The National Shipping Co. of Saudi Arabia (Bahri) informed that it had signed a Murabaha financing agreement on Sunday, June 22 with JPMorgan Chase Bank, N.A. (Riyadh Branch), Samba Financial Group and the Saudi British Bank (SABB) for SAR 3.18 billion ($848 million) to finance the cash consideration of Vela merger and the costs associated […]
The Board of Directors of Brazil’s Merchant Marine Fund has a approved financial package worth approx $1.8 billion that will be used to support the construction of new ships and an upgrade of the country’s three shipyards. The decision for funding 14 domestic companies it a total amount of R$ 4,2 billion was made at a regular meeting […]
The European Commission has concluded that funding for an investment project in the amount of €71.1 million from the European Regional Development Fund to the Port of Salerno in Italy (Campania Region) is in line with EU state aid rules. The project will further EU transport objectives, such as preserving a wide range of integrated […]
The EU member states’ permanent representatives have endorsed the compromise reached between the Council and the European Parliament concerning a regulation to finance the actions of the European Maritime Safety Agency (EMSA) in the field of response to marine pollution caused by ships and oil and gas installations in the years 2014 to 2020. The […]
March 17, 2014 | Posted in
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The European Union will co-finance with €3.9 million from the TEN-T Programme a project to extend one of the terminals and renew the intermodal infrastructure of the northern Italian Port of Genoa. The project, which was selected for funding under the 2012 TEN-T Annual Call, concerns works aimed at adapting the Port’s infrastructure to larger […]
February 18, 2014 | Posted in
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Following a successful funding procedure, the Port of Cork has been awarded funding by the Trans-European Transport Network (TEN-T). The Port of Cork, described as a future Core Network port by TEN-T, plays a key strategic role in the movement of goods to and from the UK and Continental Europe. This funding will assist in […]
STL Research announced that they have recently been awarded further funding by the UK’s innovation agency, the Technology Strategy Board to accelerate their project to develop an offshore personnel-access system. The system, called ‘Neptune’, will use a space-stabilised, articulated arm to safely transfer personnel and equipment to fixed offshore structures such as wind turbines and […]
Star Bulk Carriers Corp. (Star Bulk), announced yesterday the successful completion of the Company’s previously announced $75 million backstopped equity rights offering and concurrent private placement. The company has agreed to use the net proceeds from this offering to enhance liquidity and to partially fund the purchase price of its previously announced newbuilding program, which […]
July 26, 2013 | Posted in
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Liquefied natural gas for shipping by 2015 at the latest. This is the aim behind collaboration between private infrastructure companies and the Port of Gothenburg and the Port of Rotterdam. The project will receive SEK 305 million in funding from the EU. “EU support is a clear indication of how important shipping is for sustainable […]
International accountant and shipping adviser Moore Stephens has warned that the latest valuation relating to the post-1978 (new) section of the Merchant Navy Officers Pension Fund (MNOPF) will place further financial strain on shipping companies involved in the scheme. Under the valuation, the MNOPF trustees reported a funding shortfall as at 31 March 2012 of […]
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