S&P: Uljanik Could Cost Croatia Up to 1% of GDP

first_imgThe financially troubled shipyard Uljanik could cost the Croatian government up to 1% of its gross domestic product, according to a report by Standard & Poor’s ratings agency.“Although we believe that contingent fiscal risks are contained, some state guarantees could be activated and fall on the government’s balance sheet,” S&P said.“In particular, the resolution of the troubled Uljanik shipyard, which is currently in search of a strategic investor and could otherwise face bankruptcy, could cost the government up to 1% of GDP. The precise cost however depends on the final scenario, and the possible finalization of ships under construction.”The rating report comes only days after Croatian shipbuilder Uljanik Group revealed its intention to sell 3. Maj shipyard in an effort to raise the much-needed funds.However, the group informed that there are currently no legal procedures underway for the spin off of the shipyard, as the struggling company continues its search for much needed funds.Uljanik added that no formal steps would be made on the matter until the restructuring program for Uljanik Shipyard is adopted.The company was forced to restructure amid a downturn in the global shipbuilding industry coupled with rising competition on the Asian continent.World Maritime News Stafflast_img read more

See More

Marlinks Wins Northwester 2 Cable Monitoring Gig

first_imgThe Belgium-based Marlinks has secured a contract for monitoring the cable burial depth of the Northwester 2 offshore wind farm.Marlinks will monitor the burial depth of six inter-array cables and one export cable, which will be equipped by the company’s distributed temperature sensing (DTS) measurement system.According to Parkwind, the majority owner of the 219MW project, the system uses the recorded temperatures and soil conditions to continuously calculate power circuit ratings and burial depth of the cables allowing an accurate follow-up on risk for failure.The hardware will be installed on the substation in May, with the system expected to be fully operational when all cables are installed in October.“One of the challenges over the lifetime of an offshore wind farm in the Belgian concession zone is to monitor and maintain correct burial depth of the cables. Marlinks provides an innovative monitoring solution allowing for up to date risk assessment,” said Peter Caluwaerts, Project Director of Northwester 2.Norddeutsche Seekabelwerke GmbH (NSW) will deliver the inter-array cable, while Nexans is in charge of supplying the export cable. Tekmar Energy will provide the cable protection system (CPS).Northwester 2 will comprise 23 MHI Vestas Offshore Wind 164-9.5MW turbines located some 51km off the Belgian coast. Offshore construction is expected to start in June 2019 and the commissioning is scheduled for 2020.last_img read more

See More

NASSCORP Donates to ETUs

first_imgAs many more Ebola afflicted patients are now being discharged from the Ebola Treatment Units (ETUs) across the country, the management of the National Social Security Corporation (NASSCORP) yesterday made a huge donation to several ETU  centers in and around Monrovia.Last weekend’s donation was  part of the Corporation’s social responsibility to identify with institutions that are engaged in the fight against the deadly Ebola virus disease (EVD).The NASSCORP management donated several bags of rice and other assorted items to the managements of the various ETUs in and around Monrovia, including the ELWA-ll and the one near the Island Clinic.NASSCORP’s Public Affairs Coordinator, David Q. Beekeh, who presented the first consignment of the items to the management of ELWA-ll treatment center, said those materials were part of the entity’s board of directors and management way of identifying with people that are being afflicted by the EVD as well as medical practitioners who are catering to them at the various ETUs.The donation by the NASSCORP coincided with this year’s Thanksgiving ceremony.  The Corporation thought the gesture was in line with one of her slogans, “Social Security Touches the Life of Everyone.”“Consignments presented during this Thanksgiving Day are part of what the Corporation started doing already since the outbreak commenced, thus signifying to our many customers and Liberians in general that our our determination to touch the lives of those afflicted by this devastating situation,” Mr. Beekeh declared.He presented the consignment to the manager of ELWA-ll ETU, Nathaniel K. DeVillie.The items are intended for the sick, so that they may eat and get well. He promised that the Corporation would bring more other items whenever the need arises. The NASSCORP management yesterday made similar donations to ETU authorities at  the Island Clinic on Bushrod Island.Items presented included nutrient-rich cartoons of biscuits, several 25 kg bags of rice, packages of canned food, juices and sacks of mineral water, etc.  ELWA Devillie’s expressed gratitude to NASSCORP on behalf of the Ministry of Health and Social Welfare (MOH/SW) and the management of ELWA-ll for the gesture.According to him, the items represent some of the essential materials the ETU  managements needed to administer to the patients to fast-track their recovery processes, especially the water to replace lost fluids. Mr. Devillie has meanwhile disclosed that as of last  Wednesday, November 5, the center had discharged 19 patients, among them, women and children, as well as the elderly males.“The Ebola situation was getting better. This means we are getting better by reducing Ebola cases. He welcomed this development, he said, because  doctors and nurses themselves were all getting afraid, in the midst of the stigmas from the outside,” Mr. Devillie asserted as he beamed a smile.Share this:Click to share on Twitter (Opens in new window)Click to share on Facebook (Opens in new window)last_img read more

See More