Virgin Islands Port Authority Refinances Bonds

The Virgin Islands Port Authority has approved a resolution to fund its capital projects plan by refinancing existing 2003 bonds in the amount of about $24 million and issuing about $29 million in new bonds, the Virgin Islands Daily News reports.

The newspaper said that the refinancing is expected to save the Port Authority about US$1.6 million. Some of the money will be used for the dredging project at Crown Bay on St Thomas, but officials said they are concerned they have not obtained a permit from the Army Corps of Engineers yet.

Chief Financial Officer Valdamier Collens said that the bonds will be backed by Port Authority marine revenues and fund projects scheduled for Fiscal Years 2015 and 2016.

Currently, the Port Authority is paying the most attention to the timeline for the Crown Bay dredging project, which could disrupt the cruise ship schedule for the Princess Cruise Line.

October 6, 2014

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3rd International Congress Hydraulic Engineering Structures and Dredging

Russia’s leading maritime industry Media Group PortNews (www.portnews.ru) holds a traditional annual Congress “Hydraulic Engineering Structures and Dredging” in Moscow. 

The two-day Congress includes the 7th International Forum of Dredging Companies and the 3rd Technical Conference “Modern Solutions for Hydraulic Engineering”.

Infrastructure development is among the real sources of Russia’s economy growth. Construction of port facilities and new hydraulic engineering structures on the country’s inland waterways constitute an essential part of all infrastructure projects. It is important to take into account the best international practices to implement these projects effectively.

The program of the Congress will be devoted to the latest technologies for dredging and hydraulic engineering works. Speakers and delegates will refer to real projects to discuss specifics features of dredging works, as well as dedicated fleet and equipment involved.

To learn more about event, please, contact the organizing committee: snitko@portnews.ru

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