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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


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


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


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


EC Approves German Training Aid to Seafarers

The European Commission (EC) authorized Germany to help maritime shipping companies finance the training of seafarers. The financial contribution will be allocated providing seafarers are trained on board of ships entered in the German register of sea-going vessels. European citizens qualify for the training grant if they are trained as additional crew members on a merchant ship suitable for training purposes. The objective is to improve seafarers' skills in Germany.


Hyundai Merchant Marine in Doldrums

Photo: Hyundai Merchant Marine Co

 Amid speculation that Hyundai Merchant Marine Co. (HMM) may go into court receivership, the financial authorities and creditors will try to make it a subsidiary of Korea Development Bank (KDB).    South Korea’s finance minister Yoo Il-ho said that HMM


ECSA Calls for Short Sea Shipping Friendly Framework

Photo: European Community Shipowners’ Associations (ECSA)

 European shipowners hope that the momentum created by the Dutch Presidency’s High Level Event on Short Sea Shipping held in Amsterdam last February will result in maritime directors putting Short Sea Shipping on the top priority list when they meet today in Brussels.  


Golden Ocean Names New CEO and CFO

Photo: Golden Ocean

The board of Golden Ocean Group Ltd. announced a pair of leadership appointments, naming Birgitte Ringstad Vartdal as the new Chief Executive Officer of Golden Ocean Management AS and Per Heiberg as the new Chief Financial Officer of Golden Ocean Management AS.  


New Boxes Developed to Ship Live Lobsters

Image: CMA CGM

CMA CGM Group develops AQUAVIVA, a new generation of containers to transport live lobsters   The CMA CGM Group has launched a new generation of containers which allows for the safe carriage of live lobsters in their original water in conditions maintaining their natural habitat


FinMin Says to Stick to Oil Duty Cuts Plans in 2017

Russia's Finance Ministry will go ahead with plans to lower oil export duties next year if prices do not increase significantly, Deputy Finance Minister Ilya Trunin told reporters on Monday.   Russia had scrapped plans to cut the duty for this year due to lower prices of oil


Europe Cargo Handles 9 Tugs

Europe Cargo, the Belgian member of the FPS Group of independent forwarders and NVOCCs, has undertaken the port agency and stevedoring for nine Damen Stan tug boats, being shipped from Shanghai to Gorinchem, Netherlands.   The brand new vessels – five Type 1606


Murmansk's VI International Conference - "Logistics in Arctic"

Photo Administration NAO

April 12 in Murmansk held VI international conference on "Logistics in Arctic". The conference was organized by the Association of contractors of the Arctic "Murmanshelf" projects with the support of the Government of the Murmansk region


Container Shipping Faces Tough 2016 as Rates Plunge 78 pct

File image: a Maersk boxship in the port of New Orleans (credit: port of New Orleans)

Shipping freight rates for transporting containers from ports in Asia to Northern Europe have plummeted 78 percent this year, after posting another drop this week, a source with access to data from the Shanghai Containerized Freight Index told Reuters.


French Banks Eye Yamal LNG Project

Image: Yamal LNG

 French banks may participate in lending for the Russia's Yamal liquefied natural gas (LNG) project, a relevant agreement may be signed in 2016, Tass reported quoting Russia's Economic Development Minister Alexei Ulyukayev.   "As for French banks - we have made very serious


Vedanta to Re-develop Mormugao Port

Vedanta’s Iron Ore business CEO - Kishore Kumar receiving Letter of Award from I. Jeyakumar, Chairman – Mormugao Port Trust in the presence of Nitin Gadkari - Road, Transport, Highways and Shipping Minister Photo Vedanta

 Vedanta Limited, India’s only diversified natural resources company today received the ‘Letter of Award’ for Redevelopment of Berth No.8, 9 and Barge Berths at Port of Mormugao, Goa (‘Project’) on Design, Build, Finance, Operate and Transfer (DBFOT) Basis.


Samsung, Daewoo Merger on the Way?

Photo: Samsung Heavy Industries

 As the Korea government is pushing for restructuring of the faltering shipbuilding industry, speculation grows over a possible merger between the country’s two major shipbuilders — Samsung Heavy Industries and Daewoo Shipbuilding and Marine Engineering, reports Korea Herald.


Hamburg Port's Rail Network Sets European Benchmark

Courtesy Port of Hamburg

In their “Best route market study for containerised imports to South Germany”, published at the beginning of March, the Drewry Group’s supply-chain consultants investigated via which ports containers imported from Shanghai can be transported fastest and cheapest to southern


Damen Secures Ferry Orders in Canada

Image: Damen

In 2015 Collectivité de Saint Pierre et Miquelon launched a tender for two new Mixt Ferries to operate between the two Islands and Fortune, Canada. The same year the contract was awarded to the Damen Shipyards Group and, in January 2016, the Loan agreement with Rabobank was signed


Bulgaria to Develop Ports with Quatar

Bulgarian Prime Minister Borisov with Qatars Transport Minister Al Sulaiti. Photo by GIS

 Bulgaria will develop its port infrastructure in cooperation with Qatar, reports Standartnews.   Bulgarian Prime Minister Boyko Borisov held a meeting with Qatar’s Minister of Transport and Communications Jassim bin Saif Al Sulaiti in this regards.  


Spivak Appointed CFO, Seaspan

Logo

 Seaspan Corporation announced today that David Spivak is joining the Company as its Chief Financial Officer, starting May 2, 2016. Mark Chu will continue to serve as interim CFO until David's arrival, whereupon Mark will continue in his current roles as Vice President






 
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