Marine Link
Monday, February 19, 2018

Bank Protection News

Inland Waterways to Get Boost in India

Image: The Inland Waterways Authority of India (IWAI)

The National Waterway Act, 2016 declaring 111 national waterways, including the 5 national waterways declared earlier has been enforced w.e.f. 12th April, 2016. The process for preparation of techno economic feasibility (TEF) study/Detailed Project Report (DPR) of new national waterways was initiated. As per the feasibility reports received so far, 32 new national waterways and five national waterways declared earlier are to be developed in the next three years. Out of these 32 new national waterways, DPRs for 8 waterways are available.

Navigation Campaign Launched at Vankorneft

Navigation Сampaign Has Been Launched at Vankor

Rosneft subsidiary Vankorneft has launched the navigation campaign on delivery of nearly 400 thousand tons of cargoes via the Bolshaya Kheta River (left tributary of the Yenisei). This year, in addition to traditional cargo transportation at the Vankorskiy production site and the Priluki terminal, the delivery at the Suzunskoye field is also planned. The Suzun will become a new discharge terminal as in November 2013 the enterprise was confirmed to be the operator in the developing of new fields in the Vankor cluster, the Suzunskoye, Tagulskoye, and Lodochnoye fields.

Intermodal Terminal to Come Up in Uttar Pradesh

Nitin Gadkari, Indian Shipping Minister. Photo: PIB

Inland Waterways Authority of India (IWAI) will construct Intermodal Terminal at Uttar Pradesh's Ghazipur and will be linked to both National Waterways-I (NW-1) or river Ganga and National Highway-19 - connecting Ghazipur to Patna - and help in movement of cargo, with options for both land and water transportation. Union Minister for Shipping Nitin Gadkari, will lay the foundation stone for an Intermodal Terminal at Ghazipur in Uttar Pradesh today (25 January). The intermodal terminal at Ghazipur will have linkage to both NW-I or River Ganga and NH-19 which is just 650 metres away.

Sberbank, Sovcomflot Sign $106m Finance Deal

Ice-breaking LNG carrier Christophe de Margerie. Photo: PAO Sovcomflot

The largest bank in Russia Sberbank and shipping company Sovcomflot have signed a new USD 106 million project financing agreement, with a term of up to 14 years. The funds will finance the construction of a high ice class Arctic shuttle tanker (Arc7) for the Novy Port project, under a long-term agreement with Gazprom Neft. This is the third major transaction of its kind between Sberbank and Sovcomflot. The first joint project between the companies was in 2015, to finance the construction of three Arctic shuttle tankers to transport crude oil from the Novy Port field.

Seadrill Nears Comprehensive Restructuring Deal

(File photo: Seadrill)

Rig firm Seadrill, which last year filed for bankruptcy protection in a U.S. court, is working towards a comprehensive deal with all its creditors that could be concluded this week, it said in a court filing late on Friday. Once the largest drilling rig operator by market value, Oslo-listed Seadrill filed its bankruptcy case in Texas on Sept. 12 after being hit hard by cutbacks in oil company investment following a steep drop in crude prices. The company, controlled by Norwegian-born billionaire John Fredriksen…

India Announces Projects Status of Inland Waterways

Image: Inland Waterways Authority of India (IWAI)

The Shipping Ministry of India has announced the details of various ongoing major projects for development of National Waterways (NWs), which are as under four divisions. The government also revealed the techno–economic feasibility studies and Detailed Project Report (DPR) for the 106 new National Waterways. Since inception of Inland Waterways Authority of India (IWAI), projects worth Rs. 1871.567 crore ($275 million) for development of National Waterways (NWs) have been implemented till March, 2016.

Canadian Fleets, Seaway Invest $160 Mln for 2017 Season

File photo: Thunder Bay Port Authority / Chamber of Marine Commerce

Canadian ship owners and the St. Lawrence Seaway have spent an estimated $160 million on repair and infrastructure projects this winter, boosting the economic fortunes of communities throughout the Great Lakes, the St. Lawrence and east coast, according to the Chamber of Marine Commerce. Canadian ship owners have invested an estimated $70 million to maintain and upgrade their vessels during the winter months — an annual exercise that keeps their vessels in tip-top shape to safely and efficiently deliver goods for North American businesses. The St.

IMO Signs Partnership Deal with European Bank

The EBRD/IMO Memorandum of Understanding (MoU) was signed on Thursday (8 February) by IMO Secretary-General Kitack Lim (right) and the First Vice President of the EBRD, Phil Bennett. Photo: International Maritime Organization (IMO)

The International Maritime Organization (IMO) announced that it has signed a new partnership agreement with the European Bank for Reconstruction and Development (EBRD) in an effort to help promote sustainable shipping. The Memorandum of Understanding (MoU), signed by IMO Secretary-General Kitack Lim and the First Vice President of the EBRD, Phil Bennett, will help promote sustainable shipping through a range of safety- and environment-focused capacity-building activities in the maritime and port sectors in selected countries.

Dogger Bank (UK) Cable Route: OMM Completes Assessment

Offshore Marine Management (OMM) completes a feasibility study for Forewind’s planned North Sea wind energy development. The study was undertaken to assess route feasibility options along one of the development’s 160km long export cable corridors. The scope of work required OMM to analyse survey data, establish a Burial Protection Index (BPI) and carry out a burial assessment to recommend cable burial depths along the route. This was used to advise on the potential need for corridor widening and cable protection measures, including advising on appropriate techniques for cable burial and protection along the route. OMM used its in-house Esri GIS facilities to assess the data provided for geology…

AKD: Chapter 11 Protection is Not Enforceable in The Netherlands

Netherlands law firm AKD says that, while beleaguered shipowners may be looking increasingly to Chapter 11 filings in the United States to protect their financial interests, the fact is that Chapter 11 does not enjoy the force of law throughout the world, and certainly not in The Netherlands. Haco van der Houven van Oordt, head of the shipping & offshore team at AKD’s headquarters in Rotterdam, says, “Nobody – and that includes the banks - wants to see shipping companies forced out of business. On the other hand, one cannot expect the banks to forgo the opportunity to ring-fence their losses in cases where they deem this to be the most propitious course of action.

EIB Grants Wärtsilä R&D Loan

The European Investment Bank (EIB) has granted Wärtsilä a research and development loan of EUR 100 million. Wärtsilä will use the loan to develop the competiveness and environmental performance of the engines. The goal is to reduce running costs and to ensure sustainable development throughout the life cycle of the engines. The European Investment Bank funds research and development that supports the long-term competitiveness of businesses in the EU. "The EIB loan is of major importance in developing our business. In an environment where increased price competition challenges production in Europe it emphasizes the importance and capabilities of European R&D," said Mr Ole Johansson, President & CEO of Wärtsilä. Mr.

China Seeks to Strengthen Financial Services to Maritime Sector

© Tom Baker / Adobe Stock

China’s central bank on Thursday issued guidelines to strengthen financial services for maritime sector development, part of China’s efforts to build the country into a maritime power. China will support maritime firms to raise funds through capital markets, according to the statement jointly issued by eight government agencies, including the People’s Bank of China and State Oceanic Administration. China will also accelerate development of maritime related insurance and encourage insurance funds to increase investment in the maritime sector.

IMO Marine Environment Protection Committee Meeting Agenda

Implementation of energy-efficiency, ballast water management & ship-recycling rules on agenda for IMO Marine Environment Protection Committee. The Marine Environment Protection Committee (MEPC) of the International Maritime Organization (IMO) meets for its 64th session from 1 to 5 October 2012, at IMO Headquarters in London. As well as discussing matters relating to the implementation of energy-efficiency, ballast water management and ship-recycling regulations, the MEPC will also consider formally designating the Saba Bank, in the North-eastern Caribbean area of the Kingdom of the Netherlands, as a Particularly Sensitive Sea Area (PSSA).

The Marine Electronic Highway

Implementation of the Marine Electronic Highway (MEH) Demonstration Project in the Straits of Malacca and Singapore is set to begin shortly, following the signing of a $6.86 million grant agreement between the Global Environment Facility (GEF)/World Bank and the International Maritime Organization (IMO). transiting ships, while being also capable of incorporating marine environmental management systems. marine environment protection and the sustainable development and use of the coastal and marine resources of the Straits' littoral States, Indonesia, Malaysia and Singapore. In addition to the $6.86 million assigned to IMO for the regional MEH demonstration project…

Shipbuilder Meyer Turku Wins Again

Current photo from the Meyer Turku yard. Photo: Meyer Turku

The global cruise market maintains its momentum with the announcement today that TUI Cruises is ordering another new cruise ship from Meyer Turku. TUI Cruises and Meyer Turku agreed to build a Mein Schiff 7 with delivery in 2023, which is based on the design of New Mein Schiff 1 & 2. The agreement is still subject to financing, which is now being worked on with the banks and Finnvera. "We are very thankful that TUI Cruises is entrusting us with building another ship to their fleet of modern and beautiful Mein Schiffs.

NAMEPA Host Shipping Industry Awards Dinner

IMO Sec-Gen Sekimizu & SUNY Students: Photo courtesy of NAMEPA

Shipping luminaries gathered recently in New York to discuss issues and recognize achievements at the 2013 North American World Maritime Day and NAMEPA (North American Marine Environment Protection Association) Marine Environment Protection Awards Dinner. “NAMEPA was honored to host this annual event, and gratified by the interest and participation at the highest levels of shipping in our industry” stated NAMEPA Chairman Clay Maitland. Topics covered in the day’s conference included promoting a safety culture and environmental stewardship…

French Ferry Firm Loses State Aid Appeal

Photo: SNCM

Cash-strapped ferry operator SNCM looks set to seek legal protection from its creditors after Europe's highest court ruled on Thursday it must pay back 220 million euros ($289 million) of French state aid. SNCM, owned 66 percent by transport group Transdev, has racked up losses as low-cost competitors have eaten away its market share and is fast running out of funds. Transdev - itself a joint venture between water and waste firm Veolia and French state bank CDC - has said it will…

Ecovix to File for Bankruptcy - Report

Brazilian shipbuilder Engevix Construcoes Oceanicas (Ecovix) is expected to file for bankruptcy protection from creditors in a local court this month, the newspaper Valor Economico said on Wednesday. The company, based in Rio de Janeiro, has more than 6 billion reais ($1.7 billion) in outstanding debts, according to Valor. Ecovix did not immediately respond to requests for comment made via phone and email. According to Valor, Ecovix's creditors include state-run oil company Petrobras, suppliers, China's Cosco, Norway's NOV and also local banks Bradesco, Banco do Brasil and Caixa Economica Federal. The company's expected request for protection from creditors is intended to give it room to negotiate a debt restructuring and the sale of company assets to new investors, the paper said.

MME Inks Deal to Protect Luxury Cruise Vessels

Endeavor (Photo: MME Group)

MME Group has secured multiple orders for solutions that protect the newest generation of luxury cruise vessels built by MV WERFTEN (Germany) against corrosion and marine growth. The yard's "Global Class" and "Endeavor Class" vessels will be outfitted with MME Group's systems. Recently, MME Group inked the deal for the design, supply and commissioning of sacrificial anodes (SA), Impressed Current Cathodic Protection (ICCP) and Impressed Current Anti-Fouling (ICAF) systems for the Endeavor Class luxury expedition yacht (yard number 124) that MV WERFTEN builds for Crystal Cruises.

Indian Cabinet Clears Changes in Major Port Authorities Bill 2016

Indian Prime Minister, Narendra Modi. Photo: PIB

Indian's  Union Cabinet has approved the incorporation of the official amendments to the Major Port Authorities Bill 2016, which is pending in the Parliament. The Amendments are based on the recommendations of the department related parliamentary standing committee. The changes sought include the number of the labour representatives to be appointed in the Port Authority Board among the serving employees of the Port has been increased from one to two, among others. The Board of…

Court Confirms Marco Polo Seatrade Chapter 11 Protection

U.S. Courts confirm Marco Polo Seatrade Chapter 11 protection and frees vessel. The New York Court supervising the reorganisation of Marco Polo Seatrade and its group affiliates has rejected the motions filed by the Royal Bank of Scotland and Credit Agricole seeking to dismiss the group's US Chapter 11 filings. Both lenders had asserted that Marco Polo Seatrade was not eligible for Chapter 11 protection and had indeed initiated its Chapter 11 case in bad faith. The court rejected all of the lenders' arguments. Antonio Zacchello, MD of Marco Polo Seatrade, says, "We are delighted that the court has confirmed that we acted in accordance with the law and in good faith in starting our Chapter 11 proceedings.

MMS Awards Grant to St. James Parish

The Minerals Management Service (MMS) has awarded a grant for $718,620 to St. James Parish in Louisiana through the Coastal Impact Assistance Program (CIAP), for the purchase of a 600-acre tract in the Coteau Chevreuil Wetlands area in South Vacherie, on the west bank of the parish. Purchase of the wetlands tract will provide protection to valuable cypress, tupelo swamp, and bottomland hardwood forest trees. South Vacherie is located approximately 35 miles west of New Orleans, and 55 miles south-southwest of Baton Rouge, Louisiana. “MMS is committed to helping the state in its vital coastal restoration efforts through CIAP,” said MMS Gulf of Mexico Regional Director Lars Herbst. “We are proud to partner with St. St.

Tight Credit Squeezes Maritime Industry

“Liquidity has come back to some extent,” said Oliver Ebner, Senior Manager, Project and Structured Finance for the National Bank of Abu Dhabi. Ebner is one of a panel of speakers lined up to address a special session on financing the industry in the global economic slowdown at Middle East Money & Ships, the region’s premier networking event for senior executives from the maritime and finance sectors. The conference from 7-8 October 2009 at the Grand Hyatt Hotel, Dubai, will also assess the continued appetite for investment in shipping, the likely pattern for recovery, where the money will come from as well as providing a realistic assessment of the current order book.

Maritime Reporter Magazine Cover Feb 2018 - Cruise Ship 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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