first_imgzoom South Korean shipbuilder Hyundai Heavy Industries (HHI) has laid the keel for a 84,000 cbm Very Large Gas Carrier (VLGC) for its compatriot shipping company KSS Line.This is the second LPG carrier HHI started building for KSS this month.The ship, priced at KRW 91.4 billion (USD 76.7m), is due for delivery by the end of March 2017.KSS inked a seven-year charter contract for the vessel with Japanese LPG importer GYXIS Corporation.The company has been on an ordering spree recently and has piled up a total of thirteen VLGCs on order. The most recent order was placed just a week ago, when KSS Line ordered another 84,000 cbm LPG carrier from Hyundai Heavy, worth an estimated USD 77 million and slated for delivery by May 2017.The shipping company expects to operate nine VLGCs and four mid-sized liquefied petroleum gas carriers by the end of 2017.World Maritime News Stafflast_img read more

A delegation from the US Government’s Millennium Challenge Corporation (MCC), led by Chief Operating Officer Jonathan Nash, visited Sri Lanka this week to continue progress on the proposed MCC compact – a large-scale five-year grant program, the US Embassy in Colombo said today.MCC is developing the compact in partnership with the Government of Sri Lanka to promote inclusive economic growth that will benefit Sri Lankans. “The proposed MCC compact reflects our commitment to development projects that make economic sense and drive growth in a way that increases local jobs,” said Chargé d’affaires Robert Hilton.  “With this compact, we have an opportunity to promote transparent decisions about Sri Lanka’s long-term interests in terms of costs, benefits, and sustainable development.”“We are pleased that progress continues on the proposed MCC compact,” said MCC COO Nash. “Developed in partnership with the Government of Sri Lanka, the proposed MCC Sri Lanka Compact is designed to spur economic growth and investment by the private sector to reduce poverty and increase economic opportunities for the people of Sri Lanka.” Based on an analysis of Sri Lanka’s economy and the constraints that are holding back private investment and growth, MCC expects to invest in projects proposed by the Government of Sri Lanka in the transport and land sectors.The proposed compact would improve road networks and the bus system in the Colombo Metropolitan Region, and improve road connectivity between the central region and ports and markets in the Western Province. The compact would upgrade more than 300 kilometers of urban and interprovincial roads. In addition, the compact would improve land administration, and strengthen land rights and tenure security.MCC is an innovative foreign assistance agency of the United States Government established in 2004 that has signed compacts with 29 countries around the world. In December 2016, MCC’s Board of Directors selected Sri Lanka to develop a compact. (Colombo Gazette) During the visit, COO Nash met with senior government officials, including Prime Minister Ranil Wickremesinghe, Minister of Finance Mangala Samaraweera, State Minister of Finance Eran Wickramaratne, and Foreign Secretary Prasad Kariyawasam. The proposed MCC Sri Lanka Compact is in the final stage of development. The compact is expected to be negotiated with the Government of Sri Lanka in the coming weeks. MCC will fund the compact entirely through grants which do not need to be repaid rather than loans. read more