Funding

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.

AAPA issues port-related funding programs for FY’19

The Congress announced, on February 13, that the American Association of Ports Authorities will fund US port-related programs, in the Consolidated Appropriations Act. Important for the AAPA is the Transportation, Housing and Urban Development, and Related Agencies funding for a dedicated port infrastructure program in the U.S. Department of Transportation’s Maritime Administration.

Trump signs funding package, USCG members are paid

The Senate passed, on February 14, a compromise package to fund the government for the rest of the fiscal year. President Donald Trump signed it, which resulted to ending what would be a second government shutdown. Amongst other results, the announcement means that the USCG members will most likely continue receiving pay, along with federal employees.

EIB finances Ecoslops up to €18M for Marseille, Antwerp projects

Ecoslops announced the agreement of the EIB for a financing of a maximum of 18 million euros. The financing will be used for both Marseille and Antwerp projects as well as for corporate R&D needs, up to 50% of the investment amount, in addition to traditional bank financing. Ecoslops is trying to promote a lower consumption of primary fossil energy and reduce CO2 emissions.

Canada allocates participant funding for Bay du Nord assessment

The Canadian Environmental Assessment Agency (CEAA) has allocated $302,327.65 in federal funds to 19 recipients to assist their participation in the environmental assessment of the proposed Bay du Nord Development Project, located 450 kilometres east of St. John’s, Newfoundland and Labrador, in the Atlantic Ocean.

Poll

The sulphur cap is less than a year away and with most vessels choosing compliant fuel, do you expect to see a spike in incidents and accidents related to the switch over?

maritime events