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Finance

Navig8 in Sale, Leaseback Pact with China Bank

Pic: Navig8 Chemical Tankers Inc.

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.

SCF Registers Growth in Offshore Revenues

Image: SCF Group

The energy shipping company PAO Sovcomflot (SCF Group) has managed to increase its revenue base and achieved a profit of USD 11.9 million against a USD 106.2 million loss in 2017.The annual results reflected a strong contribution from the industrial shipping business (comprising offshore services and LNG transportation).

Kirby Closes Cenac Fleet Acquisition

File Image (CREDIT: Cenac)

Kirby Corporation announced the completion of the acquisition of the marine transportation fleet of Cenac Marine Services, LLC, an operator of tank barges and towboats participating in the inland tank barge transportation industry in the United States. The total value of the transaction was approximately

$138M Allocated for Charleston Harbor

Image: South Carolina Ports Authority

President Donald Trump included $138 million in his budget for the coming year to help deepen Charleston Harbor to 52 feet so it can handle larger container ships, said Charleston District of the U.S. Army Corps of Engineers.The project, in the works since 2011, had never been included in a president’s budget until now.

Belships Gets USD140Mln to Expand Fleet

 Pic: Belships

Norway's dry bulk owner Belships Group has secured a USD 140 million loan facility. The loan replaces the Group's current senior debt of USD 105 million.The new loan will be available in two tranches, said a press release from the bulk ship operator and management company. An initial tranche

DP World downplays Trade Tensions as Profit Soars

File Image: Atypical DP World managed terminal. CREDIT: DP World

DP World, one of the world's biggest port operators, said on Thursday its business could weather international trade tensions, after reporting a 10.2 percent rise in 2018 profit."Current year has started with trading in line with expectations and whilst the near-term outlook remains uncertain with the trade war and geopolitical headwinds,

BSM: PDVSA Tanker Management Likely Ending

file Image: an idled PDVSA tanker (CREDIT: MarineTraffic.com / © Leslie Brug

Maritime contractor Bernhard Schulte Shipmanagement (BSM) is considering to stop managing Venezuelan state-oil company PDVSA's tankers by the end of this month or in April following U.S. sanctions against the country, BSM said on Thursday.It also said in a statement that recent political developments

Norway Watchdog Turns Spotlight on Shipbreaking

© Deborah Benbrook / Adobe Stock

The ethics watchdog for Norway's $1-trillion wealth fund will focus this year on shipbreaking on India's beaches, which endangers workers and pollutes the sea and sand.The world's largest sovereign wealth fund, created from the proceeds of Norway's oil industry, operates under ethical guidelines set by parliament.

President's Request Cuts Funding for USACE

Mike Toohey  (Photo: WCI)

Waterways Council, Inc. (WCI) reacted to the Trump Administration’s release of an outline of its top-line FY20 budget numbers yesterday. Today, the Corps of Engineers released its account and project-specific funding levels.  For the U.S. Army Corps of Engineers’ Civil Works program, the FY20 budget proposes $4.

Waterways Council Reacts to Budget Numbers

Donald J. Trump

Waterways Council, Inc. (WCI) reacted to the Trump Administration’s release of an outline of its top-line FY20 budget numbers yesterday.  Today, the Corps of Engineers released its account and project-specific funding levels.For the U.S. Army Corps of Engineers’ Civil Works program, the FY20 budget proposes $4.

MARAD Offers USD 20Mln to Small Shipyards

Image: U.S. Department of Transportation's  Maritime Administration

The U.S. Department of Transportation's  Maritime Administration (MARAD) has announced the availability of $19.6 million in federal funding to support capital improvements and employee training at small U.S. shipyards.The grants are provided through the Small Shipyard Grant Program, and are available to U.

Anzali Port Attracts Investments

Pic: Ports & Maritime Organization Iran

Iran's Port of Anzali announced the start of operation and Exploitation of three investment projects in its port complex.According to HamidReza Abaei, the Director General of Ports and Maritime Affairs of Gilan province, Iran, began operations last week with the President's visit with the presence Mohammad Eslami,

Indian Govt Sells Stake in Dredging Corporation

Pic: Dredging Corporation of India (DCIL)

The Union government of India (GoI) has concluded the strategic sale of Dredging Corporation of India (DCIL) to a consortium of four ports Vishakapatnam Port Trust, Paradeep Port Trust, Jawaharlal Nehru Port Trust & Deendayal Port Trust.The share purchase agreement was executed between GOI and the four ports on March 08.

PDVSA Insists it's Still Working with BSM

The Icaro (© Leslie Brug / MarineTraffic.com)

Venezuela's state-run oil company PDVSA said on Thursday it has not halted business with maritime firm Bernhard Schulte Shipmanagement (BSM), even after the German firm said it would remove the crews that have been operating 10 of 15 PDVSA vessels over unpaid fees and return the tankers.On Tuesday,

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