Development Finance News

DP World chairman and CEO Sultan Ahmed Bin Sulayem has resigned with mounting pressure over his alleged ties to Jeffrey Epstein.Bin Sulayem, one of the Middle East's most prominent business figures, is among the highest-profile executives to face scrutiny and be removed from senior roles following the recent release of the Epstein files.Dubai's ruler on Friday also issued a decree appointing a new chairman for Dubai's Ports, Customs and Free Zone Corporation, one of several roles previously held by Bin Sulayem.Members of the U.S.

The arrival of the dredger Willem Van Rubroeck in Ndayane has marked the start of maritime works for the $1.2 billion Port of Ndayane, a project led by Dubai-owned ports and logistics firm DP World, which aims to transform Senegal into a major center for global trade.The vessel will dredge a 5 km-long shipping channel - an essential step in building this high-capacity port designed to elevate Senegal’s trade infrastructure.Phase 1 of the project includes an 840 m quay and a 5…

India's Adani Ports and Special Economic Zone Ltd  said on Tuesday it would finance its Colombo port terminal project through internal accruals and a capital management plan, withdrawing its request for funding from the U.S. International Development Finance Corp (DFC).DFC last year said it would provide $553 million in financing for the port terminal project, which is partly owned by the Adani Group. The company, however, said the Colombo West International Terminal project is progressing well and is on track for commissioning by early 2025.DFC did not immediately respond to a Reuters request for comment. Ports-to-edible oils Adani Group…

David Gutheil has been appointed as the interim leader for the Port of Cleveland, set to take over in January following the departure of Will Friedman who is stepping down from his role at the end of this year.“We are fortunate to have someone as experienced and trusted as Dave ready to step in,” said J. Stefan Holmes, Port board chair. “As we announced when Will shared his decision to move on, the board is committed to finding a successor with experience in maritime transportation, development finance and economic development. As we look for a permanent successor, we are fully confident in the guiding hands of Dave.”Holmes said the board will be engaging a search committee for the permanent successor.Gutheil has been with the Port of Cleveland more than 14 years…

The U.S. International Development Finance Corporation (DFC) said it will provide $553 million financing for a Colombo port terminal project, partly owned by India's Adani Group, advancing the first foray by an Indian company into the sector.Sri Lanka, an island off India's southern coast, is mired in its worst financial crisis in over seven decades after its foreign exchange reserves ran to record lows last year, forcing its economy to contract by 7.8% in 2022. Ports-to-edible oils Adani group…

U.S.-based subsea mining company Odyssey Marine Exploration, Inc. announced it has expanded its executive and legal teams. On Monday, the firm's Board of Directors appointed Christopher "Chris" E. Jones as Chief Financial Officer and reappointed Jay Nudi as the company’s Principal Accounting Officer and Treasurer.“As we evaluated our strategic plans and every part of our business over the past year, it became clear that we needed to add specific expertise to our executive team to allow Odyssey to execute on its strategic plan,” commented Mark D. Gordon, Chairman and CEO of Odyssey. “Chris brings extensive experience in international business development…

Greece launched a tender on Friday to sell Hellenic Shipyards SA, the country's biggest shipyard which has been under special administration, the Finance Ministry said.The conservative government has promised to overhaul the loss-making Greek defence industry while boosting the country's defence capabilities, amid rising tension between Greece and Turkey over offshore gas resources in the eastern Mediterranean.It has said its plans include overhauling the military division of Hellenic Shipyards, which is based in Skaramangas, near Athens.Greece has said U.S.

The world's principal shipping organization  International Chamber of Shipping (ICS) has added further high-level speakers to the line-up of its 2019 Conference: Setting Course for 2050: Powering Global Trade. The flagship conference will take place on September 11th at the British Library, during London International Shipping Week, informed the industry body representing around 80% of the world’s merchant tonnage, through membership by national shipowners' associations.Stuart Neil, Communications Director of the International Chamber of Shipping (ICS) said: “The shipping industry is facing the most important transformation since the transition from sail to steam. There are no clear solutions, no silver bullets and there will be trade-offs and new ways of working as we move towards 2050.

Crowley Maritime Corp.’s solutions group announced that it is reorganizing and establishing new leadership to better serve customers in need of engineering, project management and government services. Solutions is the company’s dedicated, full-service engineering, project management and government services team, reporting to Crowley’s Todd Busch, senior vice president and general manager, technical services. Jay Edgar, who is new to Crowley, has been appointed vice president and leader of the company’s newly formed engineering services team…

Sometimes being an industry supplier offers interesting insights – your business is touched by the ups and downs of the charter market, but you are never so involved in it that you lose sight of the big picture. Some of our clients have been hit hard by the market’s general downturn; one client I visited last month began 2008 with 41 maritime software licenses for their vessels – just seven remain today. “We just sold another ship yesterday,” he said, and then after a pause: “Please spare me the update costs for this one, it won’t receive any.” Of course, I nodded.

Insights: Edward E. Belk -  Chief, Operations and Regulatory Division Directorate of Civil Works, U.S. Edward E. Belk, Jr. currently serves as the Chief of Operations and Regulatory Division for the U.S. Army Corps of Engineers at Corps Headquarters in Washington, D.C. He also provides leadership and oversight for activities and programs within the Corps’ Lakes and Rivers and North Atlantic Regional Integration Teams. Selected by the Secretary of the Army into the Senior Executive Service in May 2012, Mr. Belk provides national oversight of the development, resourcing and delivery of Operations and Maintenance (O&M) programs for the Civil Works infrastructure portfolio and for Corps operational programs such as hydroelectric power…

India's Ministry of Shipping has chalked out a plan to raise a trillion India Rupees to develop ports, build ships and improve inland waterways, says a report in the Business Standard. The money will help the shipping ministry, which floated the proposal, help finance port and maritime-related infrastructure projects. The amount would be raised in the dollar equivalent at an interest of three per cent. For, the government may set up a dedicated company by pooling the future income of the 12 ports it directly owns. The company set up specifically for this purpose—a special purpose vehicle or SPV—will leverage the pooled income of the dollar receivables of the 12 ports to borrow from overseas insurance and pension funds which seek good returns for their capital.

The board of the Cleveland-Cuyahoga County Port Authority voted today to accept an annual budget for 2015. The budget includes $20 million in capital investments to enhance maritime operations and sediment management. The port’s balance sheet also allows it to continue investing in its European liner service, Cleveland-Europe Express (CEE), which was launched in April. The port is expanding CEE service in 2015 to two sailings a month between Antwerp and Cleveland, as announced in September.

Roland C. Mower who has helped bring billions of dollars in business investment and supported the creation of thousands of jobs in Texas will be Port San Antonio's next President and CEO. A business veteran who for more than 25 years has led efforts to attract and grow multi-million dollar industrial and advanced technology projects in Texas and elsewhere in the U.S. Roland Mower will begin his new leadership role on September 29. He succeeds Bruce E. Miller, who has served in that role since 2002 and announced his retirement last January. For the past nine years, Mower has been President and CEO of the Corpus Christi Regional Economic Development Corporation (CCRED)—the leading economic development organization in the Texas Coastal Bend Region…

The Port of Cleveland announced that its Cleveland-Europe Express, the dedicated monthly liner service that launched in April, had its best month to date in June. This start-up service doubled its revenues in June when compared to either April or May. “The Port of Cleveland is booming and we are very encouraged by the performance of the new Cleveland-Europe Express service, which is still in its infancy,” said William D. Friedman, president and CEO. “The large increase in volume in June bodes well for the remainder of the year as we continue to offer companies and shippers throughout the interior U.S. The Port’s traditional maritime and development finance services are also seeing increased demand and are forecasted to have a record year.

In a ceremony at the U.S. Chamber of Commerce, the Overseas Private Investment Corporation’s (OPIC) President and Chief Executive Officer Elizabeth L. Littlefield presented Ellicott Dredge Enterprises, LLC and its Ellicott Dredges LLC entity with OPIC’s inaugural “Impact Award” for Ellicott’s work in Iraq. Ellicott was one of only eight organizations across the country receiving this award from OPIC, the U.S. Government’s development finance institution. With the assistance of political risk insurance from OPIC…

Area companies can learn how to reduce costs and increase the efficiency of their global supply chain at a seminar on Foreign-Trade Zones on May 30 at Firestone Country Club in Akron. Hosted by the Northeast Ohio Trade and Economic Consortium (NEOTEC) and the Cleveland-Cuyahoga County Port Authority in conjunction with the Greater Akron Chamber, the half-day seminar will bring together nationally renowned FTZ experts to discuss the program’s benefits and how it helps companies become more globally competitive. Presenters include Dan Griswold, president of the National Association of Foreign-Trade Zones (NAFTZ) in Washington, D.C.; Trey Boring, a NAFTZ board member and senior vice president of IMS Worldwide, Inc.

Gov. Bobby Jindal joined Globalstar Inc. CEO Peter Dalton, Globalstar Inc. Chairman Jay Monroe, Louisiana Economic Development Secretary Stephen Moret, St. Tammany Parish President Kevin Davis and Greater New Orleans Inc. President and CEO Michael Hecht to announce Globalstar will relocate its corporate headquarters to Covington, La., from Milpitas, Calif. Additionally, Globalstar will relocate a variety of other global business functions to Covington, including product development, finance, accounting, sales, marketing, corporate communications and customer care.

The Ports of Indiana today announced new key initiatives to expand its economic development role. After a year-long strategic planning process involving in-depth research and interviews with industry stakeholders, the organization made the decision to expand its current role and aggressively grow its core business. The Ports of Indiana's new initiatives include spearheading the evaluation of an inland intermodal rail port in Indiana and pursuing increased development financing authority. Indiana's three-port system serves the world's most productive industrial and agricultural region through a combination of strategic locations, intermodal connections and specialized facilities.

Cleveland-Cuyahoga County Port Authority's Stepped up Mission to Foster Job Creation and Economic Vitality. The Cleveland-Cuyahoga County Port Authority’s Board of Directors approved a new Strategic Plan today focused on growing both the maritime and development finance businesses and tackling critical infrastructure projects on the Cuyahoga River – all with the mission of fostering job creation and economic vitality. “The Board and our community have demonstrated strong support…

Kvaerner Masa-Yards Inc.. Niemi, a Finnish citizen, has broad Finnish and international industry experience. During the years 1989-1997 he was Managing Director and Member of the Board of the Finnish Guarantee Board. Countries. services in Investment and Development Finance. "We at Kvaerner Masa-Yards are very pleased to have Mr. board," said Jorma Eloranta, President and CEO of Kvaerner Masa-Yards. Trond Ø.

2013 budgets approval reflects strong financial performance & commitment to investments tied to its Strategic Action Plan. In 2013, the Port intends to continue improving its business lines by attracting more projects to its Foreign-Trade Zone and development finance programs, and strategically enhancing the financial performance of the maritime operation. As a result, operating revenues are expected to increase 18 percent next year, and the Port will be positioned to target more resources to strategic initiatives without significantly increasing overall operating expenditures. “Both our results this year and the budgets for next year demonstrate our management team’s fiscal discipline,” said Port Chair Bob Smith.