Government Reopens Queen’s Warehouse

first_imgStory Highlights The Government has reopened the Queen’s Warehouse at 230 Spanish Town Road, in St. Andrew, with more space added to facilitate importers. “With the reopening of this building, we can accommodate more imports, increase the Customs Agency’s storage capacity, and go into higher gear to maximise revenue for the (agency) and the Government,” said Minister without Portfolio in the Ministry of Finance and the Public Service, Hon. Fayval Williams. In a message read at the reopening on March 28 by Special Adviser at the Ministry, Viralee Lattibeaudiere, the Minister urged importers to collect their goods that have been on the port for some time. The Government has reopened the Queen’s Warehouse at 230 Spanish Town Road, in St. Andrew, with more space added to facilitate importers.The complex was closed in 2015 due to concerns by the St. Andrew Public Health Department. It has since been upgraded and cleaned for the benefit of staff and persons who use the facility.“With the reopening of this building, we can accommodate more imports, increase the Customs Agency’s storage capacity, and go into higher gear to maximise revenue for the (agency) and the Government,” said Minister without Portfolio in the Ministry of Finance and the Public Service, Hon. Fayval Williams.In a message read at the reopening on March 28 by Special Adviser at the Ministry, Viralee Lattibeaudiere, the Minister urged importers to collect their goods that have been on the port for some time.She said the Jamaica Customs Agency (JCA) is moving to become a “world-class” entity by leveraging technologies, overhauling legislation, and improving customer and employee satisfaction.Meanwhile, Commissioner of Customs, Velma Ricketts Walker, said the JCA is ranked at number five in Latin America and the Caribbean, and a competitive spirit must be part of its culture, so that it can be a global leader.The Commissioner said during the 2018/2019 financial year, the JCA will be “intensifying our border protection capabilities, driving our operational efficiencies in all areas, improving technological advancement, and expanding our stakeholder engagement.”last_img read more

PEMA Publishes Paper on Container Weighing Technologies

first_imgzoom The Port Equipment Manufacturers Association (PEMA) has published an information paper on container weighing technologies – a timely resource for the ports industry following the IMO’s recent decision on a mandatory worldwide system for verifying container weights.“Container weighing is an increasingly hot topic in the global shipping industry and recent legislation passed by the IMO indicates that ports worldwide will have an increasingly critical role to play in checking and verifying container weights,” notes Ottonel Popesco, PEMA President.Following much international debate on the best approach to reduce the incidence of misdeclared and overweight containers, on September 20 the International Maritime Organization (IMO) finally approved a compromise proposal for verifying the weight of containers before they are loaded onto ships. The new regulations will make container weighing compulsory, or to have their weight otherwise calculated.PEMA’s new report, entitled Weighing Containers in Ports and Terminals, provides ports, terminal operators and other interested parties with information about the port-based container weighing technologies and systems that are currently available and their relative capabilities to accurately verify container weights.The paper covers both weighbridges and weighing systems for use on various container handling equipment, including ship-to-shore container cranes, mobile harbour cranes, RTGs, RMGs, straddle carriers, reach stackers and container handling forklift trucks. The document includes a table summarising the various technologies and their accuracy.Weighing Containers in Ports and Terminals is the fifth information paper to be published by PEMA, following previous papers covering topics such as RFID, Environmental Technologies, Container Yard Automation and OCR.A sixth information paper on electrification of RTG cranes is due for imminent publication.PEMA, October 9, 2013last_img read more

Nordic American Tankers to Create New Offshore Supply …

first_imgzoom Nordic American Tankers (NAT) announced today that it is coordinating the establishment of Nordic American Offshore Ltd. (NAO), a new company that plans to purchase, on certain conditions, six platform supply vessels (PSVs). These ships were built in 2012 and 2013 by the Ulstein Group in Norway. The strategy of NAO is expected to be essentially the same as for NAT with dividend as an important element.Nordic American Offshore is expected to undertake a private equity placement to finance at least 80% of the acquisition price of these vessels. 20% or less of the cost is expected to be financed via debt.NAT and Ulstein Shipping AS will participate in the private placement with 15%/20% and 5% respectively. The NAT investment is planned to be about $50 million.The establishment of Nordic American Offshore and the NAT investment in the new company do not in any way constitute a departure from NAT’s commitment to a homogenous Suezmax tanker fleet. There will be no change as to how NAT operates its business, including how it determines quarterly dividends from its fleet of Suezmax tankers. Nordic American Offshore will seek listing on the New York Stock Exchange as soon as possible.Because of the investment in NAO and as Manager of Nordic American Offshore, the objective for Nordic American Tankers is to pay a higher dividend to NAT shareholders than otherwise would be the case. The new company will have existing contracts in place for several of these vessels and spot charters for the remainder. As with NAT, NAO can be expected to operate on a cash break-even basis that is highly competitive within the industry.“The establishment of Nordic American Offshore with a capital contribution from NAT is a move with the objective to increase the dividend payments to shareholders of Nordic American Tankers,” said NAT Chairman and CEO Herbjørn Hansson. “We have significant expertise in the offshore sector, and we think this new offshore business venture will help maximize total return to NAT shareholders. We wish to extract cost synergies and to leverage the NAT customer relationship in the energy business. Our presence in the US capital market will also help us to achieve our objectives for this new project.”Nordic American Tankers, November 1, 2013; Image: Ulsteinlast_img read more

Inmarsat Appoints Partners for Fleet One

first_imgzoom Inmarsat, a provider of global mobile satellite communications services, appointed Addvalue Technologies and Cobham SATCOM as manufacturing partners for Fleet One, the company’s new voice and data satellite service designed specifically for the maritime leisure and fishing community.Addvalue and Cobham will each manufacture a terminal for Fleet One, which is due to enter commercial serviceduring the second quarter of 2014.“Addvalue and Cobham are long-standing, trusted partners of Inmarsat and today’s appointment represents an expansion of the partnership between our respective companies,” said Frank Coles, President, Inmarsat Maritime. “Both companies have a proven history of manufacturing highly reliable terminals, supporting a range of Inmarsat services and we are pleased to have them join us as we prepare to unveil Fleet Onein Q2.”Fleet One will be the latest addition to Inmarsat’s L-band portfolio. The new service has been designed to meet the particular communications needs of leisure mariners, day boaters and sport and coastal fisherman, providing uninterrupted, near-shore voice and data connectivity. 此页面无法正确加载 Google 地图。您是否拥有此网站?确定 Print  Close My location Inmarsat, February 18, 2014last_img read more

MOL Takes Delivery of Newbuild Coal Carrier

first_imgzoom Japanese shipping company Mitsui O.S.K. Lines has today taken delivery of the coal carrier Shin Yahagi Maru at Imari Shipyard and Works of Namura Shipbuilding.The vessel, which was jointly developed by Namura Shipbuilding and MOL, will serve Chubu Electric Power’s thermal power plants under a new long-term consecutive voyage service contract.According to MOL, the vessel is a state-of-the-art coal carrier with a wide-beam/shallow-draft configuration and wide range of advanced safety and energy-saving features.The vessel is so-called “Hekinan MAX”, featuring 250 meters length to maximize transport volume to the discharging port, Chubu Electric Power’s Hekinan Thermal Power Plant.The new vessel succeeds the Yahagi Maru, a coal carrier that served Chubu Electric Power for 21 years starting in 1992.last_img read more

Port of Long Beach to Get USD 555 Million for Upgrades

first_imgzoom The Long Beach Board of Harbor Commissioners has approved an USD 829 million budget for the Harbor Department’s next fiscal year, including more than a half a billion dollars for capital improvements at the Port of Long Beach, one of the busiest ports on the US Pacific coast.The budget, which will be presented to the Long Beach City Council for its consideration, designates USD 555 million for capital investments including the port’s major terminal redevelopment and bridge replacement projects.For the fiscal year starting October 1, 2015, the budget anticipates a 6.1 percent increase in operating revenue over the current fiscal year’s income.Also, the newly approved budget includes the anticipated transfer of USD 17.74 million to the City of Long Beach’s Tidelands Operating Fund, which is used for beachfront improvements in Long Beach.”Our goal is to build upon the success of the Port of Long Beach by attracting new trade, and with that, new jobs, to Long Beach and the region,” said Harbor Commission President Doug Drummond. ”We are moving forward with important improvements that will help this community, by building a greener, more efficient Port of Long Beach.”The biggest pieces of the capital improvement budget are the ongoing Gerald Desmond Bridge Replacement Project and the Middle Harbor Redevelopment.  Other improvements include sewer and street projects, dredging and rail improvements.The budget also includes funds for planning activities for the Port’s ‘Energy Island’ concept of enhancing energy security and sustainability, and for ongoing improvements as part of the ”supply chain optimization” efforts to boost efficiency at the San Pedro Bay ports.last_img read more

TMS Cardiff Gas Spices Things Up

first_imgzoom Greece-based gas carrier operator TMS Cardiff Gas Ltd. has signed a contract with Hyundai Heavy Industries of Korea for the construction of two 78,700 cbm LPG carriers with the option to build another two. The vessels are scheduled for delivery in Q2 and Q3 2017, when they will enter into timecharter contracts with Shell International Trading and Shipping Company, Limited, the company said.The vessels will be able to transit the new and old Panama canal, providing for increased flexibility compared to the market’s current VLGC fleet and will be built to the highest industry specifications.“These orders mark the group’s successful entry into the LPG sector, which further grows its already significantly diversified global shipping fleet,” the company added.TMS Cardiff Gas Ltd. was established in 2011 as part of the TMS Group of related shipping companies to manage the group’s gas fleet and operations. The company manages a fleet of five in the water LNG carriers and two VLGC newbuilds.last_img read more

J. Lauritzen Sells Its Shares in Hafnia Tankers

first_imgzoom Danish shipping company J. Lauritzen has completed the sale of its stake in Hafnia Tankers Ltd. as the company decided to abandon the product tanker and offshore service segments during the first quarter of 2016.The company also sold its stake in Axis Offshore Pte. Ltd., which is scheduled to be completed in the third quarter of 2016.The shares owned in the two companies were sold to LF Investment, a company fully-owned by Lauritzen Fonden, the company said, adding that these were “non-strategic assets” for J. Lauritzen.In February 2016, the Oslo-listed company secured a cash injection of some USD 19 million from Lauritzen Fonden in order to strengthen J. Lauritzen’s balance sheet and improve its cash position.The transactions provided J. Lauritzen with additional cash of USD 125 million during 2016 as the assets have a combined book value of USD 105.9 million.“Previously advised transfers of certain non-strategic assets and obligations to LF Investment ApS were largely completed during Q1. These transactions have together with a capital injection strengthened our balance sheet and improved our cash position,” Jan Kastrup-Nielsen, President and CEO said.“Dry cargo markets remained under severe pressure and on average Q1 reached an unprecedented low level, whereas the gas carriers performed largely as expected,” he added.During the first quarter of 2016, J. Lauritzen reported a net loss of USD 8.3 million against a net loss of USD 27 million seen in the same period a year earlier.EBITDA for the first three months amounted to USD 17.2 million against USD 9.5 million in the first quarter of 2015, mainly attributed to dry bulk market developments.Total operating loss for the quarter amounted to USD 25.6 million compared to a loss of USD 20.3 million in same period in 2015.Regarding the outlook for 2016, the company said that “the full year estimate is unchanged. For the remainder of the year there is still a high degree of uncertainty related mainly to the development in the dry bulk segment and hence to the global economy in general. Currency and interest rate fluctuations as well as effects from sale of assets, if any, may impact the result.”J. Lauritzen held a 5.3 percent stake in Hafnia Tankers, which operates a fleet of some 35 tankers, ten of which were bought from J. Lauritzen in October 2013.last_img read more

Fincantieri’s Performance Bounces Back in Q1

first_imgzoom Italian shipbuilding major Fincantieri has marked a turning point in the first quarter of 2016, returning to the black from losses that were pressuring the shipbuilder’s results from the second half of 2015.Profit before extraordinary and non-recurring income and expenses was EUR 5 million (USD 5.7 million), improving from a net loss of EUR 21 million in the first quarter of 2015. EBITDA was EUR 51 million against EUR 59 million in the corresponding quarter of 2015, with an EBITDA margin of 4.9% compared to 5.3% in Q1 2015.“Today we are presenting a solid set of quarterly results that mark a turning point from the second half of 2015, with which Fincantieri left behind the industry’s longest period of crisis, showing a clear recovery in operating and economic performance,” said Giuseppe Bono, Fincantieri’s Chief Executive Officer.Profit for the period was EUR 0.3 million against a net loss of EUR 27 million at 31 March 2015.During the first three months of 2016, the group was awarded EUR 713 million in new orders, compared to EUR 85 million in the corresponding period of 2015, with a book-to-bill ratio (order intake/revenue) of 0.7 (0.1 at 31 March 2015).The shipbuilding segment accounted for 90% of the quarter’s order intake before consolidation adjustments (53% in the first quarter of 2015), the offshore segment for 10% (35% in the first quarter of 2015) and the equipment, systems and services segment for 28% (29% in the first quarter of 2015). “We have managed and developed our business with determination in the first few months of 2016, finalizing major agreements, including those with Carnival Corporation and Norwegian Cruise Line Holdings for the Regent Seven Seas Cruises brand. The backlog at 31 March demonstrates the group’s ability to continuously transform into firm contracts the major commercial negotiations that a year ago, being still in progress, were included in the soft backlog. The total backlog remains at record levels, having exceeded EUR 19 billion at the end of the first quarter,” Bono added.“The important operational and economic objectives achieved in the first few months of 2016 allow us to confirm the Business Plan’s targets in terms of revenue growth, increased profitability, cash generation and shareholder remuneration.”Since the beginning of the year, Fincantieri delivered three cruise ships, including two prototypes, namely the Koningsdam for Holland America Line and the Carnival Vista for Carnival Cruise Lines, which were  delivered in the same week at two different yards. Several naval and offshore vessels were also delivered during the quarter.  Overall, the deliveries in the first four months of 2016 generated cash inflows totaling some EUR 1.9 billion.For the remainder of 2016, the group confirmed the guidance for 2016 outlined in the Business Plan 2016-2020, i.e. revenue growth of 4-6%, an EBITDA margin of around 5% and a positive net result.As for the shipbuilding segment, the solid results for the first quarter of 2016 support the company’s expectation of margins recovery in the remainder of the year from the levels seen in the final quarters of 2015.As for the offshore segment, 2016 is still characterized by a widespread and protracted market crisis entailing problems for all industry players, with a significant number of OSV owners embarking on restructuring processes with a consequent rise in counterparty risk. To confront this market situation, the subsidiary VARD is carrying on the actions to diversify and reorganize itself and is now working with clients and financial institutions to secure the current order book, Fincantieri said.Finally, the company’s equipment, systems and services segment is expected not only to see further growth in volumes in 2016, but also to confirm the positive margins recorded in the previous year.last_img read more

Keppel Confirms Receiving Summons in New EIG Lawsuit

first_imgzoom Singapore-based shipbuilder Keppel Offshore and Marine Limited (KOM) has been served with a summons within a civil action lawsuit filed by the eight funds managed by EIG Management Company (EIG) before the New York District Court for alleged racketeering.“This new lawsuit comes after an earlier civil action commenced by EIG and eight of its managed funds in the United States District Court, District of Columbia against, among others, the company and KOM was dismissed on March 30, 2017,” Keppel Corporation said on Wednesday.EIG launched the first legal case in 2016 on the grounds of an alleged conspiracy that led to EIG’s investment of USD 221 million in Sete Brasil Participacoes SA, a drillship contractor from Brazil which was involved in a bribery scheme with Petrobras and Keppel.The new lawsuit was filed pursuant to the Racketeer Influenced and Corrupt Organizations Act (RICO) and is said to be targeting USD 660 million in compensation claims.The case is linked to the bribery scheme KOM was embroiled in related to the Brazilian failed drillship venture.In order to settle the bribery charges in the United States, Brazil and Singapore, Keppel Offshore & Marine agreed to pay a penalty of over USD 422 million in December 2017.The settlement brought closure to the investigations into one decade-long corrupt payments made by a former Brazil-based agent of KOM.As disclosed by the U.S. Department of Justice (DOJ) in December, KOM and its US subsidiary KOM USA paid over USD 50 million in bribes to Brazilian officials, which secured the companies USD 350 million of profit.Specifically, payments were made to officials of Brazilian state-run oil company, Petroleo Brasileiro S.A. (Petrobras), and other parties, in order to win contracts with Petrobras and/or its related companies, the DOJ investigation found.Keppel Corporation said that the new lawsuit was without merit and that KOM would “vigorously defend itself”.Further updates on the matter would be provided when available, the company added.World Maritime News Stafflast_img read more