US Virgin Islands involved in US international ship registry proposal, governor says
LONDON - The U.S. Virgin Islands (USVI) is involved in a proposal that aims to create a US international ship registry domiciled in the U.S. territory, the island's governor said.
President Donald Trump's administration is considering the proposal as part of efforts to enlarge the tiny commercial shipping fleet flying the American flag, sources familiar with the matter told Reuters last week.
Using the USVI could be the most efficient way to "strengthen American maritime posture" because the island territory could provide a U.S.-controlled flag without the costly restrictions associated with a straight U.S. flag registration, according to Eric Dawicki, president of the Center for Ocean Policy and Economics research body, which submitted the proposal to U.S. officials.
"We have been working with Eric R. Dawicki on this project for a while now. This is an innovative solution to strengthen American shipping," USVI Governor Albert Bryan Jr. said in a LinkedIn post on Saturday.
Bryan's office did not immediately respond to a request for comment on Monday.
Increasing the number of U.S.-flagged vessels is important for Trump's administration because it would enhance the ability of the U.S. commercial shipping fleet to provide logistical support for the military in time of war, and ease Washington's dependence on foreign ships to transport supplies and equipment across sea lanes. REUTERS
Join ST's Telegram channel and get the latest breaking news delivered to you.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Business Times
14 minutes ago
- Business Times
Eurozone industry shrinks more than feared in June but GDP holds up
[FRANKFURT] Eurozone industrial output dipped more than expected in June even as overall economic growth held up in the second quarter, challenging views that the 20 nation currency union remains resilient to the fallout from a global trade war. Industrial output fell 1.3 per cent on the month in June, driven by a big dip in Germany and weak consumer goods production, underperforming expectations for a 1.0 per cent fall, data from Eurostat showed on Thursday (Aug 14). Adding to the negative surprise, Eurostat also revised its output growth estimate for May to 1.1 per cent from 1.7 per cent, suggesting that the underlying trend is weaker than thought. Meanwhile GDP grew by 0.1 per cent on the quarter, in line with a preliminary estimate, and employment rose just 0.1 per cent on the quarter, in line with expectations in a Reuters poll, but below the 0.2 per cent in the previous three months. A recent string of relatively upbeat indicators from purchasing managers (PMI) data to the European Commission's sentiment reading have fuelled a narrative that consumption is keeping the bloc resilient to trade tensions, but more recent numbers, like industrial orders and a key sentiment reading from Germany, have challenged this view. Still, investors continue to bet on a modest upturn on the premise that a recent EU trade deal with the US provides much needed certainty and Germany's plans to sharply boost budget spending will support growth. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up This is why financial investors think the ECB may be done cutting interest rates and policymakers will sit out a temporary dip in inflation below the 2 per cent target, as price pressures over the medium term are already building up. Growth is unlikely to take off, however, and the eurozone is facing modest expansion of only around 1 per cent a year in the coming years, trailing other major economies, given structural inefficiencies. Compared to a year earlier, second quarter economic growth was 1.4 per cent, a figure that is boosted by a one-off demand surge before US tariffs took effect. This figure is now seen slowing steadily before picking up in 2026. The monthly industrial fall was driven by a 2.3 per cent drop in Germany and an 11.3 per cent fall in Ireland, a figure that is unlikely to concern many, since Irish data is exceptionally volatile due to activity among big multinational companies, mostly in pharmaceuticals, based there for tax purposes. Industry figures showed that besides energy production, every sector took a dip last month, led by a 4.7 per cent fall in non-durable consumer goods and a 2.2 per cent fall in capital goods production. REUTERS
Business Times
14 minutes ago
- Business Times
CK Hutchison's ports deal in focus as conglomerate reports 11% rise in H1 underlying profit
[HONG KONG] CK Hutchison posted a 11 per cent rise in first-half underlying profit on Thursday (Aug 14), as investors look for comments on the status of the Hong Kong conglomerate's US$22.8 billion ports business sale to a consortium. The ports-to-telecoms group said in a filing that underlying profit climbed to HK$11.3 billion (S$1.9 billion) on a post-IFRS 16 basis. It compares with UBS forecast of a 6 per cent rise. However, including one-time non-cash accounting loss, including from the merger of 3UK and Vodafone UK, the net profit dropped 92 per cent from a year ago to HK$852 million. CK Hutchison is due to discuss its interim results with analysts, offering the first opportunity to quiz the management about the plan to sell the ports business since it was announced in March. Departing from its usual practice, CK Hutchison did not brief analysts or media about its 2024 earnings, released in March after it made public its plan to sell the business, which includes two ports along the strategic Panama Canal. Since the plan to sell 43 ports in 23 countries to a group led by BlackRock and Italian billionaire Gianluigi Aponte's family-run shipping firm MSC was announced, CK Hutchison has faced a firestorm of criticism from China. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up In the latest announcement on Jul 28, the conglomerate said it was in talks with the consortium pursuing its ports business to add a Chinese 'major strategic investor' to the bid, after their exclusive talks ended. It said changes would be necessary to secure regulatory approval in relevant jurisdictions and that it would allow as much time as needed to achieve that. Sources have told Reuters the investor was Cosco – one of the world's dominant, vertically integrated marine transportation firms. They said Cosco was seeking a bigger stake while the other parties in the consortium were keen to keep it a minority. While any stake by Cosco is not yet clear, an inclusion of a Chinese investor would alleviate China's national security concerns and have its blessing, the sources and other experts have said. Cosco did not respond to a request last month for comment. US President Donald Trump had also earlier called for the removal of Chinese ownership in the Panama Canal. More than 40 per cent of US container traffic, valued at roughly US$270 billion annually, transits the Panama Canal. Shares of CK Hutchison closed down 0.4 per cent on Thursday ahead of the results, in line with the Hang Seng Index. Morgan Stanley rated CK Hutchison 'overweight' last month, citing potential strategic transactions, attractive valuation, and a strong balance sheet. REUTERS
Straits Times
44 minutes ago
- Straits Times
Nigeria's defence chief defends military conduct amid scrutiny
Sign up now: Get ST's newsletters delivered to your inbox Nigeria's Chief of Defence Staff General Christopher Musa speaks during a meeting where the Nigerian Navy announced the arrest of 76 vessels over oil theft in two years, at the Defence Headquarters in Abuja, Nigeria, June 19, 2025. REUTERS/Marvellous Durowaiye/File Photo ABUJA - Nigeria's defence chief has defended operations against insurgents and criminal gangs that have caused civilian casualties, saying the military is doing what it can to prevent loss of life. Nigeria's military has increasingly used airstrikes against the growing threat of militias in the north and central regions. It has admitted to mistakenly targeting civilians while pursuing armed gangs in the northwest, where there is widespread insecurity, and has promised to investigate such cases. Defence Chief of Staff General Christopher Musa also called for a review of international laws, arguing that they restrict state forces while leaving non-state actors "who kill at will" unchecked. In rare comments to reporters in the capital Abuja on Wednesday, Musa said the military frequently halts operations to prevent civilian harm, even at the cost of compromising tactical advantages. "We are made to look as if we are committing the worst atrocities ever, but I can assure you that we are doing the best we can. We respect human rights and value civilian lives," he said. "We often abort operations to avoid civilian casualties ... this has, in part, prolonged the conflict." The remarks come after growing scrutiny of Nigeria's counterinsurgency operations and accusations by rights groups that the military has used excessive force. Top stories Swipe. Select. Stay informed. Singapore Jalan Bukit Merah fire: PMD battery could have started fatal blaze, says SCDF Singapore 4 housebreaking suspects taken to Bukit Timah crime scene under police escort Asia AirAsia flight from KL to Incheon lands at the wrong airport in South Korea Asia Strong India-Singapore ties key to economic growth amid 'volatile landscape': DPM Gan Singapore Reformative training for teen who cheated man of $47k Rolex watch on former stepdad's instructions Asia Malaysian MP Rafizi says his son was jabbed with syringe in planned attack, threatened with Aids Asia Citizenship for foreign talent: How this footballer from Brazil became Vietnam's favourite 'Son' Singapore From quiet introvert to self-confident student: How this vulnerable, shy teen gets help to develop and discover her strength But there are frustrations within Nigeria's armed forces, where many believe they are being judged against higher standards than comparable forces in more developed countries. They also say too little account is taken of the difficulties of fighting informal armed Islamist insurgents or criminal gangs who operate entirely among civilians. The general cited ongoing training in human rights and international humanitarian law for military personnel, both locally and abroad, as evidence of progress. REUTERS
