Transport Finance
Venezuela and Cuba Sign Economic Integration Agreements
Venezuela and Cuba signed 16 new cooperation agreements in a move that further boosts the Bolivarian Alternative for the Americas (ALBA), a regional economic and social integration initiative launched by the two countries. Venezuelan President Hugo Chavez and Cuban Vice President Carlos Lage attended the signing ceremony held in Caracas. The accords are far reaching in the fields of transport, finances, agriculture, mining, industry, tourism and electricity, according to reports. The agreements also include the possibility of setting up two joint ventures in transportation, particularly shipbuilding and port modernization. The production of stainless steel and ferrous nickel was part of an agreement in the field of mining, while in communications an underwater cable link between the two countries including a satellite system and networks is envisioned. Source: Cuban News Agency
China’s Growth Could Boost Shipping
China’s shift towards a domestic consumer demand-oriented economy could provide a significant boost to the global shipping industry, as the world’s second largest economy targets more sustainable growth. “2013 will be another peak year of new vessel deliveries. Oversupply of capacity is still an obstacle for the shipping industry to overcome, but with the improvement of the world economy, the shipping sector is expected to experience moderate growth
New Sources of Finance Needed for EU Transport Infrastructure
The Transport Committee believes that continued financial inaction on the transport infrastructure may put economic growth at risk. In a report adopted, it calls on the Commission to table proposals on possible new and alternative ways of financing, in particular, the Trans-European Transport Networks (TEN-T). Since the priority investments have been slower than expected, key projects should now be selected for their financial feasibility.
EU Bank Agrees Fos 2XL finance deal
Upon completion of the project, the creation of two new terminals due on stream in 2010, capacity will increase from the current 1m teu per year to 2.5m teu. Some 400 direct jobs will also be generated in addition to several thousand in allied sectors. Backing from the BEI – the European Union finance institution – acknowledges that the scheme meets several criteria for the development of European transport networks. During the signing, M
China, Singapore Partner in Shipbuilding
According to an April 13 report from the People’s Daily Online, the China Shipbuilding Industry Corporation (CSIC) and Singapore's Pacific International Lines (PIL) opened a joint venture - CSIC Pacific. Speaking at the opening of the company, Lim Hwee Hua, Singapore 's Minister in Prime Minister Office and Second Minister for Finance and Transport, said that this CSIC-PIL's partnership is reflective of the close links between China and Singapore.
Cyprus Financial Crisis: Effect on Shipping Interests
Cypriot Transport Minister, Tasos Mitsopoulos, states the nation's shipping registry will not be affected by turmoil in banking sector. The Minister downplayed the impact of Cyprus's banking crisis on the local shipping industry, pointing out that none of the island's banks are active in ship financing, reports Tax-News. Despite Mitsopoulos's assurances, many shipping companies' bank deposits in Cyprus are expected to be heavily impacted by the banking sector developments
PVA:Moving Cargo, Passengers to the Water
As the U.S. Department of Transportation works to develop transportation policies to meet 21st Century needs, perhaps the most vexing problems faced are those associated with traffic congestion on the Interstate highways which parallel our Atlantic, Pacific and Gulf coastlines. Interstate 95, I-5 and I-10 carry automobile and truck traffic far beyond their design capacities. In the major metropolitan areas, which these highways intersect
Spinnaker Reports Buoyant Job Market
Maritime recruitment specialist Spinnaker Consulting has reported that despite general reports of a slowdown in the world economy, recruitment in the shipping, offshore and transport markets remains buoyant. Writing in the latest issue of Changing Course, Spinnaker's monthly e-mail newsletter, managing director Phil Parry says, "Contrary to most industry forecasts, 2002 does not look like being such a bad year for the shipping, offshore and transport job markets
New Shipping Risk Management Course
The Baltic Exchange and the Centre for Shipping, Trade & Finance at London’s Cass Business School unveiled plans today (10 March) to deliver a series of executive courses focusing on the management of a range of financial risks in the shipping markets. The two day course “Shipping Risk Management” will cover freight, bunker, ship price, credit, foreign exchange and interest rate risk and will be held in London, Hamburg, Athens, Hong Kong and Singapore during 2005
China Shipping to Buy Two Tankers
Bulk shipping operator China Shipping Development is spending $87m on another two oil tankers to boost capacity. The new tankers, each with a capacity of 46,000 deadweight tons, are due for delivery between the fourth quarter of 2007 and the first quarter of 2009. Upon delivery, the shipping operator will control a fleet of 71 oil tankers with a combined carrying capacity of 3.5 million deadweight tonnes. The purchase of the two new vessels will be financed by bank borrowings
China Shippers' Summit, September 2013, Invites Speakers
The call for Mandarin and English submissions to present talks for the Intermodal China 2013 - Shippers' Summit is now open until July 12, 2013. Organized by UBM China, Intermodal China - Shippers' Summit will be held at Sheraton Hongkou Hotel, Shanghai, China from September 24 to 25, 2013
Harkand Appoints Chief Financial Officer
Harkand, the international subsea inspection, repair, maintenance and light construction group, has appointed Deborah Stevenson as the company’s new chief financial officer. A former CFO of both private equity-backed and FTSE 250 businesses in engineering and asset rich companies
Maersk Helps in UN Food Saving Initiative
Maersk Container Industry has joined the United Nations' SAVE FOOD Initiative to help make international food logistics more efficient. "Food should not be wasted, but too often it is, and we believe our technologies can help improve the food logistics chain," says Peter K
White & Case Publish New Marine Industry Report
Global law firm White & Case LLP announced the availability of a new report, "Restructuring & Beyond: The marine industry's routes to safety." The report focuses on survival strategies for those affected by the industry's downturn as well as emerging opportunities for companies
Survey Finds Rise in Shipping Confidence
Overall confidence levels in the shipping industry rose to their highest level for two and a half years in the three months ended May 2013, according to the latest Shipping Confidence Survey from international accountant and shipping adviser Moore Stephens.
Wärtsilä Gets Fourth R&D European Investment Bank Loan
The European Investment Bank (EIB) has granted a EUR 150 million loan to Wärtsilä to finance the company's research, development and innovation (RDI) activities in several European countries. The contract for the 10-year loan was signed in Helsinki, Finland on 13 June 2013
Maersk Joins the UN Save Food Initiative
Maersk Container Industry has joined the United Nations' Save Food Initiative to help make international food logistics more efficient and reduce global food waste. "Food should not be wasted, but too often it is, and we believe our technologies can help improve the food logistics chain
Cargotec Make Deal on Technology & Competence Center
W. P. Carey Inc., a provider of corporate sale-leaseback financing, has acquired the R&D and class-A office facilities of Cargotec Corporation in Tampere, Finland. The premises are subject to a 20-year triple-net lease with the company
ICS Points to Shipping's Economic Challenges at OECD Meeting
The International Chamber of Shipping (ICS) explained the serious economic challenges presently confronting shipping to 50 transport ministers. ICS explained its position on the financing of sustainable maritime transport at this year’s Organisation for Economic Co-operation and Development
Palfinger Sells Two Cranes to Kirby
With the support of Donovan Marine, Palfinger Marine crane dealer for the Gulf of Mexico, two Palfinger PK 11001 MC foldable knuckle cranes were delivered to Signal International in Orange, Texas to be installed on two newly constructed 126ft ATB tugs for Kirby Ocean Transport Company.
GulfMark Offshore Appoints CFO
GulfMark Offshore, Inc. announced that it has appointed James (Jay) M. Mitchell as Executive Vice President and Chief Financial Officer (CFO). Mr. Mitchell replaces Quintin Kneen who, as previously announced, will assume the role of President and Chief Executive Officer (CEO) on June 4. Mr
Security Deposit Interest Ring-fenced Under Tonnage Tax
International accountant and shipping adviser Moore Stephens has welcomed a decision by the U.K. First Tax Tribunal that interest received on security deposits relating to loans taken out to buy ships within tonnage tax is not taxable. HMRC had argued that the interest income was outside
RSC Bio Solutions Re-shuffles Leadership
The company, suppliers of biodegradable cleaners, degreasers & functional fluids, reorganizes its leadership team following its Terresolve acquisition. “With the acquisition of Terresolve Technologies earlier this year, RSC Bio Solutions now possesses an even wider range of proven
Standards of Container Packing Must Be Improved
It is no surprise that the correct packing of containers is high on the agenda for industry bodies, regulators and insurers, as the consequences of unsafe and badly secured cargo are serious. In fact, of all freight transport insurer TT Club’s claims
SFL Order Four 8,700 TEU Container Ships
Ship Finance International (SFI) has agreed to build four 8,700 TEU newbuilding container vessels at a major shipyard in Korea. The company says that the contract price is attractive and the vessels are scheduled to be delivered in 4Q 2014 and 1Q 2015.