zoom The owner and developer of Saudi Arabia’s King Abdullah Port, The Ports Development Company, has signed a SAR 2.7 billion (USD 719.8 million) financial deal for the development and expansion of the port’s facilities.Under the agreement, signed with SABB and the Arab National Bank, The Ports Development Company (PDC) will work to provide proper financing for the next phase of expansion and development for the port’s southern basin, which includes an additional container terminal, a ro-ro terminal and a bulk cargo terminal.The expansion works would increase the port’s total capacity to 6 million TEUs annually.This comes alongside the development of the ro-ro terminal with a storage capacity of 600 thousand vehicles, and the bulk cargo terminal, which has the capacity of handling up to 3 million tons.King Abdullah Port officials expect the first phase of bulk and ro-ro cargo terminals to be finalized by the beginning of 2017.Furthermore, part of the funding will be dedicated to the development of logistical support spaces inside the port, according to PDC.King Abdullah Port’s fourth pier was opened in May 2015 raising the port’s capacity to around 3 million containers. The pier, which was equipped with cranes that can carry up to 65 tons or 25 containers, pushed the number of handled TEUs to 1.3 million this year alone.
zoomllustration. Image Courtesy: Pexels under CC0 Creative Commons license Danish shipping company TORM saw its earnings plunge in the third quarter of 2018 driven by historically low levels in the product tanker market.The company’s net loss for the period reached USD 24.9 million, compared to a net loss of USD 4.2 million reported in the same quarter a year earlier. Revenue for the period ended September 30, 2018, was down at USD 140.4 million from USD 155.8 million reported in the corresponding period of 2017.“The product tanker market reached historically low levels in the third quarter impacted by a decrease in demand growth and shorter sailing distances. I am nonetheless pleased that TORM continues to perform well in a difficult market,” Jacob Meldgaard, Executive Director, said.“We believe product tanker freight rates have bottomed out in the third quarter, and in the fourth quarter we have experienced firmer product tanker freight rates driven by increasing export activity in the US Gulf and a stronger crude tanker market. We maintain an optimistic view of the long-term prospects of the product tanker market. In the third quarter of 2018, TORM achieved TCE rates of 10,598 USD/day, compared to the 14,279 USD/day reported in the same period of 2017. The product tanker market has remained soft throughout the third quarter of 2018, with MR benchmark freight rates reaching all-time historically low levels, the company explained.During the third quarter of 2018, TORM entered into agreements to sell two older vessels. In October 2018, TORM has entered into an agreement to sell the MR vessel TORM Clara. The three vessels were sold for a total consideration of USD 20 million, and a total debt of USD 12 million is expected to be repaid in connection with the vessel sales.
zoomImage Courtesy: Maersk Oslo-listed Ship Finance International Limited (SFL) has entered into lease financing agreements worth USD 270 million with an unnamed Asian-based institution to finance three 10,600 TEU container vessels acquired in 2018.The vessels are employed under long term time charters to Maersk Line A/S until 2024, with options to extend the charters by up to four additional years. Each lease financing has a term of more than 10 years, with an option to purchase the vessel back after six years, at expiry of the firm period of the charters to Maersk.A portion of the proceeds from the lease financings have been used to refinance the USD 200 million loan facility arranged at the time of the acquisition. SFL said that the transactions freed up approximately USD 70 million of investment capacity, which is expected to be deployed in new investments.This transaction follows the recently announced USD 400 million lease financing on four 14,000 TEU vessels chartered to Evergreen.SFL added that it had delivered the 2002 built VLCC Front Falcon to its new owner. The sale of the vessel was announced in November 2018, and the net sales price was approximately USD 30.7 million.Following the sale of the Front Falcon, Ship Finance only has one vessel remaining from the company’s initial fleet in 2004.“Our continued ability to source highly competitive capital, with nearly USD 700 million raised in the matter of few weeks, allows us to act swiftly on accretive opportunities. This has allowed us to continue to expand and renew our portfolio and simultaneously increase our investment capacity,” Ole B. Hjertaker, CEO of Ship Finance Management AS, said.
zoomIllustration. Source: PxHere under CC0 Creative Commons license The 38,801 dwt bulk carrier Fu Xing Hai has grounded at Martin Garcia Channel, between Argentina and Uruguay.The 2016-built ship, owned by China’s COSCO Shipping Bulk, ran into trouble at km 105 of the waterway on July 16.According to data provided by privately-owned shipping organization Agencia Maritima NABSA S.A., the bulker is obstructing the navigation in the channel as the traffic through the area where it ran aground is allowed for ships with a draft of up to 7 meters. The organization added that the vessels proceeding up River Argentina have to sail through the Emilio Mitre Channel.AIS data from MarineTraffic shows that the vessel is still aground. Refloating operations are currently underway with the assistance of tugboats.At the time of the incident the Hong Kong-flagged bulker was sailing from Uruguay’s Nueva Palmira port with Port of Rotterdam, the Netherlands set as its final destination.World Maritime News Staff
Local Area Office: 902-527-5448 Fax: 902-527-5998 NEW WORK ANNAPOLIS COUNTY: Clarence Road Clarence Road, at Salomon Chute Brook, will be closed for repairsfrom Thursday, Oct. 2 to Friday, Oct. 3. Traffic control will consist of barricades, traffic controlpersons and signage. Detours are available via Hampton MountainRoad and Messenger Road. -30- LUNENBURG COUNTY: Barkhouse Bridge Barkhouse Bridge on Trunk 3, about 0.4 kilometres north of theCrandel Road intersection, will have a one-lane closure forrepairs from Thursday, Oct. 2 to Friday, Oct. 31. Traffic control will consist of traffic signals. Wide loads areasked to use Highway 103 as a detour. Work takes place 24 hours aday. Local Area Office: 902-825-3395 Fax: 902-825-2776
TOURISM, CULTURE AND HERITAGE–Investing in Southern Region’sCulture The Nova Scotia government is investing more than $40,000 invisual arts, crafts and live theatre in the Southern Region aspart of its ongoing support for the province’s arts and cultureindustry. “This investment helps individuals and groups fund specialprojects that encourage growth in the arts and culture sector inNova Scotia,” said Rodney MacDonald, Minister of Tourism, Cultureand Heritage. “Each year, our department invests more than $5million in cultural programs.” A group of visual artists now has professional representation toexport their work to art galleries outside of Nova Scotia.Christine Ross, an art consultant from Annapolis Royal, will usethe $4,000 in funding to research potential new markets. “Most artists have to support themselves with other jobs, leavingthem very little time to spend finding galleries outside of theprovince willing to show their work,” said Ms. Ross. “This willbe a more direct and professional approach and will includegalleries in the northeastern United States.” The latest round of investments from the department’s IndustriesGrowth Program involves $256,465 for 38 organizations across NovaScotia. Successful applicants for this program require anevaluation of the achievement of their projects. The Industries Growth Program provides $450,000 a year to supportprojects that enhance out-of-province sales of Nova Scotia’scultural products. It also supports the improvement of technicaland export capabilities and expands market opportunities andrevenues.
The province is investing about $2 million into repaving asection of Highway 101. Ron Russell, Minister of Transportation and Public Works,announced today, June 25, that bridge repairs and repaving along19.5 kilometres of Highway 101, from Stillwater to NewportStation, will move forward this year. “We are making sound investments today so Nova Scotians can enjoya safe transportation network well into the future,” said Mr.Russell. “This work will extend the life of this highway andbenefit residents, tourists and the commercial trucking sector.” The work is scheduled to be completed by Sept. 30. DexterConstruction was awarded the contract. The Department of Transportation and Public Works highways division manages more than 23,000 kilometres of roads in NovaScotia. It maintains an inventory of 4,100 bridges and operatesseven provincial ferries. Staff provide services from districtoffices in Bridgewater, Bedford, Truro and Sydney.
Nova Scotia farmers will continue to have programs to help them adapt to changing consumer markets, enhance food safety systems, support environmental actions and prevent disease and track food to its original source. Agriculture Minister Brooke Taylor, with his Canadian counterparts, signed a $1.3-billion agreement today, July 11, during the annual ministers conference in Quebec City. The Growing Forward agreement will fund current programs and help develop new approaches for Nova Scotia’s agricultural industry. “Growing Forward provides many benefits right across the value chain, from farm gate to fork,” said Mr. Taylor. “We have consulted with the agricultural sector and involved them in discussions leading up to the signing of this agreement. “Growing Forward is good for Nova Scotia farmers because it provides program flexibility to meet local needs.” Nova Scotia will work with the federal government to determine the program details and implement them by April 1, 2009. The agreement is cost-shared 60-40 by the federal and provincial governments. The agreement also includes agriculture business risk-management programs.
Landlords and apartment building owners are being reminded that candidates in municipal elections are entitled to campaign in apartment buildings. Nova Scotia’s municipal elections officer, Vi Carmichael, said she has received reports of candidates being denied entry into apartment and other residential buildings. “The law is on the candidates’ side,” said Ms. Carmichael. “The Municipal Elections Act is very clear: landlords and building owners cannot prevent candidates or their representatives from canvassing in apartment buildings. “The occupants of the individual apartments may, of course, choose to let the candidate into their units or not, but the candidates have the right to be in the building during reasonable hours.” Candidates in federal and provincial elections also have this right. In addition, the law upholds the right of apartment renters and condominiums owners to display election campaign materials from their units. The Investment Property Owners Association of Nova Scotia has advised its members that the law entitles candidates to campaign in apartment buildings and that to prevent them is an offence punishable by a fine of $2,500 or imprisonment of up to six months.
Nova Scotians will have an opportunity to learn and ask questions about the Office of the Ombudsman’s role in investigating complaints against provincial and municipal government departments, agencies, boards and commissions. The Office of the Ombudsman is hosting outreach sessions across the province as part of Fairness Week, Oct. 12-16. The province is celebrating the week as part of the 200th anniversary of the world’s first legislative ombudsman. “Fairness Week is an opportunity to show Nova Scotians what the Office of the Ombudsman can do to help,” said Dwight Bishop, the Ombudsman for Nova Scotia. “By visiting communities, we hope to spread the word about our services, and teach people about the complaint process.” The Ombudsman’s office will host the sessions in Amherst, Dartmouth, Inverness, Port Hawksbury, Sydney and Yarmouth. The office will also have an open-house in Halifax on Friday, Oct. 16. The ombudsman’s role is to ensure government’s policies and procedures are fair and implemented in a consistent manner. The Ombudsman does not assign blame, but resolves complaints in a just and practical manner. The Ombudsman provides disputing parties an opportunity to be heard. The Nova Scotia Office of the Ombudsman was established in 1971.The office represents fairness, integrity and good governance for the province. For more information about the Office of the Ombudsman and the complaint process, visit www.gov.ns.ca/ombu .