MARITIME INVESTMENTS
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, propulsion and fire suppression systems for government and commercial vessels. Roy Arnold , President of IMECO, stated, "J.F. Lehman & Company is an excellent partner for IMECO given the firm's unique expertise and relationships as well as capital to accelerate our growth. We look forward to continuing IMECO's proud history of providing innovative solutions to the maritime market." "We are excited to be partnering with IMECO's management team," said Alex Harman , Partner at J.F. Lehman. "IMECO has built a highly respected brand name and outstanding reputation with U.S. shipyards by providing innovative, high quality engineered systems on a turnkey basis. The Company fits well with our firm's investment mandate and our existing portfolio of maritime services investments. We look forward to building on IMECO's tradition of success and expanding their position as a leading independent supplier of electro-mechanical solutions to the U.S
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
Dubai Maritime City Land Development
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
New Tanker Company Sets Sail
Hatem Fawzy, Director, Offsets Ventures; Ahmed Al Wahaibi, Deputy CEO, Oman Oil Company; Hussain M. Sultan, Group Chief Executive and Board Member, ENOC; Khadem Al Qubaisi, Investment Division Manager, International Petroleum Investment Company of Abu Dhabi; Xavier Thuriot, Chairman & CEO, Thales International Middle East. GEM – Gulf Energy Maritime PJSC – is a new $430m joint venture shipping company, launched today.
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
Kvaerner Proposes New Board of Directors
Kvaerner, the international engineering and construction group said that the board election committee had reached a decision concerning nominations for a new board to be elected at the extraordinary general meeting in Oslo, Norway, later today. The nominations are as follows: Kjell Inge Rokke, Helge Lund, Anders Eckhoff, Tore Tonne, Reidar Lund, and Yngve Hagensen. The election committee consists of Ragnhild Wilborg (chairman), head of investments for ODIN Forvaltning, Allen Akerstedt
ABB Takes Stake in Tidal Power
ABB has led a $12 million investment in Scotrenewables Tidal Power, (of Scotland), a provider of tidal turbine systems. The funding is being used specifically to roll out a larger and more advanced tidal energy conversion system known as the SR2000. The floating 2 megawatt turbine includes a number of innovations to deliver simplicity, low mass, rapid connection/disconnection and heightened survivability. Scheduled for completion next year
Brazil: Investment Opportunities
The Brazilian-American Chamber of Commerce is hosting a breakfast seminar on Maritime Infrastructure & Investment Opportunities in . The seminar will be held from 8:00 to 10:00 a.m., Monday, November 3 at the New York Yacht Club in . Holland & Knight is a sponsor of the event and Stuart Dye of the firm’s office is one of the featured speakers. (Source: Holland & Knight)
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 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
Second Hybrid Ferry Launched on the Clyde
A cutting edge ferry, which is the second of two hybrid vessels, was launched on the Clyde today at Ferguson's shipyard in Port Glasgow. The ferries are being built following a Scottish Government investment worth over £20 million, which has continued the proud heritage and tradition of
Açu Superport: A Modern Port Concept for Brazil
Brazil “Rotterdam of the Tropics” After spending a day exploring the sprawling Açu Superport and Industrial Complex construction site far up the northeast coast of the state of Rio de Janeiro courtesy of LLX and OSX, Claudio Paschoa
Bifab Contracted to Build GDF SUEZ Platform
The Rt Hon Edward Davey MP, Secretary of State for Energy and Climate Change, joined GDF SUEZ E&P U.K. in Aberdeen yesterday to witness the signing of another major contract with the U.K. supply chain for the Cygnus project. The deal with Burntisland Fabrication Ltd (BiFab) to construct
Hamburg Süd Recognized for Green Shipping
At the 27th Annual Asian Freight and Supply Chain Awards of Cargonews Asia, Hamburg Süd was awarded the title “Best Green Service Provider - Shipping Line” for the second time after 2012. The award ceremony took place in Beijing on May 9 in front of some 300
Remote Medical Embarks on $8 Million Expansion
When a worker on a remote island in the South Pacific had a heart attack, a physician and a nurse were there from Remote Medical International to treat his symptoms. Within hours, Remote Medical operations specialists back at the company’s Seattle headquarters secured a plane and a crew to
Port Launches World Trade Partnership on National Maritime Day
Trade partners in Ventura County joined forces at the Port of Hueneme to kick off a program celebrating World Trade Month. The Port timely hosted this event on National Maritime Day. Participating were representatives from the U.S. Department of Commerce, the U.S
Grieg Star & DNV’s Crane Collaboration
Saving money and the planet, it’s the Holy Grail for today’s cost and image conscious shipowners. Bearing that in mind, fellow open hatch cargo vessel operators should sit up and pay attention to the findings of a new research project conducted by Grieg Star
Unconventional Wisdom from Dolphin Geophysical CEO
Atle Jacobsen, the CEO of Dolphin Geophysical, is, in many ways, a bit of a paradox. An experienced, no-nonsense, veteran of the marine seismic surveying industry, he is also disarmingly easy to “talk shop” with, engaging and has an obvious thirst for new ideas and technology
New Canadian LNG Terminal Becoming Real
Pacific Northwest LNG awards FEED contract, takes next step toward an LNG export terminal island on Lelu Island, near Port Edward. The front-end engineering and design (FEED) contract will see three firms working together to design the terminal and work on feasibility studies in the Port
Jamaica Logistics Hub Plans: “Failure is Not an Option”
When it comes to its long-ranging and dynamic plans to develop as an international logistics center, failure is not an option for Jamaica, according to the country’s Minister of Industry, Investment and Commerce. Addressing the Jamaica Parliament as his contribution to the 2013/2014
Maine Port Authority Selects McAllister for ATB
Buckley McAllister, President of McAllister Towing & Transportation, announced the Maine Port Authority has selected McAllister as its partner for the design of a containerized articulated tug barge (ATB) for the New England Marine Highway Project.
Maine Port Authority, McAllister Colloborate on "Containerized" ATB
Maine Port Authority selected McAllister as its partner for the design of a containerized articulated tug barge (ATB) for the New England Marine Highway Project, according to Buckley McAllister, President of McAllister Towing & Transportation.
Bergen: A Unique Maritime Environment
The weather might be depressing, but the outlook for the city is anything but. Bergen’s shipping industry and maritime related services sectors are going from strength to strength, bullishly rebutting the worst of the waves caused by the ongoing global financial crisis
Steamship Mutual Addresses Underwriting Imbalance
Steamship Mutual released interim financial results for the year ending February 20, 2013. As with all international group clubs, underwriting performance for the year ended February 20, 2013 was adversely affected by the worst pool experience on record
High Power Phased Array Radar Development
The Australian Department of Defense released a request for tender to CEA Technologies for the development of a High Power Phased Array Radar concept demonstrator. CEA Technologies Pty Ltd is a Canberra-based company whose CEAFAR radar is being fitted to the ANZAC Class Frigates of the Royal