.

Today marks a major step forward in our island nations close relationship with Royal Caribbean and one that will support sustainable growth for future generations, said Vanuatu Prime Minister Charlot Salwai in a statement. The Ni-Vanuatu people look forward to welcoming Royal Caribbean guests from around the world to enjoy extraordinary adventures and relaxation during their Perfect Day at Lelepa.

(Related: Our Review Of A Luxury Cruise In Iceland: See Puffins, Glaciers And More With Ventures By Seabourn)

According to Royal Carribean, Perfect Day at Lelepa will have a distinctly different look and feel from the cruise lines other private islands, Perfect Day at CocoCay, because our guests around the world all have different definitions for their perfect dayand all of them are right, says Bayley, Our designers and nature have created the ideal South Pacific experience and we expect the results will be stunning.

The island is set to open sometime in 2022.

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Royal Caribbean Will Build A Luxurious Sustainable Private Island In The South Pacific By 2022 - Singapore Tatler

Royal Caribbean is Launching a New Beach Club Collection for its Customers – World of Cruising

Posted on October 30, 2019 by Danzig

When it comes to the cruising the Caribbean and relaxing on gleaming white beaches, few lines spring to mind more than Royal Caribbean.

The cruise line is already delighting customers with its fleet of floating resort mega-ships and idyllic private islands, but its now going one step further, by announcing the launch of a brand new Royal Beach Club collection.

Built exclusively for Royal Caribbean guests, the first Royal Beach Club will launch in Antigua, occupying a half-mile spot of beachfront near Fort James.

Scheduled to open in 2021, the club will combine the islands striking and desirable features (think sugar-like beaches and crystalline waters) with all the amenities and perks of being on a cruise ship.

With more destinations in the pipeline, the Royal Beach Club Collection will champion the unique vibe and culture of each destination. In Antigua, customers will be able to relax in private cabanas or take a plunge in its pool with swim-up bar, before ordering a fruity rum punch.

The Royal Beach Club Collection is an adventure we cannot wait to reveal to our guests, said Michael Bayley, president and CEO of Royal Caribbean International.

We have incredible partners in the government of Antigua and Barbuda to bring the first of our collection to life. Together, we are designing an experience that will bring more visitors to these idyllic islands and will create significant economic benefits and opportunities for local employment for years to come.

The Honourable Charles Fernandez, Minister of Tourism, Economic Development and Investments, Government of Antigua and Barbuda, said: The government of Antigua and Barbuda welcomes this multimillion-dollar investment into our tourism product by Royal Caribbean.

The economic impact into our economy is projected to be approximately $80 million USD from direct revenue to the Government over the next 30 years and over $1 billion USD in indirect revenue during the same period.

The project will also provide meaningful employment to Antiguans and Barbudans for both the construction phase and the operations of the project for years to come, continued Fernandez.

We are truly grateful and appreciative that Royal Caribbeans first Royal Beach Club will be in Antigua, which confirms confidence in our twin-island state.

While we wont be getting accurate renders of the beach club for several months, the line has given hints it will offer island-style BBQs, local cuisine, live music and Royal Caribbean-style experiences, like paddleboarding, snorkelling and wave running.

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Royal Caribbean is Launching a New Beach Club Collection for its Customers - World of Cruising

ILTM Cannes 2019 set to be biggest event yet, revealing 2020 to be their year of ‘Conscious Luxury’ – Travel Daily News International

Posted on October 30, 2019 by Danzig

The worlds leading luxury travel event -ILTM- will welcome more buyers, more exhibitors and more VIP media from across the world than ever before when the 18th edition takes place in Cannes, 25 December. ILTM will host 1850 buyers from across the world - including concierge companies, travel agents and private travel designers - and 30% will be new to the event.

With increasing numbers of travellers looking to balance personal fulfilment with experiences that benefit others as well as themselves, ILTM will also reveal plans to ensure a theme of conscious luxury for ILTM events in 2020.

ILTM 2019 welcomes a plethora of new suppliers, many of whom will embrace Conscious Luxury ranging from art hotel Casa Malca in Tulum in Mexico; to the new Hotel Villa Copenhagen in Denmarks capital; cultural, wildlife and wellness specialists in India and Nepal Amber Tours; luxury nature retreat Kayan Jungle Bali and Octolo Luxury Lodges in Lapland.

Global tourism destinations - including Dubai, Italy, Greece, Japan, the Maldives and Morocco - as well as private yachts, private jets, private villas and private islands will also take part, not to mention established luxury hotel brands, almost without exception. These include Leading Hotels of the World, Relais & Chateaux, Rosewood Hotels & Resorts, Capella Hotels and Resorts, Aman Hotels, Four Seasons Hotels & Resorts, Nobu Hotels, Marriott Luxury Brands, ACCOR Luxury Brands, Belmond, Hyatt Hotels Corporation, Hilton Luxury Brands, Preferred Hotels & Resorts, Small Luxury Hotels and many more.

The ILTM Global Forum takes place on the eve of the show Monday 2 December - and will mark the launch of ILTMs Year of Conscious Luxury.

Alison Gilmore, ILTM Portfolio Director comments: Today, a powerful and influential group of ultra HNW and HNW consumers are preferring to view travel as a gateway to experiences including philanthropy, conservation, wellness, cultural & intellectual pursuits, sport and more. With travel as the means but not an end in itself, travel categories are converging, and travel brands find themselves at the centre of a vast new, eco-system. So, how do we respond? What do we need to know to navigate through this transformation?

Attendees will hear from a range of experts that go beyond the traditional ideas and explore new and exciting possibilities from a world-renowned economist, to the CEO of one of the worlds largest marketing businesses to a former surgeon general of the USA. ILTM Cannes attendees will also be the first to read a bold new piece of research into todays new breed of Ultra-HNW and HNW traveller, commissioned by ILTM in collaboration with Wealth-X.

In addition, The Retreat will return to the ILTM 2019 show floor (open 35 December) where attendees are able to sample treatments and experiences from leading brands in Health and Wellness. Buyers will be able to reserve a 15 minute slot within their pre-scheduled appointment diaries to sample mini-treatments and experiences with experts from brands including Six Senses, SHA Wellness and Canyon Ranch.

Ms Gilmore continues: With 5000 people gathering in Cannes for ILTM 2019, we will introduce global travel buyers to an unrivalled collection of international travel experiences. We are the relationship brokers providing a platform for our guests to do business and build relationships. ILTM is the easiest way to travel the world from one destination in 4 days, meeting new contacts and re-connecting with others in a real community for business.

ILTM Cannes 2019 set to be biggest event yet, revealing 2020 to be their year of 'Conscious Luxury' - Travel Daily News International

11 under-the-radar destinations to hit before they become the next big thing | Mapped – Daily Hive

Posted on October 30, 2019 by Danzig

Ready to escape the travel routine? Our Expert Travellers are ready to show you the world like youve never seen it before. From tailor-made holiday packages to some of the most immersive tours on the planet, weve got the world covered. Book your adventure today!

Paris is always a good idea, theres always time for a quick jaunt to New York City, and Cancun offers a reliable tan and a good party. The common theme, however, is that each destination is already filled with camera-snapping and social media-posting tourists. And that can be a bit of a buzz kill compared to the experience more under-the-radar destinations have to offer.

Sometimes, the best vacation spots remain relatively yours, yet to be discovered by the masses.

If youre looking, here are 11 under-the-radar destinations to hit before they become the next big thing.

For a less tourist-filled trip to Portugal, check the Azores off your travel bucket list especially if you have a soft spot for the outdoors, chasing waterfalls, hot springs, authentic local experiences, and dreamy cheese. An autonomous group of Portuguese islands located in the mid-Atlantic, the Azores have become an increasingly buzzed-about destination in recent years, but remain relatively pristine, peaceful, and undiscovered by the masses (subsequently, youll find few tourist traps here). A trip to the Azores should definitely include more than one island, andAzores Airlinesoffers short and affordable daily flights between the islands.

When you think Mexico, wine probably isnt the first thing that comes to mind. Tequila and mezcal, yes but wine? Not so much. A surprise to many, however, Mexicos pristine wine region is blossoming and beautiful heaven for wine-loving foodies who seek more of a genuine Mexico experience than that of an all-inclusive beach vacation. In Baja California, Mexico, you can enjoy some of the best local cuisine at everything from street stands and charming mom and pop spots to high-end restaurants. Take in stunning views of the sea, get an adrenaline rush on Latin Americas largest zip-line, and of course sip and swirl at one of the regions many wineries.

Another bucket list spot for curious foodies (and seasoned salsa dancers) is Cali, Colombia. Known as the salsa dancing capital of the world, in Cali, youll find colourful streets filled with quality local cuisine, thoughtful breweries, artsy cafes, coffee shops and high-energy nightclubs. In addition to the wining, dining, and dancing, other things to do in this vibrant city include hiking (either through a lush national park or up the famed Hill of Three Crosses), biking along the Rio Cali, and shopping the goodness-packed local markets.

If youre in the market for a digital detox (and one that redefines the meaning of Out of Office), St. Vincent and the Grenadines has the perfect option for you. The island of Petit St. Vincent is the epitome of a secluded and unplugged private paradise.On site, you will find two yoga pavilions along with a luxury spa and wellness centre. Activities on this private island paradise include kayaking, sailing, snorkelling, and hiking. The idea here is to go completely off the grid rather than phones or the Internet, guests communicate with staff through coloured flags.

Since the 1980s, Shenzhen, located in southeastern China, has steadily grown to become a modern metropolis and an increasingly popular city to explore. The buildings including a 600-metre-tall skyscraper will impress the lovers of intricate architecture. Meanwhile, the seasoned shoppers will appreciate Shenzhens coveted shopping spots, like the massive Luohu Commercial City shopping mall, and a handful of amusement parks attract the thrill-seekers.

In Honduras, the most breathtaking of the Bay Islands is decidedly Roatn. Here, youll find Instagram-ready white-sand beaches to quickly put you in vacation mode, an ancient coral reef to explore and lush jungles to hike. Whether you opt for a cheap and cheerful backpacking experience, or splurge on something fancier, this relatively unexposed part of the Honduran Caribbean caters to travellers with varying agendas.

While Buenos Aires is definitely worth a visit, so is Argentinas northwest. The peaceful region is filled with rolling hills, beautiful red rock valleys and sweeping, dramatic landscapes, making it a great spot for hiking, running, rafting, and biking. The slow-paced city of Salta features history-rich Spanish colonial architecture, incredible local cuisine, a caf-lined square, and preserved cobblestone streets.

For an off-the-well-travelled path Belize experience, south on the countrys mainland, youll find the charming and picturesque waterfront fishing village of Placencia. The storybook-like region features bright houses, a public art-filled main street, some of the most celebrated restaurants in Southern Belize and some of the most beautiful beaches in the country. You can either opt for quaint accommodations or treat yourself at Itzana, the areas first luxury resort.

For an African safari experience of a lifetime, book a trip to Botswana. The country is one of the most sparsely populated in the world, with just two million people, yet rich in majestic creatures that dominate the vast land. From rugged to romantic, a selection of eco-friendly glamping spots offer a comfortable place to rest your head after a day of exploring Botswanas captivating landscapes.

To find a sense of inner peace, book a ticket to Bhutan, the last great Himalayan Kingdom. With Buddhist culture and values front and centre, the focus in Bhutan is on happiness. Highlights here include dramatic landscapes, monk ceremonies (including Tibetan Buddhist Rites and theritual Cham dance), and stunning monasteries, like the famed cliff-side Tigers Nest. Tourists are required to pay a minimum tariff of $250 USD per day, but this covers accommodation, food, transportation, and an official guide to ensure you make the most out of your stay.

For an under-the-radar, but truly breathtaking beach vacation, become one of the growing number of sun-seekers who have recently discovered Bazaruto Island. Located in Bazaruto National Park, off the coast of southern Mozambique, here, youll find a picture-perfect paradise of turquoise water, white-sand beaches, dune-filled landscapes and some of the worlds best diving. A handful of the regions beaches are so untouched that theyre only accessible through private transport.

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11 under-the-radar destinations to hit before they become the next big thing | Mapped - Daily Hive

Cruise: Receive a free upgrade on board this tropical Princess Cruises route – Express

Posted on October 30, 2019 by Danzig

Princess Cruises has expanded its luxury holiday offering by reinstating one of its most loved routes, set to transport passengers to paradise. The latest route will take cruisers on a tropical escape to French Polynesia. Island stops include Tahiti, Moorea, Rangiroa, Raiatea, Bora Bora and Huahine.

Passengers can expect to experience coral reefs, snorkelling opportunities and long stretches of sandy beaches aboard one of the new routes.

The cruise operator is offering a variety of luxury expeditions ranging from eight to 29 days depending on the route plan.

Its 2020 offering will be the first time the ship has returned to the French Polynesian waters since 2015.

Prices start at 599 per person aboard the Pacific Princess - one of Princess Cruises smaller and more intimate liners.

Just 670 guests will have the opportunity to board this exclusive, luxury excursion.

READ MORE: Spain holidays: Costa del Sol to open huge 515million theme park - will you go? [PICS]

Customers can also benefit from a free stateroom upgrade if they book before 31 October.

Meanwhile, the cruises More Ashore program will offer passengers a late-night departure from Raiatea, as well as two overnight experiences in both Bora Bora and Tahiti, to ensure they get the most out of each destination.

Guests will also have the opportunity to pick from a selection of excursions which will see guides lead the way to some of the regions holiday hotspots.

One of the main draws of the South Pacific is its famed aquamarine waters, something Princess Cruises describe as the richest aquarium, on Earth.

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For adventurous cruisers, the French Polynesian region boasts abundant diving opportunities rich in wildlife, plants and coloured pearls.

For those less keen on exploring below the surface, there is the option to hop onboard one of the area's popular unique glass-bottom boat tours.

When at sea, the Pacific Princess greets passengers with a luxurious onboard experience.

Guests can enjoy all of the amenities of a fine resort while travelling between the islands.

The ships opulent offering includes seven different dining opportunities-from traditional dining to exclusive restaurant Crafted by Curtis Stone.

Passengers can also satisfy their sweet tooth with the exclusive Chocolate Journeys-an array of treats specifically hand-crafted to elevate the holiday experience by master chocolatier Norman Love.

For passengers tired out after a long day of exploring on land, the ship also offers round-the-clock room service.

While sailing, keep boredom at bay by enjoying one of an expanse of entertainment options, from a Vegas-style casino, shopping and even a golf practice cage, to swimming pools, live music and guest entertainers.

Little travellers are also welcome on this Pacific voyage, with the new Discovery at Sea program developed to provide fun and educational activities suitable for the whole family. Perks include star gazing on the ship's top deck.

The cruises will depart from Australian ports including, Adelaide, Brisbaine, Melbourne and Sydney, as well as Auckland New Zealand.

Tahiti and French Polynesia lure travellers from all over the world seeking pure unspoiled paradise, snorkelling, swimming adventures and relaxation, said Jan Swartz Princess Cruises president.

With our return to Tahiti in 2020, Princess Cruises offers the best way to explore this remote island life aboard our intimate Pacific Princess.

Paul Sloan, Tahiti Tourisme, Directeur Gnral and CEO adds: Princess Cruises has a long history with Tahiti and is a highly valued partner showcasing the diversity of our islands, the rich authentic local culture, and the great variety of experiences that await discovery.

We are eagerly looking forward to next year and welcoming Pacific Princess back to The Islands of Tahiti.

The South Pacific has become a popular hotspot for travellers, with Royal Caribbean also recently announcing its own routes to the Paradise islands.

The cruise operator will offer passengers a trip to a private island known as Perfect Day at Lelepa, Vanuatu.

The destination will be created in partnership with the community of Vanuatu to showcase the distinct natural ecological beauty and diverse local culture of the island nation as well as provide employment and education opportunities.

Cruisers can experience the adventure in 2020.

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Cruise: Receive a free upgrade on board this tropical Princess Cruises route - Express

Cruise Fever Here to Stay | Business – The Weekly Journal

Posted on October 30, 2019 by Danzig

The Caribbean will always be the top cruise destination in the world, according to various cruise industry leaders.

During the recent Florida-Caribbean Cruise Association convention in San Juan, their forecast for the future looks bright, with expectations that there could be as many as 45 million people cruising by 2030, which would represent a 50 percent increase from the current 30 million.

Its thriving and the outlook for the region is robust, said Royal Caribbean Cruises Vice Chairman Adam Goldstein, noting that it was imperative for the Caribbean cruise industry to remain competitive with new ships and provide enhanced offerings, such as new experiences.

As previously reported by THE WEEKLY JOURNAL, visitors today want more experiences, and Bayley highlighted the success of the Perfect Day at CocoCay, which is Royal Caribbeans $250 million private island in the Bahamas. The popular cruise stop features a waterpark with a water slide that is reportedly the tallest in the region, a massive wave pool and on-the-water beach cabaas.

Echoing these words was Michael Bayley, Royal Caribbeans president and CEO, who sees continuing growth in the Caribbeansaying that eight out of the top-10 cruise destinations worldwide are in the Caribbeanand that more cruise passengers will be coming to the Caribbean in the future. The Caribbean was, is, will always be, the number one cruise destination in the world We need to find a way to accommodate the growth that is inevitably coming to cruise tourism in the Caribbean, he indicated.

In the Caribbean, Old San Juan is a perennial cruise stop favorite, as are Charlotte Amalie in St. Thomas, Philipsburg in St. Maarten and Nassau in the Bahamas.

Puerto Rico continues to strengthen its position as a leader in the cruise industry. Last fiscal year [2018-2019], a record figure of more than 1.8 million passengers and 558 boat visits were established, for an economic impact of more than $217 million. This 2019 calendar year, we are headed to break the record of passenger arrivals with over 1.7 million cruise passengers enjoying our beautiful island. Being hosts of this important event, we reaffirm our leadership in the region and seek business opportunities to continue growing this sector strategically for Puerto Rico, said Puerto Rico Tourism Company Executive Director Carla Campos.

According to Economic Development and Commerce Secretary Manuel Laboy, during the convention, government officials coordinated 26 business meetings between 10 Puerto Rican companies, to initiate those first conversations and for entrepreneurs to showcase their products in order to make business.

Last year, two local companies established talks with Royal Caribbean. As a result, that cruise line began to buy Tres Monjitas products, thanks to the effort of the agencys team. We trust that the exhibition of local products and services at the international level will be positively reflected in the development of manufacturing and an increase in exports. During fiscal year 2017-2018, the consumption of the cruise ships that used Puerto Rico as their base, was $28 million. We continue to maximize our efforts to increase this figure in favor of the economic development of the island, Laboy added.

The U.S. Virgin Islands (USVI) and the Dominican Republic were also among neighboring destinations that lauded their offerings during the conclave. USVI Gov. Albert Bryan Jr. said he was focused on balancing the cruise business between St. Thomas, which has been a long time favorite, and St. Croix, an emerging travel destination. On average, the USVI receives about 2 million cruise visitors every year.

The Dominican Republic, which receives millions of tourists through its inexpensive all inclusive offerings, welcomed more than 1.3 million cruise passengers last year.

Record of Cruise Visitors Broken Worldwide

Worldwide, another record was broken in 2018, with 28.2 million guests cruising globally a 5.6 percent increase compared to 2017s previous high of 26.7 million, according to the FCCAs 2019 Cruise Industry Overview and Statistics report. The associations projections are that the 30 million mark will be hit this year.

The Caribbean is by far the most popular region, with 34.4 percent (roughly 9.7 million) of the 28.2 million cruise passengers worldwide visiting this destination in 2018.

The second leading destination was the Mediterranean, with 17.3 percent, or nearly 4.9 million passengers. Europe without the Mediterranean, such as cruising the Baltic Sea, was the third most popular, with 11.1 percent, or just over 3.1 million.

Based on 2017 figures, most cruise passengers come from the United States (11.9 percent), followed by China (2.4 percent) and Germany 2.2 percent.

St. Thomas, the U.S. Virgin Islands >Courtesy

The Caribbean s Strong Numbers

The highlights of the FCCA report for the Caribbean included:

$3.36 billion in direct expenditures were generated by cruise tourism, up 6.3 percent compared to the last study in 2015 and the previous record.

78,954 jobs were attributable to the industry, up 5.2 percent compared to the last study, paying a total employee wage income of $902.7 million.

Destinations welcomed 25.2 million onshore visits from cruise passengers, with an average expenditure of $101.52, generating a total of $2.56 billion.

$534 million was generated by cruise line expenditures, including port fees and taxes, payments to local tour operators and payments to local businesses for supplies and services.

The highest expenditure per passenger was $165.42 in U.S. Virgin Islands, and the highest expenditure per crew member was $130.63 in Puerto Rico.

On average, a single transit cruise call with 4,000 passengers and 1,640 crew generates $378,500 in passenger and crew spending alone: $339,500 and $39,000, respectively.

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Cruise Fever Here to Stay | Business - The Weekly Journal

Supreme Court allows boatyard to use reserve in Opua, Bay of Islands – Stuff.co.nz

Posted on October 30, 2019 by Danzig

A decision by New Zealand's highest court allows a boatyard to use waterfrontland andcementscouncils' authority over esplanade reserves.

The Supreme Court decision allowsDoug's Opua Boatyardto use the esplanade reserve in Walls Bay in Northland's Bay of Islands.

The ruling published on Tuesday ends decades of legal wrangling over whether the business should be allowed to use the reserve for repairing and washing boats.

Google Maps

Doug's Opua Boatyard, left, is allowed to use the esplanade reserve between its building and the water for boatyard activities.

Douglas Schmuck, who runs the boatyard, said it was justice "well and truly deserved".

READ MORE:*DOC says dolphins come first as swimming ban hits Bay of Islands tour operators*Hap from Northland's Bay of Islands sad its story missed from Tuia 250 events*Bay of Islands: New Zealand's slice of Tahiti in Northland*Waitangi Treaty Grounds made first National Historic Landmark, UNESCO bid next

The Supreme Court rulingbacks Far North District Council's decision to grant the boatyard an easement to use the land.

Schmuck saidit pavedthe way for all district councilsto decide how esplanades couldbe used, without fear of being taken to court.

"It's not necessarily easier for all boatyards - they've got to go through the process," he said.

"All district councils have the ability to deal with boatyards as they should."

Julie Simpson

Opua in Northland's Bay of Islands is a popular spot for boaties.

The council's decision to allow the boatyard to use the reserve, initially made in 1999, was firstopposed by the Department of Conservation and later appealed by Opua Coastal Preservation Incorporated.

A spokesman for the society said members were still reading through the Supreme Court's decision and were not prepared to make comments.

But its website said the society was working toprotect reserves on behalf of all New Zealanders, opposing the use of the reserve for a private business.

Schmuck said the group was wasting time and money, opposing the council's decision which was up-front and above board "from the get-go".

LEGAL FIGHT TIMELINE

The complicated 21-year legal battle culminated in the 48-page decision by the Supreme Court, released after a hearing in July.

1966: Boatyard established and started using what was then an unformed road to pull boats from the water to the boatyard.

1998:Far North District Council stopped the road and turned it into an esplanade reserve.

Google Maps

In Bay of Island's Walls Bay, an esplanade reserve runs between Doug's Opua Boatyard and the water.

1999:The district council granted Schmuck various easements to use the reserve for boatyard activity. The easements were made under the Reserves Act, requiring consent from the Minister of Conservation.

2000: Department of Conservation's Northland conservator, who had delegated authority from the minister, agreed to the boatyard using the reserve for access but not for the repair of boats. Schmuck did not accept the outcome and the easements were not formalised.

2002: Schmuck applied for resource consent for boatyard activities on the reserve, including repairing and washing down boats. The Environment Court ordered Northland Regional Council and the district council to grant the consents.

2004: Schmuck again applied for easements. Far North District Council agreed to grant some easements but not for repairing and washing down boats.

2005: Schmuck again applied for easements. These were granted by the district council's independent commissioner in 2006.

2007: Department of Conservation's Northland conservator again refused to give consent for all the easements. The consent process was put on hold while Schmuck, unsuccessfully, tried a legislative change.

2013: The District Council asked the Department of Conservation to make a decision on the easements. The conservator again decided the district council could grant easements allowing access but not the washing-down and repairing of boats.

Later in 2013: The Conservation Minister changed the laws, giving councils authority under the Reserves Act.

2014: After the Environment Court declared the resource consents granted in 2002 remained valid, the district council granted permission to Schmuck to use the reserve land as allowed in the resource consents.

2015: Schmuck applied for a legal review of the conservator's decision and itwas quashed in the High Court. The district council again granted consent for the easements, this time on behalf of the minister.

2017: Opua Coastal Preservation Incorporated, formed in late 2014, asked for a judicial review of the district council's 2015 consent, saying the easements for business activities were not authorised. This argument failed in the High Court but was upheld in the Court of Appeal in 2018.

2019: Supreme Court disagrees with Court of Appeal, reinstating the 2015 consent by the district council to allow the easements as a delegate ofthe minister.

Supreme Court allows boatyard to use reserve in Opua, Bay of Islands - Stuff.co.nz

Evrima: what you need to know about Ritz-Carlton’s first 190m Superyacht Cruise – Yacht Harbour

Posted on October 30, 2019 by Danzig

Swedish design company Tillberg Design that is working in collaboration with Ritz-Carltons in-house team on their first superyacht, has released new renderings of her interior. The first vessel of the Ritz-Carlton Yacht Collection will carry the name Evrima, which originates from the Greek islands and means Discovery.

Ritz-Carlton Yacht Collection says they believe the name will inspire travellers to immerse themselves in exceptional experiences, explore new destinations and foster the spirit of adventure.

In its inaugural season, The Ritz-Carlton Yacht Collection will offer 40 different voyages, most ranging from 7 to 10 nights. Number of experiences will be available, such as visiting a renowned winery in Bordeaux, France, learning how baby oysters are grown in a private farm in Sete, France or even meeting with a spiritual shaman in the Grenadines.

The shore excursions will be grouped into five categories: Iconic Sights (art and culture); Stirring the Senses (wellness); Cultural Connections (wild life); Active Explorations; and Epicurean Experiences. The trips illustrate our commitment to providing rare opportunities to todays luxury traveler, said Lisa Holladay, global brand leader for The Ritz-Carlton, in a statement.

The uniquely designed yachts will measure 190 metres, with 149 suites accommodating up to 298 passengers. Each stateroom has its own private terrace. The yachts will also feature two 158-square-metre penthouses, each with its own private whirlpool. Prices have not yet been released.

The 190-metre vessel will be ready for delivery in June 2020. The first cruise with Evrima will embark several destinations from Barcelona to Palma De Mallorca with a number of stops in the Balearic Islands. Ritz-Carlton has started reservations from its loyalty members and those of its parent company Marriott International.

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Evrima: what you need to know about Ritz-Carlton's first 190m Superyacht Cruise - Yacht Harbour

Drowned Emirati father and son pulled from Abu Dhabi sea – The National

Posted on October 30, 2019 by Danzig

Bodies spotted by helicopters in Al Shalila area

Police have retrieved the bodies of an Emirati father and son believed to have drowned in Al Shalila sea on the outskirts of Abu Dhabi.

The bodies were spotted by an aerial team from the National Centre for Search and Rescue and the coastguard was able to recover their remains, police said on Sunday.

Police did not reveal how or when the father, 38, and his son, seven, drowned.

Al Shalila a small town 55 kilometres off Abu Dhabi city near Al Shahama and Al Bahia is on the coast and is home to beach houses, a childrens park and a number of beaches that overlook private islands.

Police warned against leaving children to swim unattended and urged the public to abide by safety regulations to avoid such incidents.

Updated: October 28, 2019 01:44 PM

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Drowned Emirati father and son pulled from Abu Dhabi sea - The National

Why some in Big Oil are looking to go big in offshore wind – Axios

Posted on October 30, 2019 by Danzig

Big oil and gas producers might finally have found a renewable energy they can fully embrace--largely because it has a lot in common with oil and gas.

Driving the news: Up to 40% of the costs of offshore wind, including construction and maintenance of massive structures, overlap with offshore oil industry costs, a new International Energy Agency report finds.

Where it stands: While the United States has just one (tiny) offshore wind farm, a boom is on the horizon with a slew of companies planning big projects.

By the numbers: About 30% of the leases that the Interior Department has so far auctioned for future U.S. offshore wind farms are tied to the oil industry (Equinor and Shell), according to BloombergNEF data.

Why it matters: These companies have deep pocketbooks and global reach. If they make big bets on offshore wind, which accounts for just 0.3% of global electricity today, the growth of this carbon-free energy source could exceed current expectations.

The big picture: Big oil and gas companies are under pressure from shareholders, lawsuits and the public to more readily acknowledge their role fueling climate change and more fully embrace a global, albeit uneven, transition to cleaner energy sources.

Between the lines: An increasing trend among these companies is to buy stakes in separate developers already focused on clean energy, such as solar and electric vehicle charging.

Go deeper: Troubles lurk for Americas emerging offshore wind boom

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Why some in Big Oil are looking to go big in offshore wind - Axios

Offshore, LNG buoy Baker Hughes in third quarter – Houston Chronicle

Posted on October 30, 2019 by Danzig

Offshore work and liquefied natural gas projects helped to buoy Houston oil field service company Baker Hughes during the third quarter.

In an early Wednesday morning statement, Baker Hughes reported posting a $57 million profit for shareholders on nearly $5.9 billion of revenue during the third quarter. The figures were higher compared to the $13 million net income for shareholders on nearly $5.7 billion of revenue during the third quarter of 2018.

This years this quarter figures translated into earnings per share of 21 cents for stockholders, which were higher compared to the 3 cents per share during the same time period last year.

Baker Hughes nonetheless missed Wall Street expectations of $6.1 billion of revenue and earnings per share of 24 cents.

Shale Slump: Oil field service sector braces for more pain

The company's earnings report come at time when $50 per barrel crude oil prices have created a drilling slump in shale fields across the United States and Canada that has sent the rest of the oil field service sector hemorrhaging with losses.

In a statement, Baker Hughes CEO Lorenzo Simonelli said the company delivered a solid quarter based on contract wins from it turbomachinery and oilfield equipment divisions as well as improved margin from its oilfield services division.

Among the contract wins, Norwegian oil company Vr Energi tapped Baker Hughes to provide 16 underwater production systems in the Balder X field of the North Sea.

Venture Global LNG also awarded Baker Hughes a contract and granted a notice to proceed with construction for the Calcasieu Pass LNG export terminal in Louisiana.

A major oil company selected Baker Hughes as its sole artificial lift provider in the Permian Basin while Saudi Aramco signed a five-year contract with the Houston company for services in Saudi Arabia.

"Overall, we are very pleased with our execution as a team, and we believe Baker Hughes is firmly on the right path financially, operationally, and strategically, Simonelli said.

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With roots in Texas going back to 1907, Baker Hughes now employs more than 64,000 people in 120 nations. The company reported a $195 million profit on nearly $23 billion of revenue during 2018.

The earnings report comes roughly seven weeks after Boston industrial conglomerate General Electric reduce its ownership stake to below 40 percent, allowing Baker Hughes to become an independent company.

Seizing upon that momentum, Baker Hughes rolled out a new logo in early October, changed its stock ticker symbol to BKR and rebranded itself as an oilfield technology company.

Read the latest oil and gas news from HoustonChronicle.com

PSEG Looks to Become Active Player in Offshore Wind Development – NJ Spotlight

Posted on October 30, 2019 by Danzig

The wind farm in which PSEG is set to acquire an interest is expected to be commissioned in 2024.

Public Service Enterprise Group is looking to get back into offshore wind, and will enter into exclusive negotiations with rsted to acquire a one-quarter interest in its yet to be built 1,100-megawatt wind farm off Atlantic City.

The $1.6 billion Ocean Wind project is the first offshore wind farm approved in New Jersey. Located 15 miles off Atlantic City, it is projected to supply more than a half million homes with power. The wind farm is expected to be commissioned in 2024, subject to permitting and other factors.

The two companies announcement late in the day was a bit of a surprise, considering PSEG and rsted had previously disclosed the former had an option to buy an equity interest in the wind farm project this spring.

In a joint press release, the companies appeared to indicate the process of negotiations might be far along, although an rsted spokesman declined to confirm that this was the case.

Given PSEGs track record for success and history providing energy solutions for communities across the Mid-Atlantic region, we are thrilled at the prospect of having them join the Ocean Wind project, said Thomas Brostrm, president of rsted North America and CEO of rsted U.S. Offshore Wind.

rsted has emerged as the biggest force in the nascent offshore wind market in the United States, operating the first offshore wind facility in the country off Block Island in Rhode Island. It also has been awarded commitments to build more than 2,900 MW of capacity in six other projects along the Eastern Seaboard.

We are pleased about the opportunity to explore a partnership with rsted, a world leader in offshore wind development, and help New Jersey achieve its goal of carbon free generation by 2050, said Ralph LaRossa, president and chief operating officer of PSEG Power, a subsidiary of PSEG.

Offshore wind is a key, if not most crucial component of Gov. Phil Murphys goal of converting to a clean energy economy. By 2030, the administration wants to build 3,500 MW of offshore wind off the Jersey coast.

At one time, PSEG appeared poised to be a big player in the offshore wind sector, cementing a partnership more than a decade ago with developer Deepwater Wind, which rsted acquired a year ago. When former Gov. Chris Christies administration backed away from promoting offshore wind, PSEG seemed to steer away from the sector.

After the Deepwater acquisition, it was disclosed that PSEG had agreed to provide rsted with energy management services, which included allowing the Danish developer to lease land for use in its project development. The lease is expected to provide land around PSEGs three nuclear units in Salem County to assemble the huge turbines for the wind farms.

In a quarterly earnings call this spring, PSEG CEO Ralph Izzo talked more about the companys interest in building transmission for offshore wind, instead of developing the wind farms offshore. Nevertheless, PSEG, more than any other power company in the state, has embraced the Murphy administrations goal of transitioning to 100% clean energy by 2050 and has the financial resources to commit to that target.

The announcement also came on a day when rsted shares dropped 8% after the company announced long-term production values from its offshore wind farms may have miscalculated how much power they could produce.

Todays announcement is unrelated to our announcement updating our long-term financial targets, said Cam Stoker, a spokesman for rsted.

PSEG did not respond to calls for comment.

Clean energy advocates were not surprised by the announcement. This is the epitome of if you cant beat them, join them, said Doug OMalley, director of Environment New Jersey. This is a sign that offshore wind is no longer a niche market.

Paul Patterson, an energy analyst with Glenrock Associates who follows PSEG, however, cautioned PSEG will likely be very conservative in its investment in offshore wind. It is a lot different kettle of fish than building on land for wind energy, he said.

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PSEG Looks to Become Active Player in Offshore Wind Development - NJ Spotlight

Most offshore oil drilling rules have been rolled back – SoMdNews.com

Posted on October 30, 2019 by Danzig

Chester Seaborns Oct. 18 letter to the editor printed in The Enterprise runs the gamut from calling out Sen. Bernie Sanders, and by inference all Democrats, for publicly denouncing mismanagement of natural resources; to stating that his God placed natural resources so man could scar the environmental landscape with open pit mining and pollute the natural seashores with offshore drilling; to declaring everyone does not value human life because of peoples right to choose; to blaming people not identified for intentionally poisoning the minds of America youth setting them on the path perpetual despair; and of course, the lunacy of the Democratic Party.

Lets step back to April 20, 2010, and the BP Deep Water explosion. The 2010 BP Deepwater Horizon disaster spilled 205.8 million gallons of oil into the Gulf of Mexico killing, over 82,000 birds, 6,100 sea turtles and 25,000 other marine wildlife.

In response, the presiding administration, Barack Obama, put in place rules governing the offshore oil drill.

Now, Donald J. Trump and his self-serving Republican administration has rolled back most of those offshore drilling safety rules while drastically proposing to expand drilling in Americas offshore waters.

To paraphrase Matthew 8:23-27: You of little faith, why do you allow this destruction of natural resources and life to happen?

Mr. Seaborn should look at the ongoing congressional indictments in support seeking the ground truth about the Trump administrations concentrated lies and scare tactics to influence and circumvent the rule of law. He should also look at ongoing indictments to determine if high crimes and misdemeanors have been committed by the president warrant impeachment.

Maybe Mr. Seaborn is taking about indictments for those who, through their tactics have allowed the national debt to raise to $22 trillion from $2 trillion in 2016, thereby scaring Americans and affecting the hopes and dreams of all us.

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Most offshore oil drilling rules have been rolled back - SoMdNews.com

Offshore windfarms ‘can provide more electricity than the world needs’ – The Guardian

Posted on October 30, 2019 by Danzig

Erecting wind turbines on the worlds best offshore sites could provide more than enough clean energy to meet global electricity demand, according to a report.

A detailed study of the worlds coastlines has found that offshore windfarms alone could provide more electricity than the world needs even if they are only built in windy regions in shallow waters near the shore.

Analysis by the International Energy Agency (IEA) revealed that if windfarms were built across all useable sites which are no further than 60km (37 miles) off the coast, and where coastal waters are no deeper than 60 metres, they could generate 36,000 terawatt hours of renewable electricity a year. This would easily meeting the current global demand for electricity of 23,000 terawatt hours.

Offshore wind currently provides just 0.3% of global power generation, but its potential is vast, the IEAs executive director, Fatih Birol, said.

The study predicts offshore wind generation will grow 15-fold to emerge as a $1tn (780bn) industry in the next 20 years and will prove to be the next great energy revolution.

The IEA said earlier this week that global supplies of renewable electricity were growing faster than expected and could expand by 50% in the next five years, driven by a resurgence in solar energy. Offshore wind power would drive the worlds growth in clean power due to plummeting costs and new technological breakthroughs, including turbines close to the height of the Eiffel Tower and floating installations that can harness wind speeds further from the coast.

The next generation of floating turbines capable of operating further from the shore could generate enough energy to meet the worlds total electricity demand 11 times over in 2040, according to IEA estimates.

The report predicts that the EUs offshore wind capacity will grow from almost 20 gigawatts today to nearly 130 gigawatts by 2040, and could reach 180 gigawatts with stronger climate commitments.

In China, the growth of offshore wind generation is likely to be even more rapid, the IEA said. Its offshore wind capacity is forecast to grow from 4 gigawatts to 110 gigawatts by 2040 or 170 gigawatts if it adopts tougher climate targets.

Birol said offshore wind would not only contribute to generating clean electricity, but could also offer a major opportunity in the production of hydrogen, which can be used instead of fossil fuel gas for heating and in heavy industry.

The process of making hydrogen from water uses huge amounts of electricity but abundant, cheap offshore wind power could help produce a low-cost, zero-carbon alternative to gas.

In the North Sea, energy companies are already planning to use the electricity generated by giant offshore windfarms to turn seawater into hydrogen on a floating green hydrogen project, backed by the UK government. The clean-burning gas could be pumped back to shore to heat millions of homes by the 2030s. The UK has committed to reaching net zero carbon emissions by 2050.

The overlap between the UKs declining oil and gas industry and the burgeoning offshore wind sector could offer major economic benefits for the UK, Birol said.

Offshore wind provides a huge new business portfolio for major engineering firms and established oil and gas companies which have a strong offshore production experience, he said. Our analysis shows that 40% of the work in offshore wind construction and maintenance has synergies with oil and gas practises.

Originally posted here:

Offshore windfarms 'can provide more electricity than the world needs' - The Guardian

Brunei: Total Sells Its Interest in Offshore Block CA1 – Business Wire

Posted on October 30, 2019 by Danzig

PARIS--(BUSINESS WIRE)--Regulatory News:

Total (Paris:FP) (LSE:TTA) (NYSE:TOT) has signed an agreement to sell wholly owned subsidiary Total E&P Deep Offshore Borneo BV which holds an 86.95% interest in Block CA1, located 100 kilometers off the coast of Brunei to Shell1 for $300 million. The transaction is subject to approval by the competent authorities and is expected to close by December 2019.

This transaction fits with our strategy of actively managing our portfolio and will contribute to our program to dispose of $5 billion of non-core assets over the period 2019-2020, said Arnaud Breuillac, President Exploration & Production at Total.

Block CA1 covers 5,850 square kilometers, with water depths ranging from 1,000 to 2,500 meters. Total currently operates the block alongside partners Murphy Oil (8.05%) and Petronas (5%).

* * * * *

About Total

Total is a major energy player that produces and markets fuels, natural gas and low-carbon electricity. Our 100,000 employees are committed to better energy that is safer, more affordable, cleaner and accessible to as many people as possible. Active in more than 130 countries, our ambition is to become the responsible energy major.

Cautionary note

This press release, from which no legal consequences may be drawn, is for information purposes only. The entities in which TOTAL S.A. directly or indirectly owns investments are separate legal entities. TOTAL S.A. has no liability for their acts or omissions. In this document, the terms Total, Total Group and Group are sometimes used for convenience. Likewise, the words we, us and our may also be used to refer to subsidiaries in general or to those who work for them.

This document may contain forward-looking information and statements that are based on a number of economic data and assumptions made in a given economic, competitive and regulatory environment. They may prove to be inaccurate in the future and are subject to a number of risk factors. Neither TOTAL S.A. nor any of its subsidiaries assumes any obligation to update publicly any forward-looking information or statement, objectives or trends contained in this document whether as a result of new information, future events or otherwise.

1 Dordtsche Petroleum Maatschappij BV

Originally posted here:

Brunei: Total Sells Its Interest in Offshore Block CA1 - Business Wire

We must protect tourism from offshore wind power – capegazette.com

Posted on October 30, 2019 by Danzig

Beach lovers visit eastern Sussex County for the ocean, and a pristine view to the horizon is critical to beach enjoyment. In many ways, the view to the horizon would be recognized by Native Americans who fished on the beach a thousand years ago. We are about to lose that horizon view while no one is paying attention.

Two companies have leases in federal waters extending all the way from the Ocean City inlet to north Rehoboth. One company wants to build the tallest industrial offshore wind project in the world using wind turbines as large as the Chrysler Building in Manhattan. When shown visualizations of what the view could be when the leases are built out, and adjusting for the actual details of the proposed projects, 20 to 30 percent of beach lovers say they would go elsewhere, and 30 percent of homeowners would sell their homes.

Even more people will object when they see nighttime views of flashing red airplane warning lights. Imagine that field of lights stretching from Rehoboth to Ocean City. For perspective, the proposed industrial-sized turbines planned for this project are four times taller than the one in Lewes. Can we put a price on this loss of view? It turns out we can. The state estimates the direct economic value of beach tourism is about $2 billion a year, supporting over 18,000 jobs. In a worst-case scenario, counting direct and indirect losses in round numbers, the beach economy could lose a $1 billion a year in tourist revenue, and 9,000 jobs.

This is not about whether wind or solar projects are built. Its about where. During the Maryland approval process, a consultant concluded the offshore projects would simply replace onshore wind projects which sell electric power at one-fourth the price, requiring one-20th of the subsidies from electric customers. We could build a whole lot more wind and solar for what it is costing to build offshore.

The projects exist because of federal decisions to offer leases, and Marylands state government decisions to offer the offshore wind companies a guarantee of $5 billion in revenue backed up by Maryland electric customers. Ocean City, Md., opposes the state plan out of concern for lost tourism from the negative impacts of the view of wind turbines off the coast, and has refused to allow power transmission cables to come ashore if the turbines are visible from the coast.

The only leverage Delaware beach towns have to stop these projects is to follow Ocean Citys lead and work to change the state approval to bring electric transmission cables onshore. Our beach communities need to hold hearings, to receive public comment, and to vote for resolutions for, or against these offshore wind projects, just like they did when there was a threat from offshore oil drilling.

The towns passed resolutions opposing the drilling, and the state amended the Coastal Zone Act to prohibit pipelines from coming ashore.

DNREC is asking for comments on bringing electric transmission cables ashore at Fenwick Island State Park, and building two power substations. Planned improvements to the park infrastructure include adding a parking garage and pickleball courts.

Yet, the agreement with wind developer rsted was already signed July 18. Comments generally come before contracts are signed, not after. No environmental, navigation, geotechnical, or economic impact studies have been done. However, the agreement states numerous state permits will be granted with no mention of any studies. Is a flood-prone barrier island the right place for power transmission substations? Do the park neighbors have any real say in an already signed agreement?

The agreement with rsted leaves a five-year window to obtain permits. Significantly, the Maryland Energy Administration asked the Maryland Public Service Commission to reopen the approval docket. The PSC approval started with turbines about 300 feet high, increased to 459 feet, and as of September 24, to 853 feet, with even taller turbines on the drawing board. MEA believes these changes demand additional review.

Our state parks division signed the Fenwick Island agreement before the taller turbines were announced.

When the U.S Interior Department, Bureau of Ocean Energy Management put the leases up for bid, they had completed minimal studies on the environmental, navigational, fisheries, and economic impact needed to give final approval of offshore wind projects.

They still havent completed the final studies. In August, BOEM took a step back to review the cumulative impact of offshore wind, which is likely to further delay project permitting.

The National Oceanic & Atmospheric Administration, National Marine Fisheries Service has complained the BOEM initial studies did a poor job on the fisheries impact analysis. Impacts on tourism were not considered.

Bird and bat impacts have not adequately been covered.

Honestly, who in their right mind would put a 40-square-mile gauntlet of whirling turbine blades almost a thousand feet high directly in the middle of the Atlantic Flyway, one of North Americas major annual migration routes for millions of birds? The University of Delaware received hundreds of thousands of dollars from BOEM to conduct an East Coast survey of how tourists would react to offshore wind. This is a key issue in determining economic impacts.

The survey measured reactions to daytime and night visualizations of what the project would look like. The Delaware study did not publish the results of the nighttime images. Why not?

The rsted project requires the gathering of meteorological data for one year from an ocean-based tower. A special boat required to erect the tower arrived off the Delaware coast in September, but has sailed away without erecting the tower. This will result in another lengthy delay.

It is clear wind projects off the Delaware coast face major hurdles. Given all these concerns, why is the state in such a rush to sign a long-term agreement? We hope our beach towns will do their due diligence on this topic. We hope our Delaware politicians, including the federal delegation, will work to protect the ecology of our state parks, and the will of beach towns.

David T. Stevenson is the director, Center for Energy Competitiveness for the Caesar Rodney Institute.

We must protect tourism from offshore wind power - capegazette.com

The Ultrarich Have $13 Billion at this Offshore Bank: Here’s Why You Should Buy – Motley Fool

Posted on October 30, 2019 by Danzig

The Bank of N.T. Butterfield & Son Limited(NYSE:NTB) doesn't exactly roll off the tongue. Chances are, it's also not a bank that most people have ever heard of -- and for good reason since it doesn't do business with Main Street. Butterfield has its core operations in Bermuda, the Cayman Islands, and the Channel Islands Jersey and Guernsey.

It's also been in business for more than 160 years, and with $12.6 billion in deposits, it's well-known among the well-to-do and growing its presence. It's also less than five years into its life as a public company and still relatively below the radar of most investors.

Image source: Getty Images.

But when you look beyond the bank's relative obscurity with retail investors, you'll find a high-quality business that's well run, very profitable, and undervalued. It also pays one of the highest dividend yields you'll find from a bank. Keep reading to learn more about this easy-to-miss offshore bank that should probably be in your portfolio.

Butterfield's status as an offshore bank might make some investors look at it askance. After all, most people associate banking in the Cayman Islands or Bermuda with tax avoidance, at best, and illicit activities, at worst. However, the reality is more straightforward. More individuals and businesses now own assets or conduct business across many borders, and having established banking relationships in these localities simply makes things easier.

Butterfield has proven exceptionally good at conducting this business in a very profitable manner. Since going public in late 2017, it has delivered exceptional returns and has grown earnings sharply:

NTB Return on Equity (TTM) data by YCharts.

For context, most bank stock investors will tell you the benchmark targets are 10% and 1% on return on equity (ROE) and return on assets (ROA), and Butterfield simply blows past those metrics. Combine the strong returns it earns with solid operations, and Butterfield generates very strong earnings.

Soon after going public less than four years ago, Butterfield implemented a dividend. It has increased the payout three times, raising it by 340%. Over the same period, earnings per share have increased 153%.Going forward, investors shouldn't expect such aggressive dividend growth; the reality is, it's not sustainable to continue growing the payout more than twice the rate of earnings growth.

However, the dividend is still very secure, with a payout ratio -- the percentage of earnings paid in dividends -- below 50%:

NTB Dividend data by YCharts.

At recent prices, Butterfield's dividend yield is 5.4%, one of the biggest yields you'll find from any bank.

At recent prices, Butterfield shares trade for less than 9.4 times trailing earnings. Not only is that on the lower end of the multiple investors have paid for it since going public, but a single-digit earnings valuation for this bank is just plain cheap.

Moving over to book value -- how much its shares trade for compared to the carrying value of its assets -- it's also on the lower end of the range it has traded for.However, at nearly 1.8 times book value, it doesn't look as cheap as its earnings multiple.

NTB PE Ratio (TTM) data by YCharts.

Generally speaking, 1.5 times book value is often considered a good benchmark for banks. But here's the rub: You can't really look at Butterfield's book value through the same lens as most other banks. Let's go back to its ROE and ROA to help explain why, usingJPMorgan Chase(NYSE:JPM):

NTB Return on Equity (TTM) data by YCharts.

JPMorgan is one of the best-run, best-regarded banks in the world. And as the chart above shows, it also outperforms the returns benchmarks of 10% and 1%. However, Butterfield's returns leave even one of the world's best-run banks in the dust.

That's not to say that Butterfield is the betterbank. It's a difference in their core businesses. Simply put, Butterfieldshouldgenerate higher returns, and those higher returns should also be reflected in its valuation.Today, that valuation doesn't reflect the returns or the earnings power of Butterfield's assets and operations.

Put it all together, and investors would do well to add Butterfield to their portfolios. Between its strong business, cheap valuation, and high yield, it looks like a great way to grow your wealth with a bank that caters to the world's ultra-wealthy.

See the article here:

The Ultrarich Have $13 Billion at this Offshore Bank: Here's Why You Should Buy - Motley Fool

Union halts ‘race to the bottom’ in offshore oil and gas – The Australian Financial Review

Posted on October 30, 2019 by Danzig

In a statement on social media, the alliance said the full bench decision was a "massive win" and had "put the industry on notice that we will stop at nothing to ensure that offshore workers start getting a better deal".

"We have to move away from base line agreements being topped up by employment contracts ... the only proper security of wages and allowances comes in the form of an enterprise agreement which sets out the actual rates, allowances and conditions."

Unions have historically struggled to organise workers on offshore platforms due to logistical difficulties and coverage rules that prevent the MUA from representing workers on structures without a propeller.

But the alliance, formed last year, has allowed the unions to pool their resources and the AWU to employ the more militant MUA organisers, and so informally give the latter union expanded coverage and entry rights.

From late 2018 to mid-2019, the alliance recruited about 25 members from Rigforce as part of a public campaign that targeted the company's agreement for renegotiation once it expired.

But when it finally requested Rigforce recognise it as a bargaining representative in June the company refused.

Unknown to the unions, Rigforce had already negotiated a new agreement three months prior via a related corporate entity that was separate from the one that employed the bulk of its workforce.

The company reached the agreement with three newly hired casuals through individual discussions and successfully got Fair Work to approve the deal without opposition in a four-paragraph decision.

Once the unions found out, the AWU appealed the approval on the basis that the agreement was a sham and that Rigforce was now likely to move its workforce to the entity covered by the new non-union deal.

The full bench found that while it could be inferred that Rigforce had changed its employing entity to avoid bargaining with the AWU, the act's requirements did not deal with such situations.

However, the bench held the company had failed to explain the agreement when it incorrectly told workers their minimum pay would increase.

"It is a statement of the obvious that rates of pay are, to employees, likely to be the most fundamentally important aspect of an enterprise agreement," the bench said.

That position was no different where employees are paid higher than the agreement, it said, particularlysince "they were concerned about the prospect of their pay rates being reduced in the future ... and Rigforce advised them that this could possibly happen".

The bench referred the deal back to the commission to consider whether it was "genuinely agreed" and any potential undertakings.

Rigforce and the alliance, who are understood to be in discussions since the decision, declined to comment.

Original post:

Union halts 'race to the bottom' in offshore oil and gas - The Australian Financial Review

Norway competition authorities reject Keppel associate’s bid to form offshore housing giant – The Business Times

Posted on October 30, 2019 by Danzig

Wed, Oct 30, 2019 - 9:13 AM

NORWAY competition authorities have rejected the application for Keppel Corp's associate company Floatel International to merge with Oslo-listed Prosafe to create the world's largest offshore accommodation company.

FELS Offshore, a unit of Keppel's Offshore & Marine arm, owns a 49.92 per cent stake in Floatel.

In an exchange filing on Wednesday, Keppel said that Floatel and Prosafe are assessing whether to appeal against the decision.

It added that the transaction is not expected to have a material impact on the net tangible assets or earnings per share of the group for the current financial year.

Under the proposed deal, Prosafe was to acquire all of Floatel's outstanding shares and warrants in exchange for new Prosafe shares that will give Floatel's shareholders a 45 per cent stake in the merged entity.

FELS Offshore's resultant shareholding in the post-merger Prosafe will be about 22 per cent.

The merger would have combined Prosafe's existing nine semi-submersible vessels, and options for two newbuild semi-submersible vessels with Floatel's five semi-submersible vessels, Prosafe said in an announcement at the time.

The transaction was subjected to the fulfillment of certain conditions including clearances from competition authorities in Norway and the United Kingdom, along with creditor and shareholder approvals of both Floatel and Prosafe respectively. Prosafe was also to continue its listing on the Oslo Stock Exchange.

Keppel Corp shares closed at S$6.86 on Tuesday, down five Singapore cents or 0.7 per cent.

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Norway competition authorities reject Keppel associate's bid to form offshore housing giant - The Business Times

Event to set out offshore wind opportunities in Cumbria and beyond – NW Evening Mail

Posted on October 30, 2019 by Danzig

Businesses are being urged to explore opportunities to get involved with rapidly growing offshore wind sector in Cumbria and beyond.

Cumbria Local Enterprise Partnership, the Furness Economic Development Forum (FEDF) and Department for International Trade (DIT) have joined forces to host a major supply chain event at Barrows Abbey House Hotel next month.

Cumbria boasts one of the largest concentrations of offshore windfarms off the coast of Walney Island, with plethora of operations and maintenance bases in Barrow and further north of the West Cumbrian coast.

Businesses will be offered a briefing on emerging supply chain opportunities locally, nationally and internationally at the event, which takes place on Thursday, November 21 between 9am and 12.30pm.

As well as supporting developments in Cumbria, major exporting opportunities to countries including the USA, Taiwan, Korea, Australia and Northern Europe have also been identified.

Stuart Klosinski, FEDF Project Manager, said: This event will demonstrate how local companies can offer innovative solutions to enhance offshore wind operations and maintenance.

A massive pipeline of new wind farm projects is set to take place around the UK coast and internationally from 2020 onwards. Orsted anticipates developing 13,462MW overseas. A forecast additional 20,439MW UK capacity will be installed additional to the 8,012MW operational today.

The new Crown Estates Round 4 of offshore wind sea bed leasing, now underway, will pave a way for huge new wind farm projects on our doorstep in the Irish Sea. With early knowledge of emerging potential, firms will be able to pursue significant new business.

Miranda Kirschel, Cumbria LEPs head of business and innovation, added: There is a growing national and international offshore wind market that presents a fantastic opportunity for Cumbrian businesses, many of which are already leading in this field.

Representatives from the DIT will also be on hand at the event to offer their insights on how to enter overseas markets and outline the support that might be available.

The event will also introduce a new strategic partnership extending from the North West to Wales the Offshore Energy Alliance which will work to ensure economic opportunities through the offshore wind sector are maximised.

Businesses can register for the event at the Eventbrite website.

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Event to set out offshore wind opportunities in Cumbria and beyond - NW Evening Mail

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