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Saturday, April 17, 2021

Finance News

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Germany to Propose Beirut Port Reconstruction with 'Strings Attached'

Germany will next week present a multi-billion-dollar proposal to Lebanese authorities to rebuild the Port of Beirut as part of efforts to entice the country’s politicians to form a government capable of warding off financial collapse, two sources said.A chemical explosion at the port last August killed 200 people, injured thousands and destroyed entire neighborhoods in Lebanon’s capital, plunging the country deeper into its worst political and economic crisis since the 1975-1990 civil war.According to two diplomatic sources with knowledge of the plans…

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OPINION: Blockchain can Revolutionize the Shipping & Logistics, but is it Ready?

The pandemic led to a disruption of the global sectors that also included the ocean trade. International trade witnessed an extensive impact on operations, causing a sharp decline in trade activities worldwide. Only a few technology-driven service providers managed to overcome some of the Export and Import industry's challenges during the pandemic. Interestingly, however, the exporters and importers' stumbling-blocks could have been handled efficiently if the entire ecosystem was backed by digital infrastructure.

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Top Japanese Lenders Join Shipping Industry Scheme to Cut Carbon

Leading Japanese lenders have joined an initiative that links the provision of shipping finance to cuts in carbon dioxide emissions as the sector accelerates efforts to go green.In recent weeks, Shinsei Bank Ltd, Sumitomo Mitsui Banking Corporation, Sumitomo Mitsui Finance & Leasing and MUFG Bank have signed up to the scheme, the banks said.With about 90% of world trade transported by sea, global shipping accounts for nearly 3% of the world’s CO2 emissions.In 2019, a group of leading banks signed up to environmental commitments known as the “Poseidon Principles”…

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Awilco LNG Names New CFO

Oslo-listed LNG tanker operator Awilco LNG has appointed Per Heiberg as its CFO. Heiberg will assume his new position on April 6, 2021.The news follows the announcement from October 2020, when CFO Øyvind Ryssdal gave his notice of resignation.Heiberg comes from the position as CFO in Golden Ocean Group Limited where over his 15-year career also held the positions as Risk Manager and Vice President Finance."The Board and I are very pleased to have Mr. Per Heiberg onboard as CFO in Awilco LNG.

Dan Warner (Photo: Crowley)

Crowley Promotes Warner to CFO

Crowley Maritime Corporation said senior executive Dan Warner has been promoted to chief financial officer, consolidating company’s enterprise-level financial strategy, resources and services under his leadership. Warner has served as senior vice president and treasurer and member of the company’s senior leadership team since 2005. He began his career with Crowley in 2001 as a senior analyst for the corporate planning group, and later served as finance director for both the company’s…

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Lebanese Court Removes Investigator Who Charged Politicians Over Beirut Blast

A Lebanese court on Thursday dismissed a judge who had charged top politicians with negligence over last year’s Beirut port explosion, infuriating families of victims who said it showed that the state would never hold powerful men to account.Judge Fadi Sawan had led the investigation into one of the largest non-nuclear blasts in history. In December, he charged three ex-ministers and the outgoing prime minister with negligence.Two hundred people died in the August blast when a huge stockpile of ammonium nitrate, stored unsafely for years, detonated at the capital’s port.

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Bawat's BWTS Being Offered for Portside Applications

Pittsburgh, Pa.-based venture builder Green Swan Partners said it has teamed up with Bawat to deploy the Danish firm’s ballast water treatment technology in portside applications.The two companies have formed joint venture Ballast Technology Services (BTS), which will finance and operate these mobile systems in ports globally. It will offer contingency treatment services to vessels arriving at these ports and provide vessel owners that opt not to install BWMS on their vessels with a ballast treatment service.The Bawat ballast water treatment system is a filter-less…

Tara Norton (Photo: Navico)

Navico Hires Norton as Chief Sustainability Officer

Navico, parent company to the Lowrance, Simrad Yachting, B&G and C-MAP brands, said it has hired Tara Norton as its first-ever Chief Sustainability Officer, as the company has made sustainability one of its core strategic pillars globally across its brands, products, operations and production. Norton joins the marine electronics company from French multinational Engie Impact, where she worked with its corporate and government clients to accelerate their energy transition to cleaner energies.“We are dedicated to being an environmentally-responsible company…

(Photo: Hapag-Lloyd)

Hapag-Lloyd Secures 'Green Financing' for LNG-powered Newbuilds

German shipping company Hapag-Lloyd has joined the shift to green financing, securing funds for six liquefied natural gas (LNG) powered, 23,500 TEU containerships it ordered in December 2020.The firm said it concluded two transactions according to the Green Loan Principles of the Loan Market Association (LMA), as verified by independent secondary party DNV GL, as the shipping industry increasingly turns toward financing linked to measurable sustainability targets."Our first green financings are a major milestone for us…

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Why the EU’s Proposed Carbon Border Levy is an Important Test

In the more than two decades since the Kyoto Protocol was adopted, national policies on climate change have had dangerously and disappointingly little effect on global emissions.Within the current economic system, perhaps the most ambitious attempt to reduce emissions has been the EU’s emissions trading system (or ETS). In operation since 2005, the ETS covers more than 11,000 heavy-energy-using power stations, factories and airlines, representing around 40% of the EU’s greenhouse gas emissions.

“Shipowners can use the digital tools available to take actions to reduce emissions. The add-on, of course, is you will have more profit and will be more attractive in the market for charterers and other types of customers," said Arild Risholm Saether, NAVTOR’s head of business development.

Managing Risk: Shipowners Not Meeting Emission Regs Face a Big Business Risk

There is  increasing pressure for shipowners to sharpen their environmental performance, driven by an IMO target to halve greenhouse gas emissions from shipping by 2050, regional regulations and market pull from charterers, banks and investors.“This represents a whole new ball game for the industry. Optimization of ship operations has traditionally been dictated by the efficiency of delivery around the globe that has typically meant being able to sail at full speed, thereby burning more fuel, to minimize costs for the charterer.

 Lars Liebig, Managing Director, Uniper Energy Dubai (UED)

Shipowners’ Low Carbon Fuel Options Gain Speed

In the next decade, we’ll see more accelerated change in shipping fuels than we’ve seen in the last century. What does this heightened diversity mean for shipowners? They must be nimbler than ever – a shift that requires work. It means greening supply chains, bolstering energy efficiency, nurturing more partnerships, streamlining costs, and becoming adept at green finance (frequent change can be expensive to start with). All will help shipowners’ fuel portfolios adapt to the inevitable…

Keith Munn (Photo: HII)

Munn Named VP and CFO of Ingalls Shipbuilding

America's largest military shipbuilder Huntington Ingalls Industries announced Friday that Keith Munn has been promoted to vice president, business management, and chief financial officer for its Ingalls Shipbuilding division in Pascagoula, Miss.Effective February 15, Munn will be responsible for all financial management, contract management and business management functions at Ingalls, reporting to Ingalls Shipbuilding President Brian Cuccias. Munn replaces Tom Stiehle, who has…

(Image: Scorpio Bulkers)

Scorpio Bulkers to Change Name to Eneti

Scorpio Bulkers announced Wednesday that it intends to change its name to Eneti Inc. as the company plans its pivot from dry bulk shipping to offshore wind farm construction and services.The name change, which remains subject to approval at a February 3 shareholders meeting, comes as a growing number of maritime and offshore oil and gas companies target opportunities in renewables.In August, NYSE-listed Scorpio Bulkers announced its intention to transition away from the business…

Squire Patton Boggs continued the expansion of its commodities and shipping capabilities with the addition of partner Kate Sherrard into its Financial Services Practice.

Sherrard Enhances Squire Patton Boggs Commodities and Shipping Capabilities

Squire Patton Boggs continued the expansion of its commodities and shipping capabilities with the addition of partner Kate Sherrard into its Financial Services Practice. She joins the firm from Clifford Chance where she was Head of the Asia Pacific Maritime and Offshore Group and is accompanied by senior associate Bernice Chia.“When we launched our commodities and shipping group last year we set our sights on creating one of the premier practices in the market,” said Steve Mahon, global managing partner – clients and strategy.

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DP World to Build $1.1B Deep-water Port in Senegal

Global port operator DP World has signed agreements with the government of Senegal to develop a deep-water port at Ndayane worth a total of $1.127 billion, its biggest investment in Africa to date, the company said on Wednesday.DP World Dakar, a joint venture between the Dubai-based logistics provider and the Port Authority of Dakar (PAD), will finance, design and develop land and maritime infrastructure for the new 600-hectare (1483 acres) port about 50 km from the existing port.The agreement to build the port was reached after talks between President Mack Sall and DP World Chairman Sultan bi

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European Commission to Co-Finance Port of Algeciras LNG-Bunkering Vessel

The European Commission will co-finance the construction of the first vessel to be fully dedicated to liquefied natural gas (LNG) bunkering at the Port of Algeciras, Spain.The grant agreement was signed with Enagás and the Port Authority of Algeciras Bay on Tuesday.Enagás said the project is "boosted" by the Enagás start-up that specializes in small-scale LNG supply infrastructure, Scale Gas, and the Port Authority of Algeciras Bay (APBA).The initiative, coordinated by Enagás…

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Taiwan Tells Shipping Firms Not to Lift Prices amid Container Shortage

Taiwan's government has urged shipping companies not to unfairly push up their prices amid a global squeeze on shipping containers and a shortage of space on cargo ships, the transport ministry said on Friday.Trade-dependent Taiwan, a tech powerhouse, has benefited from demand for telecommuting products like tablet computers amid the COVID-19 pandemic, which has forced millions to work and study from home.The finance ministry said last week it saw 2020 exports hitting a record high.The transport ministry's Maritime and Port Bureau said the shipping container shortage was most severe on U.S.

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Investor EnTrust Global Turns Sights to Green Shipping Assets

U.S. investment company EnTrust Global, already a player in shipping finance, aims to buy ships that generate lower emissions, an executive said, the latest sign of efforts in the shipping industry to go green.Global shipping accounts for nearly 3% of the world’s CO2 emissions, putting the industry under pressure to clean up. About 90% of world trade is transported by sea.New York-based EnTrust, which has $18.9 billion in assets, lends to the shipping sector through its Blue Ocean Funds.

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Ship Finance Lenders Fall Short of Sector's Carbon Targets

Many of the world’s biggest lenders to shipping companies fell short of carbon-cutting targets last year in the first analysis of CO2 goals for the sector by financiers, a report showed on Wednesday.Global shipping accounts for nearly 3% of the world’s CO2 emissions and the industry is under pressure to reduce those emissions and other pollution. About 90% of world trade is transported by sea.Last year, a group of leading banks signed up to environmental commitments known as the Poseidon Principles…

Concordia Maritime's Suezmax vessel Stena Supreme - Photo: Christian Badenfelt/via Concordia Maritime

New CFO for Concordia Maritime

Swedish tanker shipping company Concordia Maritime has named Martin Nerfeldt as the new CFO and member of Group management. He will replace the current CFO Ola Helgesson, who has decided to leave his position to take on new challenges.Nerfeldt holds an MSc (Economics) from the Gothenburg School of Business, Economics, and Law, and joins the Company from his role as CFO of Sail Racing International AB. He has over 20 years’ experience in finance, economics, and business development…

Beirut Port after explosion - Credit: Ali/AdobeStock

Lebanon: Judge Charges PM, Ex-ministers over Beirut Port Explosion

Lebanon's investigating judge has charged caretaker Prime Minister Hassan Diab and three former ministers with negligence over the Beirut port blast that killed 200 people and ruined a swathe of the capital in August.The others are former finance minister Ali Hassan Khalil, as well as former public works ministers Ghazi Zeaiter and Youssef Finianos, state news agency NNA said on Thursday.Zeaiter told Reuters he would make a statement once he was officially informed of the charges.

Simon Judson (Photo: Peters & May)

Peters & May Announces Senior Management Appointments

Following the announcement of Simon Judson’s appointment as Peters & May’s new CEO, the global marine transport and logistics provider has revealed further changes to its senior management team as part of internal structural changes within the company and the strengthening of its business operations in response to changing industry demands.Based at the company’s UK head office, Simon Judson will head up the new senior management team and oversee the company’s wide range of services…

From left: Strickler Adams and Alan Dodd (Photo: CMT)

CMT Expands Its Leadership Team

Cooper Marine & Timberlands (CMT) has expanded its logistics and business development team through its promotion of Strickler Adams to Director of Marine Logistics and hiring of Alan Dodd as Director of Business Development.As Director of Marine Logistics, Strickler will lead the Cooper Marine & Timberlands vessel and barge logistics team, coordinating the movement of the company’s 400+ barges and 20 towing vessels on the Tennessee-Tombigbee River system and Gulf Intercoastal Waterway.Strickler began his career with Cooper Marine & Timberlands in 2013 as a management trainee…

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Maersk Names Zero Carbon Shipping Center's Management Team

The Mærsk Mc-Kinney Møller Center for Zero Carbon Shipping on Tuesday announced its management team. to join CEO Bo Cerup-Simonsen in building an organization capable of facilitating the transition to a carbon free global shipping industry.Made possible by a DKK 400 million ($63.5 million) donation by the A.P. Møller Foundation, the Center was formed in June by a group of global shipping entities committing themselves to decarbonizing the maritime industry. The Center, which recently revealed its Board of Directors and a location at the heart of the Danish Shipping cluster in Copenhagen…

Christophe Mathieu (Photo: Interferry)

Interferry Names New Chair and Board Member

Ferry industry trade group Interferry announced Brittany Ferries CEO Christophe Mathieu as the new Chair of its board of directors. He was elected at the association’s annual general meeting on October 27 - held virtually due to COVID-19 travel restrictions - in succession to John Steen-Mikkelsen, former CEO of Denmark’s Danske Faerger. The meeting also confirmed the appointment of a new director extending Southeast Asia representation on the board.Mathieu, an Interferry board member since 2010…