Funding

US grants $19.6 million to help small shipyards

The US Department of Transportation’s Maritime Administration announced $19.6 million in grants to help capital improvements at 28 US small shipyards as a part of its Small Shipyard Grant program. Provided through MARAD’s Small Shipyards Grant program, the funding supports employee training and related improvements that adopt increased efficiency and economic growth.

Canada launches Trade Diversification amid its National Trade Corridors Fund

The Government of Canada boosted its National Trade Corridors Fund, which was firstly implemented in 2018, focusing on improving Canada’s transportation infrastructure and the efficiency of the country’s trade corridors. A third call for proposal was launched on January 15, 2019, with the aim of diversifying Canada’s trade.

MARAD funds $6.7m for marine highway projects in the US

The US Department of Transportation’s Maritime Administration (MARAD) reported $6,790,000 in grants to three Marine Highway projects. The funding will go towards improving the already existent services in Louisiana and Virginia and also will boost the development of a new New York project.

Australian Gov withdraws Port of Newcastle’s funding

The port of Newcastle announced that the Australian government withdrew the $12.7 million funding for the new cruise terminal project. The funding was firstly announced in 2016 aiming on the expansion of the cruise industry in the Hunter.

Norway wealth fund’s watchdog to focus on Indian shipbreaking

The ethics watchdog of Norway’s $1-trillion sovereign wealth fund, the largest in the world, will focus this year on Indian shipbreaking, which is known for unsafe working practices putting lives at risk and polluting the environment. The fund’s Council of Ethics checks that companies the fund invests in meet these ethical standards.

Port of Tyne secures finance to develop its infrastructure

The Port of Tyne secured a £60m refinancing package from Lloyds Bank Commercial Banking to support its investment programme. The five-year agreement includes a £30m revolving credit facility and a £30m term loan, in order for the port to develop a number of major infrastructure projects. Lloyds Bank will lend up to £700million during 2019 to companies across the North East, and up to £18billion across the UK.

Port regions to be a priority in new Stronger Towns Fund

The UK Government announced that will provide the Stronger Town Fund, meaning £1.6 billion in funding to communities to help drive job creation and enterprise. British Port Authorities (BPA) suggested that the Government should aim port regions in order to grow coastal economic clusters.

US EPA funds Alabama Port Authority to reduce diesel emissions

The US Environmental Protection Agency (EPA) announced it is awarding a grant of US$400,000 to the Alabama State Port Authority in Mobile, Ala., to support efforts to reduce diesel emissions and exposure by replacing one 1982 locomotive with a Tier IV locomotive engine.

Trio establishes Japan’s first offshore wind energy fund

Sumitomo Corporation, Sumitomo Mitsui Banking Corporation and Development Bank of Japan have established their first fund through Spring Infrastructure Capital, a fund management company jointly established by the three companies. The Fund raises money from Japanese investors and finances and invests in offshore wind power projects overseas.

Funding approved for USCG’s Polar Security Cutter program

The US Congress passed a spending package last week under which the US Coast Guard will receive a US$675 million funding for new icebreakers. The USCG is namely receiving $655 million to start construction on the lead ship for a new class of Polar Security Cutters.

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