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
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
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 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
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, 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
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
Deep Sea Supply, a Cyprus headquartered owner of offshore support vessels, has appointed Jon Are Gummedal as new CEO of the company, says a statement from the company. Gummedal has worked with Deep Sea Supply since January 2014 as Technical Director with the responsibility of
The U.S. Coast Guard and Washington Department of Ecology will host a spill preparedness conference May 20-21 at the Jackson Federal Building in Seattle. The two-day seminar is an opportunity to discuss the latest in spill-recovery theory and technology
Navios Group has agreed to acquire another 14 vessels from HSH Nordbank in the second major distressed fleet deal between the two parties in the past two years. HSH Nordbank and the Navios Group have signed a binding letter of intent for the acquisition of 14 ships at serious risk
At the Annual General Meeting, held today, Technip’s shareholders approved the proposed €2.00 per share dividend for the 2014 financial year and decided to offer shareholders an option to receive the dividend payment in shares.
The world's shipping lines risk bankruptcy and will have to shed assets in order to stay afloat. The outlook for the global container shipping industry remains challenging for the remainder of 2015, according to the new report from AlixPartners.
Norway’s Ocean Yield has bought eight chemical tanker newbuildings for $306.8m from Navig8 Chemical Tankers Inc, which will lease the vessels back on 15-year "hell and high" bareboat charters. Navig8 Chemical Tankers has options to buy the vessels during the
Trawler with 132 crew sinks in freezing waters; rescue operation seeks missing crew. * Russia has poor safety record (Updates death toll, adds details) By Lidia Kelly MOSCOW, April 2 (Reuters) - A Russian trawler sank in icy seas off Russia's far eastern Kamchatka peninsula on Thursday
The U.S. Navy has issued a Lockheed Martin-led industry team a contract modification for one fully funded 2015 Littoral Combat Ship (LCS) valued at $362 million, along with $79 million in advanced procurement funding for a second ship. The balance of the second ship will be funded by Dec. 31, 2015
NYK was named “Nadeshiko Brand,” for the second consecutive year, following fiscal 2013, selected jointly by the Tokyo Stock Exchange (TSE) and the Ministry of Economy, Trade and Industry of Japan (METI). Nadeshiko Brand is composed of companies that encourage
Two analysts claimed yesterday that China is beefing up its credentials as a maritime force so that it can become a true superpower like the United States. According to prominent historian Wang Gungwu, with the recent Silk Road Economic Belt and 21st Century Maritime Silk Road
In New York today, April 7, the International Chamber of Shipping (ICS) represented global shipowners at a United Nations meeting, having been invited to speak as a panellist as part of the UN Inter Consultative Process on the Law of Sea.
In March 2015, Konecranes received an order for four Rubber Tired Gantry (RTG) cranes from GCT Canada Limited Partnership for its GCT Deltaport facility located in Port Metro Vancouver, Canada. Destined for the country’s flagship container terminal
The Department of Foreign Affairs (DFA), Philippines said China’s massive reclamation activities in the South China Sea have destroyed 300 acres of coral reef systems, which may lead to an estimated $100 million in annual economic losses in coastal states.
Nation's Tugboat, Towboat and Barge Industry to Call on Congress: Urge Support for Vessel Discharge Reforms, American Jobs and Waterways Reliability The American Waterways Operators (AWO), the national trade association representing the tugboat, towboat and barge industry
Despite positive growth momentum, the container shipping industry continues to suffer new, big ship deliveries with no let-up to the ordering frenzy according to the Container Forecaster, published by Drewry Maritime Research. Drewry forecasts another year of excess growth in relation to