Menu

Ireland's sailing, boating & maritime magazine

Displaying items by tag: finance

#TALL SHIPS - The Irish Whale and Dolphin Group (IWDG) has secured three-quarters of the funding it required to refit its research vessel Celtic Mist.

According to The Irish Times, the Clare Local Development Company has approved the allocation of a €48,000 grant towards the refurbishment of the ketch.

The work will be carried out by Cathal Blunnie and several sub-contractors, and involves stripping down the main cabin and removing the bath and shower to increase space for crew berths.

While the ship's clock will be retained, the ship’s wheel in the main cabin will be removed and presented to the Haughey family as a gesture of appreciation.

As previously reported on Afloat.ie, the 52-foot yacht - which was gifted by the Haughey family to the IWDG to assist in its marine wildlife conservation work - entered dry dock last November in preparation for the refit work, after relocating to its new berth at Kilrush, Co Clare in July.

This followed its last jaunt at sea in its former guise, completing a leg of the Tall Ships Races from Waterford to Greenock in Scotland.

The cost of refurbishing the yacht for research and training purposes is expected to top €60,000, with an annual running cost of some €20,000, for which the IWDG is seeking ongoing financial assistance.

The group aims to get the Celtic Mist back at sea before the summer.

Published in Tall Ships

Douglas, ISLE OF MAN - Moore Stephens Isle of Man, leading providers of multi-sector wealth management services has today announced a comprehensive financial support service for Superyacht crew through one of its group companies, Moore Stephens Crew Benefits Limited.


Speaking about the service line, Clive Dixon, managing director said, "While this was the logical next step in the development of the product, we actually ended up with a brand new offering powered by the International FlexiPlan retirement savings scheme. We listened to our clients who asked us to refine our existing product and the end result is a highly flexible client-focused way of managing crew benefits. Our clients wanted to be empowered to make investment decisions on the level of retirement savings they have, which is where the International FlexiPlan works perfectly."


The comprehensive service which will incorporate a 24/7 helpline comes on the back of Moore Stephens' successful Superyacht registration, HR solutions and yacht owner services which had already expanded into yacht crew payroll. It includes:

· Retirement savings plans, flexible and adaptable to a crew member's unique lifestyle, available in all major currencies.

· Health insurance, including hazardous sport, piracy and kidnapping options, but always with Med-evac as standard.

· Accident cover for dismemberment, permanent incapacity and death, among other options.

· Flexible income protection and life insurance.


"Our clients can either leave their retirement savings to be managed by their chosen provider or manage their own retirement savings using the investment funds available in the International FlexiPlan through a secure web-based platform. The International FlexiPlan has been specifically tailored with seafarers in mind. No other product on the market has been dovetailed to their needs in such a way. Our goal is to become a one-stop financial shop for crew, it's as simple as that," continued Clive.


All crew become members of "Moore Stephens Crew Club" www.mscb.im with a dedicated website and membership card which includes the telephone number of their personal 24/7 helpline.


While the International FlexiPlan retirement savings scheme was designed by Moore Stephens Isle of Man to minimise fees and charges, including fund investment fees, so that the saver gets a low cost solution to their retirement savings need, other services such as banking and insurance were arranged through strategic alliances with international banks and specialist providers with an international perspective.


Bransom Bean, Director of Moore Stephens Crew Benefits Limited, who project managed the offering, said, "We sourced specialist underwriters to provide a truly comprehensive global coverage scheme including global air Med-evac, piracy and ransom and coverage in the USA."  He explained the rationale by stating, "Our brief was to design an ultra low-cost, fully flexible, international insurance product with the unique lifestyle of a yacht crew member in mind. This is a perfect fit for us as well - what could be more international than Superyachts?"

 

Published in News Update
Tagged under

Marine Protected Areas (MPAs) - FAQS

Marine protected areas (MPAs) are geographically defined maritime areas where human activities are managed to protect important natural or cultural resources. In addition to conserving marine species and habitats, MPAs can support maritime economic activity and reduce the effects of climate change and ocean acidification.

MPAs can be found across a range of marine habitats, from the open ocean to coastal areas, intertidal zones, bays and estuaries. Marine protected areas are defined areas where human activities are managed to protect important natural or cultural resources.

The world's first MPA is said to have been the Fort Jefferson National Monument in Florida, North America, which covered 18,850 hectares of sea and 35 hectares of coastal land. This location was designated in 1935, but the main drive for MPAs came much later. The current global movement can be traced to the first World Congress on National Parks in 1962, and initiation in 1976 of a process to deliver exclusive rights to sovereign states over waters up to 200 nautical miles out then began to provide new focus

The Rio ‘Earth Summit’ on climate change in 1992 saw a global MPA area target of 10% by the 2010 deadline. When this was not met, an “Aichi target 11” was set requiring 10% coverage by 2020. There has been repeated efforts since then to tighten up MPA requirements.

Marae Moana is a multiple-use marine protected area created on July 13th 2017 by the government of the Cook islands in the south Pacific, north- east of New Zealand. The area extends across over 1.9 million square kilometres. However, In September 2019, Jacqueline Evans, a prominent marine biologist and Goldman environmental award winner who was openly critical of the government's plans for seabed mining, was replaced as director of the park by the Cook Islands prime minister’s office. The move attracted local media criticism, as Evans was responsible for developing the Marae Moana policy and the Marae Moana Act, She had worked on raising funding for the park, expanding policy and regulations and developing a plan that designates permitted areas for industrial activities.

Criteria for identifying and selecting MPAs depends on the overall objective or direction of the programme identified by the coastal state. For example, if the objective is to safeguard ecological habitats, the criteria will emphasise habitat diversity and the unique nature of the particular area.

Permanence of MPAs can vary internationally. Some are established under legislative action or under a different regulatory mechanism to exist permanently into the future. Others are intended to last only a few months or years.

Yes, Ireland has MPA cover in about 2.13 per cent of our waters. Although much of Ireland’s marine environment is regarded as in “generally good condition”, according to an expert group report for Government published in January 2021, it says that biodiversity loss and ecosystem degradation are of “wide concern due to increasing pressures such as overexploitation, habitat loss, pollution, and climate change”.

The Government has set a target of 30 per cent MPA coverage by 2030, and moves are already being made in that direction. However, environmentalists are dubious, pointing out that a previous target of ten per cent by 2020 was not met.

Conservation and sustainable management of the marine environment has been mandated by a number of international agreements and legal obligations, as an expert group report to government has pointed out. There are specific requirements for area-based protection in the EU Marine Strategy Framework Directive (MSFD), the OSPAR Convention, the UN Convention on Biological Diversity and the UN Sustainable Development Goals. 

Yes, the Marine Strategy Framework directive (2008/56/EC) required member states to put measures in place to achieve or maintain good environmental status in their waters by 2020. Under the directive a coherent and representative network of MPAs had to be created by 2016.

Ireland was about halfway up the EU table in designating protected areas under existing habitats and bird directives in a comparison published by the European Commission in 2009. However, the Fair Seas campaign, an environmental coalition formed in 2022, points out that Ireland is “lagging behind “ even our closest neighbours, such as Scotland which has 37 per cent. The Fair Seas campaign wants at least 10 per cent of Irish waters to be designated as “fully protected” by 2025, and “at least” 30 per cent by 2030.

Nearly a quarter of Britain’s territorial waters are covered by MPAs, set up to protect vital ecosystems and species. However, a conservation NGO, Oceana, said that analysis of fishing vessel tracking data published in The Guardian in October 2020 found that more than 97% of British MPAs created to safeguard ocean habitats, are being dredged and bottom trawled. 

There’s the rub. Currently, there is no definition of an MPA in Irish law, and environment protections under the Wildlife Acts only apply to the foreshore.

Current protection in marine areas beyond 12 nautical miles is limited to measures taken under the EU Birds and Habitats Directives or the OSPAR Convention. This means that habitats and species that are not listed in the EU Directives, but which may be locally, nationally or internationally important, cannot currently be afforded the necessary protection

Yes. In late March 2022, Minister for Housing Darragh O’Brien said that the Government had begun developing “stand-alone legislation” to enable identification, designation and management of MPAs to meet Ireland’s national and international commitments.

Yes. Environmental groups are not happy, as they have pointed out that legislation on marine planning took precedence over legislation on MPAs, due to the push to develop offshore renewable energy.

No, but some activities may be banned or restricted. Extraction is the main activity affected as in oil and gas activities; mining; dumping; and bottom trawling

The Government’s expert group report noted that MPA designations are likely to have the greatest influence on the “capture fisheries, marine tourism and aquaculture sectors”. It said research suggests that the net impacts on fisheries could ultimately be either positive or negative and will depend on the type of fishery involved and a wide array of other factors.

The same report noted that marine tourism and recreation sector can substantially benefit from MPA designation. However, it said that the “magnitude of the benefits” will depend to a large extent on the location of the MPA sites within the network and the management measures put in place.

© Afloat 2022