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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finance

What is the Ilen?

The Ilen is the last of Ireland’s traditional wooden sailing ships.

Who designed the Ilen?

The Ilen was designed by Conor O’Brien, the first Irish man to circumnavigate the world.

Where does the name Ilen get her name?

Ilen is named for the West Cork River which flows to the sea at Baltimore, her home port.

Who built the Ilen?

The Ilen was built by Baltimore Sea Fisheries School, West Cork in 1926. Tom Moynihan was foreman.

What is Ilen built from?

Ilen's wood construction is of oak ribs and planks of larch.

What are the dimensions of the lIen?

As-built initially, she is 56 feet in length overall with a beam of 14 feet and a displacement of 45 tonnes.

How did the Ilen get from Baltimore to the Falkland Islands in 1926?

Conor O’Brien set sail in August 1926 with two Cadogan cousins from Cape Clear in West Cork, arriving at Port Stanley in January 1927 and handed it over to the new owners.

How much did the Ilen cost in 1926?

The Ilen was delivered to the Falkland Islands Company, in exchange for £1,500.

What roles has Ilen performed in her lifetime?

Ilen served for over 70 years as a cargo ship and a ferry in the Falkland Islands, enduring and enjoying the Roaring Forties, the Furious Fifties, and Screaming Sixties. She stayed in service until the early 1990s.

Who from Ireland rediscovered the Ilen in the Falkland Islands?

Limerick sailor Gary McMahon and his team located Ilen. MacMahon started looking for her in 1996 and went out to the Falklands and struck a deal with the owner to bring her back to Ireland.

What condition was Ilen in when she was found in the Falkland Islands?

After a lifetime of hard work in the Falklands, Ilen required a ground-up rebuild.

How did the Ilen come back to Ireland?

A Russian cargo ship transported her back on a 12,000-mile trip from the Southern Oceans to Dublin. The Ilen was discharged at the Port of Dublin 1997, after an absence from Ireland of 70 years.

Who restored the Ilen?

It was a collaboration between the Ilen Project in Limerick and Hegarty’s Boatyard in Old Court, near Skibbereen. Much of the heavy lifting, of frames, planking, deadwood & backbone, knees, floors, shelves and stringers, deck beams, and carlins, was done in Hegarty’s. The generally lighter work of preparing sole, bulkheads, deck‐houses fixed furniture, fixtures & fittings, deck fittings, machinery, systems, tanks, spar making and rigging is being done at the Ilen boat building school in Limerick.

How long did it take to restore Ilen?

Ten years. The boat was much the worse for wear when it returned to West Cork in May 1998, and it remained dormant for ten years before the start of a decade-long restoration.

What is the role of the Ilen today?

Ilen now serves as a community floating classroom and cargo vessel – visiting 23 ports in 2019 and making a transatlantic crossing to Greenland as part of a relationship-building project to link youth in Limerick City with youth in Nuuk, west Greenland.