Banking News

The regulatory landscape is about to get a whole lot more complicated, with the advent of FuelEU Maritime from January 1, 2025. This ambitious framework, focusing on the ‘well-to-wake’ GHG intensity of vessels trading within Europe, laughs in the face of traditional methods of calculating and tracking emissions, making Excel sheets strictly yesterday’s news. However, argues NAVTOR’s Director of Performance Jacob Clausen, there may be a simple way to voyage to compliance.The easy way to achieve FuelEU Maritime compliance for your fleet is simple.

Italy police said on Wednesday they had arrested 61 people across four countries and seized 60 million euros ($67.1 million) following an investigation into international drugs trafficking and money laundering.The case had revealed criminal drugs ties between Albania and Latin America, and once again showed how criminals in Europe are using shadow networks of illicit Chinese money brokers, police said.Finance police in the northern city of Brescia said 400 officers had carried out the arrests and searches in Italy, Albania, Switzerland and Poland, with the cooperation of local law enforcement

The European Community Shipowners’ Association (ECSA) has released a position paper on a European Maritime Industrial Strategy as part of the new Clean Industrial Deal, saying that European shipping is a geopolitical asset for Europe and a cornerstone of the energy, food and supply chain security of the continent.European shipping controls 39.5% of the global tonnage. ECSA says that the European Maritime Industrial Strategy must be a core pillar of the upcoming Clean Industrial Deal…

Action in the Middle East, including a repeat Houthi attack on container vessel Groton in the Red Sea, has increased volatility in the region, and the already slim pickings of tonnage for recycling only got worse through August, reports cash buyer GMS.“The desperate question unraveling in everyone’s mind is whether this is expected to be the case through 2024 / early 2025? Interestingly, even though we have seen sub-continent ship recycling nations take independent measures to curtail the devastating state of economic affairs…

OceanScore has opened a new office in Singapore that will enable it to better serve regional clients as the company sees rising Asian demand for its digital solutions geared towards efficient regulatory compliance with the EU ETS and FuelEU Maritime.The new locale in the Lion City marks the latest expansion by the Hamburg-based maritime technology firm, which also has offices in Poland and Madeira, Portugal.The office was formally opened on 30 July at a high-profile event attended by honorary guest Kenneth Lim…

Baker Hughes cut its outlook for spending by oil producers on Friday, citing lower drilling activity by North American companies, joining other oilfield service companies in warning about softness in the region.However, the company raised its full-year revenue and profit estimates, banking on strong international growth and demand for gas equipment.Shares of the company, which beat analysts' estimates for second-quarter profit on Thursday, rose 4% to $36.99.Lukewarm demand and a wave of mergers have constrained producer budgets in North America…

Product and chemical tanker shipping company Ardmore Shipping Corporation on Monday announced that its current senior vice president and chief commercial officer Gernot Ruppelt will succeed company founder Anthony Gurnee as CEO.Gurnee will retire on September 16, 2024, at which point Ruppelt will step into the CEO position and current CFO Bart Kelleher will take on the additional role of president. Ruppelt will maintain responsibility for Ardmore's commercial platform, and Kelleher will maintain his role as CFO until successors are named for the positions.

Carnival Corp raised its annual profit forecast on Tuesday for the second time this year, banking on higher prices for its itineraries and sustained demand for cruise holidays to destinations such as the Caribbean and Alaska.The company's U.S.-listed shares, which have fallen more than 11% this year, rose 4.3% to $17.05 in premarket trading.2024 has been a record year for cruise operators, with booking volumes hitting an all-time high as travelers continue to seek out newer experiences and fun activities at affordable rates…

European Union countries agreed on a 14th package of sanctions against Russia over its war in Ukraine, diplomats said on Thursday, including their first restrictions on Russian gas.The package bans re-exports of Russian liquefied natural gas (LNG) in EU waters but stops short of banning imports as the bloc did in 2022 for Russian seaborne oil. Some EU countries still import pipeline gas from Russia via Ukraine.However, gas market experts say the measure will have little impact…

New Jersey officials said the state will receive $125 million from a legal settlement with Denmark's Orsted ORSTED.CO over the company's cancellation last year of two offshore wind farm projects.The New Jersey Board of Public Utilities said in a statement that the funds will be used for investments in wind component manufacturing facilities and wind farms.The settlement comes nearly seven months after Orsted said it would stop developing the Ocean Wind 1 and 2 projects off the coast of New Jersey as it struggled with soaring costs and supply chain delays.The cancellations triggered an angry re

India's Reliance Industries, operator of the world's biggest refining complex, will not buy Russian oil loaded on tankers operated by shipping company Sovcomflot (SCF) after recent U.S. sanctions, according to two sources familiar with the matter.The development adds to oil export problems for Russia as its oil firms may face difficulties finding ships to sell surplus oil after recent Ukrainian drone attacks on the state's refineries. Russian companies are already struggling to collect payments for oil exports due to banking restrictions.The U.S.

The European Commission has published its proposal for a 2040 climate target: greenhouse gas emissions must be reduced by 90% by 2040 at the latest, receiving positive feedback from European shipowners.The shipowners welcome the strong commitment of the Commission to address “barriers to the deployment of low- and zero-emissions fuels including e-fuels and advanced biofuels” in shipping and to give the sector “priority access to these fuels over sectors that have access to other…

Singaporean shipbuilding group Seatrium announced it has appointed Adrian Teng as Chief Financial Officer (CFO), effective January 1, 2024.Teng brings over two decades of diverse international experience in strategy, finance, restructuring, operations and corporate management across developed and emerging markets. Prior to his current appointment, Teng was Group Chief Financial Officer and Chief Operating Officer of Clifford Capital Holdings, with responsibilities in finance, treasury…

Another week of speculation has passed in the Indian sub-continent ship recycling markets, as sales continue to register at ever increasing numbers to increasingly bullish cash buyers who certainly seem to be banking on a Q4 revival, says cash buyer GMS.The chief proponents of this most recent and ongoing resurgence are India and a re-merging Pakistan market that is back and bidding once again after almost a year on the sidelines amidst political, financial, and disastrous economic…

Fincantieri signed a "green" construction loan for a maximum amount of $461m with Intesa Sanpaolo (IMI Corporate & Investment Banking Division) and Cassa Depositi e Prestiti (CDP), the proceeds of which will be used to cover the financial needs linked to the construction of the Mein Schiff Relax, the first of two newly designed dual-fuel inTUItion class cruise ships (Liquid Natural Gas - LNG and Marine Gas Oil - MGO) that Fincantieri is building for TUI Cruises, a joint venture between the TUI AG and Royal Caribbean Cruises.

Russia's lack of ships and Western grain traders' shrinking appetite for business with Moscow are adding to rising costs of moving Russian wheat, at a time when the war in Ukraine has spilled perilously close to vital Black Sea supply routes.President Vladimir Putin promised to replace Ukrainian grain with Russian shipments to Africa after Moscow in July ended an arrangement that gave Ukraine's food cargo safe passage in the Black Sea, imposing a de-facto blockade on its neighbour and attacking storage facilities…

The Greater Houston Port Bureau Board of Directors announced Vincent DiCosimo, vice president of government affairs at Targa Resources, will assume the position of the chairman of the board on January 1, 2024. DiCosimo has served as first vice chairman on the Port Bureau’s board for the last three years.Bernt Netland, the outgoing chairman of the Port Bureau Board said, “Vincent has been a part of the Port Bureau’s board for many years and has been active in his role as vice chair. He is an experienced and respected leader in the port region.

Erika Graziuso, Chief Information Officer, Crowley, brings a breadth and depth of non-maritime experience to bear in her quest to drive Crowley’s digital transformation in the name of decarbonization, holistic transportation efficiency and crew attraction and retention.Emulating best practices from industries outside of maritime has been a mantra in boardrooms and conferences for decades, as traditional maritime mindset has, at times, been seen as an impediment to achieving next-level efficiency.Enter Erika Graziuso…

Japan will ensure stable and steady energy supply to the country even after the U.S. imposed fresh sanctions related to Russia's Arctic LNG 2 project, Japan's Chief Cabinet Secretary Hirokazu Matsuno said on Tuesday.The Arctic LNG 2 project is operated by Russia's Novatek while Japanese trading company Mitsui & Co and state-owned Japan Organization for Metals and Energy Security (JOGMEC) hold a combined 10% stake.Mitsui and JOGMEC are set to receive a combined 2 million metric tons of LNG per year from the project.The latest sanctions are part of several economic measures the U.S.…

The United States on Wednesday returned the Yemen-based Houthi rebels to a list of terrorist groups, while business chiefs warned that disruption to shipping in the Red Sea caused by their attacks could affect supply chains for months.Attacks by the Iran-allied Houthi militia on ships in the region since November have slowed trade between Asia and Europe and alarmed major powers - an escalation of Israel's more than three-month-old war with Palestinian Hamas militants in Gaza.The Houthis say they are acting in solidarity with Palestinians and have threatened to expand attacks to include U.S.

Disruptions to Red Sea shipping caused by Houthi attacks will push up prices of consumer goods, an executive from port and freight operator DP World said on Tuesday as a missile struck another vessel in the region.The Iran-allied Houthi militia has threatened to expand its attacks to include U.S. ships in response to American and British strikes on its sites in Yemen.Attacks by the Houthis on ships in the region since November have impacted companies and alarmed major powers - an escalation of Israel's more than three-month-old war with Palestinian Hamas militants in Gaza.

Danish offshore wind installation services company Cadeler said Monday it had entered into an unsecured green loan facility with HSBC. The purpose of the loan facility is, among others, to fund Cadeler’s construction of the X-class and F-class newbuild vessels and the upgrade of the existing O-class vessels with new cranes. The financing includes a non-committed accordion option of up to EUR 50 million.Cadeler entered into an unsecured green term loan facility in an aggregate amount of EUR 50 million (tenor of up to five years) with The Hongkong and Shanghai Banking Corporation Limited…

Norwegian shipowner Gram Car Carriers announced it has refinanced the Viking Adventure with an undisclosed Japanese bank.The new $41 million loan has a duration matching the vessels current charter ending in mid-2028 and a margin of SOFR +1.73%. This compares a margin of SOFR +4.26% under the previous lease financing which was repaid earlier this year, the company said.“We are pleased to welcome one of the premier banks in Japan in our banking group as we optimize our capital structure and cost base to maximize profit and shareholder returns.