Marine Link
Saturday, October 21, 2017

BALANCE

Port of Cleveland Approves Refinancing

Photo: Port of Cleveland

The Port of Cleveland’s Board of Directors voted today to provide up to $161 million to support the combined refinancing of four previous economic development projects, as well as approved the acceptance of a Homeland Security grant. At its monthly board meeting, the Port approved: Issuing up to $5 million in lease revenue bonds in support of the Euclid facilities of Babcock & Wilcox Nuclear Operations Group, which is refinancing the outstanding balance of Port bonds issued in 2004. Issuing up to $16 million in tax-exempt senior housing bonds for Vista Prairie at Emerald Village, LLC, to refinance the outstanding balance of Port bonds issued in 2006. Issuing up to $110 million in tax-exempt development revenue bonds for Euclid Avenue Development Corporation to refinance the outstanding balance of Cuyahoga County and Port bonds issued in 2005, 2008 and 2009 in support of Cleveland State University’s student housing. Issuing up to $30 million in tax-exempt Cultural Facility Revenue and Refunding bonds for Playhouse Square Foundation to refinance outstanding balances of Port bonds issued in 2004 and other development related obligations. Accepting $99,000 grant award from the Department of Homeland Security and FEMA for security improvements. As the only local government agency whose sole mission is to spur job creation and economic vitality in Cuyahoga County, Will Friedman, president and CEO of the Port of Cleveland

SNAME Updates Report on HVAC Design

The Society of Naval Architects and Marine Engineers (SNAME) has published a new technical report to assist in the design of heating, ventilation and air conditioning (HVAC) installations for merchant and naval ships.   Recommended Practices for Ship Heating, Ventilation and Air Conditioning Design Calculations is a rewrite of a SNAME HVAC report published in 1980.   Calculations unique to naval ships that can also apply to merchant ships have been added

Moore Stephens Warns Brokers

Financial and insurance consultant Moore Stephens has warned brokers and other intermediaries to ensure that their systems and controls covering the treatment of client money meet the regulatory requirements laid down by the Financial Services Authority. Moore Stephens notes that the FSA has recently visited the offices of 15 intermediaries and reviewed their handling of client money, in addition to addressing the issue in a similar number of risk assessments involving other firms

Moore Stephens says tonnage tax proposals lack flexibility

Shipping accountant Moore Stephens says draft proposals on the new U.K. tonnage tax regime lack the flexibility shipowners need for timing acquisitions and sales of ships. It also warns that the draft legislation contains a very broad anti-avoidance clause that could cause companies to unintentionally breach the detailed rules of the tonnage tax scheme. Balancing charges will not crystallize on entry. However, they may arise when vessels are sold, although they will be phased out

Trelleborg is Raising the Bar

Trelleborg held its Capital Markets Day on Thursday, 6 December in Berns Salonger, Stockholm, Sweden. At the event, Trelleborg took the opportunity to release new financial targets for the Group and to launch a more focused organizational structure. New financial targets are in line with Trelleborg’s ambitions to increase value creation and to be a world leader in selected market segments and geographic markets

Comparison Offers Clues on Container Ship Operation Profitability

Container ship bows: File photo CCL

The container industry is a notoriously difficult sector to make any money in, but a few major lines have managed to avoid the red ink while others have toiled. Drewry Maritime Equity Research compares the performances of Asian companies OOIL and NOL for clues behind the varying results and the future direction that the most successful are likely to head. Excerpts follow: The last five years have been a stormy period for the global container shipping industry and have affected all big and

Petroleos: Oil Output Is Fine

The president of Venezuelan state oil giant Petroleos de Venezuela (PDVSA) insisted he did not see any need for OPEC member countries to raise output to cool sizzling oil prices. With prices close to 10-year highs, pressure is growing on the oil cartel from consumer nations to agree to pump more oil at its next ministerial meeting in Vienna on Sept. 10. But PDVSA chief Hector Ciavaldini, reiterating a position expressed by other Venezuelan oil officials such as OPEC President Ali Rodriguez

Get Ready for Changes in Lease Reporting

By Richard J. Paine, Sr.

From the December 2010 edition of MarineNews Since the middle of 2006, the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) have been working towards changing how companies report their lease transactions on their balance sheets. Those companies (including publicly traded entities) whose reporting complies with Generally Accepted Accounting Principals (GAAP) must observe the reporting regulations as set down by FASB

Bulgaria Orders Green Energy Producers to Cut Output by 60%

Renewable Energy Generation Photo TIFR

  Bulgaria's power grid operator ordered all renewable energy producers on Sunday to reduce their output by 60 percent in an attempt to balance production and consumption in the Balkan country, the state-owned company said. The grid operator has already imposed output cuts on  thermal power plants in the coal-fired Maritsa East complex and on Bulgaria's nuclear plant due to low domestic consumption and weak demand for power exports in the region.

Skuld Announces Positive Half Year Results

Logo: Skuld

 Skuld announced a positive bottom-line result of USD 8 million for the six months ending 20 August 2017, compared with USD 29 million at the half year in 2016.   The period has been marked by a small number of substantial claims. However, the cost of these claims has been partly offset by the positive contribution from commercial operations which continue to produce a surplus. The technical result at the half year shows a negative outcome of USD 22 million and an overall combined

Rigdon Named Interim CEO at Tidewater

Larry Rigdon

Larry T. Rigdon will serve as interim president and chief executive officer (CEO) of Tidewater Inc. while a search committee seeks a permanent successor to Jeffrey M. Platt, who has elected to retire from his role as director, president and CEO of offshore service vessels (OSV) owner and operator effective October 15, 2017.    “Having successfully completed the financial restructuring of Tidewater at the end of July

AHTS Fleet Secures Long-Term Investment

Image: UOS

 Hartmann Group, the independent family-owned shipping company, announces the recapitalisation of an 11-strong fleet of Anchor Handling Tug Supply (AHTS) vessels through a partnership with, and long-term investment from, Breakwater Capital and Hayfin Capital Management.    Agreed with the financing banks on October 12 2017, the deal provides the fleet with immediate stability and the potential for growth.  

Navios Acquires Two Container Vessels

File Photo: Navios

 Navios Maritime Containers, a growth vehicle dedicated to the container sector, announced today that it has agreed to acquire two 2009-built 4,250 TEU container vessels for an aggregate purchase price of $19.75 million.    The vessels are expected to be delivered to Navios Containers’ fleet in early November 2017.   Based on the current rate environment, the vessels are expected to generate approximately $1

The Nautical Safety Profile

(Image: MARIN)

MARIN is working together with the industry to develop the Nautical Safety Profile for operations and risk management.   Liquefied natural gas (LNG) is increasingly being used as an alternative fuel, both at sea and on land, to reduce pollution from transportation.    In 2011 the first LNG carrier arrived at the Rotterdam Gate terminal, and last year the terminal was upgraded to facilitate the transfer of LNG to shuttle tankers

GOGL Sells 6 Vessels

Photo: Golden Ocean Group Ltd

 Golden Ocean Group has  announced that it has entered into agreements to sell six Ultramax vessels built at Chengxi between 2015 and 2017 en bloc for USD 142.5 million to an unrelated third party.    The net cash proceeds from the sale after the repayment of $39.2 million of associated debt will be slightly in excess of $100 million. All vessels are expected to be delivered to their new owner during the fourth quarter of 2017.  

Brookfield Completes Acquisition of Teekay

Image: Teekay Corporation

 Teekay Corporation and Teekay Offshore Partners announced that they have completed their previously announced comprehensive transaction with Brookfield Business, together with its institutional partners (collectively Brookfield).   “With this comprehensive transaction now completed, Teekay looks forward to working with Brookfield as co-sponsors of Teekay Offshore to support the Partnership’s continued growth,” commented Kenneth Hvid

Wison Launches Buoyant Tower Solutions with Storage

The overall effect diagram of New Buoyant Tower solution with storage (Photo: Wison)

Wison Offshore & Marine has developed a new Buoyant Tower solution with condensate or oil storage, adopting Wison’s proprietary Buoyant Tower technology. This floating concept provides a new economic and reliable option for the oil and gas development in the shallow to medium-depth waters.   Originally invented by Ed Horton and Lyle Finn, the Buoyant Tower technology was first applied to BPZ CX-15 project offshore Peru when both Ed and Lyle worked for Horton Wison Deepwater Inc

BPA Calls for Debate on Free Ports Policy

Photo: British Ports Association

 The British Ports Association has called for a new debate on a free ports policy following a report from trade specialists Crowe Clark Whitehill LLP.   Commenting on the ‘Free Trade Zones: Part of the UK’s post Brexit international trade strategy’ report, British Ports Association Chief Executive, Richard Ballantyne said:   “Free ports and free trade areas at ports is an interesting concept which many UK ports are looking at.  

UN Focus on Shipping and Sustainable Development

A view from the Port of Doraleh, Djibouti. UN Photo/Evan Schneider Photo: UN News Center

 Marking the World Maritime Day, the head of the United Nations maritime agency today highlighted contributions the shipping industry can make to the achievement of the global development goals.   "Shipping and ports can play a significant role in helping to create conditions for increased employment, prosperity and stability through promoting maritime trade. The port and maritime sectors can be wealth creators, both on land and at sea,” said Kitack Lim

Kalmar Key's Open Interfaces for Terminal Automation

Photo: Kalmar

 Kalmar has announced Kalmar Key, the terminal industry's first automation platform with open interfaces. Kalmar Key provides a common system architecture for building an end-to-end, customised automation platform using Kalmar Terminal Logistics System (TLS) as a basis.    The product opens the application-independent core software components of the Kalmar terminal automation system for use by developers

India to Develop Muktyala to Vijayawada Stretch of Krishna River

Indian Vice President, M. Venkaiah Naidu. Photo: PIB

 Indian Vice President Venkaiah Naidu will lay the foundation stone for the development of Muktyala to Vijayawada stretch of Krishna River (National Waterways – 4) today (October 03) in Vijayawada, Andhra Pradesh.     He will also inaugurate approximately 415 km of National Highways projects worth Rs 1928.46 crores and lay the foundation stone  for another 250 km NH projects worth Rs 2539.08 crores

Op/Ed: ASTRO Act Shoots For the Stars

Randall Luthi (Photo: NOIA)

National Ocean Industries Association (NOIA) president Randall Luthi weighs in after the House Natural Resources Committee held a hearing on offshore development and introduced the Accessing Strategy Resources Offshore (ASTRO) Act.   Today’s hearing was a slam dunk by the House Natural Resources Committee. Not only did the Committee bring in experts and stakeholders with their own unique offshore perspectives to the hearing

Oil Rallies on Chinese Import Boost and Mideast Tensions

© prathaan / Adobe Stock

Oil prices firmed on Friday as bullish news from strong Chinese oil imports to turmoil in the Middle East put Brent on track for a nearly 3 percent weekly gain. The developments added to other signs that the market was finally rebalancing after years of excess, but analysts warned that the 2018 balance was still shaky. Brent was at $57.20 at 1335 GMT, up 95 cents. U.S. West Texas Intermediate (WTI) crude was at $51.44 per barrel, up 84 cents from its last settlement.

Hybrid Energy Storage Solution Installed on Viking Princess

Viking Princess and Wärtsiläs expert analyzing the new hydrid system on board Viking Princess  (Photo: Wärtsilä)

Wärtsilä said it completed the installation of a hybrid energy system on board offshore supply vessel (OSV) Viking Princess.   The Norwegian vessel is now the first ever OSV in which batteries reduce the number of generators aboard the ship. The new energy storage solution will improve engine efficiency, generate fuel savings and reduce greenhouse gas emissions. Viking Princess completed sea trials and the system was handed over to customer Eidesvik Offshore on

Hong to Take up New Role at Saltchuk

Glenn Hong (Photo: Saltchuk)

 Young Brothers, Ltd president Glenn Hong will retire at the end of the year to undertake a new leadership role with parent company Saltchuk, focusing on Hawaii business initiatives effective January 1, 2018.   Hong began at Young Brothers in 1991 as vice president of finance and government affairs, coming from Hawaiian Electric Industries. In 1992, he assumed the presidency and immediately set to work to infuse the organization with a customer-driven mindset.  

Maritime Reporter Magazine Cover Oct 2017 - The Marine Design Annual

Maritime Reporter and Engineering News’ first edition was published in New York City in 1883 and became our flagship publication in 1939. It is the world’s largest audited circulation magazine serving the global maritime industry, delivering more insightful editorial and news to more industry decision makers than any other source.

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