Irish Continental Group Signs Multiple Deals 

Irish Continental Group (ICG) has signed several new financing agreements.

Among them are a five-year revolving credit facility from Allied Irish Banks and Bank of Ireland worth EUR 75 million in committed funds and EUR 50 million in uncommitted funds.

European Investment Bank will provide a drawing limit of EUR 75 million for the financing of the new vessel W.B. Yeats.

Agreements have also been made with Metropolitan Life Insurance Company and Pricoa Capital Group totaling uncommitted drawing limits of USD 275 million.

These instruments will support ICG's long-term investment plans.

​Singapore Will ​Boast a New Super Berth Soon

A Memorandum of understanding was signed between Cosco Shipping Ports and PSA Corporation in order to establish a new and giant third berth CPT terminal. It will replace previous two berths and will start operations in January 2018. The upgrade will raise the terminal's annual capacity up to 3 million TEUs. The reconstruction is designated to meet the up-to-date cargo turnovers, to operate modern mega ships and to remain a significant maritime hub. A new berth, as previous two, is going to be controlled by an automated remote yard ensuring top efficiency and service quality.

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Canada's First Shipment of LNG to China

A pilot project is underway to determine the feasibility of liquefied natural gas transport from Canada to China. FortisBC’s Tilbury facility in Delta, British Columbia supplied the LNG, with True North Energy Corporation and CIMC ENRIC Holdings Limited providing equipment. The containership carrying the cargo left from Vancouver.

FortisBC has expanded its Tilbury LNG storage facility and improved its natural gas transport capabilities. 

Michelle Mungall, BC Minister of Energy, Mines and Petroleum Resources, stated: “Our Government is pleased to see this pilot project launch its first shipment of LNG to China.” 

China is projected to become the world’s second-largest LNG importer next year and is working with LNG exporters on finding feasible methods of delivery. Natural gas is the cleanest-burning fossil fuel and should help in reducing pollution.