Bank Account News

10 May 2019

ShipMoney Crew Payment Solutions for Tsakos

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…

12 Sep 2018

GRSE Announces Public Offer

Photo: GRSE

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”).

31 Jul 2018

Clarksons Targeted in Cyber Attack Last Year

© Aleksey Stemmer / Adobe Stock

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.

29 Jun 2017

T-Mining Pilot Project on Container Handling in Antwerp Port

Photo:  Port of Antwerp

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.

30 Dec 2016

Hanjin Sells Operations at Port of Seattle

Photo: Port of Seattle

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.

05 Dec 2016

Former US Navy Official Sentenced for Bribery

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.

19 Apr 2016

Iran Struggles to Find Enough Ships for Oil Exports

Photo: National Iranian Tanker Company

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.

18 Feb 2016

Philly Shipyard to pay Dividend

Photo  Philly Shipyard

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.

05 Nov 2015

Aker Shipyard Declares Dividend

Aker Philadelphia Shipyard

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.

07 Jul 2015

Greece Port Operations Update

Photo: Piraeus Port

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.

07 May 2015

Aker Philadelphia to Pay Dividend

Aker Philadelphia Shipyard

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.

26 Feb 2015

Aker Philadelphia to Pay Dividend

Photo courtesy Aker  Philadelphia

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.

14 May 2014

IMRF Gains Formal Legal Status in China

IMRF Chairman and APRC Vice- Chairman, Michael Vlasto, with APRC Chairman, Captain Song

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…

23 May 2013

WSS Reports Steady SARD Increase

Wilhelmsen Ships Services (WSS) General Manager for Japan Yoshihiro Iizuka said that he expects more customers to sign up for its Ships Agency Re-Defined (SARD) solution throughout 2013 and beyond as the company prepares for Bariship 2013. Mr. He added, “Japanese vessel operators and owners are positive about SARD because it guarantees efficient operation and fast turnaround. We ensure that our service experts make visits to customers on a timely basis to run evaluations on their time spent at each port. This enables us to improve our port operations in order to optimize the way we service our customers. WSS is investing in resources and expertise across North Asia to meet the increasing demands of this growing maritime hub.

20 Jun 2013

Risky Business

Underwriting your newbuild program is only one half of the sea passage. That’s because the construction phase is fraught with danger. Congratulations! You’ve run the due-diligence/underwriting gauntlet successfully and now you have your lender’s credit approval in hand. You are satisfied with the terms and conditions of the loan or lease and the lender or lessor is happy with you. Don’t celebrate quite yet, though. You are only about half of the way home. Everyone knows that new and used tugs and barges, OSVs, crew boats or ferries don’t come cheap. It’s a double edged sword.

19 Jul 2014

Aker Philadelphia Shipyard to Pay Dividend

Aker Philadelphia Shipyard

]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.

10 Apr 2012

High Uptakes on Ships Agency in Japan and Asia: WSS

As it prepares for Sea Japan, Wilhelmsen Ships Service (WSS) has reported strong growth in the number of owners in Japan and North East Asia signing up for its’ Ships Agency Re-Defined (SARD) offer. “Since launching SARD globally at the end of 2010,” we have seen high levels of uptake from the North East Asian shipping community, with growth levels of around 15 percent throughout 2011,” said Neal De Roche, Area Director WSS North East Asia. “Japanese vessel operators and owners are extremely positive about the fact that SARD provides a ‘one point of contact’ system. In fact, SARD can save up to three hours per port call for our Japanese customers.

11 Apr 2012

Ship Owners in Japan, NE Asia Sign Up with Wilhelmsen Agency

Wilhelmsen Ships Service (WSS) has reported strong growth in the number of owners in Japan and North East Asia signing up for its Ships' Agency Re-Defined (SARD) offer. Neal De Roche, Area Director WSS North East Asia said: “Since launching SARD globally at the end of 2010 we have seen high levels of uptake from the North East Asian shipping community, with growth levels of around 15% throughout 2011. Japanese vessel operators and owners are extremely positive about the fact that SARD provides a unique ‘one point of contact’ system. In fact, SARD can save up to three hours per port call for our Japanese customers. This is crucial to guarantee efficient operations and fast turnaround”.

13 Oct 2014

Taking Cyber Risks Seriously

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.

17 Jan 2014

Looking to Fix Spot Charter? Beware of Turkish Port Fraudsters

File photo of document

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.

07 Sep 2012

Globe Wireless Announces CrewCash and ShipMoney

Globe Wireless announced an exclusive worldwide sales and marketing relationship with CrewCash, LLC (CrewCash), a payments company offering comprehensive prepaid solutions to the commercial maritime industry. CrewCash and ShipMoney is a new prepaid Visa® card program for captains and crew members. The program provides a very efficient and cost effective alternative to the delivery of currency to ships. It is based on reducing the number of cash deliveries and the amount of cash held onboard, thereby significantly reducing costs.

09 Apr 2014

Venezuela: New Exchange Rate for Foreign Vessels

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

05 Feb 2015

Former US Navy Contracting Officer Arrested

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.

Maritime Reporter Magazine Cover Nov 2019 - Workboat Edition

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