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MARITIME INVESTMENTS

Dubai Maritime City Authority Launches UAE-German Maritime Majlis

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Dubai Maritime City Authority (DMCA), the government authority charged with regulating, coordinating and supervising all aspects of the maritime sector in Dubai, has announced the establishment of the UAE-German Maritime Majlis in cooperation with the German Emirati Joint Council for Industry & Commerce (AHK), during a special Business Dinner hosted by DMCA in Dubai under the patronage and in the presence of His Excellency Dr. Abdulla Belhaif Al Nuaimi, Minister of Public Works & Chairman of the National Transport Authority. The dinner gathering was attended by H.E. Ahmed Butti Ahmed, Executive Chairman of Dubai Maritime City Authority, Dr. Peter Goepfrich, CEO of AHK, Amer Ali, Executive Director, Dubai Maritime City Authority, in addition to other senior officials from AHK and DMCA. Ahmed Butti Ahmed said, “The UAE-German Maritime Majlis reflects the importance given by the DMCA in strengthening its international partnerships in order to achieve its strategic objectives aimed at establishing Dubai as a global maritime hub. We thank the AHK for its full support for this undertaking and assure our friends in Germany that Dubai is keen to protect and prosper their maritime interests. We look forward to addressing and resolving our mutual concerns via this Majlis.” The new Majlis is of great strategic importance as it serves as an actionable platform for the UAE and Germany to exchange best practices and experiences and address mutually important


Lehman Acquires IMECO

J.F. Lehman & Company investment affiliates acquire AMECO, provider of electro-mechanical solutions to the defense, aerospace and maritime sectors. IMECO, based in Iron Mountain, MI, is a leading independent domestic provider of turnkey marine electro-mechanical solutions for U.S Government and commercial customers.  The Company's integrated maritime solutions include the design, engineering, planning, procurement and installation of HVAC, cargo handling, electric steering


Dubai Maritime City Land Development

DAMAC Properties Managing Director, Ziad El Chaar at Signing: Photo credit DAMAC

DAMAC Properties continues its investment programme with plans to develop prime real estate in Dubai Maritime City. DAMAC’s plot of land on the sea-front at Dubai Maritime City will be home to a high-rise luxury tower of serviced hotel residences and further expands the company’s project portfolio in the Emirate. Dubai Maritime City is strategically located north of the main city centre and creek area business district, between Port Rashid and Dubai Dry Docks


Mubarak to Build New Shipbuilding Facility in Dubai

Mubarak Shipyard

Dubai Maritime City LLC (DMC), the world-class mixed-use maritime cluster, announced the signing of long term partnership agreement with Mubarak Marine LLC. The agreement is for the development of an industrial complex project for maritime services, shipbuilding and repair worth AED 130 million.   This complex will enable Mubarak Marine to establish their headquarters as well as a major marine workshop and maintenance facility


Senators Murray, Cantwell Introduce American Port Legislation

Senator Patty Murray (WA)

-    Senate bill designed level the playing field for American ports competing for cargo, boost investments in port infrastructure and maintenance -    Legislation replaces the Harbor Maintenance Tax U.S. Senators Patty Murray and Maria Cantwell introduced today The Maritime Goods Movement Act for the 21st Century, new legislation that would support the American trade economy and significantly strengthen American ports


New Stainless Steel Chemical Tanker Platform

Principal Maritime Management LLC of Southport, Connecticut, a shipping company owned by affiliates of Apollo Global Management LLC, has formed a new platform in the stainless steel chemical shipping sector. Additionally, Princimar Chemical Carriers has acquired its initial three stainless steel chemical tankers, all of which were purchased from existing owners and are currently in service.   Princimar Chemical Carriers is focused primarily on acquiring stainless steel chemical


Maritime Exercise Held in China

China's largest ever maritime search-and-rescue exercise, involving 400 people, 28 fleets, two helicopters and an aircraft, was carried out on Thursday in the waters near Dalian Port, northeast China's Liaoning Province. The exercise started when a collision between a passenger ferry and a cargo boat was reported and the National Maritime Rescue Emergency Plan was enacted immediately. The main elements of the exercise, including the rescue of 368 passengers and dozens of sailors


DOT TIGER Grants List

The Department of Transportation (DOT) released the list of Transportation Investment Generating Economic Recovery (TIGER) grants. The grants, totaling $1.5b, are focused on rail and road projects, but include a number of infrastructure improvements in US ports. (2/17/10). http://www.dot.gov/documents/finaltigergrantinfo.pdf (Source: Bryant’s Maritime News)  


Capital Product Partners Merger with Crude Carriers

CAPITAL PRODUCT PARTNERS.bmp

CAPITAL PRODUCT PARTNERS L.P. ANNOUNCES A DEFINITIVE MERGER AGREEMENT WITH CRUDE CARRIERS CORP., THE ACQUISITION OF M/V CAPE AGAMEMNON, AN INCREASE IN THE SPONSOR’S INVESTMENT IN THE PARTNERSHIP BY 7.1 MILLION UNITS AND FIRST QUARTER 2011 FINANCIAL RESULTS ATHENS, GREECE, May 5, 2011 -Capital Product Partners L.P. (the "Partnership") (NASDAQ: CPLP), an international owner of modern double-hull tankers, today announces two important transactions


Cleveland-Cuyahoga County Port Approves 2013 Budgets

2013 budgets approval reflects strong financial performance & commitment to investments tied to its Strategic Action Plan. In 2013, the Port intends to continue improving its business lines by attracting more projects to its Foreign-Trade Zone and development finance programs, and strategically enhancing the financial performance of the maritime operation. As a result, operating revenues are expected to increase 18 percent next year


Maritime Reporter @ 75: The Daily Cartoon

© New Wave Media

Maritime Reporter & Engineering News was founded by John J. O'Malley (1905-1980) in 1939, and today ranks as the world's largest audited trade publication in the world serving the maritime industry, with a circulation of more than 35,000 worldwide, including ship and boat owners


Ultra-deepwater Drillship 'Maersk Valiant' Delivered

Maersk Valiant: Photo Maersk Drilling

Maersk Drilling advises that its second new drillship, 'Maersk Valiant', has been delivered from the Samsung Heavy Industries (SHI) shipyard in Geoje-Si, South-Korea. Maersk Valiant has begun its voyage towards the US Gulf of Mexico via Singapore to commence a two year contract with


Intesa Sanpaolo, Vei Capital Invest in RINA

Photo courtesy RINA

Intesa Sanpaolo, through the Merchant Banking Management of its Corporate and Investment Banking Division, and VEI Capital, investment company of Palladio Finanziaria in the Private Equity Mid-Cap segment, have agreed to buy a stake in RINA S.p.A


Maritime Reporter @ 75: The Daily Cartoon

© New Wave Media

Maritime Reporter & Engineering News was founded by John J. O'Malley (1905-1980) in 1939, and today ranks as the world's largest audited trade publication in the world serving the maritime industry, with a circulation of more than 35,000 worldwide, including ship and boat owners


U.S. Commodity ETFs Fall for Fifth Quarter

U.S. retail and institutional investors pulled cash from broad commodity exchange-traded funds for a fifth straight quarter even as coffee, natural gas and hogs prices had their best run in years, data from Thomson Reuters Lipper showed on Wednesday.


Principal Maritime Tankers Files for IPO of up to $100m

 Principal Maritime Tankers Corp, which is backed by Apollo Global Management LLC, filed with U.S. regulators to raise up to $100 million in an initial public offering of common stock. UBS Investment Bank was underwriting the IPO, the company told the U


Padbury Mining Secures $6.5 Bln Port Funding

Source: Padbury Mining

Australia's Padbury Mining Ltd said it had secured almost $6.5 billion in funding to build a new deepwater port and railway at Oakajee in Western Australia, potentially opening a new export hub for the region's iron ore riches.   Plans for a port at Oakajee in Western Australia's Midwest


Oil Major Total Close to Angola Kaombo Decision

Kaombo block (Courtesy Total)

French oil major Total is on the verge of making a final investment decision on Angola's Kaombo oil project after lowering the cost by $4 billion, its chief executive said on Friday. "We're on the verge," Christophe de Margerie told reporters on the sidelines of an oil conference in


Anglo American seeks compensation from Venezuela

 Anglo American is seeking compensation from Venezuela at a World Bank tribunal over the 2012 cancellation of mining concessions by late president Hugo Chavez's government.   The World Bank's International Center for Settlement of Investment Disputes (ICSID) said on its website the


French foreign minister meets Raul Castro on historic visit to Cuba

 France's foreign minister met with Cuban President Raul Castro on Saturday during the first visit to the island by such a high-ranking French official in 31 years and a sign of the quickening pace of improving ties between the European Union and Havana.  


Maritime Reporter @ 75: The Daily Cartoon

© New Wave Media

Maritime Reporter & Engineering News was founded by John J. O'Malley (1905-1980) in 1939, and today ranks as the world's largest audited trade publication in the world serving the maritime industry, with a circulation of more than 35,000 worldwide, including ship and boat owners


Maritime Reporter @ 75: The Daily Cartoon

© New Wave Media

Maritime Reporter & Engineering News was founded by John J. O'Malley (1905-1980) in 1939, and today ranks as the world's largest audited trade publication in the world serving the maritime industry, with a circulation of more than 35,000 worldwide, including ship and boat owners


OSC Plans Fleet Expansion through 2018

Photo: OSC

State-owned Oman Shipping Company SAOC (OSC) is projecting to expand its current fleet of 43 ships to 50 by 2018, the Oman Daily Observer reported. According to the report, the expansion is in line with a ramp-up in hydrocarbon, petrochemical and industrial investment throughout Oman.


OGX lands $73 Mln loan

 Bankrupt Brazilian oil company Óleo and Gás Participações SA, formerly known as OGX, has obtained a $73.2 million loan to finance exports and related costs, the company said on Tuesday in a securities filing.


Treadwell: Arctic Security Should Be National Priority

Lt. Governor Mead Treadwell official photo

Lt. Governor Mead Treadwell delivered the keynote address yesterday at the Arctic Collaborative Workshop in Fairbanks. Treadwell discussed five reasons why Arctic national security should be a national priority: energy development and security, shipping opportunities and safety


 
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