Financial Services News

10 Nov 2019

Maritime Leaders Calls for Collaborative Spirit

(Left to Right): Tien Tai, HFW; Capt. S.R. Patnaik, International Shipping & Logistics; Zhang Wei, Industrial and Commercial Bank of China Limited (ICBC); Bobby Varghese, Abu Dhabi Port; Chris Peters, Emirates Ship Investment Company LLC; Martin Aarup, Abu Dhabi Ports; Clive Woodbridge, The Maritime Standard; Trevor Pereira, The Maritime Standard; Capt. Mohamed Juma Al Shamisi, Abu Dhabi Port; H.E. Eng. Ahmed M. Shareef Alkhoori, Federal Transport Authority-Land & Marine; Capt. Abdulkareem Al Ma

The fifth annual Maritime Standard Ship Finance and Trade Conference highlighted the importance of the shipping, ports and other maritime sectors working more closely with the financial services sector, as well as the growing influence of green issues and digitalization.The tone was set by the keynote speaker, Ahmed Shareef Alkhoori, Director General, Federal Transport - Land & Maritime. He said: “Financial institutions have a key role to play in helping to unlock the barriers that can exist to the development of maritime businesses.

08 Nov 2019

U.S. Scoops up Overseas Fuel Oil in pre-IMO Push

file Image / AdobeStock / © mikes jc

The United States is taking advantage of record-low prices of one of the world's dirtiest fuels by buying record volumes, which it intends to upgrade into cleaner products before new shipping rules take effect, trading and analyst sources say.U.S. trade sources said it recently had become economical to ship fuel oil from countries such as Russia, boosting imports of the product into the United States.This comes even as prices for high-sulphur fuel oil (HSFO) on the U.S. Gulf Coast…

04 Oct 2019

U.S. Drillers Cut Rigs Again: Baker Hughes

File Image: AdobeStock / © mentoys

U.S. energy firms this week reduced the number of oil rigs operating for a seventh week in a row as producers follow through on plans to cut spending on new drilling this year.Drillers cut 3 oil rigs in the week to Oct. 4, bringing the total count down to 710, the lowest since May 2017, General Electric Co's Baker Hughes energy services firm said in its closely followed report on Friday.In the same week a year ago, there were 861 active rigs.The oil rig count, an early indicator of future output…

07 Nov 2019

SGRE Powers Google in Sweden

Pic: Siemens Gamesa Renewable Energy

Siemens Gamesa Renewable Energy (SGRE) has secured an order to supply its turbines for a 254MW wind farm in Sweden that will power Google’s Hamina data centre in Finland.The Stavro wind farm, SGRE's largest ever onshore wind order in Sweden,  will use 62 turbines with a 4.1MW rating. It is expected online by the end of 2021.Stavro is located in the northern part of Sweden, northwest of Umeå, and divided into two sub-sites: Blodrotberget, with 40 turbines, and Blackfjället, with…

16 Oct 2019

Bibby Marine Appoints Samuels as CEO

Helen Samuels  (Photo: Bibby Marine Ltd)

Leading marine asset company Bibby Marine Ltd has appointed Helen Samuels as Chief Executive Officer to lead the company into its next phase of development.Helen Samuels will join the Group in January 2020 from Network Rail, where she currently holds the position of Engineering Director for their $6.4bn pa national capital program. Prior to this Samuels worked as Engineering Director for United Utilities, and also held a series of senior positions at Halcrow/CH2MHill (now Jacobs) including Operations Director…

20 Sep 2019

Global Ship Lease Bags Refinancing Deal

Pic: Global Ship Lease

Global Ship Lease (GSL), UK-based holding company and containership charter owner, has now settled a five-year refinancing of its debt.According to the container ship owner, the new syndicated $268m credit facility is signed with a number of commercial lenders including Credit Agricole Corporate and Investment Bank, ABN AMRO Bank, CIT Bank, Hellenic Bank and Siemens Financial Services.GSL expects to draw down the first tranche of the New Senior Loan, in full, of $230 million shortly…

19 Apr 2019

Europe Invests $30bln in Wind in 2018

Image: WindEurope

Europe invested a total of EUR27bn (USD 30.34bln) in new wind farms in 2018, allowing it finance a record amount of new wind energy capacity, according to European trade body WindEurope.Europe invested EUR 10.3 billion in new offshore wind farms with a combined capacity of 4.2GW in 2018.Investments in new offshore wind projects increased by 37% from 2017 but were still some way off the record EUR 18.2 billion seen in 2016, according to the report. The capacity financed in 2018 is also the second highest after 2016.The total amount invested in wind power is similar to previous years.

01 Jul 2019

Port Canaveral Wins Funding for Response Vessel

Six ships call on Port Canaveral on May 27, 2019 with 35,111 passengers accommodated in one day. (Photo: Canaveral Port Authority)

New fireboat will provide enhanced firefighting and rescue capabilities for maritime and commercial space. The Canaveral Port Authority will receive $1.5 million in funding from the State of Florida to support the acquisition of a specialized fireboat to provide marine firefighting and rescue capabilities for Port Canaveral and the surrounding communities. Port Canaveral’s Marine Firefighting Rescue Vessel (MFRV) will be purpose built to offer enhanced fire protection and response…

30 Aug 2019

McQuilling Mid-Year Tanker Market Outlook

File Image: AdobeStock / © Carabay

McQuilling Services Announces the Release of the 2019 Mid-Year Tanker Market Outlook Update.The Mid-Year Tanker Market Outlook Update provides an outlook on the global tanker market in the context of global economic growth and oil fundamentals influencing tanker demand and vessel supply. The outlook includes a view on future asset values, time charter rates, market freight rates and TCE revenues for 24 major tanker trades and four triangulated routes across eight vessel segments for the second half of 2019 through the remaining four years of the forecast period 2019-2023.

11 Sep 2019

UK Support Low-Carbon Maritime Technology

Image: Department for Transport, UK

Britain is set to become a global hub for low-carbon maritime technology, thanks to new government funding.Maritime Minister Nusrat Ghani has committed a further GBP1 million to fund new shipping technology projects through MarRI-UK, a consortium of leading maritime organisations."MarRI-UK has already allocated £1 million to support early stage clean maritime projects. Today government is announcing a further £1 million for technology and innovation projects, boosting the wealth of maritime knowledge that exists in the UK to build an industry fit for the future…

29 May 2019

NYK Joins Task Force on Climate

Photo: NYK Line

Japanese shipping giant Nippon Yusen (NYK) has announced its support of recommendations by the Task Force on Climate-related Financial Disclosures (TCFD), in addition to the company’s participation in the TCFD Consortium established on May 27, 2019.NYK aims to improve its climate change–related disclosures through discussion and information-sharing in the consortium.In NYK’s medium-term management plan “Staying Ahead 2022 with Digitalization and Green” released in 2018, NYK announced the group’s intent to integrate environmental…

04 Apr 2019

Swedish Bank to Finance Star Bulk

Pic: Star Bulk Carriers

Swedish financial group Skandinaviska Enskilda Banken AB (SEB) is providing US$71.42m term facility to Star Bulk Carriers for the refinancing of two Newcastlemax-size bulk carriers. Watson Farley & Williams (WFW) is the advisor for the deal.The London based international law firm said that the deal also involved partly financing the prospective capital expense for the retrofitting of the ships with scrubbers, ahead of the entry into force of the 2020 IMO regulations.The two ships…

08 May 2019

Siemens Exits Power, Gas, Renewable Biz

Pic: Siemens Gamesa Renewable Energy

German conglomerate Siemens AG said it will spin off and give up its majority stake in its energy division and merge it with separately listed wind turbine supplier Siemens Gamesa Renewable Energy (SGRE), creating a new multi-technology global energy powerhouse. The company’s supervisory board announced the spinoff on May 7 as part of its Vision 2020+ strategy concept. The board said the move would help Germany-based Siemens meet medium-term growth and profit targets by “clearly…

02 Sep 2019

Naval Architecture and Marine Engineering Tops for Jobs

Naval architecture and marine engineering degrees can lead to major job opportunities and high-salary careers. 

(Photo: © Adobe Stock / Aleksandr)

The results of a recent survey conducted by financial services company Bankrate, LLC show that naval architecture and marine engineering take the top spot as the most valuable college degrees in which to major.A total of 162 degrees were covered in the company’s research. Drama and theater arts, on the other hand, were shown to be the least valuable degrees in terms of earning power after graduation. The survey revealed that the overall median income for those trained to build, design and maintain maritime vessels was $90,000 and that less than 2 percent of degree holders were unemployed.

15 Jan 2019

Barclays Rejects Arctic Drilling

Image: NERC

U.K.-based international bank Barclays  announced a new energy policy that significantly restricts the bank’s financing for the exploration or extraction of oil and gas in the Arctic.The policy  rules out funding for companies seeking to drill in the Arctic Refuge as well as other climate change threats.According to the British multinational investment bank and financial services company headquartered in London, arctic oil and gas refers to new exploration and extraction of oil and gas in the area within the Arctic Circle which is subject to sea ice…

18 Jun 2018

ICHCA, IAPH Joins for World Ports Sustainability Program

Photo: ICHCA International

ICHCA International, the global NGO and membership association for cargo handling operations, technical, HSSE and risk professionals has signed a Memorandum of Understanding (MoU) with the International Association of Ports and Harbors (IAPH) to pursue cooperative projects of mutual interest. This includes the sharing of the research and findings of ICHCA’s Technical Panel (ITP) with the IAPH membership through its own working groups. The ICHCA Technical Panel has recently launched four new working groups on Dangerous Goods, Digital & Innovation, Straddle Carrier Safety and Dry Bulk Cargoes.

19 Oct 2018

DZ Bank in Final Stage of Selling Parts of DVB

(Photo: DVB Bank)

Germany's No.2 lender DZ Bank is finalizing the sale of parts of its troubled transport financing division DVB Bank months after struggling to sell the whole business, two sources familiar with the matter said.DZ Bank has had to make large provisions for bad loans in shipping finance, which is among the reasons for the sale process.The sources, who declined to be identified due to the sensitivity of the matter, said DZ Bank, which is also the umbrella organisation of German co-operative bank chain Raiffeisen-Volksbanken…

27 Jul 2018

Quadrise Fuels Signs MoU with Freepoint Commodities

Image: Quadrise Fuels International plc

Fuel oil technology firm Quadrise Fuels International said it had signed a non-binding memorandum of understanding with commodities trader Freepoint Commodities to provide commercial opportunities for its MSAR fuel technology product.The Synthetic fuel developer said that this followed the effective end of a trial in Saudi Arabia for a combustion boiler project that would have used MSAR due to the lack of an agreement between the utilities involved. MSAR is a low viscosity oil in water emulsified synthetic HFO.Freepoint…

17 Jan 2019

Bill to Honor U.S. Merchant Mariners of WWII Introduced

Garamendi meets with WWII Merchant Marine Veterans and family members of deceased veterans in Washington, DC. Photo: John Garamendi Govt Website

Rep. John Garamendi introduced House Resolution 550, aka the Merchant Mariners of World War II Congressional Gold Medal Act, in Congress Tuesday.The bill aims to award a Congressional Gold Medal to merchant mariners who served in World War II. The Gold Medal is one of the highest honors awarded in the United States.“Throughout the Second World War, our armed forces relied on the Merchant Marine to ferry supplies, cargo and personnel into both theaters of operation, and they paid a heavy price in service to their country…

29 Jun 2018

U.S. Rig Count Drops, But E&P Spend Up 13%

Image: © xmentoys/Adobe Stock

U.S. energy companies this week cut oil rigs for a second straight week, and notched the first monthly fall since March.Drillers cut four oil rigs in the week to June 29, bringing the total count down to 858, General Electric Co's Baker Hughes energy services firm said in its closely followed report on Friday. <RIG-OL-USA-BHI>That was the first time drillers cut rigs for two weeks in a row since October 2017. For the month, the rig count decreased by one, its first decline since March.For the quarter…

19 Jun 2018

Grindrod Shipping Makes US Debut

Photo: Grindrod Shipping Holdings

"On 18 June 2018 at 09h30 EST in New York City, the bell rang on the Nasdaq trading floor signifying the first day of trade for Grindrod Shipping Holdings. The seven-storey Nasdaq Tower in Times Square lit up with the Grindrod Shipping logo and displayed Grindrod Shipping’s majestic vessels," said a press release from the company. The separation and listing of the Shipping division on an offshore stock exchange was contemplated for many years. The separate listing will enable…

02 Mar 2019

Mass. Maritime Honors IRI's Gallagher

Mr. William Gallagher, President of International Registries, Inc.

William Gallagher, President of International Registries, to be named Massachusetts Maritime Academy's Maritime Person of the Year.Since 1995, Massachusetts Maritime Academy has been honoring leaders with a renowned career of excellence, innovation and service to the maritime industry with the Emery Rice Medal at their Salute to the Maritime Person of the Year events. This year they will honor Mr. William Gallagher the President of International Registries, Inc. for his distinguished support and expertise…

14 Feb 2019

Consortium Buys Veja Mate Offshore Wind

Image by Ingka Group

A consortium led by asset manager Commerz Real AG, WPD Invest, KGAL and IKEA franchisee Ingka Group will acquire an 80% stake in the 402-MW Veja Mate offshore wind park in the German North Sea.Veja Mate offshore wind park in the North Sea  is the second-largest German offshore wind farm with 67 turbines and a capacity of 402 megawatts. The total investment comes more than two billion eurosCommerz Real and Ingka Group said in a joint statement today that they will each invest more…

Maritime Reporter Magazine Cover Nov 2019 - Workboat Edition

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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