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
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
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
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
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
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
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
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.
There exist serious flaws in U.S. infrastructure funding practices that hinder the maintenance and improvement of American ports and harbors, according to a new report, “Harbor Maintenance Trust Fund: Broken or Misused?” released by the Alliance for Innovation and Infrastructure (Aii)
Hamburg Süd is the first container shipping lines to publish its Sustainability Report in accordance with the Global Reporting Initiative (GRI) G4 Standard Disclosures (Core). Entitled “Setting standards and acting sustainably”
U.S. energy firms this week kept the number of rigs drilling for oil unchanged for the first time this year, services company Baker Hughes Inc said on Friday, as crude futures trade near a seven-month high. Drillers kept the number of rigs at 318 in the week to May 20
Less domestic petrochemical consumption of LPG would be positive for VLGC shipping as it would result in a greater surplus of LPG available for export. However, it is still unclear whether this dedicated-feedstock ethylene (five new ethylene plants
As the many Greek players in the shipping industry know well, the legend of Icarus tells us the dangers of flying too high. Merchant vessel earnings eventually found their 2008 heights just as unsustainable, even as some talked of a “new paradigm”.
Nordic American Tankers Limited ("NAT" or the "Company") announced today that it has entered into an agreement to acquire four existing Suezmax sister vessels built in Japan at a world-class shipyard. The aggregate price is $106 million
Chinese coal imports decreased significantly in 2014-15, and so far in 2016 the pace of decline appears to have slowed, with imports even recording positive y-o-y growth in March, says Clarksons Research. The recent improvement has partly been supported by a reduction in domestic
In an exclusive interview with “Akti Miaouli” newspaper, BIMCO Chief Shipping Analyst, Peter Sand, provides insight into the markets for dry bulkers, tankers and containerships in 2016 and what to expect going forward.
IMTRA announced today its new high-output LED searchlight – the Colorlight CLite2. The Colorlight CLite2LED Searchlightfrom IMTRA is the first compact, high-output LED searchlight that provides full movement on both the X- and Y-axis for unlimited rotation with no hard stops
A manufacturer of two-stroke engines has agreed to validation tests of an Alfa Laval hydraulic control oil (HCO) filter . The approval to test the final HCO filter design comes after concept testing on the crude oil tanker Stena Suède.
At the Comité Maritime International (CMI) Conference, in New York this week, the International Chamber of Shipping (ICS) will be pressing to ensure that the proposed revision of the York Antwerp Rules of General Average delivers a clear improvement on the present system and does not touch
As of April 2016, Shell Marine Products (SMP) has analyzed more than 50,000 cylinder drain oils samples via its Shell Rapid Lubricants Analysis (RLA) oil condition monitoring service. By identifying potential oil or equipment issues before they become critical
U.S. oil drillers cut rigs for an eighth week in a row to the lowest level since October 2009, oil services company Baker Hughes Inc said Friday, even with futures at six-month highs as some energy firms focus on completing wells rather than drilling new ones.
EBITDA of EUR 123.4 million / EBIT of EUR 4.8 million / Transport volume up 2.1% / Sharp year-on-year decrease in freight rate / Further efficiency measures planned Hapag-Lloyd recorded a positive operating result in a very challenging first quarter of 2016
Unrest cuts Nigerian output to lowest in decades; U.S., China output also down sharply. Oil prices jumped over 2 percent on Monday to their highest since November 2015 on growing Nigerian oil output disruptions and after long-time bear Goldman Sachs said the market had ended almost two years of