Korean Bank to Fund Philippines New Cebu Port

first_imgzoom South Korean bank Korea Eximbank (KEXIM) has granted its approval for a financial injection for the Philippines’ proposed new Cebu International Container Port in Consolacion.The port project cost is estimated to be around PHP 9.19 billion (USD 181.6 million), according to the Philippine News Agency.Out of this amount, PHP 7.96 billion (USD 157.2 million) is up for official development assistance (ODA) funding, while the Philippine government would contribute with PHP 1.23 billion (USD 24.3 billion).Set to commence the implementation phase in the third quarter, the port project is reportedly scheduled to be completed by 2020. The new port, which would reduce congestion and vessel waiting time in the Cebu International Port, is set to almost double container yard capacity from the current 7,373 TEU to 14,400 TEU.KEXIM would further finance USD 1 billion worth of infrastructure projects in the Philippines. Relevant Philippine authorities are currently conducting feasibility studies for several projects targeted to be presented for possible KEXIM financing.World Maritime News Stafflast_img read more

TUI Cruises Takes Delivery of New Mein Schiff 1

first_imgThe new flagship of German TUI Cruises, the New Mein Schiff 1, was delivered today from Meyer Turku shipyard.The 315 m cruise ship is based on a new design, which is an evolution of the Mein Schiff series.“The impressive new 50 m wide steel and glass window structure that makes up the new Diamond at the aft of the ship just above the propellers is a good example how we combine architectural design with our engineering skills supported by sophisticated computer models. Innovations, strengthening our Turku team and our 200million Euro investments in Finland well in advance are our way to compete with our mostly government owned and supported competitors,” CEO of Meyer Turku Jan Meyer comments.The design of the New Mein Schiff 1 allows for a 10 percent energy efficiency improvement compared to last year’s Mein Schiff 6. The cruise ship is equipped with catalytic converters for the main and auxiliary engines, reducing nitrogen oxide emissions.“We will proceed with this expansion over the next year with the new Mein Schiff 2. In 2023, the Mein Schiff 7, another ship in this class, will continue the trend,” said CEO of TUI Cruises Wybcke Meier.At the shipyard, New Mein Schiff 2 is already under construction and TUI Cruises recently ordered a third sister ship to New Mein Schiff 1 & 2 for delivery from Turku in 2023, which will be called Mein Schiff 7.New Mein Schiff 1 will sail from Turku to Hamburg where it will be christened on May 11.last_img read more