SAAM Gets Nod for Costa Rica Port Concessions

first_imgzoom Chilean port, towage and logistics services provider SAAM materialized the acquisition of the two concessions in Puerto Caldera, the major terminal on Costa Rica’s Pacific Coast.The acquisition agreement for the concessions was signed with Colombia’s Sociedad Portuaria Regional de Buenaventura (spbrun) in September 2016 and now the company has received the approval for the deal from local regulatory authorities.With the materialization of this milestone, SAAM now controls 51% of Sociedad Portuaria de Caldera (SPC) and of Sociedad Portuaria Granelera de Caldera (SPGC), whose transferred annual volume totals 5.5 million tons.The operation involved a disbursement of USD 48.5 million for the mentioned percentage of the share capital of both companies, which jointly reported revenues for USD 55.5 million in 2016, according to SAAM.“The acquisition of 51% of Puerto Caldera allows us to grow in a country where we have had good results, through a well-managed company to which we can add value, and at the same time, allows us to join efforts with knowledgeable and experienced partners,” Macario Valdés, SAAM’s CEO, said.The company includes, apart from SAAM’s majority position, Costa Rican companies Saret (21%) and Grain Logistics (19%), as well as Colombian “Grupo Empresarial del Pacífico” (9%).last_img read more

Qatargas Delivers Inaugural Cargo to Yuedong LNG Terminal

first_imgImage Courtesy: QatargasQatar-based liquefied natural gas (LNG) company Qatargas recently delivered the inaugural cargo of LNG to China National Oil Corporation’s (CNOOC) Yuedong LNG terminal.The cargo, delivered on board the Qatargas-chartered Q-Flex LNG vessel Al Kharaitiyat, was used to commission CNOOC’s newest LNG terminal.“Qatargas is delighted to supply the commissioning cargo to CNOOC’s Yuedong Terminal. We are also pleased to see Qatari LNG playing an increasingly important role in meeting the growing demand for LNG in the People’s Republic of China,” Khalid Bin Khalifa Al-Thani, Chief Executive Officer of Qatargas, said.The Yuedong LNG receiving terminal, which has an initial receiving capacity of 2 MTPA, is owned and operated by CNOOC. The new terminal joins the company’s existing terminals in Shanghai, Guangdong, Fujian, Zhejiang and Hainan.This is the fourth commissioning cargo from Qatargas to CNOOC’s LNG terminals, bringing Qatargas’ total number of inaugural cargoes to LNG terminals in China to seven.last_img read more

Seaspan Eyes USD 250 Mn Debt from Fairfax

first_imgzoom Containership manager and owner Seaspan Corporation is looking to secure up to USD 250 million of investment from Fairfax Financial Holdings Limited.In late December 2017, the company entered into a letter of intent pursuant to which Fairfax Financial Holdings Limited, through certain subsidiaries, will make the investment in exchange for the issuance of 5.5% interest bearing unsecured debentures and Class A Common Share purchase warrants.Seaspan informed that it intends to use the proceeds from this USD 250 million investment to fund future growth initiatives, debt repayment and for general corporate purposes.Fairfax has agreed to subscribe on a private placement basis, and subject to certain conditions, for debentures in a maximum aggregate amount of USD 250 million.The debentures, which will be unsecured obligations, will mature in seven years and will be guaranteed by certain of Seaspan’s subsidiaries. The company will have the right to redeem the debentures at face value plus all accrued but unpaid interest thereon at any time after the fifth anniversary of issuance.Seaspan has also agreed to issue 38,461,539 warrants, each exercisable into one class A common share in the capital of Seaspan and exercisable at USD 6.50 per share. Each warrant will be exercisable within seven years.“The investment by Fairfax will strengthen and simplify our balance sheet, while increasing our financial flexibility to take advantage of compelling opportunities,” David Sokol, Chairman of Seaspan Corporation, said.Fairfax will have the right to nominate two independent directors to the board of directors of Seaspan for so long as at least 50% of the debentures remain outstanding. Fairfax will have the right to nominate one independent director to the board of directors of Seaspan if less than 50%, but more than 20%, of the debentures remain outstanding.Furthermore, Seaspan has entered into an exclusivity agreement with Fairfax pursuant to which it has agreed that it will not solicit interest from any other party in relation to any potential capital raising or financial transaction involving debt or equity of Seaspan until January 19, 2018.Closing of the transaction is subject to the settlement of mutually agreeable definitive documentation, and other customary closing conditions.last_img read more

ABS Fleet Management Partner on Cyber Security

first_imgzoomIllustration. Image Courtesy: Pixabay under CC0 Creative Commons license ABS Advanced Solutions and Hong Kong-based Fleet Management Limited have reached an agreement to partner up on cyber security.Under the deal, the ship manager would implement the ABS FCI Cyber Risk™ solution for its 220-vessel liquid cargo fleet, which would help the company comply with regulatory requirements.“Working together, we will provide a comprehensive cyber security solution to assist in ensuring compliance with the International Maritime Organization (IMO), as well as additional cyber-security related guidelines and requirements—creating a safer fleet,” Russell Medeiros, Vice President, ABS Advanced Solutions, said.“New digital technologies not only bring about considerable opportunities to the maritime industry, but also introduce potential new vulnerabilities. That’s why we are continually innovating and investing in technology to stay ahead of the curve and ensure our vessels operate to the highest safety and technical standards,” said Kishore Rajvanshy, Managing Director, Fleet Management Limited.The IMO requires cyber security to be addressed in Safety Management Systems by January 2021; TMSA3, SIRE, BIMCO, IACS and Rightship have specified additional industry guidelines and commercial requirements. The ABS FCI Cyber Risk model supports compliance with all of these requirements.last_img read more

Industry First ADNOC Loads LPG Propylene onto Same Ship

first_imgThe Abu Dhabi National Oil Company (ADNOC) has completed the industry’s first co-loading of liquefied petroleum gas (LPG) and propylene onto the same vessel.By loading around 12,600 metric tons of propylene and 33,000 metric tons of LPG onto a single vessel, which was docked in Ruwais, the United Arab Emirates (UAE), freight rates were significantly reduced, according to the company.#ADNOC has safely completed the first co-loading of Liquefied Petroleum Gas and Propylene onto the same vessel, which was docked in #Ruwais, by using an innovative approach reduces shipping costs and generates greater value. pic.twitter.com/woh929DcPi— ADNOC Group (@AdnocGroup) December 11, 2018Under normal circumstances, LPG, which is produced by ADNOC Gas Processing, and propylene, which is produced by ADNOC Refining, are transported separately.“Throughout ADNOC, we are focused on thinking differently to deliver greater value and more efficient operations. This pioneering procedure, the first of its kind in our industry, has the potential to generate significant value for ADNOC,” Abdulla Salem Al Dhaheri, Director of Marketing, Sales and Trading at ADNOC, said.“Shipping costs, or freight rates as they are more commonly referred to, constitute a significant amount when delivering a product to customers and end-users. By co-loading product that is bound for a particular customer, or location, we are able to deliver substantial cost-savings.”To enable the co-loading of LPG and propylene, which must be stored at different temperatures, ADNOC conducted a number of workshops with its customers, product specialists and ADNOC Group companies involved in the loading operation.last_img read more

BC Requests More Help From Fire Crews

first_imgEight provincial Department of Natural Resources firefightersheaded to Kootenay National Park in British Columbia on Sunday,Aug. 17, to help combat forest fires that have been ravagingwestern Canada for more than a month. British Columbia alone hasabout 880 active fires. The Natural Resources staff members are the third group offirefighters to head west in recent weeks. A team of six currently in Alberta is expected to return to NovaScotia this week. The Natural Resources staff who just left, including a five-member helitack crew, are expected to be in B.C. until earlySeptember. Helitack are specialized initial-attack personnel whoare transported by helicopters to remote fires. Their level ofexperience will complement the wide-ranging experience of theother crew members on the fire line. They will be joined by 10Newfoundland fire personnel and two firefighters from PrinceEdward Island. The decision to send additional staff is again in response torequests for assistance under the Canadian Mutual Aid ResourceSharing Agreement administered by the Canadian Interagency ForestFire Centre. The centre is the national organization responsiblefor co-ordinating the sharing of critical forest fire resourcesin Canada. Nova Scotia is a full participating member of theorganization. The agreement provides rapid assistance andstandardized costs for the benefit of all Canadian fire agencies. Wet weather conditions in Nova Scotia, and the associated reducedfire risk, are making it possible for the province to provide theadditional fire-fighting services. The costs associated with thisassistance are fully recoverable and will not reduce NovaScotia’s fire-fighting budget. Nova Scotia staff gain valuable experience from theseassignments, increasing their ability to effectively fight largefires at home in the future.last_img read more

Nova Scotians Among Gemini Nominees

first_imgNOTE: A list of Nova Scotia nominees follows this release. Nova Scotia-based television productions have earned a total of 29 nominations for the upcoming 20th Annual Gemini Awards. Sex Traffic, a two-part miniseries produced by Chester-based Big Motion Pictures, leads with 14 nominations. The series tells the disturbing tale of two sisters who are sold into slavery and trafficked from eastern to western Europe. Produced as a co-production between Canada and the United Kingdom, Sex Traffic aired in both countries to critical acclaim. “Once again, Nova Scotia demonstrates that we are home to incredible talent and produce award-winning shows,” said Ernest Fage, Minister responsible for the Nova Scotia Film Development Corporation. “To be nominated by their peers is significant recognition of the creativity and passion of those who make film their life’s work.” Another 15 nominations were went to a variety of Nova Scotia-produced programs including the television series This Hour Has 22 Minutes, and Body of Knowledge, and the documentary Diet of Souls. The Trailer Park Boys Season 4, the Trailer Park Boys Christmas Special, POKO, Chef at Large, Street Cents, The Halifax Comedy Festival and the 2005 East Coast Music Awards also received nominations. “Nova Scotia productions continue to be recognized on the national stage not only for the quality of the productions but because the stories are compelling, humorous and informative — they continue to resonate with audiences across the country and around the world,” said Ann MacKenzie, chief executive officer of the Nova Scotia Film Development Corporation. The Gemini Awards are a presentation of the Academy of Canadian Cinema and Television, a national, non-profit, professional association dedicated to promoting, recognizing and celebrating exceptional achievements in the Canadian film and television industries. The Gemini Awards will air on Global television on Nov. 19. The Nova Scotia Film Development Corporation is a provincial Crown corporation reporting to the minister of Economic Development. The corporation provides a wide range of programs and services to build the capacity and competitiveness of the province’s film, television and new media industries. The provincial film industry is the fourth largest in Canada, regularly exceeding $100 million in economic activity annually.last_img read more

Storm Closes Some Provincial Parks

first_imgProvincial day-use and camping parks in Shelburne, Yarmouth, Queens, Annapolis and Digby counties will be closed to the public because of anticipated weather conditions from Tropical Storm Kyle. Sand Hills, Shelburne Co.; Port Maitland Beach, Yarmouth Co.; Valleyview, Annapolis Co.; Thomas Raddall, Queen Co.; and Mavillette Beach, Smugglers Cove and Savary Provincial Park, Digby Co., will be closed at 7 p.m. “We are simply erring on the side of caution by closing these day-use parks,” said Department of Natural Resources regional director Gerry Joudrey. “We want to ensure the safety of our visitors and employees at all times.” The parks are expected to reopen once the storm has passed and staff are able to assess whether there is any damage or safety concerns. For more information on provincial parks, visit www.novascotiaparks.ca .last_img read more

Atlantic Energy Ministers Agree to Speed up Regional CoOperation Efforts

first_imgAtlantic energy ministers heralded a new era of co-operation during a meeting in Halifax today, Feb. 22. The ministers agreed to identify priority energy opportunities and find ways to maximize benefits for the region. “There was a strong mood of co-operation,” said Energy Minister Charlie Parker. “We received updates on progress made to date and directed our officials to accelerate efforts on energy co-operation and understanding the opportunities that are critical to the energy futures all of us are planning. “It is important for us to discuss the regional benefits of energy opportunities such as the development of the Muskrat Falls phase of the Lower Churchill Project. Nova Scotia recognizes the potential for us in this development and we are pleased to be partners with Newfoundland and Labrador.” This was the first meeting of Atlantic energy ministers since the Council of Atlantic Premiers made a commitment in November to work on finding common ground. Ministers agreed they are better off working together on initiatives identified through the Atlantic Energy Gateway (AEG) Initiative, on a National Energy Strategy framework and energy efficiency initiatives. The ministers also discussed the regional benefit and opportunities associated with the development of the Lower Churchill hydroelectric project. “The meetings provided the opportunity for constructive discussion on a variety of regional opportunities and energy priorities, which in turn will strengthen the Atlantic Canadian energy market,” said Newfoundland and Labrador Natural Resources Minister Shawn Skinner. “I am pleased with the approach to work together, discuss issues, and exchange ideas to benefit a strong, united region. I was particularly pleased to discuss the development of Muskrat Falls, which will provide tremendous benefit for the region and indeed the country, and look forward to a continued partnership in support of the development.” The ministers agreed to share information on energy efficiency programming and to help people reduce their energy consumption. The provinces are also exploring harmonizing standards, policy and planning initiatives, programs and building codes. “As this was the first Atlantic Energy Ministers’ meeting in sometime, it was a great opportunity to discuss the challenges and opportunities we see in our respective provinces and how by working together, we can derive mutual benefits,” said New Brunswick Minister of Energy and Energy Efficiency and Conservation Craig Leonard. “We were able to discuss a wide range of issues, such as efficiency and generation from a regional perspective, and come to understandings on where we can work together. I see this meeting as a starting point for a more collaborative approach to dealing with the issues we all face.” “The people of Atlantic Canada will benefit from regional co-operation on energy issues,” said Prince Edward Island Minister of Environment, Energy and Forestry Richard Brown. “I am pleased with this spirit of regional co-operation among the provinces. Working together we can strengthen the energy sector, generate more economic activity, create more jobs and lower energy costs across the region.” To maximize the opportunities for collaboration on research and development and strengthened electricity transmission, the ministers want to complete work, in partnership with the federal government, on AEG Initiatives as quickly as possible. Those results will be an important part of provincial and national energy policies and planning. The ministers say work will also continue on what the Atlantic region wants in a National Energy Strategy framework. Those concerns will be raised during the next federal-provincial-territorial energy ministers’ meeting in Alberta in July.last_img read more

Colon Cancer Prevention Program Available Provincewide

first_imgA program that prevents colon cancer and finds it early when treatment is most effective is now available provincewide. All Nova Scotians between the ages of 50 and 74 will now have access to a home screening kit for the prevention and early detection of colon cancer, following the launch of the Colon Cancer Cancer Prevention Program today, March 25, to include Capital Health. The program began two years ago. “This program is an important part of the province’s commitment to providing better care sooner,” said MLA Leonard Preyra, on behalf of Health and Wellness Minister Maureen MacDonald. “This is an exciting day as Nova Scotians in every region will now have access to the screening tools that play a key role in preventing, detecting and treating colon cancer early.” About 300 new cases of colon cancer are expected to be diagnosed in Capital Health this year and about 800 people will be diagnosed provincewide. Colon cancer is the third most commonly diagnosed cancer in Nova Scotia. Ed Branton of Martin’s River, Lunenburg Co., was among the first to receive an invitation to participate in the program. Initially, he decided not to take part because he felt good and had no symptoms. But he changed his mind and did the test. It was easy to do. It took all of 10 minutes and that 10 minutes probably saved my life,” Mr. Branton said. “The home screening test revealed blood in my stool and the need for a follow-up colonoscopy. The colonoscopy found and removed two polyps, which contained an aggressive form of cancer. But, it was found so early, I didn’t need any further treatment. “My advice to people; when you receive your kit in the mail, take 10 minutes and do the test, even if you are feeling fine. It could save your life.” People who live in the area served by Capital Health will begin receiving information on the program next week, followed by a home screening kit with directions in English and French. The home screening test is easy to use. It tests for small amounts of blood in the stool, which may be a sign of growths in the colon. “Health is a shared responsibility. Government, health planners and providers have a responsibility to create programs and services to build healthy communities, and people who live and work in those communities have to do their part,” said Chris Power, CEO of Capital Health. “This program provides people with easy access to tools they need. I urge people to do the test. Help reduce the incidence of colon cancer and make our communities and our province healthier.” “Colon cancer can be prevented if people are screened regularly before there are any signs of disease,” said Dr. Bernard Badley, medical director, Colon Cancer Prevention Program. “The program saves lives and improves the outcome of those diagnosed with colon cancer at an early stage when treatment is most effective. “Although still in its early stages, the program already has made a difference, identifying 21 people with cancer and 229 Nova Scotians with pre-cancerous growths. Because it will save health dollars, this program is win-win for government and for Nova Scotia taxpayers.” More often than not, there are no warning signs of colon cancer in the early stages when it is most treatable and 80 per cent of people who get the disease have no family history of it. The greatest risk factor for colon cancer is age. Nova Scotians, between the ages of 50 and 74, are encouraged to be tested regularly. For more details on colon cancer or the home screening kits, go to www.cancercare.ns.ca/coloncancerprevention.Cancer Care Nova Scotia is a provincial program of the Department of Health and Wellness, which facilitates quality cancer prevention and care for Nova Scotians.last_img read more