Financial

Evergreen Rewards Staff With Mid-Year Bonuses

Credit: Korea Shipbuilding & Offshore Engineering

Taiwanese shipping giant Evergreen Marine has done it again. After making headlines for rewarding employees last December with massive year-end bonuses worth up to 52 months’ pay, it will next give its workers mid-year bonuses worth another 10 to 11 months of salary for their 2022 performance, says an article published on Asiaone.

Five years’ pay

This brings the potential combined bonuses for 2022 to more than five years’ pay.

Financial year ending

Th...

https://mfame.guru/evergreen-rewards-staff-with-mid-year-bonuses/

Cross-border payments: ‘It’s like a piece of dirt in your eye’

If there is any industry where being the middleman really pays off, it’s the cross-border payments industry. Global trade relies on global payments, but those funds often flow through not one or two but several banks or financial institutions on their way to the recipient. And each takes a cut of the pie.

“Not a lot of people know how cross-border payments work, but they know it is clunky and painful,” explained Cecilia Tamez, chief strategy officer for Euronet Worldwide’s money transfer...

https://www.freightwaves.com/news/cross-border-payments-its-like-a-piece-of-dirt-in-your-eye

Svitzer consults on proposed exit of Jackson and Geelong

Pictured: a Svitzer employee watches a Svitzer tug; Credit; photo supplied by Svitzer

Towage provider Svitzer Australia has advised customers that it has announced to employees that it is consulting on a proposal to exit the ports of Jackson (Sydney Harbour) and Geelong following “significant financial losses” in both ports.

Svitzer Australia advised customers that it will continue to provide towage services in both ports until the conclusion of the consultation process and the decision is...

https://shippingaustralia.com.au/svitzer-consults-on-proposed-exit-of-jackson-and-geelong/

Shipyards get financial breathing room from military contracts

For duly certified shipbuilders, a military contract provides a lifeline when clients in other industries are in free fall. Just ask the principals of the shipyards division of Houston-based Gulf Island Fabrication Inc.

The Navy exercised options that awarded the company’s Houma, La.-based Gulf Island Shipyards LLC a two-year, $129.9-million contract this spring to build two additional Navajo-class (T-ATS) towing, salvage and rescue vessels. The new contract swelled the company’s backlog to an...

https://www.workboat.com/news/shipbuilding/shipyards-get-financial-breathing-room-from-military-contracts/

VAT Exemption and Duties Rebate for Essential Goods: Covid-19 National Disaster

Cap San Juan

The magnitude and severity of the COVID-19 outbreak led the South African Government to declare a national disaster under the Disaster Management Act 2002 on 15 March 2020. As a result, Item 412.11 of Schedule 1 of the Value Added Tax Act 1991 (VAT Act) came into effect. Item 412.11 provides that goods imported for the relief of distress of persons in cases of famine or a national disaster will be exempt from VAT on importation.  The ultimate question is which goods actually qualify for this...

http://www.sashippingnews.com/2020/04/09/vat-exemption-and-duties-rebate-for-essential-goods-covid-19-national-disaster/

SA Employee Share Scheme Creates Value

Paul Maclons

Around 370 employees of specialist marine solutions provider, African Marine Solutions (AMSOL), are reaping the benefits of a payout created through the company’s employee share ownership scheme (ESOP), with many owning shares for the very first time.

The scheme, introduced in 2016, has developed into a catalyst for economic empowerment and shared value creation within the maritime industry, with around 84% of the beneficiaries being black employees.

It is a key element of the company’s employee...

http://www.sashippingnews.com/2019/06/25/sa-employee-share-scheme-creates-value/

Maersk to Offer Digital Trade Finance Services in South Africa

Marstal Maersk - Built 2014 Triple E Type 18340 TEU

Small and Medium Enterprises (SMEs) are productive drivers of inclusive economic growth in South Africa and around the world. Researchers estimated that in South Africa SMEs make up 91% of formal businesses, provide employment to about 60% of the labor force and total economic output accounts for roughly 34% of GDP.

“Focusing more on small and medium sized enterprises (SMEs) represents a strong opportunity for Maersk to introduce more customers to our end-to-end supply chain and logistics...

http://www.sashippingnews.com/2019/05/13/maersk-to-offer-digital-trade-finance-services-in-south-africa/

MoU Set To Be a Game Changer For East London

Transnet Board Member Ramasela Ganda, Buffalo City Manager Andile Sihlahla, Transnet National Ports Authority Acting Chief Executive and Chief Operating Officer Nozipho Mdawe, CEO of East London IDZ Simphiwe Kondlo and East London Port Manager Sharon Sijako.

A Memorandum of Understanding signed on Tuesday, 12 March between the Buffalo City Metropolitan Municipality (BCMM), Transnet National Ports Authority (TNPA) and the East London Industrial Development Zone Company (ELIDZ), seeks to harness the potential of the Port of East London and the IDZ to foster economic growth in East London.

The MoU will remain in place for a period of five years. It will establish a framework for the parties to engage with one another on strategic issues of mutual...

http://www.sashippingnews.com/2019/03/12/mou-set-to-be-a-game-changer-for-east-london/