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Panama Canal Gets A Rating from Fitch for 4th Year in a Row
Fitch Ratings has once again affirmed the Panama Canal s A investment grade rating with a stable outlook for its long-term issuer default rating and its senior unsecured notes.
The credit rating agency noted that the Panama Canal is "an underlying asset that is critical not only for Panama, but for international commerce, as demonstrated by its stable volume performance, solid competitive position, and well-diversified cargo mix," causing the Panama Canal volume profile to exhibit high levels of resilience.
"Fitch Ratings reaffirming the Panama Canal s rating for a fourth consecutive year is proof of the waterway s financial and competitive strength," Francisco J. Miguez, Panama Canal s Vice President for Finance, said.
Also factoring into its decision, Fitch Ratings highlighted the Panama Canal’s legal framework that provides autonomy to the entity. Fitch Ratings cited the Panama Canal s "extraordinary legal framework" as contributing to institutional, operational and financial autonomy, as well as sustained profitable operations across administrations.
The ratings also reflect the Panama Canal s ability to modify tariffs that have influenced demand and contributed to steady revenue growth.
In May 2019, Standard & Poor s (S&P) Global Ratings raised the Panama Canal s rating to A from A- , ranking the canal two notches above that of the sovereign foreign currency. In addition, Moody s Investment Services stated that the A1 rating of the Panama Canal s reflects its strong performance after the opening of the Neopanamax Locks mid-2016.Posted On:19-Aug-2019
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Diamond S Shipping Disposes of Two MR Tankers
Connecticut-based tanker shipping company Diamond S Shipping has decided to sell two of its 2008-built medium-range (MR) product carriers as part of its fleet renewal efforts.
The company has agreed to dispose of the Atlantic Aquarius and Atlantic Leo.
As informed, the 50,000 dwt vessels are expected to be delivered in the third quarter or early the following quarter.
Diamond S Shipping said it would recognize a non-cash charge of about USD 9.5 million per vessel this quarter. The company expects to the sale to generate liquidity of about USD 12 million in aggregate after repayment of outstanding debt and settlement of working capital.
Based in Greenwich, the tanker company has been formed following a merger between DSS Holdings and Capital Product Partners. The merger, worth about USD 1.65 billion, was completed in March this year.
Diamond S Shipping owns and operates 68 vessels, including 15 Suezmax vessels, one Aframax and 52 MR product tankers.Posted On:19-Aug-2019
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Pirates Kidnap Eight Seafarers from MPP at Cameroon Anchorage
Armed pirates have abducted eight crew members from a German multipurpose (MPP) ship at the Douala Anchorage, Cameroon.
On late August 14, 2019, the 2002-built ship MarMalaita was attacked by pirates, Hamburg-based shipping company MC-Schiffahrt confirmed.
After boarding the vessel, pirates kidnapped eight out of the vessel s twelve crew members.
"We have assembled our emergency response team and are doing utmost to deal with the case, in cooperation with all relevant authorities and crew managers," MC-Schiffahrt said in a statement.
An investigation into the incident has been launched, IMB Piracy Reporting Centre separately said.
The 10,600 dwt MarMalaita was built by Damen Yichang in China and flies the flag of Antigua & Barbuda, VesselsValue s data shows.
As of August 19, MarMalaita is still moored at the Douala Anchorage, according to the cargo ship s AIS data provided by MarineTraffic.Posted On:19-Aug-2019
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US Issues Warrant to Seize Iranian Tanker Grace 1
The U.S. Department of Justice has issued a warrant to seize the Iranian oil tanker Grace 1, a day after Gibraltar ordered it to be released.
The tanker was seized by the Gibraltar law enforcement agencies on July 4 for transporting 2.1m barrels of Iranian crude oil to Baniyas Oil Refinery in Syria.
The detention was subsequently confirmed and extended by the Chief Justice of the Supreme Court until a hearing held in mid-August. Grace 1 was released soon afterwards, despite a last-minute legal attempt by the U.S. to keep the tanker detained.
The warrant, issued on August 16, called for the tanker and the oil on board to be seized, and USD 995,000 to be collected from an account at an unnamed U.S. bank linked to the Iranian company Paradise Global Trading LLC "based on violations of the International Emergency Economic Powers Act (IEEPA), bank fraud statute, and money laundering statute, as well as separately the terrorism forfeiture statute."
The U.S. Department of Justice alleged that the ship was part of a scheme "to unlawfully access the U.S. financial system to support illicit shipments to Syria from Iran by the Islamic Revolutionary Guard Corps (IRGC), a designated foreign terrorist organization."
Iranian officials earlier informed that the tanker was renamed and reflagged in preparation for departure from Gibraltar. The now Iran-flagged vessel, carrying its new name of Adrian Darya 1, is currently sailing to Kalamata in Greece, according to AIS data provided by MarineTraffic.
In response to the warrant, the government of Gibraltar said that the Gibraltar Central Authority "is unable seek an order of the Supreme Court of Gibraltar to provide the restraining assistance" required by the U.S.
"The Central Authority s inability to seek the Orders requested is a result of the operation of European Union law and the differences in the sanctions regimes applicable to Iran in the EU and the U.S.," Gibraltar explained.Posted On:19-Aug-2019
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Wellard Extends Repayment for Two Livestock Carriers
Australia s largest live cattle exporter Wellard is to extend ship finance repayment schedules for two of its vessels, the 12,665 GT Ocean Ute and the 33,774 GT Ocean Drover.
The company said it has reached a conditional agreement with Ruchira Ships Limited to extend by 24-28 months the repayment schedules for the abovementioned vessel duo until December 2021. Originally, AUD 20 million was due to be paid between now and December 2019.
As explained, Ruchira provides vessel finance on each of these vessels through a sale and leaseback contract. If the agreement becomes unconditional, there will no longer be near-term balloon payments due in the first half of FY2020 on the bareboat charter arrangements for these vessels.
A standstill arrangement which includes a waiver of existing defaults has also been reached with Ruchira, according to Wellard.
This would enable Wellard to further advance its ongoing financial restructure, with lower monthly repayment obligations and improved cashflow.
"Wellard is pleased to have had the ongoing cooperation of Ruchira to achieve these arrangements. They represent further evidence of progress in our financial restructure, and provide a clear path forward for the company," John Klepec, Wellard Executive Chairman, commented.
"Immediate and significant cash flow benefits will result from lowering the amortisation payments and deferring until December 2021 the requirement to buy back the M/V Ocean Drover and M/V Ocean Ute."
The Ocean Ute and Ocean Drover are owned by Ruchira and leased back to Niuyang Express and Ocean Drover respectively, both of which are wholly owned Wellard subsidiaries.Posted On:19-Aug-2019
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Chinese longliner burned out, 18 crew rescued
Tuna fishing vessel JIN XIANG 6 caught fire and burned out on Aug 16 in South Pacific W of Tuvalu. 18 crew were rescued by sister fishing vessel JIN XIANG 7, directed by Royal New Zealand Air Force P-3K2 Orion.Posted On:19-Aug-2019
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Ibiza ferry aground, 400 people evacuated
Fast ferry PINAR DEL RIO with some 400 people on board ran aground at Denia port entrance, Spain, Balearic sea, on arrival from Ibiza, at around 2330 LT Aug 16. All passengers were evacuated by Coast Guard and tug or tugs, no injures reported, evacuation complete by 0230 LT Aug 17. Ferry reportedly, contacted port s breakwater prior to grounding.Posted On:19-Aug-2019
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Ferry aground, passengers evacuated, Bali Strait
Ferry TRANS JAWA 9 ran aground at around 0950 LT (+8 UTC) Aug 17 on approaches to Gilimanuk port, western Bali island, Bali Strait, Indonesia, arriving from Banyuwangi Port, Java, with 35 passengers and a number of vehicles on board. Attempts to refloat ferry failed, it was decided to evacuate passengers. By midnight all passengers were evacuated. As of morning Aug 18, status and condition of ferry are unknown.Posted On:19-Aug-2019
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Port of Hamburg s Cargo Volumes Continue Rising
Germany s Port of Hamburg remains on a growth course, achieving a 4.1 percent advance to 69.4 million tons in seaborne cargo handling in the first half of 2019.
A solid growth trend in the general cargo segment of 6.1 percent, at 48.4 million tons, was the main contributor to the total and container handling volumes. The total for bulk cargo handling was just 0.3 percent lower than for last year s first half at 21 million tons.Posted On:19-Aug-2019
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US FTA Supports Ferry, Terminal Projects with USD 32.8 Mn
The US Department of Transportation s Federal Transit Administration (FTA) has awarded about USD 32.8 million to selected projects to improve the safety and reliability of America s passenger ferries and enhance mobility for ferry users across the United States.
As informed, a total of nine projects in nine states will receive funding from FTA s Passenger Ferry Grant Program.Posted On:19-Aug-2019
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Rotterdam Polymer Hub construction starts
The foundation works have already started, and the construction of the Rotterdam Polymer Hub logistics centre will start soon. We aim to be operational by 1 April.
We re sticking to a rigorous construction schedule , stated Geert Van De Ven, Managing Director of Rotterdam Polymer Hub. And that s really necessary with such strict deadlines.Posted On:19-Aug-2019
Credits: www.bunkerportsnews.com |
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APM Terminals Poti to implement uninterrupted 24/7 operations
APM Terminals Poti has commenced the implementation of uninterrupted 24/7 operations to maximise berth utilisation, increase efficiency and speed up vessel handling.
The implementation of a flexible workforce management solution will take place in two phases. Phase one will apply to single berth occupancy.Posted On:19-Aug-2019
Credits: www.bunkerportsnews.com |
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Kinder Morgan Announces Additional Projects to Enhance Capabilities at Houston Ship Channel Facilities
Kinder Morgan, Inc. (NYSE: KMI) announced a series of projects, totaling over $170 million of capital investment, that will increase efficiency, add product liquidity, and enhance blending capabilities at its Pasadena and Galena Park terminals, part of its best-in-class refined products storage hub on the Houston Ship Channel.Posted On:19-Aug-2019
Credits: www.bunkerportsnews.com |
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Lack Of Consideration In Ports Not Showing A Slick Response
"Whoever designs ports clearly has no oil spill training," says Mark Whittington of ITOPF. Beth Esau of Adler & Allan echoes the point: "Sadly there still seems to be little, if any, consideration given to dealing with oil spills even in the construction of modern ports."
Both agree that an incident is bad enough, but this particular oversight is multiplying facilities woes.Posted On:19-Aug-2019
Credits: www.bunkerportsnews.com |
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