Displaying items by tag: finance

29th January 2012

IWDG Secures 75% Funding for Celtic Mist Refit

#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

Life Made Plain Sailing For Yacht Crew

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

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Crew
finance

About the Loughs Agency

The Loughs Agency is a governmental body established under the 1998 Agreement between the Government of the United Kingdom of Great Britain and Northern Ireland and the Government of Ireland. The Agency's goal is to provide sustainable social, economic, and environmental benefits by effectively conserving, managing, promoting, and developing the fisheries and marine resources of the Foyle and Carlingford areas.

The Agency's governing legislation confers several specific functions, including the promotion of development of Lough Foyle and Carlingford Lough for commercial and recreational purposes in respect of marine, fishery, and aquaculture matters. Moreover, the Agency is responsible for managing, conserving, protecting, improving, and developing the inland fisheries of the Foyle and Carlingford areas. Additionally, the Agency has the task of developing and licensing aquaculture, as well as the development of marine tourism.

The Loughs Agency reports to the North South Ministerial Council and its government Sponsor Departments, the Department of Agriculture, Environment and Rural Affairs (DAERA) in Northern Ireland, and the Department of the Environment, Climate, and Communications (DECC) in Ireland. The Departments fund the Agency on an equal basis.

The Loughs Agency's focus on sustainable development is expected to have a positive impact on the economy, environment, and local communities in the Foyle and Carlingford areas. The Agency's efforts to conserve and enhance the region's marine resources, including fisheries and aquaculture, are expected to benefit local communities, promote tourism, and contribute to economic growth.

In conclusion, the Loughs Agency plays a vital role in promoting the sustainable social, economic, and environmental development of the Foyle and Carlingford areas. Its work on marine conservation and development is crucial in ensuring the long-term viability of the region's natural resources and in promoting sustainable economic growth.