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BALANCE

Port of Cleveland Approves Refinancing

Photo: Port of Cleveland

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


Moore Stephens Warns Brokers

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


Moore Stephens says tonnage tax proposals lack flexibility

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


Get Ready for Changes in Lease Reporting

By Richard J. Paine, Sr.

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


Trelleborg is Raising the Bar

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


Comparison Offers Clues on Container Ship Operation Profitability

Container ship bows: File photo CCL

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


Petroleos: Oil Output Is Fine

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


OW Bunker Signs $700M Revolving Credit Facility

OW Bunker, a reseller and physical distributor of marine fuel, has signed a $700 million revolving credit facility, refinancing its current $450 million facility. The new facility consisting of two tranches, a 364-day and a three-year multicurrency revolving credit facility, was more than 100% oversubscribed by the in total 13 international banks and financial institutions in a syndicate led by ING Bank N.V. OW Bunker sees the over-subscription and the up to three-year commitment as a


Ill-Considered Energy Policies Threaten US Navy: Report

Report frontispiece: Image The Heartland Institute

The United States government has pursued energy policies based on “the mistaken belief in the unproven science that claims carbon dioxide (CO2) emissions from burning of fossil fuels is the major cause of recent and future warming of the Earth,” write naval veterans Admiral Thomas B. Hayward, Vice Admiral Edward S. Briggs, and Captain Donald K. Forbes in a new report for The Heartland Institute. Driven by that unproven science


Bulgaria Orders Green Energy Producers to Cut Output by 60%

Renewable Energy Generation Photo TIFR

  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.


Noreco Ink Deal with Denmark Partners

Logo

  Norwegian Energy Company ASA announces that it has reached an agreement with its joint venture partners in Denmark with respect to its forfeited licences and related abandonment liabilities. Noreco has terminated its joint venture and its participation in the Nini and Cecile oilfields


Container Equipment Costs at Record Low

Source: Drewry Maritime Research

Low material costs and stable demand has driven the price of new container equipment down to record lows where it is forecast to stay, according to the latest edition of the Container Census report published by global shipping consultancy Drewry.  


The Submarine Electricity Transmission Market Is Expected to Reach $25 Billion in 2024

Image: International Electrotechnical Commission

 According to a new report from Navigant Research, the global submarine electricity transmission market is expected to grow from $16.8 billion in 2015 to $24.8 billion in 2024.   “Over the past several years, two market drivers have emerged as dominant forces shaping this market:


New Binding Law of The Sea Agreement Advanced

  WOC Sustainable Ocean Summit (Singapore, 9-11 November 2015) Will Enable Industry to Organize its Input to this Major New Ocean Treaty Development The U.N. General Assembly (UNGA) last week adopted a formal resolution to develop a legally-binding treaty for the conservation of marine


Caterpillar Increases Dividend Rate 10%

The board of directors of Caterpillar Inc. voted to increase the quarterly cash dividend by 10 percent to $0.77 per share of common stock, payable August 20, 2015, to stockholders of record at the close of business on July 20, 2015.  


Ruscon Increases Business in Russian Market

Vladimir Bychkov (Photo: GCS)

Intermodal operator Ruscon reported it has increased its market share in Russia, maintaining a strong position in a country which has seen imports fall by 20 percent in the last 12 months. In the first quarter of 2015, Ruscon handled 32,250 laden containers compared to 28


New Suez Canal Almost 84 Pct Complete

Image: Suez Canal Authority

 Over 216 million cubic meters of water-saturated sand have been removed so far as part of the Suez Canal Development Project, said Head of the Suez Canal Authority Mohab Mamish.   This represents about 84 percent of the total cubic meters that should be dredged as part of the project


Euronav in $384m Deal for 4 VLCCs

Photo: Euronav

Euronav has entered into an agreement for the acquisition through resale of four VLCCs which are completing construction at Hyundai Heavy Industries for an aggregate purchase price of $384 million or $96 million per unit. The vessels are due to be delivered as early as September 2015, January


Seadrill Sells Drillship to Seadrill Partners

West Polaris (Photo: Seadrill)

Seadrill Limited agrees to sell the ultra-deepwater drillship the West Polaris to Seadrill Partners LLC   Seadrill Limited announced that it has entered into an agreement with Seadrill Operating LP, the 58 percent owned subsidiary of Seadrill Partners LLC


Hercules Offshore to Begin Restructuring

Image: Hercules Offshore Inc.

 The Houston-based NASDAQ-listed drilling contractor Hercules Offshore Inc. (HERO) has entered a restructuring agreement with a noteholder group, and expects a prepackaged reorganization plan.   HERO says the agreement will convert $1


ISO Certification for MOL Ship Management Company

Certificate presentation ceremony in Manila

  Mitsui O.S.K. Lines, Ltd., today announced that its group ship management company for dry bulkers, Magsaysay MOL Ship Management, Inc. has acquired certifications from Nihon Kaiji Kyokai, for Energy Management Systems (ISO50001*1) and Environmental Management Systems (ISO14001*2) on June 18


NYK Recognized Parent-friendly Third Time On

kurumin mark

  NYK has been recognized as a parent-friendly company by Japan’s Ministry of Health, Labour and Welfare for a third consecutive term, previously receiving recognitions in 2007 and 2011. NYK was recognized for achieving the targets of its third action plan covering the four-year


Globus Maritime Reports Q1 Loss

Image: Globus Maritime Limited

 Greece-based dry bulk shiping company, Globus Maritime has been pushed back into the black by miserable dry bulk rates, but the company has said that it is awaiting market improvements within 2015.    George Karageorgiou, President


Matson Increases Quarterly Dividend

Matson Increases quarterly dividend by 5.9 percent to $0.18 per share    The board of directors of Matson, Inc., a U.S. carrier in the Pacific, today declared a third quarter dividend of $0.18 per common share. The dividend represents a one-cent increase, or 5


Barge Ballast Pumps Run Smooth with Vesconite

vesconite.jpg

Vertical turbine pumps keep barges trimmed and balanced by moving water ballast. Bearing failure at this critical time is not an option. Vesconite Hilube, an internally-lubricated polymer that can be used in wet and corrosive conditions, outperforms traditional bushing materials






 
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