The Port of Cleveland’s Board of Directors voted today to provide up to $161 million to support the combined refinancing of four previous economic development projects, as well as approved the acceptance of a Homeland Security grant. At its monthly board meeting, the Port approved: Issuing up to $5 million in lease revenue bonds in support of the Euclid facilities of Babcock & Wilcox Nuclear Operations Group, which is refinancing the outstanding balance of Port bonds issued in 2004. Issuing up to $16 million in tax-exempt senior housing bonds for Vista Prairie at Emerald Village, LLC, to refinance the outstanding balance of Port bonds issued in 2006. Issuing up to $110 million in tax-exempt development revenue bonds for Euclid Avenue Development Corporation to refinance the outstanding balance of Cuyahoga County and Port bonds issued in 2005, 2008 and 2009 in support of Cleveland State University’s student housing. Issuing up to $30 million in tax-exempt Cultural Facility Revenue and Refunding bonds for Playhouse Square Foundation to refinance outstanding balances of Port bonds issued in 2004 and other development related obligations. Accepting $99,000 grant award from the Department of Homeland Security and FEMA for security improvements. As the only local government agency whose sole mission is to spur job creation and economic vitality in Cuyahoga County, Will Friedman, president and CEO of the Port of Cleveland
The Society of Naval Architects and Marine Engineers (SNAME) has published a new technical report to assist in the design of heating, ventilation and air conditioning (HVAC) installations for merchant and naval ships. Recommended Practices for Ship Heating, Ventilation and Air Conditioning Design Calculations is a rewrite of a SNAME HVAC report published in 1980. Calculations unique to naval ships that can also apply to merchant ships have been added
Financial and insurance consultant Moore Stephens has warned brokers and other intermediaries to ensure that their systems and controls covering the treatment of client money meet the regulatory requirements laid down by the Financial Services Authority. Moore Stephens notes that the FSA has recently visited the offices of 15 intermediaries and reviewed their handling of client money, in addition to addressing the issue in a similar number of risk assessments involving other firms
Trelleborg held its Capital Markets Day on Thursday, 6 December in Berns Salonger, Stockholm, Sweden. At the event, Trelleborg took the opportunity to release new financial targets for the Group and to launch a more focused organizational structure. New financial targets are in line with Trelleborg’s ambitions to increase value creation and to be a world leader in selected market segments and geographic markets
Shipping accountant Moore Stephens says draft proposals on the new U.K. tonnage tax regime lack the flexibility shipowners need for timing acquisitions and sales of ships. It also warns that the draft legislation contains a very broad anti-avoidance clause that could cause companies to unintentionally breach the detailed rules of the tonnage tax scheme. Balancing charges will not crystallize on entry. However, they may arise when vessels are sold, although they will be phased out
The container industry is a notoriously difficult sector to make any money in, but a few major lines have managed to avoid the red ink while others have toiled. Drewry Maritime Equity Research compares the performances of Asian companies OOIL and NOL for clues behind the varying results and the future direction that the most successful are likely to head. Excerpts follow: The last five years have been a stormy period for the global container shipping industry and have affected all big and
From the December 2010 edition of MarineNews Since the middle of 2006, the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) have been working towards changing how companies report their lease transactions on their balance sheets. Those companies (including publicly traded entities) whose reporting complies with Generally Accepted Accounting Principals (GAAP) must observe the reporting regulations as set down by FASB
The president of Venezuelan state oil giant Petroleos de Venezuela (PDVSA) insisted he did not see any need for OPEC member countries to raise output to cool sizzling oil prices. With prices close to 10-year highs, pressure is growing on the oil cartel from consumer nations to agree to pump more oil at its next ministerial meeting in Vienna on Sept. 10. But PDVSA chief Hector Ciavaldini, reiterating a position expressed by other Venezuelan oil officials such as OPEC President Ali Rodriguez
Bulgaria's power grid operator ordered all renewable energy producers on Sunday to reduce their output by 60 percent in an attempt to balance production and consumption in the Balkan country, the state-owned company said. The grid operator has already imposed output cuts on thermal power plants in the coal-fired Maritsa East complex and on Bulgaria's nuclear plant due to low domestic consumption and weak demand for power exports in the region.
Ghana has cut its 2016 economic growth forecast sharply to 4.1 percent from 5.4 percent due to lower export prices and irregular oil production, Finance Minister Seth Terkper told Reuters on Monday. Oil output was halted between March and May at the offshore Jubilee field due to a breakdown on a production ship, and the country lost millions of dollars in revenue. It has since restarted at a lower rate.
Danish bunker fuel supplier and shipping firm Monjasa has signed a credit facility with French bank Société Générale for USD 80 million. A statement from the company says credit facility is already operational
Wanner Engineering, Inc. has introduced its new Q155 Series Quintuplex seal-less pumps (low pressure models) designed for a variety of applications including reverse osmosis in water and wastewater treatment, mine dewatering, salt water disposal, salt water injection, bulk transfer
NORD/LB Norddeutsche Landesbank and KKR Credit have reached an agreement by which, subject to completion of certain conditions precedents, KKR Credit, together with a sovereign wealth fund (the “Investors”), will acquire a portfolio of performing and non-performing shipping loans
U.S. drillers this week added oil rigs for an eighth consecutive week, the longest recovery streak in the rig count in over two years, as crude prices rebounded toward the key $50-a-barrel mark that makes the return to the well pad viable.
The AP Moller-Maersk Group subsidiary Maersk Supply Service,, which is part of the "fifth leg" in the light blue conglomerate, is divesting up to 20 vessels over the coming 18 months and reducing its crew pool by 400 offshore positions.
Petronet LNG Ltd has annouced that the part facilities of the expansion of Dahej LNG Terminal from 10 tlko 15 MMTPA i.e. regasification facility has been commissioned and under stabilization. As such the additional gas send-out from Dahej LNG terminal in the north-west
Navios Maritime Partners has reached an agreement with South Korean shipping company Hyundai Merchant Marine to cut the hire rate of five container vessels chartered out to HMM by 20%. Pursuant to the charter restructuring documentation executed on July 15, 2016
Independent research and consultancy firm Maritime Strategies International (MSI) has forecast a structural change to future shipping cycles, driven by increased volatility in newbuilding activity. In an article by Dr. Adam Kent, MSI notes that as a consequence of the current glut of
Global Ship Lease (GSL) has extended the charters of the Marie Delmas and Kumasi, two 2,207-TEU vessels, for up to 3.25 years. Under the agreement, a revised rate of $13,000 per day will apply from August 1, 2016 until the charters' previous earliest expiry dates in September 2017
Rickmers Maritime incurred a loss of US$55.6m in the second quarter, wider than the year earlier $15.7m on the back of a non-cash impairment charge as charter market conditions deteriorate. The Singapore-based consider is planning to lay up some of the 11 containerships it has
Vard Holdings Limited (VARD) has increased its ownership stake in its indirect subsidiary in Brazil, Vard Promar, to 95.15%. Vard Promar, previously held 50.5% by VARD’s wholly-owned subsidiary, Vard Group AS, and 49.5% by a local partner, PJMR Empreendimentos Ltda
FSL Trust Management Pte. Ltd. (“FSLTM”), as trustee-manager of First Ship Lease Trust (“FSL Trust” or “the Trust”) announced today that the Trust reported a stable and positive performance for the second quarter ended 30 June 2016 (“2QFY16”).
Danaos Corporation today reported unaudited results for the period ended June 30, 2016. Highlights for the Second Quarter and Half Year Ended June 30, 2016: * Adjusted net income1 of $47.7 million, or $0.43 per share, for the three months ended June 30, 2016 compared to $38
International Shipholding Corporation (ISHC) and certain of its subsidiaries have each filed voluntary petitions for relief under Chapter 11 of title 11 of the United States Code in the United States Bankruptcy Court for the Southern District of New York.
Cancelled order part of Statoil's Bressay project. South Korea's Daewoo Shipbuilding & Marine Engineering Co Ltd on Friday said a 1.58 trillion won ($1.41 billion) order placed in 2013 for a fixed oil production platform has been cancelled.