• 2020 May 30 14:32

    EC approves €600 million Finnish guarantee scheme to support maritime companies affected by the coronavirus outbreak

    The European Commission has approved a €600 million Finnish aid scheme to support the maritime companies in the context of the coronavirus outbreak. The scheme was approved under the State aid Temporary Framework adopted by the Commission on 19 March 2020, as amended on 3 April and 8 May 2020.

    Executive Vice-President Margrethe Vestager, in charge of competition policy, said: “This €600 million Finnish guarantee scheme will help those maritime companies that transport essential supplies to Finland and are affected by the current coronavirus crisis to cover their immediate working capital needs and continue their activities. This is the first scheme we have approved specifically designed to support the maritime sector in these difficult times. We continue to work closely with all Member States to ensure that national support measures can be put in place in a timely, coordinated and effective way, in line with EU rules.”

    The Finnish support measure

    Finland notified to the Commission under the Temporary Frameworka €600 million guarantee scheme to support maritime companies affected by the coronavirus outbreak. Under the scheme, the public support will take the form of State guarantees on working capital loans. The measure will be directly operated by the Finnish State Treasury.

    The scheme will be accessible to those maritime operators that are essential for maintaining the security of supply to Finland during the coronavirus outbreak. The aim of the measure is to help these companies cover their immediate working capital needs, maintain employment and have sufficient liquidity to continue their activities, which are vital to safeguard maritime cargo traffic and ensure essential supplies to Finland.

    The Commission found that the Finnish measure is in line with the conditions set out in the Temporary Framework. In particular: (i) the underlying loan amount per company is limited to what is needed to cover its liquidity needs for the foreseeable future, (ii) the guarantees will only be provided until the end of this year, (iii) the guarantees are limited to a maximum six-year duration, and (iv) guarantee fee premiums comply with the minimum levels foreseen by the Temporary Framework; (v) the risk taken by the State is limited to up to 90%.

    The Commission concluded that the Finnish measure is necessary, appropriate and proportionate to remedy a serious disturbance in the economy of a Member State, in line with Article 107(3)(b) TFEU and the conditions set out in the Temporary Framework.

    On this basis, the Commission approved the measure under EU State aid rules.




2020 September 29

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13:58 Traficom surveyed Maritime professionals’ opinions regarding N2000 fairway and nautical chart reform
13:13 Victor Shitukhin is appointed as Acting Director of its Ship Repair Plant ‘Nerpa’
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10:46 New impetus for digitalization of shipping in the COVID-19 pandemic
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09:54 Oil prices are decreasing
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09:15 Baltic Dry Index as of September 28
08:58 MABUX: Bunker market this morning, Sept 29

2020 September 28

18:57 Okeanis Eco Tankers announces one year VLCC time charter
18:27 Bumi Armada secures third FPSO project in India
18:07 Wilhelmsen and thyssenkrupp step-up collaboration, establishing 3D printing joint venture targeting the maritime industry
17:59 RF Government to allocate RUB 27.6 billion for construction of two scientific research ships
17:28 Port of Long Beach announces closure of traffic routes leading to the Gerald Desmond Bridge
17:05 Maersk Supply Service and Ørsted to test offshore charging buoy to reduce vessel emissions
17:02 Oboronlogistics completed Northern Delivery programme of 2020
16:56 UTLC ERA JLC and Belintertrans-Germany GmbH open joint end-to-end regular multimodal service from China to Western Europe
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15:51 Ships of RF Navy's Black Sea Fleet returned to their permanent locations after "Kavkaz-2020" maneuvers
15:29 New railway bridge over Kolar river put into operation in Murmansk Region
15:13 BIMCO to push for international guidelines for ship/shore communication at IMO
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13:53 Moscow Exchange registered debut bond issue by FSUE "Rosmorport"
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09:52 Tallink suspends operation of Helsinki-Riga route until end of October
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08:48 MABUX: Bunker market this morning, Sept 28

2020 September 27

16:43 Milaha signs key deal with major oilfield services firm
15:31 RINA and SDARI: an innovative step towards 3D ship classification
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12:49 Huntington Ingalls Industries restores drinking water, conducts steam testing during USS George Washington (CVN 73) refueling and complex overhaul
12:03 The Manor Endurance sets sail for her first charter
11:29 NYK and JMU introduce shipbuilding contract that guarantees propulsion in actual sea conditions

2020 September 26

15:52 Port Freeport enters partnership with CEMEX Servicios Logisticos and Union Pacific Railroad
14:32 Coast Guard rescue two mariners from disabled catamaran near Oahu
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12:06 Northwest to Midwest: New rail service builds on NWSA’s intermodal growth
11:02 IUMI: Loss prevention remains a vital element in ensuring the insurability of maritime risk
10:53 Huntington Ingalls Industries breaks ground on unmanned systems center of excellence

2020 September 25

18:07 Tripartite agreement signed on establishing the FSRU terminal in the Bay of Gdansk
17:55 Baltic Fuel Company shipped first batch of bitumen
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