Ship Finance to Drop by Third on Financial Turmoil [source: Bloomberg]: Loans to shipowners will drop by at least a third this year as frozen money markets curtail banks' ability to raise funds and shipping prices tumble, according to the largest lender to the industry last year. Banks will provide as much as $100 billion to shipowners this year, down from $150 billion in 2007, Ulf B. Andersson, head of shipping at Nordea Bank Finland Plc, told a Marine Money conference in Athens today. Funding costs have increased to 1 percentage point above the London Interbank Offered Rate, or Libor, he said, without giving a figure for last year. continue reading McCain and Obama's energy proposals [Associated Press]: Republican John McCain: Favors increased offshore drilling and building 45 nuclear power reactors by 2030. Crystal Benton, speaking for McCain, said he proposes no federal spending to help in construction of the plants. McCain believes the goal can be achieved with loan guarantees in existing law, with resolution of the impasse over waste disposal and with financial advantages the industry would have as a zero-emissions power source under his cap and trade program, she said. McCain opposes drilling in Alaska's Arctic National Wildlife Refuge. Proposed suspending the 18-cent a gallon federal gasoline tax but idea got no traction. Global warming plan would increase energy costs. continue reading Companies fined £1.2m after death [source: BBC]: Two offshore companies have been fined a total of £1.2m after admitting safety breaches which led to the death of an oil worker. Matthew Grey was killed when he was struck by a metal clamp during a pipe cutting operation 70 miles north east of Aberdeen, on the Bleo Holm vessel. continue reading Technorati tags: ship finance Bleo Holm Obama McCain energy Matthew Grey offshore