U.S. Provides $125 Million Loan for Elefsina Shipyard Upgrades in Greece

Mike Schuler November 9, 2023

The U.S. federal government has agreed to provide a $125 million loan to ONEX Elefsis Shipyards and Industries (ONEX) for the rehabilitation and modernization of the Elefsina shipyard near Athens, Greece. This funding is made available through the U.S. International Development Finance Corporation (DFC), the federal government’s development finance institution.

The investment by DFC aims to transform the shipyard into a strategically critical maritime and energy supply hub for the region. With the support of DFC, ONEX will expand the shipyard’s capacity to repair and upgrade ships, particularly liquified natural gas (LNG) carriers servicing the nearby Revithoussa LNG terminal. The strategic location of the shipyard near key gas trade routes will enable ONEX to establish it as an energy supply hub for LNG shipping lanes in the Mediterranean and Aegean seas

The expansion of the shipyard’s capacity to service LNG carriers will not only promote European energy security and diversification, but also create new local jobs.

“DFC’s investment in the Elefsina shipyard will develop a maritime and energy supply hub that will create good local jobs here in Greece and help the country and region become less reliant on Russian energy,” said DFC CEO Scott Nathan. “DFC is proud to advance this high-quality infrastructure project that will generate more reliable access to energy and foster greater economic growth and prosperity for our partners across the region.”

DFC’s investment is expected to increase the shipyard’s capacity to service up to 200 ships annually. Additionally, the project will include the construction of a 30MW solar farm to provide energy to the shipyard and the local grid. The upgrades will also involve repurposing part of the shipbuilding infrastructure for the fabrication and assembly of wind turbines.

The signing ceremony took place at the shipyard and was attended by CEO Nathan, Greek Minister of Development and Investment Kostas Skrekas, and U.S. Ambassador to Greece George Tsunis.

In a separate announcement this week, DFC revealed its commitment of over half a billion dollars to support the development of a deepwater shipping container terminal in the Port of Colombo, Sri Lanka, aiming to further strengthen the U.S.’s strategic position in one of the world’s key transit hubs.

https://gcaptain.com/u-s-provides-125-million-loan-for-elefsina-shipyard-upgrades-in-greece/

Meanwhile:

Philly Shipyard Navigates Challenges Amid Shipbuilding Milestones

Mike Schuler November 2, 2023

https://gcaptain.com/philly-shipyard-navigates-challenges-amid-shipbuilding-milestones/

Philly Shipyard Tight-Lipped on Reports of Acquisition Talks with Hanwha Ocean

Mike Schuler October 10, 2023

Strike Threat Looms Over US East and Gulf Coast Ports in 2024

By Ian Putzger (The Loadstar) – November 9, 2023

Even before contract negotiations get underway, the threat of a strike shutting down US ports on the east and Gulf coasts next year is looming.

The International Longshoremen’s Association (ILA), which represents 45,000 dockworkers at the ports, reaffirmed its commitment to strike if negotiations for a new labour contract do not reach a fruitful conclusion by 30 September 2024, when the current six-year agreement expires.

In Nashville on Tuesday, ILA president Harold Daggett told hundreds of ILA members and officers at the union’s Educational Conference to prepare for a strike to commence on 1 October, 2024.

He reiterated that there would be no extension of the existing agreement if the United States Maritime Alliance (USMX), which represents employers at east and Gulf cost ports and the shipping lines serving them, fails to produce a deal.

At a union convention in July, Mr Daggett had said: “If it goes to the wire, I will guarantee there will be no extensions, and we will be out on the street.”

And the bar for the looming contract negotiations is high. On Tuesday, Mr Daggett repeated that he expected to achieve a landmark agreement. The ILA has not spelled out specific demands, but on the west coast the International Longshoremen and Warehouse Union secured a 32% pay rise over six years, plus a one-time bonus for work carried out during the pandemic.

Beyond remuneration, the ILA wants to ensure work at new terminals will go its members, an issue fraught with controversy. The union has sued USMX and two carriers, Hapag-Lloyd and OOCL, for $300m over a hybrid labour model at the Leatherman Terminal in Charleston, arguing it violates the existing master agreement.

The National Labor Relations Board ruled this year that the union has the right to sue employers, a ruling subsequently confirmed by a court of appeals. The issue is now before the US Supreme Court.

A third flashpoint is the ILA’s stance to maintain prohibitions against terminal automation. Mr Daggett has made it clear that this opposition will continue.

And he wants ILA local branches to start negotiations early in order to resolve local issues before the master contract talks get going. This appears to be a lesson learned from the 13-month contract negotiations on the west coast, which were held up for weeks and months by local issues.

https://gcaptain.com/strike-threat-looms-over-us-east-and-gulf-coast-ports-in-2024/

>>19890816

Angry Inch the imposter troll still looking for attention?

How quaint

>>19890846