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Monday, March 25, 2019

Finance News

Gary G. Nelson, executive director of Washington State’s Port of Grays Harbor, and AAPA’s chairman of the board for the 2019-20

AAPA Elects Nelson as 2019-2020 Board Chair

The American Association of Port Authorities (AAPA) has elected Gary G. Nelson, executive director of  Washington State’s Port of Grays Harbor, to serve as the association’s chairman of the board for the 2019-20 activity year that begins in October.Mr. Nelson is slated to be installed as chairman for a one-year term on the final day of AAPA’s 2019 Annual Convention, set for Oct. 12-15, in Norfolk, Va. He will assume the AAPA chairmanship from William D. Friedman, president and chief executive officer for Northeast Ohio’s Cleveland-Cuyahoga County Port Authority…

Pic: Navig8 Chemical Tankers Inc.

Navig8 in Sale, Leaseback Pact with China Bank

Navig8 Chemical Tankers  entered into sale and leaseback agreements with ICBC Financial Leasing for four ships.The tanker company focuses on the maritime transportation of Chemicals worldwide said in a press release that the net proceeds from the transaction of four of the Company’s IMO2 37,000 DWT Interline coated tankers  were $94,710,000.A portion of the proceeds was utilized to repay existing loans used to finance the Vessels’ newbuilding contracts under the multi-bank loan facility announced by the Company on February 3…

Photo: NYK

NYK Bags Environment Award

Tokyo-headquartered shipping and logistics company Nippon Yusen Kaisha (NYK) has received the Ministry of Environment Award in the Japan Green Innovation Department at the Japan Green Bond Awards sponsored by Japan’s Ministry of the Environment, which is promoting green bond to address environmental issues.A ceremony was held on March 1 and attended by Katsuya Nakano, general manager of NYK’s Finance Group, said a release from the global transportation company.The Japan Green Bond Awards recognize outstanding initiatives in the issuance of green bonds…

Alison Henriksen (Photo: V. Group)

V. Group Appoints New CFO

Marine support services provider V.Group has appointed Alison Henriksen to the position of chief financial officer, effective immediately. Henriksen takes over the position from Rod Day, who has served as interim chief financial officer since August 2017.In addition to her new role as CFO, Henriksen will serve as a member of V.Group’s board of directors, joining the group’s governing body which includes V.Group CEO Ian El-Mokadem and chairman John Pattullo.Henriksen joins V.Group from Compass Group PLC…

 Pic: GasLog Partners

GasLog Acquires Glasgow

The liquefied natural gas (LNG) carriers  operators GasLog Partners and  GasLog announced that the Boards of Directors of both companies and the Conflicts Committee of GasLog Partners have approved entering into an agreement for the Partnership to purchase from GasLog 100% of the shares in the entity that owns and charters the GasLog Glasgow.According to a press release from the company, the aggregate purchase price for the Acquisition will be $214 million, which includes $1 million for positive net working capital balances to be transferred with the vessel.

Photo credit: ACP

Moody's Upgrades Panama Canal Rating

Moody’s Investors Service upgraded the 20-year $450 million Senior Unsecured Bonds issued by the Panama Canal Authority (ACP) to A1 from A2, with a stable outlook, based on the waterway's strong performance since the expansion's inauguration.Moody's noted that the Expanded Canal has increased overall tonnage and attracted new market segments, contributing to the waterway's strong performance. According to Moody's, "stronger cash flow generation coupled with a relatively low leverage…

Rebecca Hofmann Photo:  OOC Oil & Gas Blockchain Consortium

Oil, Gas Majors Join Blockchain Consortium

A group of seven major oil and gas companies, including ExxonMobil Corp., Chevron Corp. and ConocoPhillips, announced a partnership to establish the first industry blockchain consortium in the United States.With several use cases across the industry value chain, the consortium intends to conduct proofs of concept with this emerging technology in 2019, said a press release from OOC Oil & Gas Blockchain Consortium.The OOC Oil & Gas Blockchain Consortium was founded to advance industry blockchain technology learnings for the purpose of driving industry standards…

Pic: Maersk Line

Maastricht Maersk Makes Maiden Call to Rotterdam

Maastricht Maersk, the latest next-generation Triple-E vessel known for improved energy efficiency and environmental performance, has arrived for the first time to Rotterdam on her westbound voyage from Asia.Welcoming  the maiden voyage of the most modern vessel in the fleet to Rotterdam, Bo Lindberg Andersen, Benelux Countries Manager at Maersk said: "The Dutch name of the new vessel is a symbol of our long-lasting and mutually beneficial relationship with The Netherlands and local customers.

Ocean Cay (Artist's rendering of the MSC custom built island, the Ocean Cay MSC Marine Reserve.)

Cruise Building: Growing, Cleaner and Not Always Bigger

2019 will be the biggest year ever for new ship introductions.The ships are coming. Cruise Lines International Association (CLIA) suggests that in the coming year 18 new ships are on order for CLIA cruise lines. The next few years will see the arrival of new cruise giants at PortMiami and Port Canaveral. But first they will need giant terminals.The Global Impact of Cruise LinesCLIA estimates 30 million travelers will cruise next year, up six percent from 28.2 million in 2018;…

The AIDAnova underway

Inside Cruising’s LNG Plunge

Back when most owners were still debating how to handle the 2020 sulfur cap, or whether the deadline would even stick, Carnival forged ahead with a massive bet on LNG for cruise-ship propulsion. That early move is now starting to pay off.AIDAnova, the first cruise ship to ever be powered at sea by LNG, set sail on its maiden voyage from Tenerife in the Canary Islands on December 19, 2018. Speaking with Maritime Logistics Professional six weeks later, Carnival Corporation senior vice-president of maritime affairs Tom Strang gave his early verdict: LNG works.“It’s good news.

Pic: CMA CGM

IMO 2020 to Cost USD10bln

The new 0.5% sulfur cap on fuel content for the global maritime industry means the container-shipping industry will need to offset up to $10 billion in incremental costs, starting Jan. 1, 2020, when the cap is slated to take effect, said a study.IMO 2020 regulations is promulgated by the United Nations’ International Maritime Organization (IMO).The new report by the global consulting firm AlixPartners also finds that the new fuel rule could expose carriers on just eastbound Asia…

Mike Schulte (Photo: McCarthy)

McCarthy Promotes Schulte

McCarthy Building Companies, Inc. Southern Region has promoted Mike Schulte to Vice President Operations for the Marine/Industrial Business Unit. In this role, Schulte is responsible for oversight of the marine and industrial industries. He will manage all marine, port client and industrial relationships as well as projects in Texas and across the Gulf Coast. He possesses strong ties to the market and brings a depth of experience in the industry. Additionally, Schulte will lead the new Channelview office, set to officially open on Feb.

Image CREDIT: AdobeStock / © Kasto

Hedge Funds Hunt for Shipping Debt

A growing number of hedge funds are moving into shipping debt, an asset class few have invested in before, looking to buy up loans and bonds as banks cut their exposure to the troubled sector.World economy worries and cost pressures are dampening prospects for a proper recovery in many segments of the shipping sector, which has struggled with tough markets for a decade.Meanwhile European banks, particularly German lenders, are trying to offload distressed and performing loans…

File Pic: Navios Maritime Containers

Navios Names Two Directors

Monaco-based seaborne shipping company Navios Maritime Containers  announced the appointment of Stefan Kuch and Vasilios Mouyis to its Board of Directors.The owner and operator of container ships informed that Kuch has over 32 years of experience in finance and ship finance, having served in senior leadership positions in the shipping division of Commerzbank AG, one of Germany’s leading financial institutions.He also served as Managing Director of Hanseatic Ship Asset Management GmbH, a vessel-owning company within the Commerzbank Group.

Pic: Dept of Transport, UK

UK Launches Maritime 2050 Strategy

Britain’s marine industry launched of Maritime 2050, the UK Government’s first ever long-term strategy to support and grow the sector.Described as both visionary and aspirational, Maritime 2050 highlights the Government’s recognition of the importance of maritime – worth over GBP40bn to the UK economy, more than aerospace or car manufacturing – and focuses on the desire to cement the UK’s place as the world's leading maritime nation into the second half of the 21st century.Maritime 2050 is published at a time when the UK faces intense competition from maritime nations in the Far East…

Pic: Navios Maritime Containers

Navios Maritime Containers Adds to Fleet

Monaco-based seaborne shipping company Navios Maritime Containers has acquired a 2011-built containership from an unrelated party for USD 52.5 million.The containership is expected to be delivered into Navios Containers’ fleet in Q1 2019 and is chartered out at a net rate of  $26,325 per day until November 2020 and thereafter  $27,300 per day until October 2021. The containership is expected to generate approximately $9.5 million of revenue and $6.5 million of EBITDA(1) in the…

Photo: Ceva Logistics

CMA CGM Aims for Ceva Logistics Breakeven in 2019

CMA CGM is aiming for Ceva Logistics to break even this year, its finance chief said on Tuesday, as the French shipping group opened a share offer to cement its control of the Swiss freight specialist.CMA CGM's public tender will offer other shareholders 30 Swiss francs ($29.75) per share, valuing Ceva at 1.67 billion francs, a price agreed after Ceva rejected a takeover bid in October from Danish freight firm DSV.Marseille-based CMA CGM, one of the world's largest container shipping lines, became Ceva's core shareholder when the Swiss company floated on the Zurich stock market last year, as p

Nikos Benetis . Photo: LOC Group

LOC Appoints Group Director for Hull, Machinery, Due Diligence Services

London Offshore Consultants (LOC) Group announced the appointment of Nikos Benetis as Group Director of Hull & Machinery and Due Diligence Services.Nikos has been with LOC since 2017, previously in the role of Director of Financial Institution Advisory Services, and takes on his new role as part of the Group’s ongoing initiative to structure its shipping division to reflect the changes in the industry and client’s needs.According to a press release from the marine and engineering consultancy to the world’s shipping and offshore energy industries…

Pic: Pacific Green Technologies

Pacific Green Appoints Iain Lees as CEO

Pacific Green Technologies has announced the  appointment of Iain Lees as Chief Operating Officer to support company growth initiatives around proprietary emission control systems for marine vessels.The owner of the ENVI-Marine and ENVI-Clean Exhaust Gas Scrubbing Systems said in a press note that Lees joins the Company from HannawayCA Corporate Finance Limited (HCACF), a leading financial and business advisory firm in Northern Ireland where he has served as Managing Director…

India's Interim Finance Minister Piyush Goyal. Photo: PIB

India Pitches for Blue Economy

The government of India has allocated a budgetary support of USD 266mln to shipping sector in the interim budget presented by Interim Finance Minister Piyush Goyal.The government has pitched for development of India’s Blue Economy with the Finance Ministry proposing an impressive USD 77mln under Sagarmala. This allocation was up from USD 53 mln (revised estimates) allocated during 2018-19.Underlining importance of developing India’s 7,500 km long coastline and converting them into industrial hubs…

Image: Global Ports Holding

Global Ports Signs 30 Year Deal in Antigua

Cruise port operator Global Ports Holding (GPH) has signed a 30-year concession agreement with the government of Antigua and Barbuda for cruise port operations in Antigua on an exclusive basis.The concession also includes certain retail outlets in the project area. This concession marks GPH’s second step in its expansion into the Americas, after the signing of Havana in 2018.Under the terms of the concession agreement, the Group will use its global expertise and operating model to manage the cruise port operations in Antigua.In addition…

Photo courtesy of Sri Lanka Port Authority

Sri Lanka Port Strike Ends

Sri Lankan customs officers on Tuesday called off a strike that left 6,000 containers stranded at the country's main port and put pressure on food prices, after the government agreed to reinstate their boss for three months.The strike by thousands of officials began a week ago in protest at the sacking of Director General P.S.M. Charles, who authorities blamed for a drop in customs revenue last year.It was not immediately clear how long the backlog of containers would take to clear after unions said late on Tuesday that the strike had ended.About 1…

Image: Exxon Mobil

QP, Exxon to Build $10B LNG Plant in Texas

Exxon Mobil and Qatar Petroleum announced a final decision to finance a $10 billion-plus project to export liquefied natural gas (LNG) from the Texas Gulf Coast.Construction of the Golden Pass LNG export project located in Sabine Pass will begin in the first quarter of 2019 and the facility is expected to start up in 2024, said a press release.“Golden Pass will provide an increased, reliable, long-term supply of liquefied natural gas to global gas markets, stimulate local growth and create thousands of jobs…

Pic: We4Sea

We4Sea Receives New Financing

Delft-based maritime startup We4Sea has secured new funding to accelerate the development and roll out of its platform for monitoring seagoing ships’ fuel consumption and emissions.The investment by ENERGIIQ, Mainport Innovation Fund II and angel investors was announced by Adri Bom-Lemstra, Regional Minister for Economy and Innovation for the Province of Zuid-Holland at the Maritime Delta dinner in Schiedam.Delft startup We4Sea analyses and reports fuel consumption and associated CO2 emissions from seagoing ships based on a unique Digital Twin concept.

© kalafoto / Adobe Stock

Libya Dreams of a Mega Port

A white foundation stone next to a deserted beach near the soporific Libyan port of Susah is all to show for a seven-year dream to build one of North Africa's biggest ports.Yet officials say Libya is now in final talks to award a U.S. firm a $1.5 billion deal to set up a "mega port" intended to transform the picturesque coast where families go for picnics into a vast container hub.Texas-based security firm Guidry Group confirmed to Reuters it planned to sign a 35-year deal to build and operate the project in a region once occupied by the ancient Greeks…

Ricaurte Vasquez. Pic: Florida State University

Panama Canal Appoints New Administrator

The Panama Canal Board of Directors announced the appointment of Ricaurte Vasquez as the next Panama Canal Administrator.According to a press note from the artificial 82 km waterway in Panama that connects the Atlantic Ocean with the Pacific Ocean, Vasquez will take office on September 4, 2019, succeeding current Administrator Jorge L. Quijano, who concludes his seven-year term at the helm of the waterway.The decision was made by the Board of Directors in accordance to an independent…