Aegean Marine Fetches New USD 750 Mn Credit Facility

first_imgzoom Greek marine fuel logistics company Aegean Marine Petroleum Network has reached an agreement for a new credit facility in the amount of USD 750 million for a term of three years.Seven of the nine participating lenders updated their commitments to Aegean at improved terms and increased tenor with two new banks joining the new secured global borrowing base multicurrency revolving credit facility.The company informed that the three-year global borrowing base also includes an “accordion” option for an additional USD 250 million and replaces the company’s outgoing one-year USD 1 billion facility. In concert with Aegean’s USD 250 million secured US borrowing base revolving credit facility, which was renewed earlier this year, the global borrowing base is expected to finance the company’s global working capital needs.“This new, three-year facility, on improved terms with a strong syndicate of international banks is a true testament to the strength of Aegean’s global network. We believe it will provide flexibility to continue executing our strategy,” Jonathan McIlroy, President of Aegean, said.“We believe that the decision by our bank lenders to contribute to the credit facility underscores their confidence in the strength of our global platform and ability to generate significant long-term value,” Spyros Gianniotis, Chief Financial Officer of Aegean, added.last_img read more

Stena Line Cuts Steel for 3rd RoPax for Irish Sea Routes

first_imgzoomImage Courtesy: Stena Line Swedish ferry company Stena Line has reached an important milestone in its new fleet investment programme with the steel cutting of the third E-Flexer RoPax ship to be deployed on its Irish Sea routes. With this development, the company said that its new E-Flexer ships, planned to enter into service on the Irish Sea during 2020 and 2021, are on schedule and under construction at the AVIC Weihai Shipyard in China.The first of the new vessels will start operation on the Holyhead to Dublin route in early 2020, with the remaining two ships to be introduced on the Liverpool to Belfast route in 2020 and 2021.“We are delighted to report that the steel cutting ceremony for the third of our Irish Sea E-Flexer ships has now taken place and that construction is going to plan across all three of our new generation RoPax vessels,” Peter Arvidsson, Stena Line Chief Operating Officer, said.All three Irish Sea E-Flexer vessels will be bigger than today’s standard RoPax vessels at 215 meters long with a freight capacity of 3,100 lane meters and the space to carry 120 cars and 1,000 passengers.Earlier this year, Stena Line ordered a further two E-Flexer RoPax vessels with a larger design, to be deployed within Stena Line’s network in 2022. Ordered in July 2018, these larger ships will be 240 meters long with a total freight capacity of 3,600 lane meters, and passenger capacity of 1,200.“With continued investment in our fleet, we want to lead the development of sustainable shipping and set new industry standards when it comes to operational performance, emissions and cost competitiveness,” Arvidsson added.last_img read more

The Canadiens Are Having A Good Season But Trading Subban Was Still

When the Montreal Canadiens dealt P.K. Subban to the Nashville Predators for Shea Weber last offseason, it was one of the NHL’s biggest challenge trades in years. Both players play defense, though each represents a different philosophy of how the position should be played — Weber is big and strong and tough and represents more of the old guard of NHL defensemen, while Subban is fast, slick and immensely skilled with the puck, the perfect prototype of the modern NHL defenseman.As the two blueliners prepare for Thursday’s game, their first head-to-head matchup since the trade, it might be tempting to think Montreal has gotten the better end of the deal. The Habs have a better record and goal differential than the Preds so far in 2016-17, and Weber has provided more individual production than Subban as well.But although Montreal might have the better hockey team, the Subban-Weber swap still probably made the Habs slightly worse in the long run. Although Weber is very, very good at hockey, a closer look at the numbers shows that Subban is better.To be clear, Weber isn’t a traffic cone. He has finished in the top five in voting for the James Norris Memorial Trophy, which is given to the league’s best defenseman, five times in his career, and he hasn’t finished outside the top 10 since his second full NHL season in 2007-08. By any metric, Weber is among the best backliners of his generation. In fact, he’d probably sit at the head of the table at a “Best Defensemen to Never Win a Norris” banquet.Weber is also having a very productive first season with his new club. He has notched 37 points in 64 games, good for 0.58 points per game — tying his career average. Subban, on the other hand, was injured in mid-December (the nebulous “upper-body injury”) and missed 16 games, so he trails Weber in total points. But Subban’s 30 points in 47 games are good for a pace of 0.64 points per game, also matching his career average. On a rate basis, then, Subban still looks better right now, and that’s without looking at what the two defensemen will be doing two or three (or even six) years down the line.What will those seasons look like? Major League Baseball has PECOTA1PECOTA was developed by FiveThirtyEight’s editor-in-chief, Nate Silver. to project a player’s future performance, but the NHL doesn’t have much in the way of similar projection tools.2The guys at Hockey Prospectus have developed an analogous model called VUKOTA, but it’s proprietary. It’s difficult, therefore, to predict when a player might be in his prime seasons. But a study published in 2014 by University of British Columbia professor James Brander examined the effects of age on scoring and plus-minus, concluding that an NHL defenseman peaks at age 29 and generally plays at 90 percent or better of his peak productivity from age 24 to 34.Subban and Weber’s careers have overlapped for seven full seasons, counting this one.3Subban’s NHL career technically began during the 2009-10 season, but he only played two games, so according to NHL policy, his rookie season was officially 2010-11. (For what it’s worth, Subban dished out two assists in those first two games.) Subban was 21 when that stretch began and is 27 now; Weber was 25 at the beginning of the 2010-11 season and is 31 now. If Brander’s assumptions are correct, Subban has not yet reached his peak, while Weber is on the downslope.According to Brander’s study, Weber has been either at or near his peak for the entire time his career has overlapped with Subban’s, and yet Subban still tops Weber in a number of advanced metrics. For starters, the numbers suggest that Subban is a better possession driver than Weber: During the years they overlapped, Subban’s Corsi for percentage (the proportion of total shot attempts — including misses and blocks — that a team amasses in its games) at 5-on-5 is 52.6 to Weber’s 50.3, according to Corsica Hockey. Relative to teammates at 5-on-5, Subban’s Corsi for percentage is 3.8 points higher than his team’s is when he sits; Weber’s is only 0.1 better. In an era when possession matters as much as it ever has, Subban looks to be the more valuable player.What’s driving those Corsi numbers? Subban’s teams have taken more shots while he’s on the ice in the past seven seasons than Weber’s teams have; at even strength, Subban-led squads have taken nearly 33 shots for every 60 minutes he’s on the ice while Weber’s teams have taken approximately 31. And despite Weber’s billing as the more conventional, defensive-minded blueliner, Subban’s teams have also allowed fewer even-strength shots per 60 minutes while he’s on the ice than Weber’s have: 29.7 vs. 30. In other words, Subban’s even beating Weber at his own game.Beyond possession metrics, Subban has a slight edge in points per game over the same stretch, 0.64 to Weber’s 0.62, an advantage that is likely to increase over the next few seasons. Weber is a better shooter than Subban — his career shooting percentage of 8.2 far outpaces Subban’s lifetime mark of 5.9 — and the Montreal defenseman is averaging more time on ice than his Nashville counterpart this season, but these are the only two metrics that could be weaponized against Subban evangelists.At 31, Weber still passes the eye test as a top defenseman (because he is) and he gives the Canadiens those mythic “tough minutes.” But Subban beats Weber in possession, points and team shooting rates. Subban likely has not peaked, but Weber probably has. On the ice, Nashville remains the clear winner in this trade.Now, there is one scenario where Nashville ends up the loser in this trade: if Weber retires before the end of his contract.4Contracts like Weber’s, which is heavily front-loaded and was signed back in 2012, are now illegal under the NHL’s revised salary-cap rules. Should Weber choose to hang up his skates before the last year of his deal, the Preds would be on the hook for a “cap recapture” fee to the tune of $24.5 million. That represents roughly a third of each team’s entire salary cap this season — needless to say, it would not be great for Nashville. The penalties are less severe if Weber retires earlier, between the ages of 32 and 39, but Nashville will still be crossing its fingers that Weber will stay on the roster till the end of his deal (he’ll be 40 the next time he becomes an unrestricted free agent).There’s no evidence to suggest that Weber will not play through the end of his deal, though. It’s not uncommon for an NHL defenseman to play till he’s 40, and in Weber’s eleven full seasons, he’s never played less than 54 games.5He played in all 48 games in the lockout-shortened 2012-2013 season. Bad things can happen and bodies do break down, but Weber has been an ironman to this point. Even though he doesn’t play for them anymore, Nashville will hope that trend continues.At the end of the day, both Nashville and Montreal wound up with two of the 10 best defensemen in the NHL. Subban, though, has won a Norris — Weber is still waiting for his first. He might get it under new Habs coach Claude Julien, whose defense-first style of coaching suits Weber’s style of play. But history suggests that as he ages past his prime, Weber’s prestige will fade, even if only slightly. Meanwhile, Subban is probably still getting better. That means the Predators will likely come out ahead in the long run, even if Montreal has the better record so far this season. read more

4 Vital Cyber Security Measures Every SafetyConscious Entrepreneur Needs to Take

first_img Throughout history, whenever technology has advanced, there has always been a concurrent change in the way we live our lives and go about our business. For the most part, this co-evolution has been welcomed and embraced. These advancements have made work simpler, and communication and collaboration across networks seamless.Related: Got Effective Cybersecurity Practices? Be Aware: The FTC Is Watching You.However, this transition to increased connectivity and quick, seamless, one-click solutions has also given rise to security issues when it comes to the private information held by the institutions leveraging those innovative solutions that optimize business operations.In their bid to be more connected, businesses have increased the touch points of their organizations across networks, increasing the opportunities cyber criminals have to penetrate: Every time any of us visit Angie’s List, BestAdvisor (U.K.), Yelp or any other review site to decide on what to purchase, then proceed to Amazon, Walmart or other ecommerce store, whipping out our credit cards and making a purchase, we’re releasing vital pieces of personal information.Things only get worse when we fill out a  detailed form online. This is fodder for the plethora of hackers seeking ways to penetrate personal and corporate firewalls ,to get to the private information they protect. No wonder so many organizations spend so much on security. No wonder we can’t ignore the vital role cyber security plays for businesses and individuals.While businesses are safeguarding their sensitive data (including customer personal information), you, as a smaller-scale entrepreneur, need to take steps to ensure that you don’t become a part of the cyber attack statistics. Here are several of those steps to take:1. Back up everything offline.Set up a regular schedule for backing up all your information, whether it’s your personal data or company files. This practice should be performed as frequently as possible so that, in the event of a breach, the information loss will be minimal.Related: 4 Reasons You Need Developers With Cybersecurity Skills in All Tech TeamsIf you use a cloud computing service, make sure to set up real-time backup. And then, nothing beats offline backup if you really want solid protection. Move a copy of all the information you hold dear onto a trusty thumb drive or backup drive. In this world of increasing personal digital espionage, offline means “safe.”2. Keep your eyes peeled for unusual financial activity.Little things like checking your card statement once every few days or once a week may be the only thing that will save you from financial damage if you are hacked. This checking frequency means that you will be able to take action against suspicious account activity within seven days, at the latest. A monthly check leaves fully 30 days between checks — not a good strategy for stemming damage from a hack.Also consider setting up a transaction limit on your card and/or bank account. Most banks, credit card companies and other financial institutions understand the implication, and willingly provide real-time alerts whenever activity occurs that contravenes your settings. This helps ensure the authenticity of transactions on your account while decreasing the probability of a successful hack.3. Develop a degree of security paranoia.Effective cyber security measures require a bit of paranoia. This means that you double-check whether you logged out your account from a friend’s laptop, or whether your password combination is strong enough. Such an attitude toward the security of your information causes you to be proactive.You should, for instance, make sure that all your passwords are strong enough to give any hacker a tough time. To stay on the safe side, install a reputable internet security software on your devices to protect all your online passwords. Maximize as many internet security solutions as you can, and set up your internet security software to check for the authenticity of those that lack that security protocol.Also, never give out your personal data to anyone, no matter how convincing that person sounds. Obviously, you shouldn’t incorporate any of your personal information into the password, such as your birthday or first name. Instead, your password should be a mixture of multiple elements: small letters and caps, symbols and digits sufficient to dissuade or demotivate intruders.As much as is possible, ensure that the websites you visit have “https” URLs, since that final “s” denotes security  protocols. Finally, keep your operating system, antivirus, network intrusion detection tools and other software updated to take advantage of the most recent security features available.4. Seek out a cyber-security expert.You shouldn’t wait till all else fails before you hire a security expert, especially if you run a business. You need someone who can analyze your systems, identify any security risks and develop and implement strategies for dealing with them.In the event of a data breach or compromise, a security expert can be the difference between comprehensive systems breakdown and minimal damage. The benefit of an expert becomes increasingly obvious when your business begins to expand operations and grow your network, leading to a greater number of potential breachable contact points.Related: 7 Cybersecurity Layers Every Entrepreneur Needs to UnderstandIt’s a no-brainer that it’s more cost effective to hire an expert than to recover from the damage a data breach may cause. Opinions expressed by Entrepreneur contributors are their own. Enroll Now for Free 5 min read September 19, 2017 Free Workshop | August 28: Get Better Engagement and Build Trust With Customers Now This hands-on workshop will give you the tools to authentically connect with an increasingly skeptical online audience.last_img read more