Marine Link
Monday, July 23, 2018

Real Estate News

Multipurpose Cutter Suction Dredger Delivered in UAE

Photo: Dredge Yard

Dredge Yard delivered a multipurpose cutter suction dredger ECO 200 to a real estate developer in the United Arab Emirates for the reshaping and maintenance of existing islands. The dredger, delivered completely assembled and launched into the water by mobile crane, will be used for connecting some of the islands and deepening the sea entrance between the islands.Due to current and erosion, the coast of the islands changes with the years. For this reason, it is necessary to perform periodical maintenance to keep the shape of the islands and maintain its beaches.

TNPA Focuses on Ship Repair

Preston Khomo (Photo: TNPA)

Transnet National Ports Authority (TNPA) appointed Preston Khomo, previously Richards Bay Port Manager, as Executive Manager: Ship Repair, to manage and administer the organization’s ship repair resources nationally.Thamsanqa (Thami) Sithole has been appointed as the new Port Manager for Richards Bay. Both appointments are effective July 1.Khomo joined TNPA in 2004 as Head of Infrastructure Development: Port Operations and Consulting at Portcon (the then international arm of Transnet)…

Keppel Posts Lower Q2 Profit, Warns on Rig Outlook

Q2 profit S$161 million versus S$205 million year ago; O&M division net order book at S$3.4 billion. Singaporean conglomerate Keppel Corp posted a 21 percent drop in its quarterly profit and warned it did not expect a speedy recovery in the offshore and marine market. The conglomerate and its smaller cross-town rival Sembcorp Marine have been hit by an oversupply of offshore oil drilling rigs, with customers delaying contracts and refraining from placing new orders with oil prices expected to stay lower for longer. "Despite some pick-up in activity in the offshore market, the general consensus is that, with the prevailing uncertainty in the oil market, and oversupply in the jackup market, a quick recovery is unlikely," said CEO Loh Chin Hua.

For Payroll Purposes, is Your Seaman Really a Seaman?

© Carabay / Adobe Stock

For operational purposes, it is critical to know what type of employees you have on your vessel. Failure to do so could be expensive. As vessel operators, we pay close attention the provisions of the Jones Act and how they affect the operation, crewing and administration of our marine-based operations. A determination that your vessel-based crews are seamen under maritime law creates a different employment relationship when compared to employees designated as longshoremen or land-based employees.

Hong Kong Looks to Ride Out Boxship Turmoil

File Image: A view of busy Hong Kong Harbor (CREDIT: Joseph Keefe)

Hong Kong's port expects a slight rise in container shipping volumes this year despite continuing global turmoil in the sector. The global container industry, which transports everything from bananas to iPhones, is showing signs of better returns after a near-decade long slump. Nevertheless, worries over global retail demand and too many ships have continued to put the brakes on a bigger recovery. Hong Kong's Secretary for Transport and Housing, Frank Chan Fan, said container…

H-Energy to Start West Coast LNG Terminal in May 2018

India's H-Energy Pvt Ltd, a unit of real estate group Hiranandani, will start operations at its liquefied natural gas (LNG) terminal in the western Maharashtra state by May 2018, its chief executive said on Wednesday. India plans to raise the share of natural gas in its energy mix to 15 percent in three years from the current 6.5 percent, according to a plan set out by Prime Minister Narendra Modi's government. H-Energy has invested 17 billion rupees ($261 million) to build its 4 million tonnes per annum (mtpa) regassification terminal near the Jaigarh port in the state, Darshan Hiranandani told Reuters. LNG, a super-cooled natural gas, is imported in liquid form and is regassified at the terminals for supplies to end users.

Top Regulatory Concerns on the US Commercial Waterfront

© John Merlin / Adobe Stock

A top 10 list of regulatory concerns is by no means all-inclusive, but it does bring to light the full weight of the regulatory hammer on the collective domestic commercial waterfront. “It was the best of times, it was the worst of times, it was the age of wisdom, it was the age of foolishness, it was the epoch of belief, it was the epoch of incredulity, it was the season of Light, it was the season of Darkness, it was the spring of hope, it was the winter of despair, we had everything before us...” – Charles Dickens, A Tale of Two Cities, 1859.

A Business Park Made of Shipping Containers

Image: Box Office Warehouse Suites

Container King of Dallas has recently signed a deal with local developer Ron Sturgeon to build 38 innovative, eco-friendly, state-of-the-art commercial spaces made from shipping containers. Box Office Warehouse Suites is due to open in the Alliance commercial real estate area in Texas. Sturgeon explained the process: "We sandblast them, paint them nice and pretty, bring in a professional design firm, tastefully add paneling, floors, ceilings, windows, and carpeting, and before you know it you have industrial space perfect for small businesses…

Contanda Secures Prime Waterfront Acreage on the Houston Ship Channel

Photo: Port Houston

Contanda Terminals LLC,  a  provider of bulk liquid storage and logistics services in North America, has announced a multi-year commercial agreement with the Port of Houston Authority for 339 acres of prime deep-water access property located on the Houston Ship Channel. The land acquisition enables Contanda to continue to develop its key strategic business objective of doubling its terminal storage capability over the next five years, and expanding into the bulk petrochemical and hydrocarbon markets. This will further strengthen the company’s presence along the U.S.

Oakland Port Okays Seaport Logistics Complex

Photo: Port of Oakland

A long-held vision to revitalize this city’s decommissioned Army base is nearer reality at the Port of Oakland. Port Commissioners have given initial approval to a landmark deal with CenterPoint Properties for a logistics center at the former base. The tentative agreement caps nearly 15 years of planning for the most-anticipated Port growth project ever. Port officials said today that the agreement includes unprecedented commitments to hire local workers. “The future is at hand,” said Port of Oakland Executive Director Chris Lytle.

Catching a Jones Act Seaman’s 'Golden Parachute'

© wanfahmy / Adobe Stock

A challenging offshore environment produces a different but equally difficult development. Will you be ready when it comes to your fleet? Unfortunately, our industry continues to suffer due to the depressed oil prices that started in 2014. When the price of oil initially dropped, the industry’s outlook remained positive, and I remember hearing the mantra: “Stay lean for 2015.” Everyone thought that oil prices would rebound in short order and that we were only weathering a short downturn.

Managing the New Panamax Containerships

The CMA-CGM Ben Franklin, an 18,000 TEU containership, was, in 2015, the largest vessel to call on a U.S. port. (Photo: MARAD)

The explosive growth of international boxships is challenging not only the physical infrastructure of North American ports, but also the very nature of the existing supply chains that they impact. The recent dialogue on container shipping has been all about so-called “mega-ships;” those vessels that with larger capacity than those that are already in service at any point in time. In the container trades, as in tanker and drybulk arenas, ocean-going vessels are one link, albeit an important component, within broader supply chains.

The Challenge of Marine Asset Appraisal

Image: © Danial / Adobe Stock

While large shipping asset deals are often financed through the major capital markets, loans for most oilfield service marine equipment are funded with asset based lending. For such asset based lending, a domestic U.S. bank, with some exceptions, will be asking for an appraisal that is compliant with the Uniform Standards of Professional Appraisal Practice (USPAP). Due to blatantly false appraisals that caused the collapse of the savings and loan industry in 1988, it became mandatory for real estate appraisers to provide transparent, verifiable and unbiased appraisals of real estate.

A New Breed of Tug

(Photo: Gondan)

When markets expand niches are created, goes the logic. For builders of tugs, that market is “floating gas” and the expanding use of liquefied natural gas, or LNG, as a fuel. In support of LNG, there’ll be more oceangoing tug duty — the new floating storage and regasification units, or FSRUs, mean busier LNG carriers, and LNG cargo owners have an interest in tug escorts that share their “carbon footprint”. Still, new emissions rules offer ways to keep using refinery products, and the work of master tug designers suggests the new breeds of tugs are about more than fuel.

Preparation Propels Financial Peace of Mind

© Corlaffra / Adobe Stock

Like marine coatings, preparation is everything when it comes to sourcing and attracting marine finance support. If you’re familiar with the maritime industry at all, this won’t come as a shock: we’ve seen better days. Like many industries, this is one that goes up and down and, right now – depending of course on sector your focus resides – we’re pretty far down. This severe downturn began in late 2014 and we’ve seen many financing sources exiting the offshore market since. It seems that lenders have zero interest in lending into the U.S. Gulf of Mexico.

Foss Names Sumner CFO

Bryceon Sumner (Photo: Foss)

Bryceon Sumner has joined Foss Maritime as chief financial officer, hired to oversee all aspects of the organization's financial function and performance. Sumner brings to the role years of experience gained at a number of organizations ranging from education technology and real estate, to architecture and financial services. Prior to joining Foss, Sumner served as COO and CFO for public and private companies, family offices and as a senior financial officer of a $60 billion government banking insurance fund.

North Sea Canal Ports Transhipment Hits Record 100 MT

Photo: Port of Amsterdam

The positive economy led to a 2.5 percent increase in the transhipment of goods at the Port of Amsterdam to 81.3 million tonnes in 2017. Together with the other seaports in the North Sea Canal Area, transhipment rose to a record level of 100.8 million tonnes. In IJmuiden, transhipment was up 7 percent to 18.5 million tonnes. Beverwijk saw transhipment increase to 800,000 tonnes (up 6 percent). Zaanstad booked an increase of 35 percent to 300,000 tonnes. The increase at the Port of Amsterdam was mainly due to higher transhipment of oil products and agribulk.

Port of Oakland Targets 2.6 mln 20-foot Containers by 2022

Pic: Port of Oakland

The Port of Oakland released a new 5-year strategic plan today that pairs business expansion with community benefits. Called “Growth with Care,” the plan envisions more jobs and economic stimulus as the Port grows. According to the strategic plan, Oakland cargo volume should reach 2.6 million 20-foot containers by 2022. The Port’s Oakland International Airport is expected to serve 14-to-15 million passengers annually by then. Both would be all-time highs for Oakland. Growing business volume should lead to more hiring, the Port said.

Hong Kong's Richest Man Li Ka-shing Retires

File Image: A Hong Kong Container Terminal. (CREDIT: AdobeStock / (c) Marco 2811)

Li Ka-shing to retire after annual general meeting on May 10; will stay on as senior adviser to the group. Hong Kong's richest man, Li Ka-shing, announced his retirement as chairman of CK Hutchison Holdings Ltd on Friday, bringing to a close a rags-to-riches story that made him a hero in the freewheeling capitalist hub. Li, 89, will retire after the annual general meeting on May 10, the ports-to-telecoms conglomerate said in a filing to the Hong Kong bourse, passing the mantle to his eldest son Victor Li, who was named successor several years ago.

DP World Acquires Cosmos Agencia Maritima in Peru

Pic: Cosmos

Dubai-based DP World, , one of the world's largest port operators, said it had bought a logistics firm  Cosmos Agencia Maritima (CAM) in Peru for $315.7 million, giving it a 50 percent stake in the country's second largest container terminal. "CAM owns a fully integrated logistics service business (Neptunia S.A and Triton Transport S.A)that offers end-to-end solutions to its customers. The logistics division offers an integrated platform of solutions in activities related to foreign trade…

AAPA Elects William Friedman As 2018-19 Board Chairman

William Friedman, AAPA's 2018-19 Board Chairman

Friedman is Port of Cleveland's President & CEO. At its 2018 Spring Conference on March 20, the American Association of Port Authorities (AAPA)—the unified and recognized voice of seaports in the Americas—elected William D. Friedman, president and chief executive officer for Northeast Ohio’s Cleveland-Cuyahoga County Port Authority, to serve as the association’s chairman of the board for the 2018-19 activity year that begins in October. Mr. Friedman is slated to be installed as chairman for a one-year term on the final day of AAPA’s 2018 Annual Convention, set for Oct.

Share Holders Okay Macquarie, Goldman Sachs to Acquire HES International

Photo: HES International

Riverstone Holdings and The Carlyle Group jointly announce that  they intend to sell HES International to a consortium of Macquarie Infrastructure and Real Assets (MIRA) & Goldman Sachs. Macquarie European Infrastructure Fund 5, which is managed by MIRA, and West Street Infrastructure Partners III (WSIP), which is managed by the Merchant Banking Division of Goldman Sachs, have reached an agreement in principle with Riverstone Holdings and The Carlyle Group to acquire HES International.

Allum Holding, Ferncliff Sell Stake in Saga Tankers

Image: Saga Tankers

Norway-based shipping company Saga Tankers ASA said in a stock exchange announcement that  Allum Holding AS and Ferncliff AS have today sold all of their 47,726,655 shares in Saga Tankers, representing approximately 17.9% of the share capital. Ferncliff AS has sold 6,235,316 shares in the Company and Allum Holding AS has sold 41,491,339 shares in the Company. The price per share in the Secondary Sale was NOK 1.65. DNB Markets, a part of DNB Bank ASA, acted as sole bookrunner for the Secondary Sale.

Maritime Reporter Magazine Cover Jul 2018 - Marine Communications Edition

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