Venezuela and Cuba Sign Economic Integration Agreements
Venezuela and Cuba signed 16 new cooperation agreements in a move that further boosts the Bolivarian Alternative for the Americas (ALBA), a regional economic and social integration initiative launched by the two countries. Venezuelan President Hugo Chavez and Cuban Vice President Carlos Lage attended the signing ceremony held in Caracas. The accords are far reaching in the fields of transport, finances, agriculture, mining, industry, tourism and electricity, according to reports. The agreements also include the possibility of setting up two joint ventures in transportation, particularly shipbuilding and port modernization. The production of stainless steel and ferrous nickel was part of an agreement in the field of mining, while in communications an underwater cable link between the two countries including a satellite system and networks is envisioned. Source: Cuban News Agency
China’s Growth Could Boost Shipping
China’s shift towards a domestic consumer demand-oriented economy could provide a significant boost to the global shipping industry, as the world’s second largest economy targets more sustainable growth. “2013 will be another peak year of new vessel deliveries. Oversupply of capacity is still an obstacle for the shipping industry to overcome, but with the improvement of the world economy, the shipping sector is expected to experience moderate growth
CMIT's Q1 Volume Double
Cai Mep, Vietnam - With five new services calls added to Cai Mep International Terminal (CMIT) since May of 2015, container volume has surged by 130% to 277,303 TEUs for the first three months of 2016, as compared with the same period a year ago. This growth follows an 80% expansion in container traffic at CMIT in 2015 over the year prior, to 724,768 TEUs. CMIT, part of the APM Terminals Global Terminal Network, is a deep-water facility located in the Ba Ria‐Vung Tau Province
Lenders Ramp up Pressure on 'Toxic' Shipping Debt
Financiers are set to take a tougher stance towards distressed shipping loans including more enforcement action to recoup funds, while capital on offer to the industry is expected to shrink further, a leading transport survey showed on Wednesday. The global shipping sector is reeling from a near-decade-long downturn, which has seen companies collapse and banks scale back exposure or exit entirely from providing finance.
EU Bank Agrees Fos 2XL finance deal
Upon completion of the project, the creation of two new terminals due on stream in 2010, capacity will increase from the current 1m teu per year to 2.5m teu. Some 400 direct jobs will also be generated in addition to several thousand in allied sectors. Backing from the BEI – the European Union finance institution – acknowledges that the scheme meets several criteria for the development of European transport networks. During the signing, M
Fate of Seine-Nord Canal Project Depends on Funding
A project to build a canal to link Paris with major harbours of northern Europe will depend on lining up the necessary funds, the French government said on Wednesday, without saying if it believed the finance could be found. France has long planned to build the waterway dubbed the Seine-Nord canal to allow large barges to sail from Paris to the harbours of Antwerp and Rotterdam, reducing truck traffic on its motorways.
New Sources of Finance Needed for EU Transport Infrastructure
The Transport Committee believes that continued financial inaction on the transport infrastructure may put economic growth at risk. In a report adopted, it calls on the Commission to table proposals on possible new and alternative ways of financing, in particular, the Trans-European Transport Networks (TEN-T). Since the priority investments have been slower than expected, key projects should now be selected for their financial feasibility.
China, Singapore Partner in Shipbuilding
According to an April 13 report from the People’s Daily Online, the China Shipbuilding Industry Corporation (CSIC) and Singapore's Pacific International Lines (PIL) opened a joint venture - CSIC Pacific. Speaking at the opening of the company, Lim Hwee Hua, Singapore 's Minister in Prime Minister Office and Second Minister for Finance and Transport, said that this CSIC-PIL's partnership is reflective of the close links between China and Singapore.
Cyprus Financial Crisis: Effect on Shipping Interests
Cypriot Transport Minister, Tasos Mitsopoulos, states the nation's shipping registry will not be affected by turmoil in banking sector. The Minister downplayed the impact of Cyprus's banking crisis on the local shipping industry, pointing out that none of the island's banks are active in ship financing, reports Tax-News. Despite Mitsopoulos's assurances, many shipping companies' bank deposits in Cyprus are expected to be heavily impacted by the banking sector developments
Spinnaker Reports Buoyant Job Market
Maritime recruitment specialist Spinnaker Consulting has reported that despite general reports of a slowdown in the world economy, recruitment in the shipping, offshore and transport markets remains buoyant. Writing in the latest issue of Changing Course, Spinnaker's monthly e-mail newsletter, managing director Phil Parry says, "Contrary to most industry forecasts, 2002 does not look like being such a bad year for the shipping, offshore and transport job markets
MOL Names Newbuilding LNG Carrier 'Energy Liberty'
Mitsui O.S.K. Lines (MOL) has announced that on October 16, a naming ceremony for a newbuilding LNG carrier, jointly owned by MOL and Tokyo LNG Tanker, was held at the Tsu Shipyard of Japan Marine United Corporation. Among the crowd of well-wishers on hand for the ceremony were Tokyo Gas Co., Ltd. President Michiaki Hirose, who gave the name Energy Liberty to the vessel, after which his wife cut the rope.
Maritime Single Window for Antigua and Barbuda
Antigua and Barbuda is getting ready to implement a maritime single window for ship notifications relating to stay and departure of the vessel, under a project facilitated by IMO technical cooperation programme. Norway is financing the project as well as providing technical expertise. The first phase of the project has been initiated with a kick-off week in St. John's (9-13 October). This week provided an opportunity for stakeholders to discuss the scope of the project
UTLC Launches Service from China to Europe
Russia's JSC United Transport and Logistics Company (UTLC) jointly with KTZ-Express launched a new transport product for the delivery of non-hazardous chemical goods in tank containers from China to Europe as part of the regular container service U West (Dostyk-Brest). The first train, consisting of 82 twenty-foot tank containers, loaded with butylene glycol produced by XINJIANG MARKOR CHEMICAL INDUSTRY, departed from Korla Station (China).
Maritime Policy for Good Governance
The latest in a series of workshops around the world to provide training in the development, adoption and updating of a National Maritime Transport Policy (NMTP) has been held in Bangkok, Thailand (9-11 October). The event highlighted the importance of a national maritime transport policy as a good mechanism for improved maritime governance in a sustainable manner. The Marine Department of Thailand hosted the workshop
Industry Task Force Pushes for Decarbonization Urgency
Global Maritime Forum, Carbon War Room, the Carbon Pricing Leadership Coalition (CPLC), and University College London (UCL) has announced the launch of a Task Force on Decarbonizing Shipping. This industry-led initiative will develop tangible pathways for shipping’s decarbonization through five working groups, each focussed on a key area of the industry. Outcomes of the task force will be presented at the Global Maritime Forum’s inaugural summit in October 2018.
Fishing Vessel Runs Aground off Honolulu
Twenty fishermen were transported to shore from an aground vessel less than a half mile off Honolulu early Wednesday morning. Honolulu Fire Department Jet Ski crews transported fishermen from the vessel to a Coast Guard 45-foot Response Boat-Medium for further transport to awaiting emergency responders at Ala Wai Harbor. A Coast Guard MH-65 helicopter crew hoisted two of the fishermen and the master of the vessel and transported them to Honolulu airport.
Austal USA Wins Navy Deal
Austal USA won a construction contract by the U.S. Navy Friday to build an additional Independence-variant Littoral Combat Ship, its fifteenth ship in the class. The award of LCS 30 is a clear sign of the Navy’s confidence in Austal’s LCS program. The specific value of the contract is under the congressional cost cap of $584 million per ship. The littoral combat ship has been identified as a key component to the Navy’s ability to gain sea control through distributed lethality
Saudi Flag Raised on Bahri's VLCC Rimthan
The Public Transport Authority (PTA) has raised the Saudi flag on Rimthan, one of the latest VLCCs received and owned by Bahri, a leader in transportation and logistics. Under the supervision of PTA, the ceremony of Rimthan’s registration under the Saudi flag took place on Sunday, October 8, 2017, at Port of Ras Tanura in the Eastern Province of Saudi Arabia, and was attended by senior officials of both PTA and Bahri
Ernst Russ Acquires Ships Financed by ABN AMRO
The Ernst Russ Group has successfully completed another transaction and acquired two container ships with capacities of 2,450 TEU and 2,785 TEU and an average age of just under 12 years. Global Transportation & Logistics provided financing to Ernst Russ. Purchase price for the two container ships is undisclosed. The transaction was structured and carried out by Ernst Russ Maritime Management GmbH & Co. KG as the maritime asset manager of the Ernst Russ Group
USS John S. McCain Departs Changi Naval Base
The guided missile destroyer USS John S. McCain (DDG 56) departed Changi Naval Base Oct. 5, to meet heavy lift transport vessel MV Treasure. Over the next few days, John S. McCain will be towed to deep water, where the heavy lift vessel will lower itself, secure the ship on a platform and then raise back up out of the water. After the process of loading the ship is complete, Treasure will transport John S
Diana Containerships to Sell Up to Seven Vessels
Diana Containerships Inc. (NASDAQ: DCIX), a shipping company specializing in the ownership of containerships, has announced that it has entered into an agreement to sell up to seven of its containership vessels for an aggregate purchase price of up to $104.0 million to an unaffiliated third party. Separate Memoranda of Agreement will be signed for each vessel. The sale and purchase of the vessels is subject to the purchaser obtaining certain minimum financing
Safe and Green Cargo Shipping
The collaboration between all stakeholders to ensure the safe and environmentally sound transport of goods was a key message delivered by International Maritime Organization (IMO)’s Jack Westwood Booth at the recent International Cargo Handling Co-ordination Association (ICHCA) 65th Anniversary Conference, Las Palmas, Gran Canarias, Spain (2 October). Reflecting the World Maritime Day Theme – “Connecting, ships
Vitol Returns for $8 Bln Loan Refinancing
Geneva-headquartered energy and commodities trader Vitol has signed an US$8bn loan refinancing of credit facilities agreed in October 2016, the company announced on Wednesday. The revolving credit facility, which is used for working capital and general corporate purposes, comprises a three-year tranche and a 364-day tranche. The three-year tranche totals over US$7bn. ABN AMRO Bank, Commerzbank, Credit Agricole CIB
Harley Marine Hires Adlakha as CFO
Harley Marine Services is pleased to welcome Sterling Adlakha to its executive team where he will assume the role of Chief Financial Officer. A graduate of the U.S. Coast Guard Academy, Sterling served 10 years in the U.S. Coast Guard. He began his career as an engineer on a 210' cutter before moving to the West Coast and becoming a double-ended marine inspector and plank owner of the country's first Sea Marshal program following the 9/11 terrorist attacks
MacGregor Sets up Head Office in Singapore
MacGregor, part of Cargotec, has established a head office in Singapore, bringing to an end a period of more than three years where the company operated with a virtual head office. MacGregor president Michel van Roozendaal and vice president of finance Jani Oksanen will relocate to Singapore as of October 1, 2017. With a global customer base and large geographic span of operations, MacGregor said it will maintain its strong presence in Europe