Tag Archives: Panama Canal

Cuba calls weapons on North Korean ship 'obsolete'

Cuba said military equipment found buried under sacks of sugar on a North Korean ship seized as it tried to cross the Panama Canal was obsolete weaponry from the mid-20th century that it had sent to be repaired.

Panamanian authorities said it might take a week to search the ship, since so far they have only examined one of its five container sections. They have requested help from United Nations inspectors, along with Colombia and Britain, said Javier Carballo, Panama’s top narcotics prosecutor. North Korea is barred by U.N. sanctions from importing sophisticated weapons or missiles.

Panamanian President Ricardo Martinelli said Tuesday that the ship identified as the 14,000-ton Chong Chon Gang, which had departed Cuba en route to North Korea, was carrying missiles and other arms “hidden in containers underneath the cargo of sugar.”

Martinelli tweeted a photo showing a green tube that appears to be a horizontal antenna for the SNR-75 “Fan Song” radar, which is used to guide missiles fired by the SA-2 air-defense system found in former Warsaw Pact and Soviet-allied nations, said Neil Ashdown, an analyst for IHS Jane’s Intelligence.

“It is possible that this could be being sent to North Korea to update its high-altitude air-defense capabilities,” Ashdown said. Jane’s also said the equipment could be headed to North Korea to be upgraded.

North Korea has not commented on the seizure, during which 35 North Koreans were arrested after resisting police efforts to intercept the ship in Panamanian waters last week, according to Martinelli. He said the captain had a heart attack and also tried to commit suicide.

But Cuba’s Foreign Ministry released a statement late Tuesday acknowledging that the military equipment belonged to the Caribbean nation, saying it had been shipped out to be repaired and returned to the island.

“The agreements subscribed by Cuba in this field are supported by the need to maintain our defensive capacity in order to preserve national sovereignty,” the statement read.

It said the vessel was bound for North Korea mostly loaded with sugar — 10,000 tons of it — but added that the cargo also included 240 metric tons of “obsolete defensive weapons”: two Volga and Pechora anti-aircraft missile systems, nine missiles “in parts and spares,” two Mig-21 Bis and 15 engines for those airplanes.

It …read more

Source: FULL ARTICLE at Fox World News

Cuba claims as own weapons found on N. Korea ship

Cuba claimed as its own the arms found on board a North Korean ship that Panama impounded, saying the missile system parts were to be repaired and returned.

In a statement read on state television, Havana said the “obsolete” weaponry included anti-aircraft missile arrays, nine disassembled missiles and other parts, without mentioning where they were being sent.

“The agreements Cuba has signed in these areas are based on our need to maintain our defensive capacity to protect national sovereignty,” the statement said.

Panama called Tuesday for UN investigators to inspect a shipment of suspected weapons parts aboard a North Korean-flagged ship as it tried to enter the Panama Canal last week.

Panamanian President Ricardo Martinelli tweeted a photo of the suspected weapons cache, which experts have identified as an aging Soviet-built radar control system for surface-to-air missiles.

Panama said the contraband munitions were hidden under thousands of bags of sugar aboard the North Korean-flagged Chong Chon Gang.

Officials said if the shipment is determined to contain missile components, that could violate a UN ban on most weapons being shipped into or out of North Korea.

…read more

Source: FULL ARTICLE at Fox World News

N. Korean ship carrying weapons seized near Panama Canal

A North Korean ship carrying weapons system parts buried under sacks of sugar was seized as it tried to cross the Panama Canal on its way from Cuba to its home country, which is barred by United Nations sanctions from importing sophisticated weapons or missiles, Panamanian officials said Tuesday.

The ship appeared to be transporting a radar-control system for a Soviet-era surface-to-air missile system, according to a private defense analysis firm that examined a photograph of the find.

Panamanian President Ricardo Martinelli said the ship identified as the 14,000-ton Chong Chon Gang was carrying missiles and other arms “hidden in containers underneath the cargo of sugar.”

Martinelli tweeted a photo showing a green tube that appears to be a horizontal antenna for the SNR-75 “Fan Song” radar, which used to guide missiles fired by the SA-2 air-defense system found in former Warsaw Pact and Soviet-allied nations, said Neil Ashdown, an analyst for IHS Jane’s Intelligence.

“It is possible that this could be being sent to North Korea to update its high-altitude air-defense capabilities,” Ashdown said.

Panamanian authorities said one container buried under sugar sacks contained radar equipment that appears to be designed for use with air-to-air or surface-to-air missiles, said Belsio Gonzalez, director of Panama’s National Aeronautics and Ocean Administration. He said Panamanian authorities expected to find the missiles themselves in containers that must still be searched. An Associated Press journalist who gained access to the rusting ship saw green shipping containers that had been covered by hundreds, perhaps thousands, of white sacks marked “Cuban Raw Sugar.”

Later Tuesday, Cuba acknowledged that the military equipment belonged to the Caribbean nation, saying it had been shipped out to be repaired and returned to the island.

A statement from the Foreign Ministry said the vessel was bound for North Korea mostly loaded with sugar but added that the cargo also included 240 metric tons of “obsolete defensive weapons”: two Volga and Pechora anti-aircraft missile systems, nine missiles “in parts and spares,” two Mig-21 Bis and 15 engines for those airplanes.

“The agreements subscribed by Cuba in this field are supported by the need to maintain our defensive capacity in order to preserve national sovereignty,” the statement read.

The U.N. Security Council has imposed four rounds of increasingly tougher sanctions against North Korea since its first nuclear test on Oct. 9, 2006.

Under current sanctions, all U.N. member states are prohibited from directly or indirectly supplying, selling or transferring all arms, missiles or missile systems and the equipment and technology to make them to North Korea, with the exception of small arms and light weapons.

The most recent resolution, approved in March after Pyongyang’s latest nuclear test, authorizes all countries to inspect cargo in or transiting through their territory that originated in North Korea, or is destined to North Korea if a state has credible information the cargo could violate Security Council resolutions.

“Panama obviously has an important responsibility to ensure that the Panama Canal is utilized for safe and legal commerce,” said Acting U.S. Ambassador Rosemary DiCarlo, who is the current Security Council president. …read more

Source: FULL ARTICLE at Fox World News

Panama stops N.Korean ship over missile material

Panama stopped a North Korean vessel that President Ricardo Martinelli said had sailed from Cuba and tried to illegally sneak suspected sophisticated missile material through the Panama Canal.

“The world needs to sit up and take note: you cannot go around shipping undeclared weapons of war through the Panama Canal,” Martinelli said, noting that the ship had been inspected to rule out drugs and was found to have other cargo of greater concern.

“We had suspected this ship, which was coming from Cuba and headed to North Korea, might have drugs aboard so it was brought into port for search and inspection,” on the Atlantic coast of the country, the president said on Radio Panama on Monday.

“When we started to unload the shipment of sugar we located containers that we believe to be sophisticated missile equipment, and that is not allowed,” Martinelli stressed, describing a dramatic scene in which he said the ship’s captain tried to kill himself.

“The captain has tried to commit suicide, and the crew also rioted,” when police moved in, Martinelli said. “So we are holding this vessel for further investigation.”

Cuba is the only one-party Communist regime in the Americas, and a rare ally of also-isolated Pyongyang.

China is the main ally of North Korea, which defiantly carried out its third nuclear weapons test in February and threatened to attack the United States, in language that was shrill even by the standards of the reclusive communist state.

Cuba’s coast lies just 90 miles from the United States’ southeastern flank.

Back in 1962, the Cuban Missile Crisis brought the world to the brink of nuclear war at the height of the Cold War.

US and Soviet leaders had a 13-day political and military standoff in October 1962 over the installation of nuclear-armed Soviet missiles on Cuban soil.

In the end disaster was avoided when Washington agreed to Soviet leader Nikita Khrushchev’s offer to remove the missiles in exchange for a US pledge not to invade Cuba.

Then president John F. Kennedy also secretly agreed to remove US missiles from Turkey

…read more

Source: FULL ARTICLE at Fox World News

1 MLP to Buy in April

By Matt DiLallo, The Motley Fool

Filed under:

Recently, I participated in an investor roundtable here at the Fool and offered up one stock to buy in April. Due to space limitations I was only able to pen a few words on my pick: Buckeye Partners . Because the company is not that well-known, I thought it would be helpful to flesh out my thoughts on why I think Buckeye is a compelling opportunity for income-seeking investors.

The basics
Buckeye is a master limited partnership engaged primarily in the transportation and storage of crude-oil-based products. It’s history dates back all the way to the Standard Oil Company; however, it’s a company that has really undergone a lot of change over the past five years. Those changes should yield significant growth, especially when it comes to the company’s distribution, which I believe will begin to head higher over the next year.

Buckeye’s business consists of three segments, with its domestic pipeline and storage business currently doing the bulk of the heavy lifting. That segment owns and operates 6,000 miles of pipeline, 100 liquid petroleum product terminals and around 42 million barrels of liquid petroleum product storage capacity. It also produces about three-quarters of the company’s adjusted EBITDA.

The other segment of note is its international pipelines and terminal operations, which represents about a quarter of its adjusted EBITDA. This is the company’s big driver of growth and its crown jewel is the BORCO marine terminal in the Bahamas. Finally, Buckeye has a small natural gas storage business as well as service and logistic operations. 

The opportunity
As I mentioned, the crown jewel here is BORCO. Buckeye is in the midst of adding 4.7 million barrels of storage capacity to the terminal’s 24.9 million barrels of capacity. However, there’s enough space to double capacity if market conditions permit. As I noted to roundtable readers:

The facility has a very strategic location in the Caribbean and unlike other locations it has the advanced marine infrastructure required for deepwater access. This gives BORCO an unmatched competitive advantage in two key growth areas. First, it can serve as a bunkering area for crude oil transportation through the soon-to-be-expanded Panama Canal and second, it has the potential to be a staging area for crude oil from Latin American production that’s expected to come online over the next decade.

While that international growth is nice, Buckeye does have several opportunities to grow its business here in the States. Last year, the company spent $260 million to buy the Perth Amboy Marine Terminal from Chevron . The terminal is strategically located in the New York Harbor and offers a number of growth opportunities. As part of the deal, Buckeye signed a multi-year service contract with Chevron which will support it through a period of capital investments as it seeks to capitalize on the asset.

Buckeye has a history of buying under-utilized assets like Perth Amboy and operating them more profitably. In 2011 it bought $165 million in pipeline and …read more
Source: FULL ARTICLE at DailyFinance

KCS Announces First Quarter 2013 Earnings Release and Conference Call Time

By Business Wirevia The Motley Fool

Filed under:

KCS Announces First Quarter 2013 Earnings Release and Conference Call Time

KANSAS CITY, Mo.–(BUSINESS WIRE)– Kansas City Southern (KCS) (NYS: KSU) will release its financial results for first quarter 2013 on Friday, April 19, 2013, before the opening of trading on the New York Stock Exchange.

KCS will also hold its first quarter 2013 earnings conference call on Friday, April 19, 2013 at 8:45 a.m. Eastern time. Shareholders and other interested parties are invited to participate via live webcast or telephone. To participate in the live webcast and to view accompanying presentation materials, please log into the KCS website at www.kcsouthern.com immediately prior to the presentation. To join the teleconference, please call (877) 407-0782 (U.S. and Canada), or (201) 689-8567 (International).

A replay of the presentation will be available by calling (877) 660-6853 (U.S. and Canada) or (201) 612-7415 (International) and entering conference ID 411312. The replay will be available through May 3, 2013. The webcast will also remain available at www.kcsouthern.com for two weeks following the earnings release.

Headquartered in Kansas City, MO, Kansas City Southern is a transportation holding company that has railroad investments in the U.S., Mexico and Panama. Its primary U.S. holding is The Kansas City Southern Railway Company, serving the central and south central U.S. Its international holdings include Kansas City Southern de Mexico, S.A. de C.V., serving northeastern and central Mexico and the port cities of Lázaro Cárdenas, Tampico and Veracruz, and a 50 percent interest in Panama Canal Railway Company, providing ocean-to-ocean freight and passenger service along the Panama Canal. Kansas City Southern’s North American rail holdings and strategic alliances are primary components of a NAFTA Railway system, linking the commercial and industrial centers of the U.S., Mexico and Canada.

Kansas City Southern
Ashley A. Thorne, 816-983-1501
athorne@kcsouthern.com

KEYWORDS:   United States  North America  Missouri

INDUSTRY KEYWORDS:

The article KCS Announces First Quarter 2013 Earnings Release and Conference Call Time originally appeared on Fool.com.

Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.

Copyright © 1995 – 2013 The Motley Fool, LLC. All rights reserved. The Motley Fool …read more
Source: FULL ARTICLE at DailyFinance

KCS' Michael Upchurch to Address J.P. Morgan Aviation, Transportation and Defense Conference at a Re

By Business Wirevia The Motley Fool

Filed under:

KCS’ Michael Upchurch to Address J.P. Morgan Aviation, Transportation and Defense Conference at a Revised Time and Date

KANSAS CITY, Mo.–(BUSINESS WIRE)– Kansas City Southern (KCS) (NYS: KSU) Executive Vice President Finance and Chief Financial Officer, Michael Upchurch, will address the J.P. Morgan Aviation, Transportation and Defense Conference at the revised time and date of 3:30 p.m. Eastern time on Tuesday, March 5, 2013.

Interested investors not attending the conference may listen to the presentation via a simultaneous webcast on KCS‘ website at www.kcsouthern.com. A link to the replay will be available for 14 days following the event.

Headquartered in Kansas City, MO, Kansas City Southern is a transportation holding company that has railroad investments in the U.S., Mexico and Panama. Its primary U.S. holding is The Kansas City Southern Railway Company, serving the central and south central U.S. Its international holdings include Kansas City Southern de Mexico, S.A. de C.V., serving northeastern and central Mexico and the port cities of Lázaro Cárdenas, Tampico and Veracruz, and a 50 percent interest in Panama Canal Railway Company, providing ocean-to-ocean freight and passenger service along the Panama Canal. Kansas City Southern’s North American rail holdings and strategic alliances are primary components of a NAFTA Railway system, linking the commercial and industrial centers of the U.S., Mexico and Canada.

Kansas City Southern
Ashley A. Thorne, 816-983-1501
athorne@kcsouthern.com

KEYWORDS:   United States  North America  Missouri

INDUSTRY KEYWORDS:

The article KCS’ Michael Upchurch to Address J.P. Morgan Aviation, Transportation and Defense Conference at a Revised Time and Date originally appeared on Fool.com.

Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.

Copyright © 1995 – 2013 The Motley Fool, LLC. All rights reserved. The Motley Fool has a disclosure policy.

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Source: FULL ARTICLE at DailyFinance

Christie could learn from Taft

By hnn

It’s unclear whether Christie would be the heaviest president in American history, but he would certainly share one of the top two spots with William Howard Taft, who served as our 27th president from 1909 to 1913. And though that was a long time ago, in a much different era, there may be a thing or two that Christie can learn from Taft’s experience.
Perhaps the most important lesson is that Taft — who probably never got stuck in a bathtub, but did once travel to the Panama Canal with a tailor-made tub that was reportedly “the largest ever manufactured” — embraced his ample size with good humor.
Source:
NY Mag

Source URL:
http://nymag.com/daily/intelligencer/2013/02/chris-christie-william-howard-taft-weight-fat.html

Date:
2-7-13

…read more
Source: FULL ARTICLE at History News Network – George Mason University