Bank Account News

A new touch-free payment platform for the maritime industry has been launched by Secure Seas.Secure Seas says its electronic payment platform is designed to provide financial security to seafarers by transferring their pay electronically, removing the antiquated and problematic system of cash distribution in U.S. dollars. This provides seafarers with basic facilities the rest of us take for granted: full access to their funds in their preferred currency, use of an International…

Recent cyber attacks to the US Government, the IMO, Maersk, amongst others has caused the world to pay attention to criminal cyber activities by foreign states, terrorists, and criminals. The cyber attack against CMA CGM shut down services for close on two weeks. Two days later, on October 30th the IMO was held hostage by a cyber attack. These attacks follow attacks earlier this year against MSC and COSCO.As of January 1, 2021 all vessels that have a safety management system must address cyber security in order to maintain ISM certification.

Stuart Ostrow developed ShipMoney as a means to make the process of paying crew more efficient and cost-effective for both vessel owner/operators and the crew. Little did he realize then that his company would be instrumental in helping seafarers during their greatest time of crisis.Stuart, to start, how did you come create ShipMoney and get into a career in the maritime business?I'm the definition of an accidental salesman. By professional training, I'm a Big Six CPA, and I was always one of those frustrated accountants. Many years ago, I read a business plan that talked about prepaid.

A shipping joint venture between Venezuela and China has fallen apart in the wake of U.S. sanctions, resulting in the South American nation losing three supertankers at a time when foreign shippers are reluctant to carry its oil, court documents show.PetroChina Co Ltd, which had been state-run Petroleos de Venezuela’s partner in the Singapore-based joint venture CV Shipping Pte Ltd, took control of the three tankers between January and February, according the documents from a Singapore court reviewed by Reuters.The transfer of the Junin, Boyaca and Carabobo very large crude carriers (VLCC) has not been previously reported.It came after U.S.

Libya's National Oil Corp (NOC) on Sunday accused the United Arab Emirates of instructing eastern forces in Libya's civil war to reimpose a blockade of oil exports after the departure of a first tanker in six months.The UAE, along with Russia and Egypt, supports the eastern-based Libyan National Army (LNA) of Khalifa Haftar, which on Saturday said the blockade would continue despite it having let a tanker load with oil from storage."NOC has been informed that the instructions to shut down production were given to (the LNA) by the United Arab Emirates," it said in a statement, resuming force majeure on all oil exports.There was no immediate…

Seafarers employed on Tsakos-owned vessels operated under its management arrangement with Columbia Shipmanagement will now be paid electronically as opposed to by ‘Cash-by-Master’, under an agreement signed with ShipMoney.The deal means crew members will have control and access to their wages while onboard ship, including the timing and currency of remittances sent home. It will  reduce the need for large amounts of cash to be delivered to ships and eliminate the need for Tsakos to administer individual crew wire payments sent to home bank accounts. The latest contract with the Greece-based shipmanagement company will see ShipMoney’s products being rolled out to its fleet of 90 vessels consisting of tanker…

Garden Reach Shipbuilders & Engineers Limited, proposes to open on September 24, 2018, an initial public offering of equity shares of Face Value of Rs. 10 each (“Equity Shares”) for cash at a Price per Equity Share (including a Share Premium) (“Offer”) comprising a offer for sale 29,210,760 Equity Shares by the Promoter, The President of India, acting through the Ministry of Defense, Government of India (“The Selling Shareholder”).The offer includes a reservation of up to 572,760 equity shares for subscription by eligible employees (as defined herein) (“Employee Reservation Portion”).

British shipping services provider Clarkson Plc said on Monday an unauthorized third party accessed some of its computer systems in the United Kingdom last year.The unauthorized access to systems from May 31 to Nov. 4, 2017 was gained from a single and isolated user account.

T-Mining is currently working on a pilot project that will make container handling in the port of Antwerp more efficient and secure. Using blockchain technology, processes that involve several parties – carriers, terminals, forwarders, hauliers, drivers, shippers etc. – are securely digitised without any central middleman being involved. Just getting a container from point A to point B frequently involves more than 30 different parties, with an average of 200 interactions between them. Given that many of these interactions are carried out by e-mail, phone and even (still, nowadays) by fax, paperwork accounts for up to half of the cost of container transport. “We aim to do something about this,” says Nico Wauters, CEO of T-Mining.

Bankrupt South Korean shipping company Hanjin will sell its operations of the Port of Seattle’s Terminal 46 to Switzerland-based Mediterranean Shipping COmpany (MSC) subsidiary Terminal Investment Limited (TIL), reports AP. The Seattle Times reports Hanjin will sell its majority stake in the terminal operating companies at the Seattle and Long Beach ports for $78 million. Hanjin Shipping filed for bankruptcy protection at the end of August, worrying local retailers about the fate of their cargo. Hanjin had been delivering about three major shipments per week to the Port - nearly one-third of the traffic at Terminal 46 - and owned the company that operated the terminal.

A former supervisory contracting officer was sentenced to 72 months in prison today for accepting bribe payments in exchange for steering U.S. Navy contracts to the president and chief executive officer of a defense contractor. Assistant Attorney General Leslie R. Caldwell of the Justice Department’s Criminal Division, U.S. Attorney Laura E. Duffy of the Southern District of California, Director Andrew L. Traver of the Naval Criminal Investigative Service (NCIS) and Director Dermot F. O’Reilly of the Defense Criminal Investigative Service (DCIS) made the announcement. Paul Simpkins, 62, of Haymarket, Va., was sentenced by U.S. District Judge Janis L.

Iran faces a struggle to increase oil exports because many of its tankers are tied up storing crude, some are not seaworthy, and foreign shipowners remain reluctant to carry its cargoes. Tehran is seeking to make up for lost trade to Europe following the lifting of EU sanctions imposed in 2011 and 2012, which deprived it of a market that accounted for over a third of its exports and left it relying completely on Asian buyers. Iran has 55-60 oil tankers in its fleet, a senior Iranian government official told Reuters.

On 17 February 2016, the Board of Directors of Philly Shipyard ASA (Oslo: PHLY) resolved to pay a dividend to the shareholders of PHLY as of expiry of 23 February 2016, of USD 0.25 per share, in aggregate USD 3,026,975.25. The dividend is classified for accounting purposes as a repayment of previous paid in share premium. The resolution was made pursuant to an authorization granted by the Annual General Meeting of PHLY on 15 April 2015. The shares in PHLY will be traded ex-dividend from and including 24 February 2016. The dividend will be paid on or about 4 March 2016 to the bank account registered on the relevant shareholder's securities depository (VPS) account.

On 4 November 2015, the Board of Directors of Aker Philadelphia Shipyard ASA resolved to pay a dividend to the shareholders of AKPS as of expiry of 10 November 2015, of USD 0.25 per share, in aggregate USD 3,026,975.25. The dividend is classified for accounting purposes as a repayment of previous paid in share premium. The resolution was made pursuant to an authorization granted by the Annual General Meeting of AKPS on 15 April 2015. The shares in AKPS will be traded ex-dividend from and including 11 November 2015. The dividend will be paid on or about 20 November 2015 to the bank account registered on the relevant shareholder's securities depository (VPS) account.

An update on Greece’s port operations and local conditions was issued today by maritime services provider Inchcape Shipping Services (ISS). According to ISS, no operational delays have been reported in Piraeus container terminal operations since capital controls were enforced. The only vessel supply operation presently affected is delivery of Cash to Master for any vessel type. No Cruise issues or changes of itinerary have been reported because of capital controls. No incidents have occurred to date affecting port safety and/or security, ISS reports.

On 6 May 2015, the Board of Directors of Aker Philadelphia Shipyard ASA resolved to pay a dividend to the shareholders of AKPS as of expiry of 12 May 2015, of USD 0.25 per share, in aggregate USD 3,026,975.25. The dividend is classified for accounting purposes as a repayment of previous paid in share premium. The resolution was made pursuant to an authorization granted by the Annual General Meeting of AKPS on 15 April 2015. The shares in AKPS will be traded ex-dividend from and including 13 May 2015. The dividend will be paid on or about 22 May 2015 to the bank account registered on the relevant shareholder's securities depository (VPS) account.

The Board of Directors of Aker Philadelphia Shipyard ASA yesterday resolved to pay a dividend to the shareholders of AKPS as of expiry of 3 March 2015, of USD 0.25 per share, in aggregate USD 3,026,975.25. The dividend is classified for accounting purposes as a repayment of previous paid in share premium. The resolution was made pursuant to an authorization granted by the Annual General Meeting of AKPS on 9 April 2014. The shares in AKPS will be traded ex-dividend from and including 4 March 2015. The dividend will be paid on or about 13 March 2015 to the bank account registered on the relevant shareholder's securities depository (VPS) account.

Former senior federal contracting officer Paul Simpkins was arrested Tuesday for conspiracy to commit bribery in connection with his alleged role in a scheme to steer contracts and benefits to Glenn Defense Marine Asia (GDMA), a defense contracting firm headquartered in Singapore. Paul Simpkins, 60, of Haymarket, Virginia, is the latest individual to be arrested in connection with a corruption probe involving the U.S. Navy, GDMA, and its owner, Leonard Glenn Francis. “As alleged, Paul Simpkins misused his position as a contracting officer at the U.S. Navy to obtain bribes of cash, air travel, hotel rooms and prostitutes, and his actions tarnish the reputation earned by the vast majority of U.S. Navy officers and enlisted and civilian personnel,” said Assistant Attorney General Leslie R.

Once, the stars were all that mariners needed to navigate the seas. Today, maritime companies rely on hi-tech systems to operate and navigate equally hi-tech vessels. All of that comes with new and significant risks. On one side, automation has its benefits, especially as crews grew smaller and ships got bigger. On the flip side, however, marine technology, like most other technology, comes with its own risks. Today’s technologies often require Internet connectivity to function properly. A recent study by Boston-based security company Rapid7 found more than 100,000 devices – from traffic signal equipment to oil and gas monitors – were connected to the Internet using serial ports with inadequate security leaving them vulnerable to breaches or hacking.

]On July 16, 2014, the Board of Directors of Aker Philadelphia Shipyard ASA (Oslo: AKPS) resolved to pay a dividend to the shareholders of AKPS as of expiry of July 22, 2014, of NOK 1.5 per share, in aggregate NOK 18,862,149. The resolution was made pursuant to an authorization granted by the Annual General Meeting of AKPS on April 9, 2014. The shares in AKPS will be traded ex-dividend from and including July 23, 2014. The dividend will be paid on or about August 1, 2014 to the bank account registered on the relevant shareholder's securities depository (VPS) account.

The International Maritime Rescue Federation (IMRF) has successfully registered its Asia Pacific regional centre (APRC) in China, giving it formal legal status and providing a timely boost to maritime Search and Rescue (SAR) development in the region. Registration means that the IMRF, which has operated an office in Shanghai since 2011, can advance its activities without the limitations of Chinese law places on non-registered organizations. As a legal entity in China the IMRF can now operate a corporate bank account…

GAC said a new exchange rate has come into effect in Venezuela for services rendered to foreign-flagged vessels performing international trading. The official rate, as per SICAD II public currency exchange auctions, is BsF. 49.06 per USD. This new rate – which came into effect for all transactions made from 4 April onwards - produces significant savings for foreign clients calling Venezuela. The new exchange rate will not affect or taken in consideration for calculation of services rendered and fixed on tariffs and settled on USD (Terminal Fixed Charges invoiced by PDVSA) as the method of payment remains unchanged, deposited in a foreign Bank Account. gac.com

These frauds always emanate from Turkey and involve criminals purporting to be ship brokers and port agents. At present Signum say they are aware of at least twenty cases over the past eighteen months. The nature of the frauds are that non-existent cargo is offered to ship owners / managers at attractive rates, generally at a time when their vessel is 'spot' i.e. at a port without a cargo. The type of cargo offered varies but the favourites are cement, boilers and phosphate. The terms are always 'Liner In' meaning that the owner must pay up front for any stevedore and berthing costs.