Japanese Wind Fans Bank Interest
Domestic and international lenders are vying for a slice of Japan’s nascent offshore wind power sector, which is expected to provide as much as ¥3trn (US$29bn) in project financing opportunities, albeit at very low margins.Akita Offshore Wind completed the nation’s first fundraising for a major offshore wind project last month, raising ¥80bn to build wind turbines near two ports in western Japan.Auctions for sites off Japan's shores are due to kick off in April, and lenders are…
Former US Navy Official Sentenced for Bribery
A former supervisory contracting officer was sentenced to 72 months in prison today for accepting bribe payments in exchange for steering U.S. Navy contracts to the president and chief executive officer of a defense contractor. Assistant Attorney General Leslie R. Caldwell of the Justice Department’s Criminal Division, U.S. Attorney Laura E. Duffy of the Southern District of California, Director Andrew L. Traver of the Naval Criminal Investigative Service (NCIS) and Director Dermot F. O’Reilly of the Defense Criminal Investigative Service (DCIS) made the announcement. Paul Simpkins, 62, of Haymarket, Va., was sentenced by U.S. District Judge Janis L.
Greece Port Operations Update
An update on Greece’s port operations and local conditions was issued today by maritime services provider Inchcape Shipping Services (ISS). According to ISS, no operational delays have been reported in Piraeus container terminal operations since capital controls were enforced. The only vessel supply operation presently affected is delivery of Cash to Master for any vessel type. No Cruise issues or changes of itinerary have been reported because of capital controls. No incidents have occurred to date affecting port safety and/or security, ISS reports.
Venezuela: New Exchange Rate for Foreign Vessels
GAC said a new exchange rate has come into effect in Venezuela for services rendered to foreign-flagged vessels performing international trading. The official rate, as per SICAD II public currency exchange auctions, is BsF. 49.06 per USD. This new rate – which came into effect for all transactions made from 4 April onwards - produces significant savings for foreign clients calling Venezuela. The new exchange rate will not affect or taken in consideration for calculation of services rendered and fixed on tariffs and settled on USD (Terminal Fixed Charges invoiced by PDVSA) as the method of payment remains unchanged, deposited in a foreign Bank Account. gac.com
MISC Issues Bonds To Buy Ships
Malaysian International Shipping Corp (MISC), the country's flag carrier, is planning to issue yankee bonds worth up to $500 million in the next few weeks. The yankee bond offering, where the debt is issued in the U.S. market, will be the second from Malaysia this year. Traders said state power firm Tenaga Nasional would issue $800 million in bonds by the middle of next month, with the company expected to go on a roadshow soon. "MISC is looking to raise $350 to $500 million to finance ship acquisitions," said a dealer at a foreign bank. But another source said the shipping line could be tapping a maximum of $400 million. The MISC issue was seen as likely to precede a similar issue by its parent Petronas. The state oil firm owns 62 percent of MISC.
