EIB steps up its support to the Port of Piraeus with EUR 55 million
The European Investment Bank and the Piraeus Port Authority SA have signed a further EUR 55 million finance contract. Financed investments will provide an extra capacity for increased container traffic and cross-border transhipment.
The contract was signed in a ceremony in the presence of Mr Anastasios Papaligouras, Minister of Mercantile Marine, the Aegean and Island Policy, by EIB Vice-President Plutarchos Sakellaris, and Mr Nicholaos Anastasopoulos, Managing Director of Piraeus Port Authority.
EIB Vice-President Plutarchos Sakellaris commented at the signing ceremony: “The port of Piraeus is the main sea gateway of Greece and an important transhipment hub towards other Eastern Mediterranean and Black Sea countries. Linked to north-south transport corridors it can be a hub for the Greek hinterland and the whole central and Eastern Europe. It is a European priority project. It is fully in line with our Transport Lending Policy, supporting the modal shift towards more energy-efficient and environmental-friendly transport”.
For maritime transport development in Greece, the EIB signed in 2005 a EUR 3 billion Framework Agreement with the Hellenic Republic for upgrading port infrastructure throughout the country. The first loans under this Agreement, signed in 2005 and 2006, were related to container terminal investments in the Ports of Piraeus and Thessaloniki. Both ports are integral parts of the Trans-European Networks.
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PIRATES “DESTROY ABANDONED SHIP”
Pirates “destroy abandoned ship”
Somali pirates claim to have destroyed the Seychelles-based maritime research ship Indian Ocean Explorer after releasing her seven crew for a ransom. The vessel was seized by pirates in March and a ransom demand of US$1m dollars was made to the ship’s owners. The crew were released this week after a settlement of US$450,000 was reached. The pirates claim they burned the ship because the owner refused to pay the whole ransom, although there has yet to be independent verification that the ship has been destroyed.
Source : mgn
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Somali Pirate Attacks Boost Shipping Insurance Rates
The cost of piracy insurance has risen by as much as 100 percent after attacks on ships off the Horn of Africa surged, insurance broker Marsh said.
Attacks on large commercial vessels such as the Sirius Star, a Saudi oil supertanker that was released in January, almost two months after it was hijacked with a cargo of 2 million barrels of oil, have spurred premiums and demand for coverage.
Piracy “is a pretty challenging piece of risk to underwrite,” Marcus Baker, head of marine insurance at Marsh in London, said in a telephone interview. “These pirates are attacking up to 700 miles off shore.”
The European Union extended its anti-piracy mission off the coast of Somalia by a year last week, warning of a “serious threat” to ships in the sea corridor that handles a tenth of the world’s trade. Armed gangs have seized at least 29 merchant ships this year and carried out 114 attacks, more than in all of 2008, according to the North Atlantic Treaty Organization.
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DOCKWISE TO CUT DEBT
Heavylift specialist Dockwise has announced that it expects to have cut its massive debt by US$58m by the end of the second quarter of the year. The reduction will still leave Dockwise’s total debt at US$963m. The reducting will be driven by the release of the remaining US$40.6m held in the escrow account for the Mighty Servant 3, which is nearly finished its refurbishment after sinking in 2006, a buyback of US$8.5m in debt, US$4m in proceeds from the sale of the Dock Express 12 and a US$5m mandatory repayment.
Dockwise CEO Andre Goedee said: “The return of close to US$60m to our lenders is a significant step towards Dockwise’s aim of securing the gearing targets we have set for year end 2009. Reduction of our debt position is a key priority and I am confident that this step, combined with the continued free cash flow generation, will enable us to achieve the board’s target of reducing the net debt to less than three times EBITDA.”
Source : mgn
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Eastwind Maritime, affiliates, file for bankruptcy
Shipping company Eastwind Maritime Inc., along with more than 50 affiliates, filed for Chapter 7 bankruptcy protection in New York, according to court documents. The documents did not give a reason for the bankruptcy filing beyond saying “…in the judgment of the board of directors, it is desirable and in the best interests of the company, its creditors and other interested parties that the company file a petition for relief and commence a case under the provisions of Chapter 7 of the Bankruptcy Code.”
An attorney for the company did not immediately return a call for comment.
The corporation listed assets and liabilities in the range of $500 million to $1 billion. Related affiliates include Kura Shipping Ltd and Probulk Inc. The cases are being heard by Bankruptcy Judge Allan Gropper.
Eastwind Maritime entered a deal with Chiquita Brands International Inc. in May, 2007, in which Chiquita sold 12 refrigerated cargo vessels to Eastwind for $227 million, then leased them back. The vessels transported about 70 percent of Chiquita bananas shipped to core markets in Europe and North America.
Bryan Brown, a spokesman for Chiquita did not immediately have information on the bankruptcy.
Prior to the agreement with Chiquita, Eastwind operated a fleet of 105 ships — 68 of which it owned — including refrigerated fruit carriers, freezer vessels, bulk carriers, product tankers and container ships, according to a Chiquita press release.
The Eastwind Maritime website has a notice reading: “We are currently updating our website. Thank you for your patience.”
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“NO CUTTING CORNERS ON SAFETY” - MITROPOULOS
IMO secretary-general Efthimios Mitropoulos has warned shipping companies not to be tempted to cut corners on safety as the industry feels the financial pinch in the global recession. Addressing the opening session of the IMO’s Technical Co-operation Committee, Mr Mitropoulos said: “The unprecedented financial and economic crisis that we inherited since the second half of last year has hardly left any sector, including shipping, unscathed. While the crisis lasts, some in the industry will find the temptation to make savings by cutting corners difficult to ignore. Should this prove to be the case, I would strongly advise against any cost-reducing measures compromising on safety standards, as this may not only lead to loss of life and damage to the marine environment but also harm the image of the shipping industry, making it difficult to promote its vital role as the, par excellence, safe, secure and environmentally sound carrier of world trade.”
He went on to remind delegates of the “worryingly large number” of casualties and accidents, with more than 800 lives lost so far this year and 1,930 last year. Most involved non-convention ferries and older small cargo ships, and he said several of them arose from failure to implement safety standards.
Source : mgn
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ECSA BACKS ROTTERDAM RULES
The European Community Shipowners Associations has come out strongly in favour of the UNCITRAL Convention on the carriage of goods (wholly or partly) by sea, otherwise known as the Rotterdam rules. “ECSA urges all States worldwide and particularly all EU Member States, to sign up to the Rotterdam rules at the signing ceremony in Rotterdam on 23 September 2009 and to ratify these rules soonest so as to have the necessary modernization of cargo liability rules as well as legal certainty and uniformity worldwide,” the organisation said in a statement.
“ECSA firmly believes that the Rotterdam rules provide for the necessary legal certainty and uniformity with regard to cargo liability. Moreover, the Rotterdam rules modernize the liability regimes that currently apply to the carriage of goods by sea and also address the gaps that presently exist, e.g. by laying down rules on e-commerce. Furthermore, the Rotterdam rules regulate the multimodal carriage of goods that involve a sea leg. It follows that the Rotterdam rules will greatly facilitate international and European trade. Finally, the Rotterdam rules provide for a well-balanced regime that takes into account the interests of both shipowners and shippers, a feature that is fully recognized and endorsed by all shippers’ interests worldwide except the European Shippers’ Council in Europe.”
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Strike affects work at Haldia dock
Kolkata, June 23 Operations at Haldia dock have remained suspended for the past few days following a cease-work by a section of contractors’ workers demanding higher wages and more facilities.
The majority of the more than 3,000 such workers employed in various operations at the dock are participating in the strike, according to dock sources.
Sections Not hit
Unaffected, however, are the berths with mechanised handling facilities such as oil jetties and coal and iron ore berths that do not deploy contractors’ workers.
The container operation too remained unaffected as the handful of contractors’ workers engaged in the operation stayed away from the strike. But there is apprehension that they will be forced to join the strike soon.
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SAFE BULKERS SELLS PANAMAX
Greek operator Safe Bulkers has sold a six year-old panamax bulker to undisclosed buyers for US$33m. The 76,000 dwt vessel will stay with the company on the spot market until the end of the year, when it will be handed over to its new owners. CEO Polys Hajioannou said: “The sale of one of our older vessels for US$33m, excluding commissions to brokers, is consistent with our business strategy of operating a young, high quality fleet while taking advantage of attractive opportunities to make vessel sales and acquisitions.” The company also confirmed the price of a capesize purchase announced earlier this month. The 177,000 dwt newbuilding, due for delivery next year, was bought for US$63m.
Source : mgn
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Allianz Piracy Study Highlights How Ship-Owners Can Respond to Increased Risk
Allianz Global Corporate & Specialty (AGCS), a leading insurer of ships and cargo, has released a study suggesting its clients adapt their approach to marine insurance as the threat of piracy off the Horn of Africa continues to grow. In addition, the study points out that crews entering dangerous waters must be prepared to handle an attack, and it calls for a more coordinated solution to the current wave of piracy.
In a study released today entitled “Piracy: An ancient risk with modern faces”, AGCS suggests that special ‘war’ insurance policies should be used to meet the needs of ships in high risk areas. AGCS also identifies a number of practical responses that crews can take when passing through piracy zones, and the study also points out that whilst piracy may be on the rise off Somalia and other parts of Africa, it is declining in other areas, but still poses a real threat to shipping and trade. “Anybody who has been involved with actual pirates knows the grim reality they live in and the damage they can inflict,” states AGCS Global Marine Head Arthur E. Moossmann.
Currently many vessels are insured for piracy as part of their standard ‘hull and machinery’ insurance policies, which are not specifically designed to address security-related risks such as piracy. This means that some ship-owners are paying for piracy coverage when they do not need it because they are not sailing through piracy zones. So-called ‘war’ insurance provides special cover for ships exposed to piracy risks on a ‘per transit’ basis, meaning that it can be specifically underwritten to handle various exposures besides damage to the vessel and therefore can be priced more flexibly.
