Global Ports to Run Havana’s Cruise Ship Port
Independent cruise port operator Global Ports Holding announced that it has signed a 15-year management agreement with the Cuban company Aries S.A., for the operation of the cruise port in Havana, Cuba.Under the terms of the Agreement, the Group will from June 21, 2018 manage all of the cruise port operations over the life of the agreement. As consideration, the Group will be paid a management fee that is based on a number of factors including passenger numbers, with growth based incentives. In addition to operating the cruise port operations, the Group will continue to work with its Cuban partners on the design and technical specification of the cruise port investment program, including proposed new terminals.
U.S. Insured Losses from Hurricane Nate around $500 mln
Insured losses in the United States from Hurricane Nate will be close to $500 million, catastrophe modelling company Karen Clark & Company (KCC) said on Monday. The U.S. National Hurricane Center (NHC) said on Monday that the former hurricane has become a post-tropical cyclone that continues to pack heavy rain and gusty winds. Hurricane Nate caused flooding in Mississippi, but spared the state from catastrophic damages. On Monday, it was expected to continue tracking northeastward, moving through the Ohio Valley and into the lower great lakes. KCC said the estimates included insured wind and storm surge losses to residential, commercial, and industrial properties and autos.
Irma Churns Through Caribbean, Possibly Enroute to Florida
Hurricane Irma, one of the most powerful Atlantic storms in a century, churned across northern Caribbean islands on Wednesday with a potentially catastrophic mix of fierce winds, surf and rain, en route to a possible Florida landfall at the weekend. Irma is expected to become the second powerful storm to thrash the U.S. mainland in as many weeks but its precise trajectory remained uncertain. Hurricane Harvey killed more than 60 people and caused damaged estimated as high as $180 billion when it hit Texas late last month. The eye of Irma, a Category 5 storm packing winds of 185 miles per hour (295 km per hour), moved away from the island of Barbuda and toward the island of St. Martin, east of Puerto Rico, early on Wednesday, the U.S. National Hurricane Center (NHC) in Miami reported.
Major Latin America Energy Deal Handled by Milbank
In support of energy infrastructure in Latin America, Milbank, Tweed, Hadley & McCloy LLP represented Itaú BBA S.A. in providing a $370 million loan for construction of a new multipurpose port facility and terminal in Cartagena Bay, Colombia. The new Puerto Bahia terminal, located on Colombia’s northern Caribbean coast, is one of the most significant investments in the country’s energy infrastructure sector to date. When operational in early 2015, the crude oil and products terminal…
Bad weather Could Delay BP Well Work Again
According to a Jul 21 report from Reuters, BP Plc could delay work to plug its Gulf of Mexico oil leak by up to 10 to 14 days if a northern Caribbean weather system strengthens and forces vessels at the spill site to move out of the way, the top official overseeing the spill response said on Wednesday. (Sources: Reuters)
MOL Establishes New Panama Vessel Operation Center
MOL hosted a party to celebrate the grand opening of its new Panama Vessel Operation Center in Panama City, Panama on December 9, 2003. Some of the guests in attendance included: Mr. Joaquin Jacome, Minister of Commerce; Mr. Jerry Salazar, Minister of Canal Affairs; and Mr. Shuji Shimokoji, Ambassador of Japan. Considering Panama to be one of the world’s key maritime centers, the company established MOL (Panama) Inc. in May 2003, which is responsible for handling all commercial activities for MOL’s liner division in Panama. The responsibilities of MOL (Panama) Inc. were increased last month when it was named a regional office in charge of managing the activities of MOL’s Caribbean and Central America shipping agents.
MOL Debuts New Service Route
MOL (America) Inc. announced the expansion of its Americas service profile. In May 2004, MOL will be adding a new service, the Americas Container Express (ACE), which will call the U.S. East Coast, Northern Caribbean, and the East Coast of South America. MOL has operated an extensive, South America service network for nearly 90 years. However, this is the first time the company has offered a direct service link between the East Coasts of North and South America.
Business Briefs
Hvide Marine Incorporated (HMI) and subsidiary Sun State Marine Services, Inc., recently christened the first in a series of new cargo ships at its U.S. shipyard facility in Green Cove Springs, Florida. Constructed entirely on-site by Sun State Marine Services, Inc., the 190-foot 'landing craft' type freight vessel is specially designed and ideally suited for conducting trade with Bahamian and Caribbean markets that have minimal or unimproved facilities. "The landing craft has a reinforced hull that allows use of unimproved landing sites such as beaches or boat ramps by actually grounding the forward part of the vessel," noted Robert J. Coppedge, vice president of Sun State Marine Services, Inc.
Cutter Bids Farewell to Commanding Officer
The crew of the Coast Guard cutter Tampa will conduct a change of command ceremony at the Coast Guard Integrated Support Center Portsmouth pier Thursday. During the ceremony, Cmdr. Steven A. Banks will relieve Capt. Charles A. Mathieu. Chief of staff for the Coast Guard’s Atlantic Area, Capt. Christopher C. Colvin, will preside. Capt. Mathieu is a 1982 graduate of the Coast Guard Academy, having earned his commission and a degree in electrical engineering. He assumed command of Tampa in June 2003, following a shore assignment as chief, Engineering Division at the Coast Guard Command and Control Engineering Center in Portsmouth. His next assignment will be as chief, Office of Command and Control Architecture at Coast Guard Headquarters in Washington, D.C. Cmdr.
