Tanker firm Stelmar Marine Holdings Ltd. officially applied on Wednesday for listing on the Cyprus Stock Exchange. The company was established in 1992 by Greek Cypriot entrepreneur Stelios Haji Ioannou and owns and operates a fleet of 12 tankers with an average age of eight years. The company is planning to raise $54.6 million through the Cyprus Stock Exchange for further expansion of the fleet. The amount will be raised through the issue of 42 million new shares of face value $1 at the flotation price of $1.30, the company said. Approximately 27 million shares will be placed with private investors and 15 million will be offered to the public. Company executives said Stelmar, which is now based in Athens and London but plans to create a small office in Cyprus, would use the additional liquidity to acquire six new tankers.
Hill International get project management contract for a US$ 590-million Casablanca marina construction Hill International (NYSE:HIL), the global leader in managing construction risk, announce that it has been awarded contracts to provide project management services for three projects in North Africa. The contracts, which have a combined estimated value to Hill of approximately $7.5 million, include: A four-year contract has been awarded the company by Société New Marina
Seabulk International, Inc. reported a net loss, excluding charges related to its recent refinancing, of $2.8 million or $0.21 per diluted share for the quarter ended September 30, 2002. Including charges of $27.8 million or $2.16 per diluted share related to the early extinguishment of debt in connection with the company's refinancing, the net loss for the current period was $30.6 million or $2.37 per diluted share compared to net income of $2.9 million or $0
By Todd D. Snyder & Lara Bernstein Mathews Dyer Ellis & Joseph, P.C. Recent growth in ferry construction, particularly in the U.S., has been significant. The U.S. Department of Transportation recently reported that the U.S. marine transportation system annually transports 134 million passengers by ferry. Although the U.S. fleet represents a small percentage of the worldwide fleet, the U.S. fleet has recently experienced one of the largest and most rapid growth rates
Dubai Drydocks will launch its $60 million new building panel line and steel structure assembly facility in July. The yard, whose current shipbuilding facility has a monthly turnover of 2,800 tons of steel, plans turning over similar volumes of steel per month for the new building. It is already building the gravity base structure for a 10,000 steel construction with an extensive piping arrangement and four 6,200 dwt bunker tankers due to be delivered in March.
During the testimony today at a Senate Energy and Natural Resources Committee hearing on offshore energy revenue sharing, National Ocean Industries Association (NOIA) president Randall Luthi urged Congress to take the next step in enhancing America’s energy security, energy reliability and American jobs by increasing access to the Outer Continental Shelf (OCS) for energy exploration and development. “Only by providing additional oil and natural gas lease sales in more of the
The China Shipbuilding Industry Corp. (CSIC), built 3.17 million tons of new ships in 2005, up 47 percent. In 2005, the CSIC received 3.73 million tons of new orders and 2.85 million tons of new ships are under construction. The profit it earned topped $123.9 million, up 85 percent year-on-year. China's shipbuilding companies built 12 million tons of new ships in 2005, accounting for 18 percent of the world market, ranking third after the Republic of Korea and Japan
The Department of Homeland Security announced a $17.1 million award to the Port Authority of New York/New Jersey and to the Ports of Los Angeles/Long Beach and Seattle/Tacoma to strengthen the security of container cargo moving through three of the nation’s largest load centers. These grants were awarded under the third phase of Operation Safe Commerce, a program through which ports, federal, state, and local governments, and private businesses work together to identify, test
Interim Report 1 January-30 September 2012 • Weak market during the quarter • Stena Primorsk chartered out to new customer • Another P-MAX tanker, Stena President, converted to IMO 3 Total income, SEK 417.1 million EBITDA, SEK 175.4 million Operating result before impairment, SEK 61.9 million Impairment, SEK -408.8 million Operating result after impairment, SEK -346.9 million Result after tax, SEK -365.7 million
US exports have been relatively robust in a backdrop of a moribund global economy, but slowing growth means that President Obama’s ambitious plan to double outbound trade in five years will fall short. In his first State of the Union speech in January 2010, President Barack Obama set out an ambitious goal to double exports over the next five years to support 2 million new jobs. Following an initial burst that made that target look a realistic possibility
The Georgia Ports Authority achieved significant business gains in November, with a 6.6% increase in twenty-foot equivalent container units (TEUs) for the month, and a 7.3% increase in total tonnage across all terminals. The GPA moved 243,233 TEUs in November and reached 2,414
Irving Shipbuilding announced $28.2 million in additional contract awards to Canadian-based suppliers as part of the Halifax Shipyard Modernization Program, a two-year engineering and construction investment to prepare the company’s facilities to build Canada's future combatant ships.
The Port of Prescott owned and operated by the Township of Edwardsburgh/Cardinal, located on the St. Lawrence River south of the Canadian Capital of Ottawa, Ontario has announced that effective January 1, 2014, the Port will be officially renamed the Port of Johnstown
Following a call for tenders in November last year, the Marseilles Fos port authority has chosen automotive logistics specialist TEA – part of the Charles Andre transport group - to develop and operate an import/export terminal for new cars at the Brule-Tabac quay in Fos.
Classification society ClassNK announced that the ClassNK register topped 220 million gross tons for the first time at the end of November 2013. The announcement was made following the November meeting of the ClassNK Classification Committee, which certified the ClassNK register listed 8
Ships, barges, ferries, and recreational boats in the busy New York Harbor will be able to navigate more safely thanks to an updated version of the harbor’s nautical chart recently issued by NOAA that includes data gathered in the navigational response to the damage caused by Sandy in
Diana Shipping Inc. today announced that its subsidiary, Diana Shipping Services S.A. (DSS), was sentenced by the United States District Court in Norfolk, Virginia to a fine of $1,100,000 and a period of probation of three years and six months as a result of a conviction earlier this year by which
Silver Ships, Inc. said it has been awarded a firm-fixed price, indefinite-delivery/indefinite-quantity multiple award contract for the construction of High Speed Maneuverable Surface Targets (HSMSTs). The U.S. Navy maintains an inventory of HSMST’s to be utilized mainly for weapon system
Scorpio Bulkers Inc. has entered into agreements to purchase five Kamsarmax dry bulk vessels currently under construction in a Chinese shipyard as listed below: Yard
Shipments of iron ore on the Great Lakes totaled 5.5 million tons in November, an increase of 7% compared to a year ago. The November ore float was also 4.1% ahead of the month’s five-year average, but trailed October by 7.7%.
Pod propulsion system Azipod® was the propulsion system of choice for 6 new cruise liners in 2013, say manufacturers, ABB. The company won orders worth $180 million in 2013 to deliver complete electrical power plants and propulsion systems for six new cruise liners that include its
The European Union will support with €3.6 million from the TEN-T Program a series of studies preparing for the upgrade of the infrastructure in the Swedish Port of Luleå. The studies, which were selected for funding under the 2012 TEN-T Annual Program
ABB, the leading power and automation technology group, won orders worth $180 million in 2013 to deliver complete electrical power plants and propulsion systems for six new cruise liners that include its latest-generation Azipod XO units. The orders make 2013 the best-ever year for ABB in cruise
Import volume at the nation’s major retail container ports is expected to grow 1.8% in December over the same month last year, and the year should end with an increase of 2.3% over 2012, according to the monthly Global Port Tracker report released today by the National Retail Federation and
Early restoration efforts continue in the Gulf of Mexico: NRD Trustees release Phase lll draft Early Restoration Plan outlining 44 proposed projects estimated at US $627-million. Federal and state Natural Resource Damages (NRD) Trustees have released their Phase III Draft Early Restoration Plan