Finance

  • Chinese firm launches 110-mln-USD expansion...

    Chinese construction firm, China Civil Engineering Construction Corporation (CCECC), on Thursday launched the construction of a 110 million U.S. dollars Modjo dry port expansion project in central Ethiopia.

     

  • Shipping Industry Pushes for $5B Decarbonization...

    Shipowning organizations from the Group of Seven (G7) nations have vowed to spearhead the establishment of a $5 billion research and development (R&D) decarbonization fund, and have called for contributions from governments.

     

  • AB Klaipėdos nafta preliminary revenue for May...

    The preliminary sales revenue of the Company’s oil terminals for May 2021 comprises EUR 1.8 million and is lower by EUR 1.3 million or by 41.9 % compared to May of 2020. The preliminary sales revenue of the Company’s oil terminals for the five months of 2021 comprises EUR 8.1 million and is lower by 41.3 % compared to the same period of 2020.

     

  • Germany finalizes terms of financial rescue for...

    The German federal government approved a new round of financing to support the financially troubled MV Werften shipyard with operations in Wismar, Warnemunde, and Stralsund, Germany. The shipyard had been facing bankruptcy since its operations were suspended 14 months ago during the pandemic and had been contributing to the financial difficulties of its parent company Genting Hong Kong. The shipyard had received a series of bridge loans starting last fall to continue limited operations.

     

  • EU needs to invest $8B in port infrastructure to...

    Europe’s ports must play a critical role if the European Union is going to achieve its ambitious goals for wind power generation. According to a new report released by WindEurope, Europe’s ports must expand and add new infrastructure to support the development of offshore wind. 

     

  • China’s COSCO hopes for Greek deal on Piraeus...

    Chinese shipping group COSCO hopes to reach a deal with the Greek government to complete the purchase of an extra stake in Piraeus, despite running out of time to fulfil a key condition, a top official at the port said.

     

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Extra Container Capacity Antwerp to receive European funding

The European funding programme Connecting Europe Facility (CEF), which supports projects that have a significant positive impact on the European transport network, is to award funding of €10.91 million to the complex project Extra Container Capacity Antwerp (ECA). By awarding funding to this project, Europe is not only underlining the importance of the port of Antwerp as a major European hub that forms part a global network, but also of the corresponding need for future-proof infrastructure. This European support will be used to carry out detailed studies to identify the most sustainable solution, in order to create a supported project that reconciles the needs of the economy, the environment and our climate.

 
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ShipMoney Introduces Money Transfer Scheduler

Maritime Payment Solutions, LLC (d/b/a ShipMoney), a global provider of digital payment solutions for maritime companies, has launched the ShipMoney Money Transfer Scheduler. This new feature allows seafarers to preschedule automated transfers from their ShipMoney cards to bank accounts, companion cards, as well as for cash pickup via MoneyGram, TransFast and soon, Western Union.

 
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Extreme spot rates heading for $20,000

In April’s Logistics Executive Briefing, Drewry flagged the issue of “extreme freight rates” and predicted that spot rates would continue to increase. Three months on, spot rates have jumped by another 70% or so and we expect rates to get close to $20,000 on some lanes.

 
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OSG begins strategic review after receiving buyout proposal

Overseas Shipping Group (OSG) announced that the company is launching a strategic review in response to an unsolicited takeover proposal to acquire all the outstanding shares of the operator of crude and petroleum tankers and barges. According to the announcement, OSG’s Board of Directors working with Evercore as its financial advisor has commenced a strategic process to explore, review and evaluate a range of strategic alternatives which could include a sale of all or part of the company, a merger or other business combination with another party, or remaining a public company and continuing to execute on management’s long-term business plan.

 
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