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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

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

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

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

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

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

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.

Shell Acquires Repsol LNG Portfolio


Royal Dutch Shell plc has announced the completion of the acquisition of Repsol S.A.'s liquefied natural gas (LNG) portfolio outside North America for a headline cash consideration of $4.1 billion. As part of the transaction, Shell will also assume $1.6 billion of balance sheet liabilities relating to existing leases for LNG ship charters, substantially increasing the shipping capacity available to Shell's LNG marketing business.

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

Golden Ocean CEO: No Share Issue

Dry bulk shipping firm Golden Ocean Group said on Tuesday it did not consider an equity issue to improve its liquidity and balance sheet following challenging markets conditions. "We are not considering equity issue. We are working on other options, including sale and leaseback

Port of Long Beach Mulls ‘Flexible Free Time’

Photo: Port of Long Beach

Port of Long Beach officials will consider reducing the amount of time import containers can be stored on docks without charge, hoping the change would increase velocity of cargo moving out of the port.   Since 2005, the length of time containers can stay on the dock, called “free time

Celata Heads BOEM's Gulf of Mexico Office

Michael Celata

  Bureau of Ocean Energy Management (BOEM) Director Abigail Ross Hopper today announced Mike Celata as the Regional Director of the Gulf of Mexico Outer Continental Shelf (OCS) Region. Celata, who starts his position immediately, has been with BOEM and its predecessors since 1988

Canada PM Tells Minister to Modernize Energy Regulator

Canadian Prime Minister Justin Pierre James Trudeau

  Prime Minister Justin Trudeau instructed his natural resources minister to "modernize" Canada's independent pipeline regulator, said a letter released on Friday that gave details on the newly elected leader's environmental plans.

Kalmar Machines for MIRRAT

The order includes four Kalmar DCE330-RoRo forklifts Photo Kalmar

  Kalmar, part of Cargotec, has received an order from Australia's newest and largest automotive and RoRo terminal due to open in April 2016. The terminal has been designed, constructed and will ultimately be operated by the newly formed Melbourne International RoRo and Automotive Terminal

Concordia Posts Strong Q3

Stena Bulk. Photo by Concordia Maritime AB

 Good positions in a market that exceeded expectations gave Concordia Maritime part of Sweden’s Stena Group, a very strong ­quarter for the season.   It recorded after-tax income of SKr52.4M ($6m) for the third quarter, a dramatic turn from a SKr27m loss the same period a

‘Simulation and Training without Boundaries’

Photo: Transas

More than 200 experts from all around the world are expected to attend the global Simulation User Conference (SimUC 2016) “Simulation and Training without boundaries”, which will be hosted by Transas in Singapore on January 28, 2016.  

Over-Capacity Crisis, Next Year Will be Worse

Pic by Maersk Line

 "The container shipping industry is in the midst of an over-capacity crisis which will worsen next year," Neil Dekker, director of container shipping research at Drewry said in a note accompanying the release of its 2015 edition of the Container Market Annual Review and Forecast

Nils Andersen, CEO Maersk: “Global Growth Slowing Down”

Nils Smedegaard Andersen. Photo: The Maersk Group

 Nils Smedegaard Andersen, chief executive officer at A.P. Moeller-Maersk qoted by Bloomberg as saying: "We believe that global growth is slowing down. Trade is currently significantly weaker than it normally would be under the growth forecasts we see"  

Keel Laid of US Navy’s Future LCS Billings

A welder authenticates the keel by welding the initials of the ships sponsor, Sharla D. Tester, onto the keel plate of the U.S. Navys fifteenth Littoral Combat Ship (LCS), the future USS Billings (LCS 15), in a ceremony held at Fincantieri Marinette Marine in Marinette, Wisconsin. The Keel Laying is the formal recognition of the start of the ship and module construction process. (U.S. Navy photo by Lockheed Martin)

A keel laying ceremony was held Monday for the U.S. Navy’s future USS Billings (LCS 15) at Marinette Marine Corporation shipyard in Wisconsin.   Sharla Tester, Billings' sponsor and wife of Sen. Jon Tester, authenticated the ship's keel

BMT Performs Production Engineering for ATB Tug

Photo: BMT Nigel Gee

Independent naval architecture and marine engineering design consultancy BMT Nigel Gee (BMT) said it has completed detailed production engineering for the Nancy Peterkin, an articulated tug barge (ATB) tugboat, built by Nichols Brothers Boat Builders (NBBB) and destined for Kirby Offshore Marine.

UK P&I Club Sets 2.5% General Increase

The UK P&I Club, a provider of protection and indemnity insurance,  agreed at its board meeting Monday that the General Increase for the 2016 renewal will be 2.5 percent. In announcing the increase, the UK Club board said it is mindful of the continuing stress in certain sectors of the

Learn a Lasting Lending Lesson

Richard J. Paine, Sr.

Two key lending practices and today’s workboat market conditions collide on the waterfront. Which course you choose depends on where you sit. Unless you are involved with your company’s borrowing and credit issues, you may not be well versed in the two principal types of commercial

Unwanted Diesel, Jet Ships Could Sink Oil Prices

Backlog of vessels at port threaten loading delays; ships with half a million tonnes taking the long route to Europe.  Unwanted diesel and jet fuel cargoes are backing up outside Europe's ports and taking longer, slower routes around the southern tip of Africa, traders say.

IRClass Acquires Safess Quality Management

Arun Sharma - Chairman (1RS)

  IRClass Systems and Solutions Pvt Ltd (promoted by Indian Register of Shipping), has acquired cryogenic vessel inspection firm Safess Quality Management Pvt Ltd (SQML) and its subsidiary, Arun Abhiyantey Pvt. Ltd. (AA). SQML was founded in 1993 and has offices in Mumbai, Bangalore

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