Egypt earned nearly $8 billion from the Suez Canal in 2022, an increase of 25 per cent from the previous year, the head of the international waterway said on Monday.
The $1.7 trillion bipartisan government spending bill passed by the US House of Representatives Dec. 23 has historic funding increases for clean energy and other climate-related programs. The fiscal year 2023 omnibus appropriations package now goes to President Joe Biden’s desk for signing next week.
Falmouth Harbour has awarded Holyhead Marine a £1.6m contract to build a fuel-efficient pilot vessel to join a fleet operating 24/7, 365 days a year. The vessel will complete more than 1,000 boardings and landings per year within the Falmouth Harbour Pilotage Area.
The Port of Los Angeles has awarded a total of $6 million to two trucking companies and their truck manufacturer partners to speed up the transition to zero-emission (ZE) drayage trucks serving the nation’s busiest container port. The grants will defray the cost of putting 22 pre-production emissions-free models in Port service during 2023.
Efforts to close the $1.7 trillion annual global trade finance gap are gaining traction, especially in the small-to-medium-enterprise (SME) sector, with DP World announcing that its platform has received requests for more than $600 million in credit limits.
U.S. Department of Transportation (DOT) announced more than $703 million to fund 41 projects in 22 states and one territory that designed to help improve port facilities through the Maritime Administration’s Port Infrastructure Development Program.
Watson Farley & Williams (“WFW”) has advised SPDB Financial Leasing Co., Ltd. (“SPDBFL”) on two sale and leaseback transactions involving the acquisition from, and bareboat charter back to, the Ciner Shipping group (“Ciner”), one of the largest shipping companies in Turkey, of eight bulk carriers. The vessels comprise four second-hand bulk carriers and four newbuild bulk carriers currently being built by the SUMEC group.
Performance Shipping Inc., a global shipping company specializing in the ownership of tanker vessels, announced that it has signed, through a separate wholly-owned subsidiary, a Memorandum of Agreement to sell to an unaffiliated third party the 2007-built Aframax tanker vessel “M/T P. Fos”, with delivery to the buyer during November 2022, for a gross sale price of US$34.0 million.
Carnival Corporation reported that stronger than anticipated investor demand permitted the company to increase the size of its latest refinancing offering by nearly two-thirds while also pricing the offering with a lower than projected coupon interest rate. All of this comes as the world’s largest cruise corporation works to continue to build its momentum in the return to service after the pandemic despite the recent headwinds from the economy.
First Citizens Bank today announced that its Maritime Finance group, part of the CIT division, served as sole lead arranger on $44.2 million in debt financing for Navios Maritime Partners L.P. ("Navios Partners"). Proceeds from the financing, which is secured by product tankers, will be used by Navios Partners to refinance existing debt.
Chartwell Marine, the cross-industry pioneer of next-generation vessel design, today announces its win of a £320k Innovate UK Smart Grant. The grant will enable Chartwell and consortium partners — Boat Electric & Electronics and Engineered Marine Systems — to develop and test the feasibility of a market-first methanol-fuelled vessel design, with applications in the offshore wind, commercial workboat and leisure sectors.
The Saudi Ports Authority, also known as Mawani, on Tuesday, launched a project worth SR7 billion ($1.9 billion) to upgrade and develop two container terminals at the King Abdulaziz Port in Dammam.
DHT Holdings, Inc. announces a new $305 million secured credit facility. It is in line with the “DHT-style financing” including a six-year tenor and a 20-year repayment profile. The new facility will bear interest at a rate equal to Secured Overnight Financing Rate (SOFR) plus a margin of 1.90%, including the historical Credit Adjustment Spread (CAS) of 26 basis points. The cost of the facility compares to a Libor equivalent margin of 164 basis points, representing a reduction in the Company’s borrowing cost.
Indonesia has approved the first plan of development for the Tuna offshore gas field with total estimated investment of $3.07 billion up to the start of production, upstream oil and gas regulator SKK Migas said on Monday.
India approved on Wednesday an incentive plan of 197.4 billion rupees ($2.4 billion) to promote the green hydrogen industry in a bid to cut emissions and become a major exporter in the field.