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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


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


CMIT's Q1 Volume Double

CHINA SHIPPING vessel at Cai Mep Photo APM Terminals

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.  


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.  


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


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


France Sees Quick Accord on STX, Sees Naval Deal Taking Longer

(File photo: STX France)

France hopes for agreement over the future of the STX France shipyards at a Franco-Italian summit on Sept. 27, but a separate deal on warship co-operation would take longer to negotiate, French Finance Minister Bruno Le Maire said on Thursday.  


Organisations Across Europe Ask EU to Invest More in Transport

Image:  ESPO

 With the slogan “More EU budget for transport, the best investment plan for Europe” a coalition of thirty European transport organisations are launching today their campaign for a strong connecting Europe Facility for the next financial period 2021-2028.  


Investment Plans for Europe Transport

Photo: ECSA

 To complete the Trans European (TEN-T) Network, 750 billion euros is still needed. 30 European transport associations, representing infrastructure managers, operators, local authorities, users and equipment suppliers in the maritime, inland waterways, railways, road, cycling


IMC Envisages Singapore as Global Maritime Hub

Image: Maritime and Port Authority of Singapore (MPA)

 The International Maritime Centre (IMC) 2030 Advisory Committee, established by the Maritime and Port Authority of Singapore (MPA) in August 2016, has submitted the IMC 2030 Strategic Review report to the Singapore Government.   


Dockwise Bags Marine Transport Contracts Worth $50 Mln

Royal Boskalis Westminster N.V. said its wholly-owned subsidiary Dockwise has recently been awarded a number of marine transport contracts with a combined contract value of approximately $50 million.   Dockwise was awarded a contract by Husky Oil Operations Ltd


American Society of Civil Engineers: Not Just a Tough Grader

(Credit: Captain Jim Fletcher & tidewater Transportation & Terminals)

Within the U.S. inland waterways industry, any mention of the American Society of Civil Engineers (ASCE) will almost certainly be in reference to the “Infrastructure Report Card” that ASCE prepares and issues every four years, describing the condition and performance of America’s


Russia to build 15 Tankers at South Korean Shipyards

Photo: Yamal LNG

 Fifteen tankers will be built at South Korean shipyards to transport the products of the Yamal LNG plant, TASS cites Russian President Vladimir Putin as saying.   “We have noted with satisfaction the successful cooperation in the energy sector: South Korean companies are


Braemar Acquires NAVES

Photo: Braemar Shipping Services

 Braemar Shipping Services plc  announced the conditional acquisition of the entire issued share capital of NAVES Corporate Finance GmbH.    Braemar is a leading international provider of broking, consultancy, technical and other services to the shipping, marine, energy


MPC Containerships to Use USD 100mln Bond Proceeds for Fleet

Image: MPC Container Ships Invest B.V

 MPC Container Ships Invest B.V., a wholly owned subsidiary of Oslo-listed MPC Container Ships AS, has successfully completed the issuance of a new senior secured bond issue of USD 100 million.    The bond issue has a 5 year tenor, carries a floating interest rate of 3m LIBOR + 4


Giaever to Take Over as CFO at NAT, NAO

 Bjorn Giaever will take up his position as the new chief financial officer (CFO) at Nordic American Tankers Limited (NAT) and Nordic American Offshore Ltd. (NAO) from October 16, 2017.   Giaever joins NAT/NAO from maritime focused investment bank Fearnley Securities AS


Seanergy Maritime Updates on Fleet

Photo: Seanergy Maritime Holdings Corp

 Seanergy Maritime Holdings  said that it  took delivery of the 2012 Korean built Capesize M/V Partnership, which commenced its 12-18 months' time charter with a major European utilities company in June at a gross rate of $16,200 per day.   


WFW Advises Berenberg on Shipping Loan

Photo by International Chamber of Shipping (ICS)

 International law firm Watson Farley & Williams (WFW) has advised private bank Berenberg on its acquisition, jointly with a Japanese financial institution, of a circa US$460m performing shipping loan portfolio from the Royal Bank of Scotland (RBS).   


Hapag-Lloyd Orders 7,700 New Reefer Containers

Photo: Hapag-Lloyd AG

 This year, Hapag-Lloyd will once again make investments to maintain and expand its container fleet. The liner shipping company has ordered a total of 7,700 refrigerated containers (Reefers) of the latest generation – including 7,000 x 40-foot and 700 x 20-foot units.   


Keeping Asia Abreast of IMO Activities

Photo: International Maritime Organization (IMO)

 International Maritime Organization (IMO) is attending the 34th session of the Association of Southeast Asian Nations (ASEAN) in in Bohol Island, Philippines (19-21 September) to update the Maritime Transport Working Group on its latest activities.   


DMA Afloats Ambitious Project Blue INNOship II

Photo: Danish Maritime Authority

 Digitalisation and new business models will be in focus of the research and innovation project Blue INNOship II, which was included in the recommendations of the Maritime Strategy Team.   A steering group counting participants from Danish Maritime, Danish Shipping






 
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