Fca News

The Board of Directors of the International Foundation for Aids to Navigation (IFAN) has appointed Catherine Mulvihill as its new CEO.Mulvihill is undergoing a comprehensive management of change process in collaboration with the current CEO, Peter Stanley, and will officially assume full responsibilities as IFAN’s CEO on October 9, 2023.She brings a wealth of experience spanning four decades in the marine industry, including extensive knowledge in container shipping and operations, ports and terminals, and marine insurance within both mutual management and the London and commercial markets.

Singapore-based Eastern Pacific Shipping and China Power International Development Limited have signed a Framework Cooperation Agreement (FCA) to collaborate on the production of green energy and renewable fuel solutions.The companies will cooperate to advance the development and adoption of energy solutions for the maritime industry, including green ammonia and green methanol.Representing EPS at the signing was Commercial Director Tay Gak Yong, who stated: “By leveraging our combined expertise…

Britain’s markets regulator has been urged to sanction cruise ship company Carnival and food delivery company Just Eat Takeaway.com for poor disclosures in a complaint seen by Reuters.Both companies have breached their legal obligations by failing to adequately tell investors the risk climate change poses to their businesses, legal NGO ClientEarth said.While the Financial Conduct Authority has yet to sanction a company over its climate disclosures, the latest ClientEarth complaint…

Abu Dhabi-based Gulf Marine Services (GMS) said on Tuesday it had reached an agreement with its syndicate of banks to restructure its debt that will help it weather the coronavirus crisis.London-listed GMS provides support vessels for offshore oil and gas and other energy installations. It has been hurt by a downturn in the oil and gas services industry triggered by a prolonged slide in oil prices that has turned into a deep slump since the coronavirus crisis destroyed demand…

The Baltic Exchange’s subsidiary, Baltic Exchange Information Services Ltd (BEISL), has been authorized by the UK’s Financial Conduct Authority (FCA) as a benchmark administrator under EU Benchmark Regulation. This means that the Baltic Exchange’s daily dry bulk, tanker and gas freight indices are regulated by an EU National Competent Authority.“We are very pleased to have received authorization from the FCA,” commented Baltic Exchange Chief Executive Mark Jackson. “This status ensures that financial institutions…

A.P. Møller - Mærsk A/S rated Baa2/BBB (on review for possible downgrade/CreditWatch negative) by Moody's/S&P, the integrated transport and logistics company, has mandated Barclays, Danske Bank, HSBC, MUFG and SG CIB as Joint Bookrunners to arrange a series of fixed income investor meetings in Europe commencing on the 28th of February 2018. A EUR-denominated Reg S bearer fixed rate senior unsecured benchmark transaction with a maturity of around 8-years is expected to follow, subject to market conditions. The expected transaction serves to pre-fund upcoming bond maturities and to extend the issuer’s maturity profile. Selling restrictions apply. Relevant stabilization regulations including FCA/ICMA apply.

The automaker wants the Federal Maritime Commission to order payments from Wallenius Wilhelmsen Logistics AS and its sister company EUKOR Car Carriers Inc, Nippon Yusen Kabushiki Kaisha, Mitsui O.S.K. Lines Ltd, Compania Sud Americana de Vapores, Hoegh Autoliners AS and affiliated companies. Fiat Chrysler filed its complaint on Oct. 17. All but one of the shippers sued by Fiat Chrysler pleaded guilty and admitted to price fixing as part of a Justice Department investigation. The remaining firm, Hoegh, agreed last month to plead guilty and pay a $21 million criminal fine.

Huntington Ingalls Industries Inc. (HII) has agreed to a $9.2 million settlement of allegations that it violated the False Claims Act by knowingly overbilling the government for labor on U.S. Navy and Coast Guard ships at its shipyards in Pascagoula, Miss. Under the settlement, HII will make a payment of $7.9 million which, combined with earlier repayments, will result in the settlement recovery of approximately $9.2 million. “Contractors that knowingly bill the government in violation of contract terms will face serious consequences,” said Acting Assistant Attorney General Chad A.

ClassNK’s subsidiary ClassNK Consulting Service (NKCS) has officially launched its Bunker Fuel Oil Analysis Service. The service will provide an oil analysis report for the properties of bunker fuel oil based on the ISO8217 Standard with advice such as oil heating and purification. Testing laboratories are located worldwide in Singapore, UAE, U.K. and U.S. After sampled oil is received at the nearest laboratory from each ship, an analysis report will be provided by email and online within 48 hours. In addition to analysis based on the ISO8217 Standard, the Bunker Fuel Oil Analysis Service also provides special analysis services based on request…

It seems increasingly unlikely that all shippers will be ready to meet their new verified gross mass obligation in July. What impact will this have on supply chains? Drewry has previously alerted exporters and importers of the lack of progress and the many uncertainties left before they are ready to comply with the mandatory regulation of the International Maritime Organisation (IMO) on container weights, which becomes effective in July 2016. Three months on, we are seeing some progress, but equally it is becoming clear that not all shippers will be ready to comply with the new IMO rule. A poll of 410 customers of booking portal Inttra in October 2015 found that 66% expected “a moderate or major disruption in the industry”.

The Singapore Shipping Association (SSA) has appointed a full time Technical Director who will be responsible for ensuring the Association maintains its pledge of delivering a high level of technical advice and service to its members against a rapidly changing international regulatory landscape, the SSA said in a press release. He will be responsible for ensuring that the association maintains its pledge to deliver a high level of technical advice and service to its members against a rapidly changing international regulatory landscape. Captain Ang has over 40 years of experience in the maritime sector, initially as a seafarer and port captain and, later, as an academic. He is a qualified Master Mariner (New Zealand) and an accountant – FCA (Singapore) and FCPA (Australia).

In accordance with DTR 5.6.1 of the FCA's Disclosure and Transparency Rules (DTR), the Company is required to notify the market of its total number of voting rights and capital as at the end of each calendar month. 1,886,455,159 ordinary shares of 20p each with voting rights. 1 Special Rights non-voting share of £1 with no voting rights. 22,005,007,762 non-cumulative redeemable preference shares of 0.1p each (C Shares) with no voting rights except at any general meeting at which a resolution to wind up the Company is to be considered in which case the holders of C Shares shall have the right to attend the general meeting and shall be entitled to speak and vote only on such resolution. None of the ordinary shares or C Shares are held in Treasury.

In accordance with DTR 5.6.1 of the FCA's Disclosure and Transparency Rules (DTR), the Company is required to notify the market of its total number of voting rights and capital as at the end of each calendar month. 1,886,395,243 ordinary shares of 20p each with voting rights. 1 Special Rights non-voting share of £1 with no voting rights. 22,005,007,762 non-cumulative redeemable preference shares of 0.1p each (C Shares) with no voting rights except at any general meeting at which a resolution to wind up the Company is to be considered in which case the holders of C Shares shall have the right to attend the general meeting and shall be entitled to speak and vote only on such resolution. None of the ordinary shares or C Shares are held in Treasury.

Roxi, the Central Asian oil and gas company with a focus on Kazakhstan, announces that following the exercise of options 1,000,000 new shares ("Option Shares") have been issued.                   Roxi will apply for these 1,000,000 Option Shares to be admitted to trading on AIM and it is anticipated that trading in such shares will commence on 7 August 2014. The total number of shares in issue following the issue of these shares will be 839,034,014. Roxi has no shares in Treasury, therefore this figure may be used by Shareholders, from Admission, as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in their interest in, the share capital of the Company under the FCA's  Disclosure and Transparency Rules.

Roxi, the Central Asian oil and gas company with a focus on Kazakhstan, announces that following the exercise of options 125,000 new shares ("Option Shares") have been issued. Roxi will apply for these 125,000 Option Shares to be admitted to trading on AIM and it is anticipated that trading in such shares will commence on 21 July 2014. The total number of shares in issue following the issue of these shares will be 837,659,014. Roxi has no shares in Treasury, therefore this figure may be used by Shareholders, from Admission, as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in their interest in, the share capital of the Company under the FCA's Disclosure and Transparency Rules.

The St. Lawrence Seaway Management Corporation announced the following recent changes to its Board of Directors. Ian MacGregor assumed the position of Chair of the Board at the meeting of the Board held on August 18, 2010. MacGregor replaces Guy Véronneau, who recently left the Board after serving as Chair for the past four years. MacGregor is a director of Seaway Marine Transport and Chairman of Golden Star Resources Ltd. David L. Muir, FCA joined the Board of Directors in May 2010 as the representative of the Federal Government. Muir is Senior Vice President, Collins Barrow Ottawa Management Consultants Inc. Jonathan Bamberger joined the Board of Directors on August 28th as the industry representative for the Corporation’s “Other Members”.

Russian sunseed exports may decline sharply in March as a result of export duty doubling, while shipments in January and February are likely to remain quite intensive as the increase will not become effective instantly. The decision adopted by a government commission on protective measures in foreign trade on January 22 to double export duty on oilseeds to 20 percent from 10 percent seems to make sunseed exports inefficient. But it will only become effective a month after a government resolution setting the new duty is officially published. The resolution is to be published in the government gazette next week. Therefore the new 20-percent export duty will become effective only from early March.

Transport Canada stated that the Supreme Court of Canada has declined to consider the appeal of the ship owner in a case challenging the decision of Canadian port state control inspectors to detain a ship for an extended period. The Federal Court of Appeals (FCA) of Canada had ruled that the government is not liable for the extended detention of a ship based on an allegedly negligent port state control (PSC) inspection. In the instant case, a Canadian PSC boarding officer determined after a somewhat cursory inspection that certain frames on the foreign ship were excessively wasted and must be replaced before the ship could depart port. The trial court determined that the detention was not in accordance with requirements of the SOLAS Convention and the Tokyo MOU.

The Federal Court of Appeals (FCA) of Canada ruled that the government is not liable for the extended detention of a ship based on an allegedly negligent port state control (PSC) inspection. In the instant case, a Canadian PSC boarding officer determined after a somewhat cursory inspection that certain frames on the foreign ship were excessively wasted and must be replaced before the ship could depart port. The trial court determined that the detention was not in accordance with requirements of the SOLAS Convention and the Tokyo MOU. Damages were awarded in the amount of C$4,344,859.47, plus prejudgment interest in the amount of C$1,624,212.75. The Government of Canada appealed.