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Export Development Canada News

22 Jun 2017

Corvus Secures $4.9 Mln Credit Facility

Export Development Canada (EDC) has announced the closing of a CAD$6.5 million (US$4.9 million) contract financing credit facility for Corvus Energy Inc., a Richmond, BC-based  designer, developer and manufactureer of energy storage systems (ESS) and lithium-ion battery solutions for hybrid and electric marine applications. The financing will allow Corvus to fulfill various export contracts, primarily for hybrid ferries in Europe, EDC said. “The electrification of the maritime industry in Europe is accelerating and the award-winning Orca ESS from Corvus Energy is facilitating that transition,” said Andrew Morden, President and CEO of Corvus Energy.

25 Apr 2016

Canada Non-resource Exports to Surge in 2016

Canadian non-resource exports should post healthy gains this year, the country's trade financing agency said on Monday, a development the central bank is counting on to help revive an economy hobbled by weak global energy prices. Export Development Canada predicted the consumer goods, automotive and aerospace sectors would post double-digit growth in 2016 on the back of a robust U.S. economy. Industrial machinery exports should advance by 7 percent, it said. Overall exports are seen rising a modest 2 percent this year, held back by a 14-percent drop in the value of energy shipments. Canada is a major energy exporter and has been hit hard by slumping crude oil prices.

16 Dec 2009

Davie Yards Goes Ahead on Ocean Hotels

Davie Yards (TSX:DAV) received confirmation that its client Ocean Hotels has finalized a $100m loan agreement with Export Development Canada (EDC) for the financing of two Multipurpose Accommodation Vessels contracted at Davie. “Now that our client has secured its financing with EDC, we will be able to restart construction of the Ocean Hotels vessels, which has been suspended for a long period” said Steinar Kulen, President and Chief Executive Officer at Davie, and he continued; “Those newbuilding projects are important to maintain a good level of activity at the yard, and this is good news for our employees and their families. I am glad that they will have a much better Christmas than last year when we were forced to lay off people temporary”.

18 Feb 2009

Davie Yards to Gradually Resume Operations

Davie Yards Inc. (TSX:DAV) announced that it has reached agreements with its clients for new price increases of $35m on its existing contracts. In addition Davie's largest client, Cecon ASA has informed that it has received a $200m loan offer replacing the lost loan facility with the Norwegian bank DnB Nor. While Cecon completes the loan documentation, Davie has negotiated a $20m prefunding facility which will enable it to gradually resume its operations. Davie Yards has agreed to amendments to the shipbuilding contracts for Cecon's three vessels and Ocean Hotels' two vessels under construction. Under the terms of the amendments, the clients have accepted price increases totaling $35m in addition to the $60m that were agreed upon in September last year.

25 Aug 2006

Shipbuilder CSE to Seek Funding

The Star has reported that Canadian Shipbuilding & Engineering Ltd. (CSE) will seek government money, cut labour costs and restructure before resorting to a sales process if necessary, the monitor overseeing its bankruptcy protection said in court documents. CSE was formed 20 years ago by the merger of the shipbuilding and repair divisions of two of Canada's biggest private shipping companies, Canada Steamship Lines and what is now called Upper Lakes Group Inc. The CSL Group — owned by former Prime Minister Paul Martin until 2003 — sold its remaining interest in Canadian Shipbuilding & Engineering in November. Upper Lakes Group Inc. now owns more than two-thirds of CSE, which had 420 employees when all its operations were running.

16 Jun 2003

East Isle Shipyard Secures $21 Million Contract

East Isle Shipyard, Prince Edward Island's largest shipbuilder, has secured a $21 million contract to construct two new tug boats for customers in the Dominican Republic as well as a third tug for Atlantic Towing, Limited. The new contract means employment for 120 shipyard workers. The shipyard had been idle since September of 2002 when a fourth tug for the Panama Canal Authority was completed. "This contract for three tugs demonstrates confidence in the skill of our Island shipyard workers. The Government of Canada’s contribution reflects its commitment to supporting a skilled and innovative workforce and helping to stimulate investment in the shipbuilding industry…

15 May 2003

Feature: Staying the Course

Torch Offshore LLC is a Gretna, La-based integrated offshore contractor whose niche market is the installation of small diameter flow lines and related infrastructure on the Continental Shelf in the Gulf of Mexico (GOM). In 2002, the company had revenues of $68 million, laying 227 miles of pipe. Torch Offshore operates a fleet of nine vessels that lay the pipe and/or support this activity. The company is in the process of converting two large vessels that will give the company the ability to compete in the deepwater segment pf the market. "The company's strategy for the future is highly focused on the deepwater arenas of the world," said Lyle G. Stockstill, chairman of the board and chief executive officer of Torch Offshore.