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.: 8-Aug-2018 :. Search News
Displaying 1 to 16 of Records.
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Port workers unions against investing pension, PF funds in bonds, equities
Workers unions at major port trusts have asked the government to reverse its order allowing the 12 major ports to invest their pension, provident, gratuity and surplus funds in bonds and equities.
"It is one of the very serious and dangerous decision taken by the government," said T Narendra Rao, general secretary, Water Transport Workers Federation of India.
"Investing in equity and equity related instruments would be highly risky and unpredictable in the present economic scenario. Many major ports felt the pinch earlier in investing in UTI bonds and some ports are still struggling to come of out this crisis. Besides these funds are hard earned money of the workers and it is public money," Rao wrote in a letter written to Shipping Secretary Gopal Krishna.
The hard-earned money of the port workers and pension fund of lakhs of poor pensioners in the port sector, if invested in equities, will entail serious consequences and, hence, require a thorough discussion with all the stakeholders, including Major Port Workers Federations, before taking such drastic decisions, Rao said while urging the Ministry to withdraw the directive issued to the Major Port Trusts "in the interests of the industry, workers and port pensioners at large". Interestingly, a press statement issued by the Shipping Ministry on treasury investment of major ports on July 31 had omitted pension funds from the list, potentially to mislead the workers unions and check their wrath against the decision, says Rao.
However, the order issued by the Shipping Ministry in this regard on 27 July includes pension funds also. Accordingly, for treasury investments of pension, provident and gratuity funds, the major ports will now follow the guidelines framed by the ministry of labour and employment for such investments.
Between 45 and 50 per cent of such funds will have to be invested in government securities, another 35-45 per cent in debt and related instruments, 5-15 per cent in equities and related instruments (shares listed on BSE/NSE with a minimum market cap of 5,000 crore, mutual funds regulated by SEBI with minimum 65 per cent corpus in publicly traded stocks on BSE/NSE and various exchange traded funds regulated by SEBI).
Besides, 5 per cent of such funds can be invested in mortgage-backed securities, Infrastructure Investment Trusts and securities issued by Real Estate Investment Trusts regulated by SEBI.
For surplus funds, the major ports will be guided by the norms issued by the Department of Public Enterprises for such investments by central public sector undertakings. These includes treasury bills, Government of India securities, term deposits in nationalised banks, instruments issued by nationalised banks and mutual funds (up to 30 per cent of available surplus funds can be invested in SEBI regulated public sector mutual funds having AAA rating and minimum corpus of 1,000 crore).

Posted On:8-Aug-2018



Credits: www.indiaseatradenews.com

Liberia introduces QR Codes and other Electronic Certificate Security Features
Liberia continues to deploy significant improvements to its state-of-the-art web-based client interface system, WayPoint, by enhancing certificate security features, introducing a QR Code symbol for electronic certificates and streamlining the procedure for document verification. WayPoint was launched in late-2016 to provide the owners and operators of Liberianflag ships with secure, real-time, user-friendly access to their fleet details, as well as to facilitate International Convention certification applications. It was upgraded last year to include a number of major improvements designed to help owners and operators to manage their fleet-wide regulatory compliance issues more efficiently.
Beginning 7 August, Liberia will start including QR Codes to enhance the document verification process. This means that Port State Control and other interested parties can quickly scan the QR matrix barcode via their mobile phones, whereafter they will be directed to the verification page. The QR code and the Registry's tracking identification (TID) number will also be clickable if viewed on a computer and be directed to the verification page, where a verification copy of the document can be viewed and downloaded. In addition to these public facing features, a variety of embedded security features are also being deployed to enhance the electronic integrity of Liberia's electronic certificates.
Scott Bergeron, CEO of the Liberian International Ship & Corporate Registry (LISCR), the US-based manager of the Liberian Registry, says, "Liberia was the first flag state to make widespread use of electronic certificates in 2009. We are very happy to see other flags and recognized organizations follow our lead with their own electronic certifications. As technology evolves, so does the need to ensure that security and verification features are robust enough to meet cyber challenges. With this latest update, Liberia has further strengthened its reputation as the world's most technologically advanced and sophisticated ship register, taking the pain and expense of document verification away from owners and operators and freeing up their time to concentrate on making their vessels safer and more profitable."
WayPoint is accessible to clients through https://waypoint.liscr.com. Clients of the registry may apply for user access via the WayPoint homepage.
The Liberian Registry is the world’s most technologically advanced maritime administration. It has a long-established track record of combining the highest standards of safety for vessels and crews with the highest levels of responsive and innovative service to owners. Moreover, it has a well-deserved reputation for supporting international legislation designed to maintain and improve the safety and effectiveness of the shipping industry and protection of the marine environment.

Posted On:8-Aug-2018



ABS, Arcadia Shipmangement Reach Deal Related to 15 Tankers
Greek shipping company Arcadia Shipmanagement and classification society American Bureau of Shipping (ABS) have reached a deal related to a 15-tanker strong fleet. Namely, the shipping firm selected ABS Advanced Solutions to implement an Enterprise Asset Management (EAM) Program to further enhance the reliability of its tanker fleet.
"Arcadia Shipmanagement s implementation of the ABS Enterprise Asset Management program is a powerful endorsement of our comprehensive approach and process," Richard Pride, Senior Vice President of ABS Advanced Solutions, said.

Posted On:8-Aug-2018



JERA s New LNG Carrier Named at KHI s Sakaide Shipyard
Japan s shipping major K Line and Tokyo Century Corporation held a naming ceremony for the newly-built liquefied natural gas (LNG) carrier for compatriot energy company JERA on August 7.
The unit, which features a length of 293 meters and a beam of 48.9 meters, was named Enshu Maru at Kawasaki Heavy Industries Sakaide Shipyard. Under the operation of LNG Marine Transport, the vessel will mainly service the transportation route between Freeport LNG project in the US and Japan following its delivery.

Posted On:8-Aug-2018



MSI: Container Charter Earnings Level Off in July
After a pattern of divergence at the start of the year, July saw a modest realignment between charter and freight markets in the container shipping sector, the research and consultancy firm Maritime Strategies International (MSI) said.
Following an impressive run since the end of 2017, time charter earnings have levelled off in recent weeks, a slowdown that began with smaller feeder vessels and has now spread to larger units. While the charter market slowdown is partly seasonal, the lower level of activity comes against a backdrop of service withdrawals which will impact larger units, Daniel Richards, Analyst at MSI, explained.

Posted On:8-Aug-2018



Suezmax tanker alleged hit and run 3 dead 9 missing
Crude oil tanker DESH SHAKTI allegedly hit fishing boat with 14 fishermen off Kochi, southwest India coast, at around 0330 LT Aug 7, while en route from Chennai India to Al Basrah Iraq. Boat was severely damaged, at least 3 fishermen confirmed dead, 9 are missing. According to survivors statement, the ship didn t stop after collision, and continued her sailing. Later tanker was identified by Indian Coast Guard as main suspect. Fishing boat crew were reportedly, resting at the time off collision, which took place early in the morning, i.e. they were sleeping. Most probably, tanker didn t spot the boat because of its tiny size and wooden hull, which made boat invisible on radar and hard to spot visually.

Posted On:8-Aug-2018



Ferry sank in Venezuela
Laid-up ferry TALLINK AUTOEXPRESS 2 sank at berth in Puerto de Guanta, Puerto la Cruz, Venezuela, at night Aug 6, apparently due to lack of maintenance, which caused water ingress. The ship was in port for a year or more. Ferry rests on bottom by stern alongside pier, remaining mostly above waterline.

Posted On:8-Aug-2018



Maersk container ship collided with longliner, returned and rescued the crew
Container ship CECILIE MAERSK collided with a small French 16-meter fishing boat LE PUFFIN (MMSI 660001000) some 20 nm east of Le Port, Reunion, at around 0230 LT (UTC +4) Aug 7, while approaching port. 5 crew were evacuated, boat remained afloat and has been towed to port. CECILIE MAERSK turned back after collision, closed damaged LE PUFFIN, and took part in rescue and salvage. Reportedly, container ship was the one to pick up fishermen.

Posted On:8-Aug-2018



Container ship and LPG tanker collided off Gibraltar
UK s Maritime Accident Investigation Branch MAIB started an investigation of a collision off Gibraltar, involving container ship ANL WYONG and LPG tanker KING ARTHUR. Collision took place in the afternoon Aug 4 some 4 miles southeast of Gibraltar. ANL WYONG, deployed on EURAF5 Loop connecting Western Europe with Western Africa, was approaching Algeciras on arrival from Douala Cameroon, KING ARTHUR was en route from Georgia Black sea to Rotterdam, transiting Gibraltar in western direction. According to scant information available, both ships were damaged, probably seriously, because as of morning Aug 8, both were still at Gibraltar - ANL WYONG being berthed at Campamento Algeciras, KING ARTHUR being anchored at Algeciras.

Posted On:8-Aug-2018



MSC Cruises Agrees USD 1.7 Bn Loan for New Seaside EVO Ships
Cruise liner MSC Cruises has reached an agreement for an EUR 1.5 billion (USD 1.74 billion) financing for two new Seaside EVO class cruise ships.
The financing was provided by a syndicate of lenders comprising BNP Paribas, Unicredit and Cassa Depositi e Prestiti S.P.A., with SACE SIMEST, the Italian ECA, fully backing the credit line and stabilising the interest rate.
Featuring a length of 339 meters, the new vessels are being built by Italian shipbuilder Fincantieri. They are scheduled for delivery in May 2021 and February 2023, respectively.

Posted On:8-Aug-2018



Maersk Lowers Profit Forecast amid Increasing Uncertainties
A.P. Moller – Maersk A/S has downgraded its profit guidance for 2018 amid growing uncertainties on the market impacting container freight rates including geopolitical risks, high bunker prices and trade tensions.
As a result, Maersk forecasts that its EBITDA will be in the range of USD 3.5-4.2 billion and that the group will post a positive underlying profit for 2018. The previous expectation for EBITDA was in the range of USD 4.0-5.0bn and an underlying profit above USD 356 million, as reported in 2017.

Posted On:8-Aug-2018



Latsco Gets More Funds to Finance Construction of MRs
Greece-based Latsco Shipping has secured more money to finance the construction of its MR product tankers. According to law firm Watson Farley & Williams (WFW) ING Bank, London Branch increased the loan previously granted to the company from USD 131 million to USD 218 million. Initially, the funds were intended for the construction of a total of five new ships.

Posted On:8-Aug-2018



DICT to expand its port, adds another berth
The Davao International Container Terminal (DICT), a subsidiary of Anflo Management and Investment Corp. (Anflocor), is eyeing to add another berth in their container terminal to cater to more ships at the port.
"We have different planned expansions for DICT. As one of the shipping terminals here in Mindanao and in the country, we have geared ourselves to improve our facilities in order to deliver cargos and the like well and efficiently," DICT vice president Bonifacio Licayan said during the 2018 Mindanao Shipping Conference on Friday, August 3, at Waterfront Insular Hotel, Davao City.

Posted On:8-Aug-2018



Credits: www.bunkerportsnews.com

ZPMC Announces A New Generation Of Intelligent Straddle Carrier Technology
On June 27th, the world s first container straddle carrier with an autonomous navigation system formally entered the dynamic road test stage at Shanghai Zhenhua Heavy Industry Co., Ltd. (ZPMC) in Shanghai, China. Developed by ZPMC, this is the first in a new generation of automated intelligent equipment for the port industry. The container straddle carrier is a specialized loading and unloading machine for transporting and stacking containers between peripheral areas and the main storage area of the container terminal.

Posted On:8-Aug-2018



Credits: www.bunkerportsnews.com

Amsterdam port transhipments down but more cruise ships visit
International seagoing goods transport fell by 5.1% to 49.4 million tonnes in the first half of 2018 in Amsterdam and the adjoining North Sea canal ports of IJmuiden, Beverwijk and Zaanstad. Amsterdam is the fourth-largest port in Europe.
At the same time, the number of ocean cruise ships visiting Amsterdam in the first half of the year totaled 74 (compared to 53 in the previous year). The number of river cruise ships rose to 1,272 in the first half of 2018 (+25%), compared to 1,015 in the first half of 2017.

Posted On:8-Aug-2018



Credits: www.bunkerportsnews.com

DP World Acquires Leading Port Related Logistics Solutions Provider In Europe
Global trade enabler, DP World today announces the signing of the acquisition of 100% of the Unifeeder Group ("Unifeeder")1 for €660 million2 from Nordic Capital Fund VIII and certain minority shareholders. Based in Aarhus (Denmark), Unifeeder operates the largest and most densely connected common user container feeder and an important and growing shortsea network in Europe, serving both deep-sea container hubs and the intra-Europe container freight market. The Group reported revenue of €510 million in 2017 and EBIT margins in line with other asset-light logistics operators.

Posted On:8-Aug-2018



Credits: www.bunkerportsnews.com
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