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Sunday, October 25, 2020

Finance News

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MARAD Launches Port Planning and Investment Toolkit

The U.S. Department of Transportation’s Maritime Administration (MARAD) has set up a new online resource intended to help U.S. ports plan, evaluate and finance freight transportation projects.The new Marine Highway module of the Port Planning & Investment Toolkit (Toolkit) was produced as part of a cooperative agreement between MARAD and the American Association of Port Authorities (AAPA) and is designed to be easy-to-read, easy-to-understand and easy-to-execute, helping to guide ports toward fruitful investments.The goal of the Port Planning & Investment Toolkit is to provide U.S.

(File photo: Helge Hansen / Equinor)

Top Global Traders Push to Cut Shipping Emissions

Some of the world's biggest commodities and energy players on Wednesday launched an initiative to cut and track emissions from the ships they charter as efforts intensify to reduce the maritime industry's carbon footprint.About 90% of world trade is transported by sea, and the UN shipping agency the International Maritime Organization (IMO) aims to reduce overall greenhouse gas emissions by 50% from 2008 levels by 2050.Carbon emissions from shipping rose in the six-year period to 2018 and accounted for 2.89% of the world’s CO2, the latest IMO-commissioned study showed, mounting pressure on the

Historical growth and prospects of gas investment for short-, medium- and long-term ($ billion). Source: GECF Secretariat, based on data from the GECF GGM

Rolling the Dice in Chaos: The Prospects of Investment in the Gas Industry

As stated in the Declaration of Malabo at the 5th Summit of Heads of State and Government of the GECF Member Countries, in order to sustain the security of demand and supply of natural gas, it is necessary to ensure sufficient investments through the entire gas value chain among all gas market stakeholders [1].Since the start of 2020, every aspect of the global economy, including investment projects in natural gas industry, have been strongly hit by the outbreak of the Covid-19 pandemic.

© Nord Stream 2 / Axel Schmidt

Germany Offered to Build LNG Terminals to Avert US Pipeline Sanctions

Berlin offered to spend 1 billion euros ($1.2 billion) to build two liquid natural gas terminals in a bid to dissuade the United States from imposing sanctions over the Nord Stream 2 pipeline, due to bring gas directly from Russia to Germany, Die Zeit reported on Wednesday.The weekly paper said Finance Minister Olaf Scholz made the proposal in an Aug. 7 letter before Washington imposed sanctions on companies involved in building the Baltic Sea pipeline, effectively freezing its…

(File photo: Philly Shipyard)

Theisen Returns to Philly Shipyard as CFO

Philly Shipyard announced Wednesday that Jeffrey Theisen will re-join the company as Chief Financial Officer, effective September 8. Theisen fills the vacancy created by last month's sudden passing of Brian Leathers.Theisen previously served as Philly Shipyard's CFO for eight years, from 2007 - 2015. He was involved in the spin-off of Philly Shipyard from its parent Aker American Shipping and subsequent listing of the company on Oslo Axess, and he was instrumental in securing backlog and negotiating various financings, investments and other significant transactions.

Shipping Community Beware; Sanctions Scrutiny is Stepping up a Gear

Earlier this year, The U.S. Department of State, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC), and the U.S. Coast Guard issued a new advisory to provide those engaged or involved in trade in the maritime industry with further information and tools to counter illicit shipping and sanctions evasion.The advisory is representative of the U.S. Government’s increasingly detailed efforts towards addressing these issues, as illustrated by OFAC’s recent sanctions actions which show a trend of incremental but clear extension of oversight.

Atit Mahajan (Image: CMA CGM)

Mahajan Named Managing Director of CMA CGM India

French container shipping company CMA CGM Group said it has appointed Atit Mahajan as managing director for CMA CGM India, effective August 1.A qualified chartered accountant with 18 years' experience in strategy, finance and cost management roles, Mahajan was most recently Chief Financial Officer, CEVA Logistics India Pvt. Ltd and was previously Chief Operating Officer, LCL Logistix, both subsidiaries of the CMA CGM Group. In the past, Mahajan has also been part of the CMA CGM…

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Egypt Disposing of Dangerous Materials at Ports

Egypt has started disposing of abandoned and dangerous materials at ports after the massive explosion in Beirut's port this month, the finance minister said on Sunday."What happened in Beirut made us examine our own situation and we actually got rid of large quantities of abandoned and neglected and dangerous materials that were in the ports," Mohamed Mait told parliament."There are materials that have been delivered to multiple ministries including oil and defense and interior, and by next December Egyptian ports will be completely cleaned."New customs procedures at would also improve control

(Photo: Brian Leathers)

Philly Shipyard CFO Brian Leathers Passes Suddenly

Philly Shipyard announced the unexpected death of its chief financial officer, Brian Leathers, age 60. “It is with great sadness that we share the news of Brian’s passing, and our entire organization mourns his death. Brian was a well-respected colleague and friend to many. His positive energy, enthusiasm, and dynamic personality will be sorely missed,” said Steinar Nerbovik, Philly Shipyard President and CEOLeathers joined Philly Shipyard in early 2019 as the company’s strategy…

Image Credit: Scorpio Bulkers

Scorpio Bulkers Plans to Buy Wind Turbine Installation Vessel

Dry bulk shipowner Scorpio Bulkers on Monday announced it has signed a letter of intent to purchase a newbuild wind turbine installation vessel (WTIV) as a “first step in a transition towards a sustainable business in renewable energy”.Scorpio said it expects to sign a $265-$290 million shipbuilding contract with South Korea's Daewoo Shipbuilding and Marine Engineering (DSME) in the fourth quarter of 2020. The deal would include options for up to three additional vessels to potentially be delivered within the following 18 months.The lead vessel…

Ingmar Loges (Newport Shipping)

Newport Shipping Names Loges Managing Director for Germany

Newport Shipping said Ingmar Loges has joined the company as Managing Director, Germany, supportSing U.K.-based drydocking services firm in group financial strategy and marketing strategy for the German market.Loges comes with more than 30 years of industry experience in domestic and international marketplaces. His previous roles included Global Head of Ship and Offshore Finance for the last 15 years in financial institutions DVB BANK SE Amsterdam, HSH Nordbank AG Hamburg, UniCredit…

(Image: Bureau Veritas)

Bureau Veritas Launches Online Maritime Training Courses

Bureau Veritas (BV) says it has launched the BVS eAcademy to provide online learning for marine and offshore energy markets across the globe.Led by BV Solutions Marine & Offshore (BVS M&O), BVS eAcademy offering more than 25 maritime courses developed from BV’s own internal training academy which, since 2016, has delivered more than 20,000 training sessions to more than 1,500 BV staff.Delivered online and on-demand, the course are suitable for maritime professionals, or students looking to develop their awareness and understanding of specific areas of expertise…

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Singapore Retains Its Place as World's Top Shipping Hub

Singapore has maintained its position as the world's top shipping hub for the seventh year straight, according to a report published by the Baltic Exchange and Chinese state news agency Xinhua.The Xinhua-Baltic International Shipping Center Development (ISCD) Index, now in its seventh edition, assesses factors including port throughput and infrastructure; depth and breadth of professional maritime support services; as well as the general business environment in its attempt to…

(Photo: COSCO Shipping)

COSCO Teams up with Alibaba on Shipping Blockchain

COSCO SHIPPING has signed a cooperation agreement with e-commerce company Alibaba and its FinTech affiliate Ant Financial to digitalize the shipping supply chain.The Chinese firms will research and promote the deployment of shipping blockchain in China, working to facilitate the connection of shipping, ports, logistics and finance based on the technology, and to realize data connectivity through cross chain cooperation to build a platform for systematic cooperation between the upstream and downstream industrial chains.

In May, the MV Barracuda made the first switch from dry cargo to jet fuel . (Photo: KCC)

Klaveness Lines Up Sustainability-linked Newbuild Financing

Norwegian shipping company Klaveness Combination Carriers (KCC) said it has secured a $60 million sustainability-linked term loan and revolving credit facility for the financing of the seventh and eighth CLEANBU vessels with delivery in 2021, reportedly a first within the maritime industry. Nordea is acting as coordinator and bookrunner and Credit Agricole CIB as sustainability agent.The credit margin will be adjusted, up or down, based on KCC’s sustainability performance, as…

Picture from left to right: Ng Siew Chui, Maurice Rutten and Ryo Yajima.

Rutten Named CEO of Alphatron Marine Systems Pte Ltd.

JRC/Alphatron Marine said that Maurice Rutten was appointed Chief Executive Officer and Ryo Yajima in the position of Chief Commercial Officer of Alphatron Marine Systems Pte Ltd. as of July 1, 2020.In this position Rutten will be responsible for the operation of Alphatron Marine Systems Pte Ltd. and its subsidiaries in Singapore, Malaysia and Vietnam.Ryo Yajima will be responsible for the JRC business of the entire organization of Alphatron Marine Systems Pte Ltd. and its subsidiaries.In addition…

Photo courtesy of Shipbuilder

“You Don't Build Yachts and Ships with ERP Systems”

He has decades of experience in the maritime sector and now works as a maritime consultant for Shipbuilder. André Zijderveld: “In all those years in the maritime sector, I have seen the financial departments in the maritime sector working with beautiful ERP programs. However, it is a misconception that you can manage an entire shipbuilding or yacht building project with it. To my surprise people are still trying to do that though, with all the mistakes that come along. That must…

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Chinese Shipments Held for Extra Customs Checks in India

Customs officials at Chennai, one of India’s biggest ports, have held shipments originating from China for extra checks, sources aware of the delays told Reuters, amid a backlash against China over a border clash in which 20 Indian soldiers died.The increased scrutiny on shipments from China at Chennai Port, which handles various cargo including automobiles, auto components, fertilizers and petroleum products, could disrupt supply chains.While there is no official order from the government yet…

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China Extends Waiver on Port Construction Fees

China’s Ministry of Finance said on Wednesday it would extend a waiver on port construction fees for imported and exported cargoes until the end of 2020 from June 30.The ministry will also extend a reduction in fees paid to the compensation fund for ship pollution until the end of this year.The move is part of Beijing’s efforts to help business resume amid the coronavirus pandemic and to shore up its export industry.(Reporting by Muyu Xu and Beijing Newsroom; Editing by Christian Schmollinger)

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Seaspan Takes Delivery of Four 12,000 TEU Vessels

Seaspan Corporation has taken delivery of four 12,000 TEU vessels, each having commenced five-year time charters with a global liner, the ship owner announced Thursday.Three of the eco-modern containerships were built in 2018, and the other in 2017.Seaspan, a wholly owned subsidiary of Atlas Corp., announced last month it closed four flexible finance lease transactions with total proceeds of approximately $340 million. At the conclusion of the initial 10-year term, Seaspan is obligated to purchase the vessels at a predetermined price.Bing Chen…

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X-Press Feeders Names Yoskovitz CEO

X-Press Feeders CFO Shmuel Yoskovitz will take over as CEO, the Singapore-based feeder containership operator announced.Yoskovitz replaces Tim Hartnoll who has served as CEO since 2017. Hartnoll will transtion back to his role as group chairman."I am turning 65 in May, and I am now most keen on ensuring that the dynamism of X-Press is maintained into the future," Hartnoll said. "I have decided to hand the role of CEO to Shmuel effective May 4, 2020, which will enable me to function at a higher level as Chairman of the Group." In addition…

(File photo: DP World)

DP World Launches $9 Billion Financing

UAE global port operator DP World has launched a $9 billion financing into a targeted syndication process involving less than 10 banks, according to banking sources.The financing, which backs the borrower's privatization, was expected to sell down in a general syndication, but instead DP World decided to offer the deal to a select group of relationship banks.“(The deal is) going out to less than ten relationship banks that have already showed interest in the deal but were unable to join in the senior phase…

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CMA CGM Sees Shipping Bottoming Out in Q2

CMA CGM expects activity in the shipping sector to bottom out during the second quarter as countries emerge from coronavirus-related lockdowns and ship operators adjust capacity, the France-based group's finance chief said.The world's fourth-largest container shipping line had anticipated a 15% year-on-year drop in its volumes in the second quarter, after a 4.6% decline in the first quarter, Chief Financial Officer Michel Sirat said."I think that the second quarter will be the low point," he told Reuters by telephone.

Source: Kongsberg Digital

Mapping the Maritime Software Landscape in 2020

Another year has passed since our last mapping of the maritime software landscape, and it is once again time to review the latest developments and trends in this space.Overall, 2019 was another turbulent year for most shipping markets, overshadowed by preparations for the IMO 2020 sulfur regulations, rising geopolitical tensions, the trade war between the USA and China, as well as natural disasters disrupting global supply chains. This article provides insight into the changes seen in the maritime software landscape under these turbulent conditions: On a high-level…

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Trump Administration Issues Maritime Advisory on Sanctions

The Trump administration on Thursday issued guidelines to help ship owners and insurers avoid the risks of sanctions penalties, standards that maritime players and a senior State Department official said were modified following months of discussions with industry.The guidelines, known as a Global Maritime Advisory, concern sanctions on Iran, North Korea and Syria. The State Department said it is committed to disrupting sanctions evasion and smuggling of goods, including oil exports from Iran…

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Jeff Bezos Invests in Digital Freight Forwarder Beacon

Amazon.com Inc Chief Executive Jeff Bezos has picked British startup Beacon, a digital freight forwarder, for his latest investment.Beacon said on Sunday it raised over $15 million in Series A fundraising, from investors including Bezos and venture capital firm 8VC.The startup, formed by two former Uber Technologies Inc executives two years ago, is already backed by Uber founders Travis Kalanick and Garrett Camp, along with former Google CEO Eric Schmidt.Beacon is also a supply chain finance firm that provides real-time data of cargo delivery and a marketplace view of global shipping costs and