Euronav VLCC deal near

NYSE-listed Euronav has confirmed that it is in advanced discussions to buy four VLCCs from Greece’s Metrostar.
Euronav, which is led by CEO Paddy Rogers, disclosed on 11 June that the acquisitions “would be funded from debt and existing liquidity available under revolving facilities”. The deal
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Global Ports Form Collaborative Agreement

By MarEx 2015-06-12 08:56:58

The Port of Los Angeles has entered into a collaborative agreement with the Ports of Auckland and Guangzhou to share economic opportunities and best practices. The memorandum of understanding signed this week establishes the Tripartite Ports Alliance, which represents a new level of cooperation between the three port authorities that had initially committed to working more closely together in November 2014.

“We commend Mayor Garcetti’s leadership and foresight in helping to form this alliance during his trade mission to Asia last year,” said Ambassador Vilma Martinez, Los Angeles Harbor Commission President. “The Port of Los Angeles looks forward to collaborating with the ports of Auckland and Guangzhou on a series of initiatives, including promoting commercial and business opportunities as well as sharing innovative best practices.”

Los Angeles, Guangzhou and Auckland are sister cities and strategic trading partners that share similar economic goals. The newly formed alliance provides a platform for growing trilateral cooperation to foster trade, innovation and investment opportunities between the public and private sectors of the three regions.

Objectives within the memorandum of understanding include sharing of best practices and expertise; strengthened communication and collaboration on investments, technologies and environmental policies; and working together to enhance capabilities of each port in order to boost their respective regional economies.

Mayor Chen Jianhua of Guangzhou and Mayor Len Brown of Auckland have brought leading high-level government and business delegations to the event. The summit is the first of three to be held under the Alliance.

The Port of Los Angeles is North America’s leading seaport in terms by container volume and cargo value. The Port of Los Angeles facilitated $290 billion in trade during 2014.

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