​Nordic roundup: Velliv, Storebrand, European infrastructure

first_imgAs it was now fully-owned by its customers, and as an integrated part of Danish business, Velliv said, the company would increase its focus on social responsibility factors including responsible investment and sustainability, which it said was a natural thing to do as one of Denmark’s largest institutional investors.The association has been stepping up its ownership of the former Nordea subsidiary in stages over the past three years, targeting full ownership by buying shares from the bank.Scandinavian investors invest €215m in European infra fundScandinavian pensions and insurance firms have invested around €215m in a European equity infrastructure fund managed by Allianz Capital Partners, Allianz Global Investors (AllianzGI) announced.The Allianz European Infrastructure Fund (AEIF) reached its final close after raising €860m and being heavily oversubscribed, AllianzGI said, with Scandinavian pensions and insurance firms accounting for more than a quarter of these commitments.Investments made by the fund are to be funded by both the AEIF and Allianz insurance companies, with the latter contributing at least 50% of invested capital, said AllianzGI, adding that the focus would be on energy, transportation and communication infrastructure providing essential services for the public.Erik Rosensvard, Allianz GI’s head of business development Nordics, said: “Our institutional clients show a strong appetite to invest equity into infrastructure projects together with Allianz.“In this respect, it is an advantage that the seed investment will be undertaken in a Scandinavian country,” he added.AEIF has already made its first investment in Finland’s second largest electricity distribution company Elenia, according to AllianzGI.Storebrand triples fossil-free assetsNorwegian pension provider Storebrand has now almost tripled its fossil-free assets following a divestment decision by its Swedish subsidiary SPP.The move means a third of group assets under management, €26bn, will exclude fossil fuel companies once the SPP move is complete, the firm announced at the COP 25 climate conference in Madrid.Odd Arild Grefstad, Storebrand Group chief executive officer, said: “We believe that companies with a strategy in line with the UN global goals and Paris Agreement will create better returns in the long run.“Along with all other sectors, the financial sector must recognise its important role in channeling investments into low carbon solutions,” he added.Staffan Hansén, CEO of SPP Pension & Insurance, said the pension industry had a natural and important role to play in tackling climate change.“Half of the money on the world’s stock exchanges is pensions money, and capital flows from fossil fuels are likely to accelerate faster than you think,” he said.SPP also cited financial reasons for the divestment, such as the likelihood of increased carbon dioxide tax for companies in the future.Storebrand said it had joined the Net-Zero Asset Owner Alliance, along with 15 other asset owners, who pledge to achieve net-zero carbon investment portfolios by 2050. Danish pension provider Velliv has announced it is now 100% owned by its customers, after its holding company bought the remainder of shares in the company from the Nordic financial group Nordea.The shares were bought by Velliv Association (Velliv Foreningen), which is owned by the 350,000 customers of Velliv, the former Nordea Life and Pension Denmark, as it lifted its stake in the operating company to 100% from 81%.Peter Gæmelke, Velliv Association chair, said: “The Velliv Association has today become the sole owner of Velliv.”“Now all of Velliv’s profits go to the Velliv Association, which pays a cash bonus to members and supports non-profit mental health efforts,” he said.last_img read more

UK roundup: FCA consults on value for money metrics

first_imgThe Financial Conduct Authority (FCA) has published for consultation new rules designed to promote value for money for members of workplace personal pension schemes.The regulator said its proposals were aimed at making it easier for Independent Governance Committees (IGCs) and Governance Advisory Arrangements (GAA) to compare the value for money of pension products and services.It is proposing to introduce a common definition of value for money and three key elements that IGCs take into account when checking if their providers offer value for money compared with other options on the market.The three elements are: charges and costs, investment performance, and services provided, including member communications. “We hope that these proposals can pave the way for the use of standardised metrics and/or benchmarks in initiatives such as the pensions dashboard or open finance,” said the FCA.“This may help at least the most engaged consumers to take greater control of their finances.”The FCA also said it was consulting on “whether pension providers themselves should have a direct responsibility for value for money, alongside the IGC”.Laura Andrikopoulos, head of DC governance consulting at Hymans Robertson, told IPE that today’s consultation was essentially about a tightening of rules around value for money in the contract-based pension market. Gregg McClymont“Gregg McClymont will be a strong contributor to our aspiration to protect and grow the retirement savings of the 50 million people around the world on whose behalf we invest,” he said.Before joining The People’s Pension, McClymont worked for three years as head of retirement at Aberdeen Asset Management.He was the Labour shadow minister of state for pensions from 2011-2015, when he lost his seat.McClymont previously taught at St Hugh’s College, Oxford where he was a fellow. He is the co-author of three volumes on global pension system design, ‘Towards a new pensions settlement: the international experience’.To read the digital edition of IPE’s latest magazine click here.center_img Laura Andikopolous, Hymans Robertson“IGCs already have to do a value for money assessment, but there’s not much prescription around it, so each IGC has sort of come up with an approximate methodology and process,” she said.“I think the FCA wants more prescription so that there can be far easier comparisons.”She mentioned as “another problem” that trust-based pension regulation only refers to value for members, not value for money, so trustees only need to need to look at what members pay for.“That leaves out quite significant parts of a scheme, such as employer contribution levels,” she said.In written comments Andrikopoulos said the consultancy welcomed the launch of the FCA’s consultation, but warned that “it is vital that with the introduction of any changes, focus is not lost on member outcomes, which is critical to the assessment of long-term ‘value’”.“Our proposals may have direct relevance to the ideas we plan to raise in our discussion paper on value for money metrics to be published together with TPR” Financial Conduct AuthorityThe FCA’s proposals are part of a package of reform measures to help ensure that all defined contribution workplace pension schemes are of high quality and offer value for money.”In particular, our proposals may have direct relevance to the ideas we plan to raise in our discussion paper on value for money metrics to be published together with TPR,” it said.Hymans Robertson’s Andrikopoulos said the consultancy welcomed the increased collaboration with TPR “to ensure value for money requirements share similar principles across both trust and contract-based arrangements”.IGCs currently oversee the value for money of workplace personal pensions provided by firms like life insurers and some self-invested personal pension operators. They provide independent oversight of workplace personal pensions in accumulation and of the investment pathway solutions that will have to be offered from 1 February 2021.According to Andrikopoulos, the size of the contract-based workplace schemes has been estimated at around £160bn at the end of 2018.In contrast to the FCA, TPR is responsible for regulating the areas where individuals access pensions via their employers.Ex-British Steel members told to check adviceThe FCA has written to former members of the British Steel Pension Scheme (BSPS) who transferred out to tell them it was concerned they may have received unsuitable advice and they should consider taking action for any compensation they are potentially owed.“We encourage you to act, if you do nothing, you may end up with less money during your retirement than you should have done,” stated the letter, signed by Meghan Butler, executive director of supervision at the FCA.The letter tells the former members that the FCA assessed a sample of the advice provided to them and found that in only 21% of the cases reviewed, the advice given appeared to be suitable. In the remainder of cases the advice was either unsuitable, or unclear.The letter explains how the former steelworkers can revisit the advice they received, and complain where appropriate.PPF compensation cap ruled unlawful on age discrimination groundsA cap on compensation paid by the UK’s pensions lifeboat fund was ruled unlawful on age discrimination grounds this week, a judgement the government has said it is considering.The Pension Protection Fund (PPF) said it was studying the detail of the judgement carefully to decide its next steps, and would work closely with the Department for Work and Pensions (DWP) to understand how the government would respond.Under current rules, the basic level of PPF compensation is 100% of scheme benefits if the member of a transferred scheme had attained the normal scheme pension age, or 90% if the member is under the pension age.In addition, there is a maximum amount that can be paid in compensation for those in the latter group, who receive 90% of the amount of the compensation cap, not 90% of the value of their accrued pension entitlement.This week, in a challenge against the PPF brought by members of pension schemes for two airlines, BMI and Monarch Airlines, a High Court judge held that the differential treatment of persons below normal pension age when their employer became insolvent and those above normal pension age “was not objectively justifiable”.Steve Webb, former pensions minister and now partner at consultancy LCP, said “hundreds of capped PPF members may see their benefits increased” as a result of the ruling, and in some cases will receive backdated payments.The PPF said it was for the government to decide how to respond to the judgement relating to the cap, as it sets the level of compensation the lifeboat fund pays.The PPF also addressed what it said was media speculation about a knock-on effect of the judgement on members whose compensation had been fixed at 90% because they hadn’t reached the normal pension age when their employer failed.It said the 90% measure was not tested in the case in question “although the court did comment that the impact on those affected, although significant, doesn’t render the measure inappropriate or unnecessary”.“Like the compensation cap, the 90% measure is set for us by DWP and the government, balancing the needs of members and the needs of levy payers.”Gregg McClymont to join Australia’s IFM InvestorsFormer UK shadow pensions minister Gregg McClymont is joining A$156bn (€94bn) IFM Investors in the newly created role of executive director, UK public affairs.He will start on 6 July, joining from defined contribution master trust The People’s Pension, where he has been director of policy and external affairs.David Whiteley, global head of external relations at pension fund-owned IFM, said McClymont’s appointment showed the asset manager was “determined to deepen its engagement with community, government and regulators across Europe”.last_img read more

1-4 Koppen Terrace, Mooroobool fit for a leader in business

first_img1-4 Koppen Terrace, MoorooboolREIGNING high above the city, full of grandeur and history, life will never be the same after moving into 1-4 Koppen Terrace.The six-bedroom, five-bathroom, two-car garage property in Mooroobool sits atop what used to be known as Fairview Hill. After 10 years as a real estate agent, Elite Real Estate Services’ Karl Latham has finally got the opportunity to market what he describes as a property with a “personality and essence like no other”. 1-4 Koppen Terrace, MoorooboolMore from newsCairns home ticks popular internet search terms2 days agoTen auction results from ‘active’ weekend in Cairns2 days agoPerched on 4445sq m, the sprawling home was built in 1980. The grand entrance with an electric gate and large circular driveway stops most visitors in their tracks.Then a formal foyer moves into a main lounge room flooded with light from floor to ceiling windows.Having guests over for dinner will become one of life’s great joys with a gourmet kitchen including space for two fridges, a gas cooktop and plenty of storage including a butler’s pantry.Two large balconies sit off the master suite, one with a sunken bathtub in which the new owner can enjoy a glass of champagne from a temperature-controlled wine room.A separate one-bedroom granny flat maximises space and privacy and a pool and observation deck provide plenty of conversation starters. 1-4 Koppen Terrace, Mooroobool“This property has been on my radar since day one. Koppen Terrace is a much sought-after street with astonishing 180-degree views over Cairns from the Coral Sea over to the Pyramid and beyond,” Mr Latham said.“The fireplace in the master suite parlour, which is basically a penthouse suite, adds a bit of old-world charm, as does the chandelier over the winding staircase.“I think there will be good interest in this home because Koppen Terrace is very close to the city and is also a level street that’s elevated with views.“It is also in St Francis Xavier’s and Our Lady Help of Christians school catchment.“This home was built with entertaining in mind and space to breathe. Expansive windows give the aura of floating over the rainforest as the cool mountain breezes flow through the home.”center_img 1-4 Koppen Terrace, MoorooboolThe elevated site at the tip of Koppen Terrace was hand selected by Percy Koppen himself, the original developer of the area.According to Mr Latham, no expense was spared in the build. Neighbouring street names offer a nod to the past. Andrea and Brett Close was named after a member of the Koppen family and Strike Ave was named after Arthur Strike, an alderman in 1980.Kingsford St remembers Ash Kingsford, the first mayor of Cairns, who served from 1885-6/1889.Munro Terrace is named after a pioneer of the sugar industry, William John Munro, also the chairman of the Mulgrave Shire Council from 1897 until 1912.last_img read more

Edge Hill property for sale for the first time in 54 years

first_imgThe kitchen has been given a spruce up.“This property is sure to impress and is a great chance to secure an incredible piece of Edge Hill history.”Development and subdivision information is available upon request provided by Urban Sync.According to Core Logic the median prices in Edge Hill jumped 14.4 per cent in the past five year while median asking rent was $470 per week. Plenty of space in the heart of Edge HillThe flat allotment also includes dual street access from Pease and Greenslopes streets.Life just 800m from the chic restaurants, bars and local shops of Edge Hill means entertainment or a spot to catch up with friends or family is just a short and leisurely stroll away. Bedrooms 4 Garage 5 303 Pease St FOR the first time in more than half a century, a block of Edge Hill land is up for sale.The family of owner Julie Nicholls built a home at 303 Pease St massive 1616 sqm block and passed it down for 54 years. Elite Real Estate Services agents Carol Thomas and Morganne Baldwin said the double block allotment was a chance to capitalise on “an outstanding location right on the brink of the bustling Edge Hill village”.“Whether you are looking for a value add renovation, a knock down and rebuild, adding an additional dwelling for multiple income streams or a subdivision, this property caters to every option,” Ms Thomas said. Inspection Bathroom 1 Edge Hill 2-2.30pm 303 Pease St, Edge Hill“Residential development opportunities could include a variety of other development configurations such as townhouses, a duplex or a triplex.“There is also potential scope to develop the site for commercial uses.“This site proposes huge potential for astute investors who will take advantage of the most in-demand suburb in Cairns.” 1616sq m DETAILS: Saturday 2 March Wooden floorboards and plenty of space inside.More from newsCairns home ticks popular internet search terms2 days agoTen auction results from ‘active’ weekend in Cairns2 days agoThe existing home on the site is nothing to dismiss though with four bedrooms, one bathroom and secure parking for up to five vehicles.A kitchen is still in good working order and could perfect for a small scale developer to live in or renovate while completing subdivision due diligence and approvals, according to Ms Thomas.“There is also the opportunity to build your dream home on one of the largest level blocks in Edge Hill currently on the market,” she said.“Located in the school catchment zones for both Edge Hill State School and Cairns State High School, it is sure to appeal to families.last_img read more

Time warp house in sought-after million-dollar Camp Hill to go under the hammer

first_imgTop location!It is located on a 810sq m splitter block, and presents buyers with an opportunity to either renovate, rebuild or divide and develop the two 405sq m blocks, subject to council approval. Video Player is loading.Play VideoPlayNext playlist itemMuteCurrent Time 0:00/Duration 1:44Loaded: 0%Stream Type LIVESeek to live, currently playing liveLIVERemaining Time -1:44 Playback Rate1xChaptersChaptersDescriptionsdescriptions off, selectedCaptionscaptions settings, opens captions settings dialogcaptions off, selectedQuality Levels720p720pHD540p540p288p288p180p180pAutoA, selectedAudio Tracken (Main), selectedFullscreenThis is a modal window.Beginning of dialog window. Escape will cancel and close the window.TextColorWhiteBlackRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentBackgroundColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentTransparentWindowColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyTransparentSemi-TransparentOpaqueFont Size50%75%100%125%150%175%200%300%400%Text Edge StyleNoneRaisedDepressedUniformDropshadowFont FamilyProportional Sans-SerifMonospace Sans-SerifProportional SerifMonospace SerifCasualScriptSmall CapsReset restore all settings to the default valuesDoneClose Modal DialogEnd of dialog window.This is a modal window. This modal can be closed by pressing the Escape key or activating the close button.Close Modal DialogThis is a modal window. This modal can be closed by pressing the Escape key or activating the close button.PlayMuteCurrent Time 0:00/Duration 0:00Loaded: 0%Stream Type LIVESeek to live, currently playing liveLIVERemaining Time -0:00 Playback Rate1xFullscreenHow to bid at auction for your dream home? 01:45A time warp house with its own iconic Hills hoist that is surrounded by million dollar homes will go under the hammer on Saturday. Straddling two lots on the sought-after Newman Avenue stretch of Camp Hill, the dual-level brick house at number 39 is on the market for the first time in almost 50 years.Place Woolloongabba agent James Curtain said the house was built in 1955 and purchased by the current owners, now aged in their 70s, in 1971.He said the house was extended in 1985, and it would have been a big and modern house in its day.“I know we (real estate agents) wax on about real estate at times but I really do think this is one of the best offerings we have had in Camp Hill in a long time,” he said.“It is on Camp Hill’s best street. The house and block is flat and on top of the hill and has awesome city views.”Mr Curtain said they expected about a dozen registered bidders on the day, but anticipated a number of potential buyers attending the auction that even they were not aware of.He said they had so far received interest from local families, developers, and a small number of buyers in Melbourne looking to migrate north.Speaking of the local market generally, Mr Curtain said there was a “fair few green shoots since the election”, with more people through at inspections and more offers being made.“It is feeling pretty healthy,” he said.As for 39 Newman Avenue, the elevated and north-facing property is situated less than 400 metres from the quaint Martha Street shopping and cafe precinct. One of the three bedroomsOn the lower level, there is a two-car garage, a carport, a multipurpose room, a kitchen, the two bedrooms and a huge lounge/dining room that opens on to a sunroom. The sunroom with its city viewsIt is within easy reach of local transport and parklands, as well as the Samuel Street Marketplace, highly regarded state and private schools, the new Coorparoo Square complex and the CBD. The house is dated but has good bonescenter_img Who remembers swinging on the clothesline as a kid? The upper level bedroom shares its space with a separate bathroom, toilet and a large living room. It is surrounded by tightly-held homes that were bought for as little as $20,000 decades ago, and million-dollar houses that have been rebuilt or upgraded in recent timesMore from newsParks and wildlife the new lust-haves post coronavirus12 hours agoNoosa’s best beachfront penthouse is about to hit the market12 hours agoThe existing house has city views and three bedrooms, two on the lower level and one on the upper level. Views like that can cost a mint!Sharing the same street is no less than 20 homes that have sold for in excess of $1 million, including one house that sold for $3.8 million in 2017.That property still holds the Camp Hill price record, according to CoreLogic data.The house will go under the hammer at 12pm.last_img read more

Interstate buyer takes a punt on unseen Brisbane property gem

first_img Queensland’s biggest real estate turn-offs revealed Why everyone is moving to Queensland The couple bid over FacetimeMr Leong said a buyer purchasing a property sight unseen was “very rare”.“They are a young couple planning to rent it,” he said. “Her family is still in Brisbane, but even they didn’t inspect it.More from newsNoosa unit prices hit new record high as region booms: REIQ12 hours agoParks and wildlife the new lust-haves post coronavirus12 hours ago“Sunnybank is a good area to buy in at the right price … I think they did well.” This house was purchased by an interstate couple who had never set foot on the propertyLJ Hooker Sunnybank Hills agent Ben Leong said the couple, from Sydney, saw 20 Pinecone St at Sunnybank online less than 24 hours before it was due to go under the hammer.He said the couple then participated in the auction, which was held last Saturday, via Facetime, eventually securing it with a winning bid of $640,000.“They bought it sight unseen,” he said. “We had been expecting one buyer, but this couple rang up the day before and the auction was quite competitive.” A bedroom in the Sunnybank houseIn another fast sale, a renovated Queenslander in one of Brisbane’s hottest school catchment zones sold in less than 24 hours, with the new owner putting down an unconditional cash offer to secure the prized home just moments after inspecting it. RELATED: Pimped out Queenslander sells in 24 hours The Sunnybank houseRecently, an untouched house at Auchenflower attracted two written offers before it went under the hammer, including one offer from a keen Sydney buyer who had never clapped eyes on the property.It went under the hammer as planned, selling for $780,000 — $100,000 above reserve. RELATED: Untouched home sells $100k above seller’s reserve price Inside the most expensive house for sale in the US The Sunnybank house was owned by an elderly real estate agentMr Leong said buyers were seeing good value in the Brisbane property market, and some were not afraid to take risks to secure their spot in the river city.“We are getting a lot of inquiries from interstate buyers, particularly from Sydney,” he said. Video Player is loading.Play VideoPlayNext playlist itemMuteCurrent Time 0:00/Duration 1:44Loaded: 0%Stream Type LIVESeek to live, currently playing liveLIVERemaining Time -1:44 Playback Rate1xChaptersChaptersDescriptionsdescriptions off, selectedCaptionscaptions settings, opens captions settings dialogcaptions off, selectedQuality Levels720p720pHD540p540p288p288p180p180pAutoA, selectedAudio Tracken (Main), selectedFullscreenThis is a modal window.Beginning of dialog window. Escape will cancel and close the window.TextColorWhiteBlackRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentBackgroundColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentTransparentWindowColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyTransparentSemi-TransparentOpaqueFont Size50%75%100%125%150%175%200%300%400%Text Edge StyleNoneRaisedDepressedUniformDropshadowFont FamilyProportional Sans-SerifMonospace Sans-SerifProportional SerifMonospace SerifCasualScriptSmall CapsReset restore all settings to the default valuesDoneClose Modal DialogEnd of dialog window.This is a modal window. This modal can be closed by pressing the Escape key or activating the close button.Close Modal DialogThis is a modal window. This modal can be closed by pressing the Escape key or activating the close button.PlayMuteCurrent Time 0:00/Duration 0:00Loaded: 0%Stream Type LIVESeek to live, currently playing liveLIVERemaining Time -0:00 Playback Rate1xFullscreenHow to bid at auction for your dream home? 01:45If you have ever bought an item online, you would know that buying sight unseen can be a risky move. But an interstate buyer took the concept to a whole new level, snapping up an entire house without ever setting foot in the property. MORE NEWS: Where to find southeast’s most affordable landlast_img read more

Townsville region is primed for a housing recovery

first_imgNow is a good time to buy a home but have your finances in order first.DESPITE the state of the world we currently live in, there are plenty of buyers in the marketplace that understand the good opportunity that Townsville provides. After more than a decade of subdued activity, our region is primed for recovery and I believe we’ll be coming out of the gates strongly as restrictions start to ease and the worldwide situation continues to improve. Put simply, it’s an opportune time to buy your next home or investment property.Yet if you’re in the market to buy, it’s important to have your finances in order. Why? Chiefly because those buyers needing a longer time to get their finance approved are missing out on homes they love to others with shorter finance terms. This is largely (and understandably) due to banking business practices being modified and overloaded. However, in most instances, it comes down to preparation.So, what does preparation look like? In all markets (but especially in the current one), financial preparation is about understanding your overall fiscal position. A lack of understanding and preparedness will prove costly if information is incomplete or missing, and at times finance applications fail on what seems like a trivial item. Unfortunately, I see this happen all the time. Once you’ve made the decision to buy, the next step is to contact your bank or finance broker and spend time preparing to make an offer. More from news01:21Buyer demand explodes in Townsville’s 2019 flood-affected suburbs12 Sep 202001:21‘Giant surge’ in new home sales lifts Townsville property market10 Sep 2020Make it clear that you’re serious, and request that you begin the application process prior to finding the right home, so they can request all relevant information from you, scrupulously assess it, request more details if necessary and give you the best possible advice on what your budget and lending capacity should be.In taking these steps, you’ll not only be well-informed before you begin to browse the marketplace, but you’ll also have much of the preparation work completed prior to sending your bank or mortgage broker contract documents. And by doing this, you may also find that you’re in an advantageous position when making offers. You are more likely to beat the competition for the home you love, either because you can achieve a shorter finance term or because you’re informed and confident to make an offer when you find the right home.last_img read more

Liberian-Flagged Ships 1st to Feature ClassNK e-Certificate

first_imgThe world’s first comprehensive electronic certificate service for classification and statutory certificates, which will first be available to Liberian-flagged vessels, will enter operation from June 15, classification society ClassNK said.The service, ClassNK e-Certificate, is the result of a project aimed at reducing the workload on board and at shore by minimizing potential clerical errors and time-loss associated with paper burden, according to the classification society.Based on the standards stipulated in IMO’s Guidelines for the use of electronic certificates, released in April 2016, the system enables secure transmission of certificates from ship to shore and vice versa.ClassNK added that it includes an online function “to determine the validity of certificates and that they have not been falsified or tampered with.”Trials on the system were launched in October 2016 in cooperation with the Liberian Registry and shipping companies. In April 2017, the Liberian Registry confirmed that ClassNK e-Certificate met the requirements of the IMO Guidelines, and granted ClassNK authorization as the first recognized organization to issue electronic certificates to Liberian-flagged vessels on its behalf.“With the successful completion of operational trials, and authorization from the Liberian Registry, ClassNK has become the world’s first classification society to provide a comprehensive system for electronic certificates,” Tetsuya Hayashi, Director of ClassNK’s Survey Operations Division, said.“We plan to expand the availability of this innovative service to even more vessels on our register in the near future in order to meet the growing needs of the industry,” Hayashi added.last_img read more

Update 2: All Cargo Holds of Troubled MV Cheshire Cooled Down

first_imgAll five holds of Bibby Line’s troubled bulk carrier MV Cheshire have cooled down, however, salvors are still unsuccessful in their attempts to board the ship due to adverse weather conditions, the shipowner said in an update.As informed, the process of decomposition is believed to have completed and there are no fumes emanating from the 56,597 dwt vessel.“The salvors planned to board the vessel today (August 27) in order to make their assessment of the situation and leave to report back on their findings. Unfortunately due to deteriorating weather conditions their attempts to board today have been unsuccessful,” the statement says.To remind, the UK-flagged bulker experienced elevated temperatures in cargo holds 4 and 5 on August 12. The vessel was loaded with a full cargo of fertiliser and was on passage from Norway to Thailand to discharge. The vessel arrived at around 15.00 hours on August 13 at a safe position 45 miles south of Gran Canaria, as it was scheduled to stop in Las Palmas to take on bunkers.Salvors Resolve Marine were appointed to attend the vessel and deal with the cargo problem. Resolve Marine arrived in Las Palmas on August 14, but in the meantime, the crew of Cheshire were evacuated and taken ashore for their own safety as wind conditions were so light that the fumes were not being carried away from the ship.A standby tug from Sasemar stayed with the vessel and an access ladder has been rigged. The vessel had been drifting in a south westerly direction away from any landmass.The crew are reported to be well and in a good condition and all except the second engineer, who has been assisting the salvors, have been flown home.Resolve Marine have been on station alongside the vessel since August 16 but had failed to get on board due to adverse weather conditions, the heat and the fumes being generated from the affected holds.On August 21, the salvors managed to get a tow line attached and the Cheshire, according to AIS data, is currently approximately 50 nautical miles SE of Gran Canaria with a tug towing, VB Hispania providing support and a Sasemar vessel escorting.The initial plan is to provide an independent power pack in order to power up the windlass and emergency fire pump and establish an emergency stern towing connection. Following this, the plan is to make the vessel safe to board, which would require gas freeing the accommodation, engine room and main deck.The salvors have received permission from the Spanish authorities to bring the vessel in closer but no less than 12 nautical miles from the shore, which would make their task easier.last_img read more

BOEM gives more time for public input on Hilcorp’s Liberty project

first_imgThe U.S. Bureau of Ocean Energy Management (BOEM) has extended the period for accepting public comment on Hilcorp’s Liberty project environmental impact statement (EIS) draft.BOEM said on Thursday that the comment period would end at 11:59 p.m. Eastern Time on Friday, December 8.The Bureau published a draft EIS analyzing the potential environmental impacts of Hilcorp’s Development and Production Plan (DPP) in August 2017.BOEM is seeking public comment on the draft document, to help inform the preparation of the final environmental impact statement.To remind, Hilcorp submitted the development plan for the Liberty project to the U.S. offshore oil and gas regulator September 2015. Hilcorp proposes to build a small artificial gravel island in the shallow federal waters of the Beaufort Sea, about 20 miles east of Prudhoe Bay.To be located about five miles off the coast in Foggy Island Bay, the 36,400 square meter site would be similar to the oil and gas producing artificial Spy Island, Northstar Island, Endicott Island, and Oooguruk Island currently operating in the area’s state waters.Hilcorp plans to install a “pipe-in-pipe” subsea pipeline to deliver oil to shore. Onshore, the pipeline would connect to the Badami pipeline which further connects to an existing oil and gas infrastructure at Prudhoe Bay.The plan commits the company to several actions to minimize disruption to subsistence activities, including whaling, which play a vital role in the lives of Alaska Native communities along the Arctic coast.Offshore Energy Today Stafflast_img read more