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Transportation Finance

ConocoPhillips Announces Senior Management Changes

ConocoPhillips announced the following actions concerning the company's senior management: John Carrig, currently executive vice president, Finance, and chief financial officer, will become president and chief operating officer.  He will continue to report to Jim Mulva, chairman and chief executive officer. Jim Gallogly, currently executive vice president, Refining, Marketing & Transportation, will become executive vice president, Exploration & Production. Willie Chiang, currently senior vice president, Commercial, will become senior vice president, Refining, Marketing & Transportation. Greg Goff, currently president, Strategy, Integration and Specialty Businesses for Refining, Marketing & Transportation, will become senior vice president, Commercial. Ryan Lance will remain president, Exploration & Production – Europe, Asia, Africa and the . Messrs. Sig Cornelius, currently senior vice president, Planning, Strategy & Corporate Affairs (PS&CA), will become senior vice president, Finance, and chief financial officer. Jeff Sheets, currently vice president and treasurer, will become senior vice president, Planning & Strategy. Red Cavaney, who will retire from his position as president and chief executive officer of the American Petroleum Institute on Oct. 31, 2008, will become senior vice president, Government & Public Affairs in November 2008. 

Crowley Announces Management Team for Petroleum Services Group

Crowley Maritime Corporation announces the appointment of Bruce Barto to vice president and general manager of its newly formed Petroleum Services group based in Seattle. Barto has profit and loss responsibility for Petroleum Services and reports directly to Tom Crowley Jr., chairman, president and CEO of Crowley Maritime Corporation. Reporting to Barto are Bruce Harland who has been promoted to director, operations and will be relocating from Houston to Seattle; Jim Dwight, sales manager

DOT Issues Broad Agency Announcement

The Department of Transportation (DOT) has issued a Broad Agency Announcement discussing the Port Security Grant Program. The program is coordinated by the Transportation Security Administration (TSA), with assistance from the U.S. Coast Guard and the Maritime Administration. TSA is awarding competitive grants to critical national seaports to finance the cost of enhancing facility and operational security. Eligible parties consist of critical national seaports and terminals

MarineCFO Secures Series A Round

MarineCFO Inc., announced that it has closed a Series A Financing Round. The round was led by EmergingISV Capital Partners  also investing were customers and select individuals active in the marine transportation and energy industries.

China & Taiwan Agree to Open Up Cross Straits Trade

China's mainland and Taiwan sign an agreement to open up their service sectors, including transportation. The signing in Shanghai followed two years of negotiations, reports Shanghai Daily, and will take effect later this year. Under the agreement signed by the mainland-based Association for Relations Across the Taiwan Strait and the Taiwan-based Strait Exchange Foundation, the mainland will open 80 service sectors to Taiwan, while Taiwan will open 64 sectors to the mainland

Stakeholders Voice Opposition to Proposed Waterway Tolls

Deb Calhoun (Photo: WCI)

A group of 75 companies and organizations have collectively voiced opposition to a Public Private Partnership (P3) project that would seek to toll the Illinois Waterway and that could make its way into the Water Resources and Development Act (WRDA) of 2016. The group consisting of a variety of stakeholders across the logistics chain and led by the Waterways Council, Inc. (WCI) yesterday signed and delivered letters urging the House Transportation & Infrastructure and Senate Environment

Blueprint For Transportation System Unveiled

Addressing a projected increase in waterborne commercial vessel traffic that is expected to double or triple over the next 20 years, U.S. Secretary of Transportation Rodney E. Slater issued a major report, An Assessment of the U.S. Marine Transportation System, outlining recommendations to meet the growing challenges to the nation's marine transportation system (MTS). The recommendations include improved vessel traffic management to ensure safety and greater focus on operational efficiencies

Trico Marine Names New VP

Trico Marine Services, Inc. announces the appointment of Robert V. O'Connor as Senior Vice President of Business and Strategic Development. Prior to joining Trico, O'Connor spent in excess of 20 years in the marine transportation business in commercial, technical, and financial roles with domestic and international companies. Most recently, he spent the past five years with The CIT Group, Inc., a leading commercial and consumer finance company, as Vice President of financial sales

Matson Planned Separation on Track

Matson finalizes post-separation financing arrangements, maintains strong balance sheet as a stand-alone company‚Ä® Alexander & Baldwin Holdings, successor by merger to Alexander & Baldwin, Inc., has announced that its wholly-owned subsidiary, Matson Navigation Company, Inc. ("Matson Navigation"), has entered into a series of debt financing agreements undertaken on behalf of Matson, Inc. ("Matson") as part of the previously announced plan to separate the Company's

WFW Advises ING Bank on $340m Loan Facility for Euronav

wfw logo.jpg

Watson, Farley & Williams (WFW) has advised ING Bank N.V. (ING) as sole bookrunner and facility agent for a syndicate of banks on a $340 million loan facility made available to Euronav NV. The facility is comprised of a $192m term loan facility and a revolving credit facility of up to $148m. Euronav plans to use the funds to refinance four Suezmax tanker vessels, finance the acquisition of four very large crude carrier tankers from Maersk and for general corporate purposes

France Mulls Majority Stake in STX Yard

France could take a majority stake in the French subsidiary of struggling South Korean shipyard group STX Corp, French daily Liberation said on Monday, citing unnamed sources at the finance ministry. The French state holds a 33 percent minority stake in STX France

Agile Network Enhances Global Shipping Solutions

Photo: Agile Network

 Agile Network, a provider of multi-carrier and multi-modal transportation execution technology in North America, announced it has reached an agreement for the acquisition of Pantechnik International, a leading provider of transportation execution technology in Europe and Asia.   

Cosco Raises $1.8bln Capital

Photo: COSCO

 China’s COSCO Shipping Development Co Ltd  announced a proposed nonpublic issuance of about 3.28 billion shares to specific investors, including its parent company, to raise up to 12 billion yuan ($1.79 billion), reports China Daily.  

Sembcorp Marine Posts Q3 Loss

Singaporean rig builder Sembcorp Marine Ltd. posted a loss in the third quarter, hurt by higher financing costs and a fall in orders due to weak oil prices.   The company posted a net loss of S$21.8 million ($15.7 million) for the three months ended Sept

Teekay Sign Yamal Charter for Newbuild

Teekay LNG Partners L.P. has entered into a 15-year time-charter contract with the Yamal LNG project, sponsored by Novatek OAO, Total SA, China National Petroleum Corporation and Silk Road Fund, to provide Yamal LNG with conventional liquefied natural gas (LNG) transportation services

COSCO Mulls Hanjin Port Asset Purchase


China's COSCO Shipping Co Ltd may consider buying the port assets of troubled South Korean firm Hanjin Shipping Co Ltd, Chinese online finance magazine Caixin reported on Wednesday. But COSCO Shipping has no plans to buy the world's seventh-largest container carrier's ships

Maersk, Danske and Nordea to shed Ship Finance Stakes

A.P. Moller-Maersk , Danske Bank and Nordea Bank will sell their shareholdings in shipping lender Danish Ship Finance worth 4.25 billion Danish crowns ($638.05 million) to a consortium of Danish investment funds, the company said Wednesday.

Rethinking Inland Infrastructure Finance

Photo: Ruben Diaz

P3: An alternative to tolls or lockage fees in public-private partnerships for inland waterways.    Within the generally sorry state of the U.S. inland waterways infrastructure, there are some locations where conditions are particularly dire

Chinese Leasing Companies Role in Ship Finance

Graph: Clarksons Research

 Clarksons Research takes a look at Asian shipping finance that has increased in prominence globally with finance from the traditional lending base more difficult for many to access since the global financial crisis.   Within this wider trend

FMC Collects $338,000 In Penalty Payments

Photo: FMC

Federal Maritime Commission Chairman Mario Cordero announced that the Commission has completed compromise agreements recovering a total of $338,000 in civil penalties. The agreements were reached with one vessel-operating common carrier and six ocean transportation intermediaries (both

Definitive Study On The Impact Of Global Sulphur Regulations


Marine Energy Consulting Ltd. (MECL) and 20|20 Marine Energy, two leading consultancies in this field, today announced that they will collaborate to produce a comprehensive evaluation of the impact of MARPOL Annex VI global sulphur regulations on the shipping industry.

CGB to Invest $30 mln in Indiana Port

CGB, investing $30 million at Port of Indiana-Mount Vernon Photo Port of Indiana

Consolidated Grain and Barge Co. (CGB) announced plans today to expand its operations at the Port of Indiana-Mount Vernon, investing more than $31 million to increase its soybean processing capabilities in southwest Indiana. “Indiana is a state known around the world for building things

Consolidation, Greater focus on Risk Management and Higher Finance Costs - BIMCO


BIMCO has today published the next in its series of reports looking at the “road to recovery” for dry bulk shipping beyond the current market difficulties. The foundation for the new report follows the conclusion of BIMCO’s previous analysis – that due to the severity of

Bimco Publishes Dry Bulk Crisis Report

Philippe Louis-Dreyfus. Photo: BIMCO

 BIMCO has published the next in its series of reports looking at the “road to recovery” for dry bulk shipping beyond the current market difficulties.    The foundation for the new report follows the conclusion of BIMCO’s previous analysis – that due to the

ICC Releases its Latest Trade Finance Survey

Image: ICC

 According to this year's Global Survey - which received 357 responses from 109 countries worldwide - 61% of respondents reported a global shortage of trade finance.    Only 52% of respondents reported an increase in trade finance activity, compared to 63% in 2015 and 80% in 2012

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