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Transport Finance

Venezuela and Cuba Sign Economic Integration Agreements

Venezuela and Cuba signed 16 new cooperation agreements in a move that further boosts the Bolivarian Alternative for the Americas (ALBA), a regional economic and social integration initiative launched by the two countries. Venezuelan President Hugo Chavez and Cuban Vice President Carlos Lage attended the signing ceremony held in Caracas. The accords are far reaching in the fields of transport, finances, agriculture, mining, industry, tourism and electricity, according to reports. The agreements also include the possibility of setting up two joint ventures in transportation, particularly shipbuilding and port modernization. The production of stainless steel and ferrous nickel was part of an agreement in the field of mining, while in communications an underwater cable link between the two countries including a satellite system and networks is envisioned. Source: Cuban News Agency


China’s Growth Could Boost Shipping

China’s shift towards a domestic consumer demand-oriented economy could provide a significant boost to the global shipping industry, as the world’s second largest economy targets more sustainable growth. “2013 will be another peak year of new vessel deliveries. Oversupply of capacity is still an obstacle for the shipping industry to overcome, but with the improvement of the world economy, the shipping sector is expected to experience moderate growth


New Sources of Finance Needed for EU Transport Infrastructure

The Transport Committee believes that continued financial inaction on the transport infrastructure may put economic growth at risk. In a report adopted, it calls on the Commission to table proposals on possible new and alternative ways of financing, in particular, the Trans-European Transport Networks (TEN-T). Since the priority investments have been slower than expected, key projects should now be selected for their financial feasibility.


EU Bank Agrees Fos 2XL finance deal

Upon completion of the project, the creation of two new terminals due on stream in 2010, capacity will increase from the current 1m teu per year to 2.5m teu. Some 400 direct jobs will also be generated in addition to several thousand in allied sectors. Backing from the BEI – the European Union finance institution – acknowledges that the scheme meets several criteria for the development of European transport networks. During the signing, M


Cyprus Financial Crisis: Effect on Shipping Interests

Cypriot Transport Minister, Tasos Mitsopoulos, states the nation's shipping registry will not be affected by turmoil in banking sector. The Minister downplayed the impact of Cyprus's banking crisis on the local shipping industry, pointing out that none of the island's banks are active in ship financing, reports Tax-News. Despite Mitsopoulos's assurances, many shipping companies' bank deposits in Cyprus are expected to be heavily impacted by the banking sector developments


CMIT's Q1 Volume Double

CHINA SHIPPING vessel at Cai Mep Photo APM Terminals

Cai Mep, Vietnam - With five new services calls added to Cai Mep International Terminal (CMIT) since May of 2015, container volume has surged by 130% to 277,303 TEUs for the first three months of 2016, as compared with the same period a year ago. This growth follows an 80% expansion in container traffic at CMIT in 2015 over the year prior, to 724,768 TEUs.  CMIT, part of the APM Terminals Global Terminal Network, is a deep-water facility located in the Ba Ria‐Vung Tau Province


Spinnaker Reports Buoyant Job Market

Maritime recruitment specialist Spinnaker Consulting has reported that despite general reports of a slowdown in the world economy, recruitment in the shipping, offshore and transport markets remains buoyant. Writing in the latest issue of Changing Course, Spinnaker's monthly e-mail newsletter, managing director Phil Parry says, "Contrary to most industry forecasts, 2002 does not look like being such a bad year for the shipping, offshore and transport job markets


PVA:Moving Cargo, Passengers to the Water

As the U.S. Department of Transportation works to develop transportation policies to meet 21st Century needs, perhaps the most vexing problems faced are those associated with traffic congestion on the Interstate highways which parallel our Atlantic, Pacific and Gulf coastlines. Interstate 95, I-5 and I-10 carry automobile and truck traffic far beyond their design capacities. In the major metropolitan areas, which these highways intersect


New Shipping Risk Management Course

The Baltic Exchange and the Centre for Shipping, Trade & Finance at London’s Cass Business School unveiled plans today (10 March) to deliver a series of executive courses focusing on the management of a range of financial risks in the shipping markets. The two day course “Shipping Risk Management” will cover freight, bunker, ship price, credit, foreign exchange and interest rate risk and will be held in London, Hamburg, Athens, Hong Kong and Singapore during 2005


China, Singapore Partner in Shipbuilding

According to an April 13 report from the People’s Daily Online, the China Shipbuilding Industry Corporation (CSIC) and Singapore's Pacific International Lines (PIL) opened a joint venture - CSIC Pacific. Speaking at the opening of the company, Lim Hwee Hua, Singapore 's Minister in Prime Minister Office and Second Minister for Finance and Transport, said that this CSIC-PIL's partnership is reflective of the close links between China and Singapore.


Future Maritime Leaders Practice Policy Planning

Photo: International Maritime Organization (IMO)

 Maritime law students in Malta have been introduced to key issues in maritime transport policy making in a seminar at the IMO International Maritime Law Institute (IMLI) in Malta (7-9 February).    The event focused on the National Maritime Transport Policy (NMTP) concept


Korea Shipping to Buy Up to 10 HMM Vessels

Photo: Hyundai Merchant Marine

The state-backed ship financing company Korea Shipping is looking to buy up to ten container vessels operated by Hyundai Merchant Marine (HMM), and lease them back to the shipping firm, says a report in Yonhap.   “Korea Shipping will provide some 720 billion won  (USD 633


McDermott Acquires New Pipelay and Construction Vessel

Photo: McDermott

McDermott International, Inc. announced it has acquired the newly built pipelay and construction vessel Amazon to better position the company for ultradeepwater and SURF projects.   McDermott plans to upgrade the vessel to address the ultradeepwater market with a state-of-the-art J-lay


New Interferry CEO to Make Funding Call at European Shipping Week

Mike Corrigan, the incoming CEO of global trade association Interferry, is to advocate greater European Union involvement and investment in the ferry sector during an address on the opening day of European Shipping Week, which takes place in Brussels from February 27-March 3.  


Bahri Profits Fall

Photo: Bahri

 National Shipping Company of Saudi Arabia (Bahri),  the exclusive oil shipper for Saudi Aramco, made a net profit of 327.8 million riyals ($87.4 million) for the three months to Dec. 31. That compares with 566.4 million riyals in the fourth quarter of 2015.  


DryShips Buys First Very Large Gas Carrier

Image: DryShips Inc

 DryShips Inc., a diversified owner of ocean group cargo vessels, announced that it has acquired one Very Large Gas Carrier (VLGC) currently under construction at Hyundai Heavy Industries (HHI) for a purchase price of $83.5 million.   


Scorpio lines up $172m in loans for newbuilds

Photo Scorpio Tankers

Scorpio Tankers Inc. announced today that the Company has received commitments for a loan facility of up to $172 million from a group of financial institutions including Macquarie Bank Limited (London Branch), DekaBank Deutsche Girozentrale ("DekaBank")


Nogaholding Secures $741 mln Loan for LNG Terminal

Image: Nogaholding

 Nogaholding, the investment and business development arm of Bahrain’s National Oil and Gas Authority (NOGA), recently hosted a dinner to mark the financial close of its LNG Terminal Project with Bahrain LNG WLL, the developer and owner of the first LNG receiving and regasification


Novoship Celebrates 50th Anniversary

Sergey Frank (left) SCF President & CEO awarding Nikolay Demchenko, master of tanker Elbrus certificate of appreciation Photo SCF

On January 19-20, 2017 Novorossiysk Shipping Company (Novoship), a subsidiary of SCF Group, hosted special events dedicated to the company’s 50th anniversary.   The anniversary ceremony was attended by Victor Olersky, Deputy Minister of Transport of the Russian Federation


LNG Ferry Megastar Delivered to Tallink

Photo: Meyer Turku Shipyard

Finnish shipbuilder Meyer Turku Shipyard delivered the state-of-the-art LNG fast ferry Megastar to owner Tallink on January 24. The newly built ferry will begin plying the Helsinki-Tallinn route on January 29 as the most technologically advanced fast ferry in the Baltic Sea.  


AG&P, Hindustan to Build a New LNG Import Terminal in India

Photo: Hindustan LNG Limited

 Atlantic, Gulf and Pacific Company (AG&P) and Hindustan LNG (HLNG) have signed a Memorandum of Understanding (MoU) to supply tolled gas to power stations in the East Godavari region of Andhra Pradesh, India.    Under the agreement


Gruenhagen Named CFO at MV WERFTEN

Richard Gruenhagen (Photo: MV WERFTEN)

Shipbuilding group MV WERFTEN said it has appointed Richard Gruenhagen as Managing Director of Finance and Administration to reinforce the group's Management Board as new CFO effective February 1.   Gruenhagen graduated from Indiana University, is a Certified Public Accountant (USA)


Asia's First Hybrid Electric Ferry Heralds Cleaner Sea Travel

Photo: Visedo OY

The Taiwanese harbor city of Kaohsiung has launched a new hybrid electric ferry, which aims to curb greenhouse and diesel emissions for marine passenger transport across the region.   Kaohsiung recently re-launched the Cijian Island passenger ferry


Port of Oakland Mulls $600m Upgrade

Image: Port of Oakland

 A Port of Oakland executive outlined a $600 million spending plan here today for growth at his West Coast trade gateway.  Maritime Director John Driscoll told a maritime audience that Oakland would increase trade volume by investing in new facilities and better infrastructure


Rickmers-Linie Sold to ZEABORN

Photo: Rickmers Group

Marking further consolidation in the breakbulk and project cargo sector, Rickmers Group said it has sold its business operations of Rickmers-Linie to ZEABORN.   Rickmers-Linie GmbH & Cie. KG and MCC Marine Consulting & Contracting GmbH & Cie






 
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