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KEY EQUIPMENT FINANCE

Crowley Announces Promotions

Ismael Estrada has been promoted to director of Port Operations for Crowley Liner Service's Isla Grande terminal in San Juan, Puerto Rico. In his new role, he is responsible for all operational activities of the terminal including equipment control, freight services, security and maintenance. Estrada joined Crowley in 1990 as Supervisor of Vessel Cargo Operations and was subsequently promoted to Manager of Terminal Operations. Estrada will report to Roberto Lugo, Jr., Vice President and General Manager. Jose F. Nazario has been promoted to Director of Finance and Administration for Crowley Liner Service's Puerto Rico operations. In his new role, he is responsible for the direction and administration of the budget process, forecasting, tax interpretation, financial planning, accounting services and other reporting activities. Nazario joined Crowley in 1985 and has held a number of key managerial positions including his latest as Director of Port Operations. Nazario will continue to report to Roberto Lugo, Jr., Vice President and General Manager.


Petrobas Signs for US$1.5-Billion Japanese Bank LOC

The lines of credit are for Petrobras to purchase equipment & services from Japanese companies in Brazil & abroad, based on an earlier MOU that established a strategic partnership between JBIC and Petrobras.
 Petrobras has signed two financing programs with the Japan Bank for International Cooperation - JBIC for the offer of two lines of credit amounting to US$ 1.5 billion. Mizuho Bank, Ltd. is the agent bank for these programs and the lines of credit will be 60% financed by JBIC and


Offshore Wind Investment Survey – Summit Planned

A  'Wind Energy Update' survey identified key factors determining investor's choice of contracts; an offshore wind risk summit is planned “Experience of the team” was recently named as the principal trait to accumulate capital for current offshore wind projects as found in Wind Energy Update’s survey on offshore wind investment and finance. Further to this, survey participants also saw that: ”the use of proven technologies’’ and the


Offshore Wind Spend to Average $21B per year

Douglas-Westwood (DW) forecast offshore wind installations averaging 3.2 GW per year over the next ten years with capital expenditure hitting a peak of $24.1B in 2016. The fifth edition of DW’s World Offshore Wind Market Forecast launched today presents a new longer-term forecast and examines the key commercial developments since the last publication to provide detailed insight to established players and new entrant alike.


VIKING, Daemyung Marine Invest in Korea

Courtesy VIKING

Marine safety equipment manufacturer and servicing provider VIKING Life-Saving Equipment A/S is to establish a local presence in Korea through a joint venture agreement with leading Korean marine safety equipment and servicing company Daemyung Marine Co. Ltd. The new joint venture, VIKING Life-Saving Equipment Korea LLC, has VIKING as the majority shareholder.   The venture aims to bring faster access for Korean-based and foreign-flag ship managers in the cargo


Ince & Co Advises Fugro on Vessels Sale

International law firm Ince & Co has announced that it has advised Fugro on a sale and lease back agreement with ICON Investments regarding two of its geotechnical drill ships Fugro Scout and Fugro Voyager. ICON financed the acquisition of the vessels by loan facilities from a syndicate of lending banks led by Coöperatieve Centrale Raiffeisen-Boerenleenbank B.A. Dutch stock exchange listed offshore operator Fugro is the world’s largest integrator of geotechnical, survey


Awilco Exercises Option for Jackup Drilling Rig No. 8

Awilco Offshore (AWO) has exercised an option with PPL to build a 375-ft. jackup drilling rig with drilling depth of 30.000 ft. The rig will be named WilConfidence. The rig is to be delivered in the second quarter of 2009, and has a delivered cost of $149m. The delivered cost includes contract price with the yard, site supervision, pipe handling equipment, spare parts and finance costs during construction.


Multi-National Consortium to Construct Russian Far East Shipyard

Russia's Rosneft, Gazprombank, Sovcomflot with Korean shipbuilding company Daewoo Shipbuilding & Marine Engineering Co. (DSME) have signed a Memorandum of Understanding (MOU) on key terms of co-operation to establish a shipbuilding and industrial cluster in the southern part of Primorskiy Krai (Russian Far East). The parties agreed to jointly complete the construction and launch a new shipyard – shipbuilding complex Zvezda – in 2016


Cat Financial Announces Second-Quarter 2014 Results

CAT Brand

  Cat Financial reported second-quarter 2014 revenues of $728 million, an increase of $34 million, or 5 percent, compared with the second quarter of 2013. Second-quarter 2014 profit after tax was $146 million, a $35 million, or 32 percent, increase from the second quarter of 2013. The increase in revenues was primarily due to a $36 million favorable impact from higher average earning assets. Profit before income taxes was $206 million for the second quarter of 2014


Carbon War Room Launches Shipping Efficiency Advisory Board

Six leaders and influencers from across the shipping industry will join global NGO Carbon War Room’s (CWR’s) Shipping Operation Advisory Board. Their backgrounds span the shipowning, chartering, technical analysis, finance, and academic worlds.   The board will lend extensive industry insight and support CWR’s mission to profitably decarbonise the international shipping industry. Galen Hon, Manager, Shipping Operation, Carbon War Room


Shipping Confidence Up Slightly, But Still Low -Moore Stephens

File photo: David Rider

The latest Shipping Confidence Survey from international accountant and shipping adviser Moore Stephens has seen overall confidence levels in the shipping industry rise slightly in the three months to May 2016.   In May 2016, the average confidence level expressed by respondents in the


APM Terminals Focus on Safety, Productivity

APM Terminals Maasvlakte II Rotterdam photo APM

Speaking on a panel devoted to “Robotics & Automation in Container Terminals” at the TOC Europe’s 40th annual industry gathering devoted to port and terminal technology and operations, APM Terminals Head of Terminal Design and Automation


MTG Presents Latest Dredging Solutions in Miami

MTG attended the Wodcon XXI World Dredging Congress and Exhibition from June 13-17, 2016, introducing its latest solutions for the dredging market.   The new MTG Systems DMet is a G.E.T system ideal for cutter and hopper dredgers, which improves productivity and increases protection


Merger: Survitec Joins Forces with WMS

 Survitec Group announced a transformational deal with the Marine Safety business of Wilhelmsen Maritime Services AS (WMS), in which WMS will transfer into Survitec all related safety products and services, including Wilhelmsen Technical Solutions


Maersk to Use Drones to Resupply its Fleet of Tankers

Drones are being tested for inspections across the Maersk Group. Photo: Maersk Group

 Global shipping and logistics firm Maersk is looking at ways to use drones for delivering equipment to ships and is planning to conduct a test later this year, after using the technology in January for delivering cookies to a tanker at sea, says a report in PTI.  


DNV GL, Tsakos Join Forces on Cyber Safety

Sokratis Dimakopoulos, Deputy Managing Director of Tsakos Columbia Shipmanagement (Credit: DNV GL)

 The Tsakos Group of Companies has selected DNV GL to assist in preparing a cybersecurity management system for its fleet and onshore facilities – the first such management system developed by a shipping company in cooperation with DNV GL’s Advisory Services.   


Damen Introduces New Range of Naval Multi-Role Auxiliary Vessels

Naval Multi Role Auxiliary Vessels Photo Damen

During the Oceanographic Survey Vessel Conference in London, Damen Shipyards Group announced the introduction of a new range of Multi-Role Auxiliary Vessels (MRAV). The common theme running through the series is the provision of a basic platform offering reliable and cost-effectivemulti-role


Seawater Carbon Capture Process Receives US Patent

Rear Adm. Mat Winter, chief of naval research, holds a press conference at the ONR exhibit during the 2016 Sea-Air-Space Exposition. (U.S. Navy photo by John F. Williams)

The Electrolytic Cation Exchange Module (E-CEM), developed at the U.S. Naval Research Laboratory (NRL), provides the Navy the capability to produce raw materials necessary to develop synthetic fuel stock at sea or in remote locations.   


Seoul's Effort to Calm Shipping Sector Storm

Photo: Hyundai Heavy Industries

 South Korea will pump $9.5bn (11 trillion won) into state-run policy lenders reeling from huge losses on loans made to the beleaguered shipbuilding and shipping sectors to help them deal with further corporate distress, says FT.  


Ventspils Port Cargo Turnover Down by 24%

Photo: Freeport of Ventspils

 Terminals in the Port of Ventspils handled a total of 9 million tons of cargo in January-May 2016 or by 23.98% less than in the same period in 2015.   The transit of oil products and coal had declined steeply year-on-year, affecting the total cargo turnover at Ventspils. 


The Changing Tides of Marine Operation

Image: GE

Ships have been sailing the seas for thousands of years, and with modern technological advances and innovation, the industry continues to improve and innovate. While in 1912 the Titanic hit an iceberg that it couldn’t detect, today, connected devices, modern radar, sonar


DNV GL, SGN Join Forces to Deliver Innovative project

DNV GL Logo

Following a successful Network Innovation Competition bid in 2015, DNV GL has secured innovation funding from SGN to partner in a project to demonstrate the viability and practical reality of a mixed-source, energy-centric gas network for the future


SCF Group Secures Funds for New Arctic LNG Tanker

PAO Sovcomflot (SCF Group) and VTB Bank have signed a $260 million 13-year loan agreement, providing financing of construction of an Arctic liquefied natural gas (LNG) tanker for the Yamal LNG project.   The agreement was signed on June 17, 2016 by Sergey Frank


BIMCO President Comments On Standard Term Sheet

Louis Dreyfus Armateurs. File Photo: Marinelink

 BIMCO President and Chairman of Louis Dreyfus Armateurs, Philippe Louis-Dreyfus opened the Armateurs de France and BIMCO event in Paris on 14 June 2016. The purpose of the event was to provide an overview of BIMCO’s main activities and explain the ongoing work on some high profile


GasLog Completes $1.05 Bn Financing Facility for Six Vessels

Photo: GasLog Ltd

 Monaco-headquartered owner and operator of liquefied natural gas (LNG) carriers GasLog Ltd. has launched a debt financing of USD 1.05 billion with a number of international banks to re-finance six legacy vessel facilities.   The Legacy Facility Re-financing covers eight on-the-water






 
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