Matson Installs Six Scrubbers
The U.S.-based provider of ocean freight transportation services Matson has begun the installation exhaust gas cleaning systems (scrubbers) on six vessels deployed in its Hawaii and China-Long Beach Express services.The scrubbers installation is part of its strategy to reduce fleet emissions in line with new worldwide regulations established by the International Maritime Organization (IMO) that take effect on January 1, 2020. Three of the vessels will receive the new equipment in 2019 and the remaining three in 2020.While new low-sulfur fuels designed to meet the new IMO emission standard have been in development for years in anticipation of the change, there is still uncertainty about their costs and availability.
TBS International Reports Q4 and Year 2010 Financial Results
DUBLIN, IRELAND, Mar 15, 2011 (MARKETWIRE via COMTEX) --TBS International plc (NASDAQ: TBSI) announced today its financial and operating results for the fourth quarter and year ended December 31, 2010. Joseph E. "The TBS results for the fourth quarter 2010 reflect the ongoing downward pressure on dry cargo freight rates that have continued into the first quarter of 2011, as evidenced by the Baltic Dry Indices. "The Baltic Dry Index ('BDI') which was at 2,446 on September 30, 2010 descended to 1,773 on December 24th (the last reporting date in 2010) and was at 1,559 on March 14, 2011.
EX-IM Bank, Marad Agreement to Facilitate Shipping
The Export-Import Bank of the United States (Ex-Im Bank) and the Maritime Administration (MARAD) signed a memorandum of understanding to establish a program to provide Ex-Im Bank-guaranteed working capital loans for shipping, logistics and other companies involved in ocean freight transportation. The agreement also updates certain shipping requirements for Ex-Im Bank transactions. Under the agreement, Ex-Im Bank can provide working capital loans to export service providers, enabling them to extend credit terms to their export clients. The Bank will also increase its working capital guarantee from 90 percent to 95 percent for U.S. companies that ship on U.S. flag vessels. Ex-Im Bank and MARAD also agreed to raise the minimum threshold for Ex-Im Bank-guaranteed U.S.
