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Record setting Liebherr cranes arrive in New Jersey

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Three Liebherr Ship to Shore (STS) container cranes - weighing 6,000 tonnes and the largest single objects ever to be engineered in Ireland - have arrived at Maher Terminals in the Port of New York and New Jersey.

BRIDGE: The cranes on board a specialist vessel the 'Biglift Baffin' after passing under Verrazzano-Narrows Bridge last Saturday.

NeNEW YORK:The 'Biglift Baffin' ship carrying Liebherr cranes strikes a pose against the New York City skyline.

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The Liebherr cranes, built in Fossa and assembled at Doyle Shipping Group's Cork dockyard near Cobh, were on board a specialist vessel, the 'Biglift Baffin' and arrived last Saturday (September 10) after passing under both the Verrazzano-Narrows Bridge and the Bayonne Bridge.

The partly assembled cranes were then shipped from Cobh to the USA where they arrived at Sandy Hook anchor point on September 5.

The vessel dropped anchor while preparing for crossing under both the Verrazzano-Narrows Bridge and the Bayonne Bridge.

In order to safely pass under the bridges, tidal conditions had to be optimum. The low tide at 3pm on September 10 gave sufficient clearance for the vessel and partly assembled cranes to pass.

Liebherr engineers boarded the vessel and the booms on the cranes were lowered. Vessel ballast tanks were filled to lower the vessel position in the water, further reducing the height of the cranes above sea level.

The vessel raised anchor on Saturday and made good progress, passing under the taller Verrazzano-Narrows Bridge, before making its way toward the Bayonne Bridge.

It approached the bridge at 3.12pm local time and under the expert supervision of the local harbour pilots, had cleared the bridge by 3.19pm.

It was a tight squeeze, with water levels slightly higher than forecast, but well within planned expectations, with the vessel and cranes safely navigating under the bridge with less than 60cm to spare.

The vessel then docked at Maher Terminals shortly after.

Unloading is taking place all this week and is expected to be completed this weekend.

The cranes will then be fully assembled and commissioned before entering service in the coming months.

MILESTONE

"The supply of these cranes marks an important milestone in the history of Liebherr Container Cranes Ltd in Killarney," Gerry Bunyan, MD Sales with Liebherr, told the Killarney Advertiser.

"We commenced the shipping of fully assembled cranes from Cobh several years ago and the cranes recently delivered to New Jersey are the largest to date and the first cranes to be transported partially assembled.
The cranes and this project is testament to all the employees working at the facility in Killarney and serves to illustrate the Engineering capability prevailing at the plant," he said.

"These Ship to Shore cranes, when fully commissioned, will take their place alongside eight previously delivered cranes to Maher Terminals and we expect will make a significant contribution to the efficient handling of container traffic in the North American and global market."

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The Irish investment market is pathetic

By Michael O’Connor, theislandinvestor.com    I lived abroad for years, so all the investment strategies I created were typically outside of Irish tax considerations. But over the last few weeks I […]

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By Michael O’Connor, theislandinvestor.com   

I lived abroad for years, so all the investment strategies I created were typically outside of Irish tax considerations.

But over the last few weeks I have been putting together several investment strategies for Irish-domiciled clients. It has been eye-opening, to say the least.

In short, most of the Irish market appears to be dominated by a handful of life insurance companies that offer ‘wrapped’ Multi Asset Funds. This means they offer a basket of stocks, bonds, property etc., all within one investment.

Irish Life’s MAPs 4 multi-asset fund states a standard annual management charge of 1.15%. A bit on the higher side for my liking, but this is still manageable.

But when you dig a little deeper, the KID documents (where all fees have to be fully disclosed as part of UCITS regulations) show the fee as 2.2%.

Double the quoted price

As an added bonus, they lock your money up for seven years, where an early encashment charge is waiting for those who wish to withdraw their money early. That’s right, they charge YOU for making your money inaccessible.

This lock-up period is a shrewd business tactic. An exit charge is an excellent way to ensure customers don’t leave when they realise how poor the performance is.

Too late, you’re trapped.

Performance

Fees become more digestible provided the performance is strong, but unfortunately, the misery continues.

The Irish Life MAPS 4 Portfolio has an annual return of 1.63% a year over the last five years. Granted, this was a challenging market climate to navigate, but falling below even the lowest expectations of inflation means that this fund has returned negative real returns after inflation over the last five years.

A similar 60/40 portfolio made up of passive index funds (S&P 500 and US T bonds) would have returned roughly 6.5% a year over the same period for a fee of roughly 0.1%.

We can go round and round in circles regarding the ‘risk adjusted’ approach and the added ‘diversification’ of the multi-asset fund versus the 60/40 portfolio I have shown. But the reality is much of this so-called diversification is over-engineering for an extra cost for many long term investors.

So, how can such pathetic offerings still exist in a system where low-cost operators such as De Giro are providing endless ETF options and commission-free trades that provide access to market returns at a fraction of the price?

Two reasons spring to mind

Firstly, the Irish retail investment scene is built on a financial broker commission system where unsuspecting customers are shoved into these products by ‘financial planners’ who receive kickbacks and commissions from these investment companies. You think you’re getting free investment advice; believe me, you’re not.

Second, the tax treatment of ETF structures is comical in Ireland, and US ETFs aren’t even an investment option. A 41% exit tax and an eight-year deemed disposal rule leaves investors stuck between a rock and a hard place.

Choose an overpriced, underperforming product that locks your money away for multiple years or choose the cheaper, better-performing product and suffer the tax consequences.

Bizarrely, investors are forced to make decisions based on preferential tax treatment rather than on the underlying investment’s merits.

I have gone into much more detail on the tax treatment and investment options in Ireland on my website. Just scan the QR code.

If you would like me to independently review your investment portfolio, just send me an email at mike@theislandinvestor.com.

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Rebel lights delight for Killarney star

By Con Dennehy The continued growth, development and participation of women’s handball in East Kerry was rewarded at the weekend when Cork hosted ‘She’s Ace’, the prestigious All Ladies Handball […]

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By Con Dennehy

The continued growth, development and participation of women’s handball in East Kerry was rewarded at the weekend when Cork hosted ‘She’s Ace’, the prestigious All Ladies Handball championships.

Attracting all the leading players in Ireland, it was Sarah Dineen, the Spa/Killarney player who shot out the Rebel lights in Conna with a phenomenal display of handball.

Competing in the highly competitive Ladies Challenger championship, the Killarney player, who took up the sport just 18 months ago, had the perfect start in the competition defeating the home town favourite Agnes Hurley from Conna on a 21-20 scoreline following an energy sapping and close encounter that hung in the balance to the final ace.

In her second game she took on the challenge of Nolwenn Even from St Brigids where her skill, superior fitness and movement on the court resulted in the 21-12 victory and a place in the prestigious final.

“The final was always going to be a difficult game not least playing local girl Kate O’Riordan from Conna. I concentrated on my serve and kill shots which ensured we shared the aces early in the game. It was a difficult game with the home supporters out in force to cheer on their local hero. However, I played well and secured a 21-11 victory. This was the second time this title came to Spa Killarney following the 2022 win by Aoife Walsh in Northern Ireland,” said Sarah, who is currently chairperson of the Killarney Camogie Club.

A native of Westmeath, Sarah (46) runs a jewellery business in Killarney and lives in Rathmore. No stranger to competitive sport she played camogie for Westmeath and Leinster and also won an Intermediate championship Gaelic football medal in Westmeath.

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