Maritime Decarbonization: The Path Starts in Norway
Breaking new ground: the all-electric, zero-emissions Future of The FjordsNorwegian cruise vessel offers amazing tourist experience while protecting fragile UNESCO World Heritage environmentFuture of the Fjords, the world’s first all-electric and completely emissions-free ship, launched in April this year by Norwegian tours operator The Fjords, is now operating as a cruise vessel on the spectacular Gudvangen to Flåm route along the Nærøyfjord, Sognefjord and Aurlandsfjord of western Norway.
NATO, Promostudi Sign Maritime Research Agreement
The Promostudi Foundation and the NATO Centre for Maritime Research & Experimentation (CMRE) today finalized a three-year maritime research and development agreement. The agreement between the two organizations, both based in La Spezia, Italy, includes agreements on joint innovation activities, research in the maritime environment and reciprocal exchange for educational and scientific purposes, both nationally and internationally. In particular, opportunities will be developed for cooperation in issues of common interest such as robotics, underwater acoustics, underwater systems, and more generally in systems engineering and ICT (information and communication technologies).
Partners Sign Up for Marseilles Intermodal Project
Six partners led by the Marseilles Fos port authority have formed the Mourepiane combined transport terminal company (MTTC) to help finance and manage construction of the port’s long-planned intermodal upgrade development in the Marseilles harbor area. The €60.5 million project will create a high-performance base improving links and pre/post-dispatch handling between Mourepiane container terminal and the adjacent railhead. The new facility will also serve other Marseilles quays, with their current multimodal site at Canet being transferred to the Euromediterranee urban renewal scheme. Construction will start in summer 2015. The terminal is due on stream in mid-2017 and will be operated by a purpose-formed company of Marseilles and France-based multimodal specialists.
Alexander & Baldwin Finalizes Financing
New A&B Will Have a Well-Capitalized Balance Sheet Providing Strong Liquidity and Financial Flexibility; Receives Favorable IRS Ruling on Tax-Free Nature of Planned Separation. Alexander & Baldwin Holdings, Inc. (NYSE: ALEX) ("Company"), successor by merger to Alexander & Baldwin, Inc., today announced that, in connection with previously announced plans to separate its transportation and land businesses into two publicly traded companies, it has entered into new financing arrangements for the land business ("New A&B"). The new financing arrangements will provide significant liquidity and support New A&B in the execution of its growth strategies as a stand-alone company and complement separately announced financing arrangements that have been made for Matson Navigation Company, Inc.
Court of Appeals Issues Significant Ruling
The Fifth Circuit Court of Appeals recently issued a significant ruling benefiting ship mortgagees and other maritime creditors with decisions in two related cases stemming from the bankruptcy of Commodore Cruise Lines (“Commodore”). In one case, the Fifth Circuit Court of Appeals in New Orleans ruled that AmWest Surety Ins. Co. ("AmWest") and other sureties who provided the $15 million bond required by the FMC for cruise operators calling at U.S. ports to secure refunds for passengers (an "FMC Bond"), had no lien on the Commodore Ships, and also ruled that Harris Trust & Savings Bank ("Harris Bank") which provided credit card services to Commodore under a merchant services agreement (and which provided refunds to passengers), also did not have a lien.
