Bank Of Reconstruction News

A group of European development banks plan to double its funding for global efforts to stop plastic waste from polluting the world's oceans to 4 billion euros ($4.6 billion).The Clean Oceans Initiative, led by the French and German development banks and the European Investment Bank is the largest such grouping targeting plastic pollution of the sea.Around 8 million tonnes of plastic waste enters the oceans every year, most of it discarded on land or washed into rivers, the group said on Friday…

Ukrainian shipping company PJSC Ukrainian Danube Shipping Company (UDP) signed a letter of intent (LOI) with Belgian engine manufacturer Anglo-Belgian Corporation NV (ABC) to modernize its pushboat fleet.The LOI signed under the auspices of the Embassy of Belgium in Ukraine provides UDP with the possibility to install hybrid engines with equipment provided by ABC for up to 33 UDP pushboats. The fleet modernization would enable UDP to prolong the life of outdated fixed assets and…

The European Bank for Reconstruction and Development (EBRD) will provide an €80 million loan ($94,7 million), alongside EU and EIB financing, for a floating storage and regasification unit in CyprusThe EBRD is providing an €80 million loan to the Natural Gas Infrastructure Company of Cyprus (ETYFA) for the acquisition of an FSRU and the development of related infrastructure.The FSRU will be permanently anchored about 1.3 km off the coast of Limassol in Vasilikos Bay and will connect directly to the adjacent Vasilikos power station, the largest power plant in Cyprus. The EU is extending a €101 million grant for the project under the Connecting Europe Facility.

Georgia has ended an investment agreement with an international consortium for one of the biggest projects in the former Soviet country, the construction of a major deep sea port on the Black Sea coast, its infrastructure minister said on Thursday.The nine-phase project to improve access to Central Asia and the Middle East had received support from Georgia's strategic partner, the United States, as well as the European Union, which had labelled the planned port at Anaklia a priority project."The government discussed this issue and decided that further postponement does not make sense…

The European Bank for Reconstruction and Development (EBRD) said that it is backing the new US$ 600 million five-year bond issued by Mersin International Port, the operator of Turkey’s largest port.The Bank has invested US$ 90million in the issuance, helping attract a host of investors, despite a challenging market environment in Turkey.The proceeds of the bond will help refinance Mersin International Port’s 2013 bond, which matures in August 2020, will support ongoing operations of the port and will provide additional stability to the company’s balance sheet while also financing general corporate needs. The continued financing of existing…

Canadaian provider of marine transportation services Algoma Central Corporation has reached an agreement with 3Maj Brodogradiliste of Croatia under which Algoma will acquire a new Equinox Class 650’ self-unloading dry-bulk carrier upon completion of the vessel by the Shipyard.The vessel, the second of two such ships that were to be built by 3Maj for the Company, is partially built and moored at the 3Maj shipyard in Rijeka. Work on the vessel was halted in 2017 when the Shipyard entered an extended period of financial difficulties.Algoma took delivery of the Algoma Innovator, a sister ship and the first ship built under a two-vessel contract, near the beginning of the 2018 navigation season.

International Maritime Organization (IMO)'s work to promote better understanding of - and steps to reduce - emissions in ports has reached Georgia, at a workshop for regional participants from Georgia, Ukraine and Turkey.The event, in Batumi (10-12 September) focused on how to undertake emissions inventories and calculate emissions, including  GHGs and air pollutants. Participants were also introduced to strategies to address emissions from different sources – such as from seagoing vessels, cargo handling equipment and trucks.The workshop benefited from a training package, specially developed under the strategic partnership between the…

DNV GL said it has completed a workscope with the European Bank of Reconstruction and Development (EBRD), under funding provided by the EU, to develop guidance for the Greek offshore safety competent authority, Hellenic Ηydrocarbons Resources Management (HHRM), under Greek law 4409/2016 which enacts EU directive (2013/30/EE) on offshore safety. The offshore major hazards guidance was presented to several international and domestic companies and the ministry of environment and energy in Athens, on March 1, 2018. HHRM, as the competent authority, is responsible for the regulation of offshore hydrocarbon operations with regards to major hazards and is responsible for developing the relevant legislative framework for Greece.

The International Maritime Organization (IMO) announced that it has signed a new partnership agreement with the European Bank for Reconstruction and Development (EBRD) in an effort to help promote sustainable shipping. The Memorandum of Understanding (MoU), signed by IMO Secretary-General Kitack Lim and the First Vice President of the EBRD, Phil Bennett, will help promote sustainable shipping through a range of safety- and environment-focused capacity-building activities in the maritime and port sectors in selected countries. The partnership brings together IMO, the United Nations maritime agency which sets global standards  for safe…

In the waning days of 2016, the outlook brightened dramatically for the big U.S. dredging contractors. Just before Congress dispersed for the Holidays, then-President Obama signed a pivotal piece of legislation – the Water Infrastructure Improvements for the Nation (WIIN) Act, S612. Authorized needed investment in America’s ports, channels, locks, dams, and other infrastructure that supports the maritime and waterways transportation system and provides flood protection. Authorized U.S.

Processing of steel for Hull 483 started on sheet-cutting machine in Shipbuilding Industry Split on 22 September 2015. It is the largest square-rigged ship contracted for a Monaco buyer, the company Star Clippers Ltd. It will be 162 meters long and 18.5 meters wide, with deadweight of 2000 tons, five masts and sails with overall surface of 6.347 square meters. The type of Clipper sailing boat with such sail-plan is called barque. Marine platform that will be at the the stern will be equipped with the mechanism for opening and lowering until the sea level so that the passengers will have the direct sea access. The ship will have steel construction while the deck will be fully covered by the highest quality teak.

The European Bank for Reconstruction and Development (EBRD) has acquired stake in Turkish cruise port operator Global Ports Holding (GPH), one of the world’s largest port operating companies. In a statement, the bank said the minor stake would be used to finance GPH's expansion in Turkey and abroad. GPH became the world's largest cruise port operator following its acquisition of Spanish operator Creuers a year ago. GPH (or Global Liman Isletmeleri AS, as it is formally known in Turkey) has eight ports in five countries in the Mediterranean and Asia Pacific region. It is an arm of Global Yatirim Holding AS (Global Investment Holdings) which operates in the infrastructure, real estate, energy and financial services sectors in Turkey.

The European Bank for Reconstruction and Development laid out its first official plan of action for Cyprus on Wednesday, saying it would focus on repairing banks, privatisations and key infrastructure like ports. The EBRD agreed a five-year deal to invest in Cyprus just over a year ago, making it the first bailed-out euro zone country to receive the bank's assistance. The bank, which is owned by 64 governments and dominated by the G7 nations, has already pumped money into one of the country's banks but on Wednesday outlined a more in-depth plan. "The proposed strategy assumes significant early operations to support financial sector restructuring, privatisation, and corporate restructuring," the EBRD said.

A convergence of forces makes for market opportunities for new safe ferry systems in the developing world. Need, policy, and funding are poised to provide a moment of opportunity. The expanding global economy has resulted in economic and population growth in developing world cities, resulting in horrendous road congestion. In response, governments and businesses have begun planning for intra-urban ferries wherever possible. Ferries in the developing world have a deserved reputation for being unsafe.

Registration is open for the 10th Annual Marine Money Istanbul Ship Forum on May 22, 2013 at the Swissotel - The Bosphorus. Meet with shipping professionals to hear about how to position your business in these challenging times. The latest issues in Turkish shipping and ship finance will be discussed by industry experts in Istanbul. Confirmed to-date speakers and sponsors include, among others, AlixPartners UK LLP, AKT Law Firm, Besiktas Shipyard, Geden Line, Desan Shipyard-Kaptanoglu Holding…

Last voyage for Russian nuclear waste hulk 'Lepse' as she heads out of Murmansk Port for a lengthy decommissioning. Rosatomflot and Bellona have worked with many international partners and governments to develop a proper risk-assessment plan for a safe decommissioning of “Lepse” – and of course found funding for the work,” Frederic Hauge of the Bellona Fournation told the 'Barents Observer'. Getting “Lepse” safely out of Murmansk and decommissioned has been a high profile case for Europe’s nuclear safety cooperation with Russia in the north for nearly two decades. In 2008, the European Bank of Reconstruction and Development (EBRD) granted €43 million to the decommission work. When the vessel arrives at the Nerpa naval yard the damaged spent nuclear fuel will have to be removed.

Ukraine's largest shipping company Ukrrichflot will reportedly get a $17.12 million loan from the European Bank for Reconstruction and Development to build seven new ships. The EBRD said on its website (www.ebrd.com) the total value of a project aiming to support modernization of the Ukrrichflot fleet and facilitate Ukrainian exports and regional trade was some $45.60 million. The seven ships are planned to be built by 2004. Ukrrichflot owns 200 ships whose average age is about 15 years.

Croatian-based shipyard, 3.MAJ Brodogradilište, delivered the first of a contracted four-part tanker series this past August. Named M/T Margara, the 71,345-tdw oil tanker was constructed for Monte Carlo based owners subsidiary Doria Shipping Co., registered in Valetta, Malta. The $150 million contract for the vessels' construction was signed in March 1997, with a term loan facility arranged by Merrill Lynch Intl. of London, who provided financing during construction. The Croatian Government, who arranged for a counter bank guarantee to be obtained from Croatian Bank for Reconstruction and Development, provided additional assistance. The Maltese-flagged, ABS-classed vessel, which is intended for transportation of crude oil and oil products, measures 750 ft. (228.5 m) with a gt of 40,705.