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International Seaways to Prepay USD 100 Mn of Debt | Brazil Modal

Source: Pixabay under CC0 Creative Commons license

The company explained that the loan would be prepaid using cash set aside from the proceeds of vessel sales and a portion of the proceeds from the earlier announced USD 123 million sale of the 49.9% stake in its LNG joint venture with Qatar’s Nakilat.

“We are pleased to have further executed on our disciplined and accretive capital allocation strategy by using a substantial portion of our LNG sales proceeds to reduce leverage and significantly lower our cost of capital during a time when our cash position remains strong,” said Jeff Pribor, International Seaways’ CFO.

Pribor further noted that, following the USD 100 million debt prepayment, the company anticipates cash interest expense to decrease by around USD 8.2 million on an annual basis and USD 1.9 million in the fourth quarter of 2019 based on current interest rates.

“Additionally, this leverage reduction positions us for further balance sheet optimization.”


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Foreign trade investment essay

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Monjasa Conducts First VLSFO Supply in Colombia | Brazil Modal

Image Courtesy: Monjasa

The operation was completed at Cartagena anchorage and included the transfer of a total of 250 mts of VLSFO to the Geogas-owned LPG tanker, the 10,100 dwt Penelope M, according to the company.

Going forward, Monjasa expects to have both VLSFO and MGO 0.1% products available in Colombia, where the operation consists of two vessels as well as shore tanks in Cartagena.

“We are pleased to see this first VLSFO supply in Colombia taking place well ahead of 1 January 2020,” Rasmus Jacobsen, Managing Director, Monjasa Americas, said.

“Now, our eyes are set on introducing low-sulphur fuel on key markets in Panama and in the U.S. as well.”

In the Panama Canal, Monjasa has confirmed future local storage of VLSFO and current bunker operations with three vessels, including the recently acquired tanker, Accra, in Balboa. In addition, one tanker is deployed in Cristobal.


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Foreign Trade Zone Board

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BHP, Klaveness Digital Team Up on Supply Chain Optimisation | Brazil Modal

Image Courtesy: Pexels, Pixabay

The concept will enable BHP and its partners to access the same shipping information in real-time, customers on the platform can also see the shipping schedule and calculate impact on their inventory and production.

As a first proof of concept, BHP invited a global steel producer to trial the CargoValue solution developed by Klaveness Digital as a new way of working together. The proof of concept has provided the steel producer with actionable insight into their raw material flow, with real-time updates on unexpected deviations to the schedule, allowing them to better forecast inventory, manage safety buffers and plan production.

“The CargoValue solution developed by Klaveness Digital provides a new way to securely share cargo and vessel information with our customers around the globe, changing the way we interact with our clients,” Rashpal Bhatti Vice President, Maritime and Supply Chain Excellence at BHP.


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Foreign Trade Zone Warehouse

DP World, NIIF win bid to build Free Trade Warehousing Zone · Panama Free Zone Warehousing · Foreign Trade Zone – St Louis Economic …


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New Mangalore Port cargo handling down 11% | Brazil Modal

Replying to a query on the performance of the port, on the sidelines of ‘Swacchta Pakhwada’ of New Mangalore Port Trust (NMPT) on Tuesday, AV Ramana, Chairman of NMPT, attributed this decline to factors such as the shutdown of MRPL (Mangalore Refinery and Petrochemicals Ltd) refinery units for some days during the period.

He said water scarcity in Mangaluru had forced MRPL to shut-down some units in the refinery complex.

The refinery was also shut-down during monsoon as there was landslide in its premises. He said the cargo handling has come down by around 11 per cent due to a drop in crude intake by MRPL.



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Port of LA unveils world’s first zero-emissions top handlers | Brazil Modal

“Every Angeleno deserves to know that future generations will inherit a sustainable city and a livable planet — and that our air, water, and natural resources will be protected and preserved,” said Mayor Eric Garcetti. “Clean Air Day gives L.A. an opportunity to show what it means to put our principles into practice with cleaner transportation, goods movement, and energy sources — to leave a healthier world for our children and grandchildren.”

“Today shows we are making good on our pledge to do the hard work of advancing commercially feasible solutions to meet our goal of transitioning all cargo handling equipment to zero emissions by 2030,” said Port of Los Angeles Executive Director Gene Seroka. “We’re excited to power up these battery-electric top handlers and test them under the real-world conditions of a working container terminal.”

The world’s first battery-electric top handlers were designed and built in the U.S. by Taylor Machine Works, Inc., a leading heavy-duty equipment manufacturer and the largest supplier of top handlers in service at the Port. Also known as top picks, top handlers are off-road vehicles with an overhead boom for loading containers weighing up to 75,000 pounds onto trucks and trains, unloading them, and stacking them on terminals between pickups and deliveries.

Taylor’s zero-emissions top handlers run on a one-megawatt battery designed to operate for up to 18 hours between charges. Each top handler has a data logger for tracking hours of operation, charging frequency, energy usage and other performance indicators.

The data collection process also involves obtaining feedback from all demonstration participants, including the drivers and mechanics who will operate and maintain the top handlers. Workers will be able to provide valuable input on the maneuverability, noise level and safety of the equipment.

The top handlers will be tested over a 12-month period, expected to begin by the end of the year. The Port and its partners will also evaluate the functionality of the connections and systems for charging the top handlers.

The battery-electric top handlers are a key component of the Port’s $7.7 million Everport Advanced Cargo Handling Demonstration Project. The California Energy Commission (CEC) is supporting the large-scale zero-emissions technology project with a $4.5 million sustainability grant.

“The CEC is proud to be working with forward-thinking partners like the Port of Los Angeles to accelerate the adoption of innovative and sustainable freight technologies,” said Energy Commissioner Patty Monahan. “Projects like this are critical to showcasing zero-emission equipment that can make the state’s freight industry more efficient and competitive, while helping clean California’s air.”

The Everport demonstration is one of 16 projects in which the Port is either the lead agency or a participant working with multiple partners to test near-zero emissions and zero-emissions engines, emissions control technology, and alternative fueling and charging stations. In addition to the battery-electric top handlers, the projects include testing hybrid natural gas and fully battery-electric fuel cell heavy-duty trucks; battery-electric forklifts, yard tractors, and rubber-tired gantry cranes; and emissions control equipment on large ships and harbor craft.

Taylor has decades of experience working with the Port’s marine container terminal operators to meet their equipment needs. Since the 2006 launch of the Clean Air Action Plan, the Mississippi-based manufacturer has played a key role in the Port’s air quality progress by helping terminal operators transition their top handlers to the cleanest available in today’s market. Currently, more than 60% of the 213 top handlers in Port service meet Tier 4 off-road diesel engine standards.

Eliminating tailpipe emissions from cargo handling equipment is essential to achieving the Port’s larger goal of reducing greenhouse gases (GHGs) from all port-related sources. Port targets call for reducing GHGs 40% below 1990 levels by 2030 and 80% below 1990 levels by 2050.

Source: Port of Los Angeles


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