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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


Dry-Bulk Shipping: Hitting the Bottom

Photo: China COSCO Bulk Shipping (Group) Co

 Dry bulk shipping companies being hit the hardest on account of the deteriorating business climate are likely to be swept by a new wave of bankruptcies, reports Nikkei.   The global commodities bust has rocked the dry-bulk shipping industry, with a wave of bankruptcies washing across the sector and major players forced to restructure, divest or scrap assets.   Many in the industry had hoped it would start to recover this year


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


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


UK Seeks Maritime Dominance of Yore

S tidal turbine being transported to EMEC test site Image Rolls Royce WEB.jpg

“Britannia rules the waves” paid a glowing tribute to the maritime past of the United Kingdom.  Over the past three centuries as the sun began to set on the British power, resilient U.K. with its pioneering characteristics began its voyage of transformation to become a world-class maritime services center, with one of the largest clusters of marine insurance, ship finance, law, classification societies, ship broking, education and consultancy organizations.


Indian Maritime Development Can Create 10 Million Jobs

Nitin Gadkari. Photo: The Ministry of Shipping

 Indian minister for shipping Nitin Gadkari has said port and shipping sector has potential to create nearly 4 million direct jobs and 6 million indirect employment opportunities over the next 5 years.   Gadkari said "all the developed countries have a vibrant port sector, but unfortunately, our maritime sector remained neglected over the years, despite having immense potential."   Recalling Prime Minister Mr


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


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


SIU Honors Thomas B. Crowley Sr.

Crowley’s current Chairman and CEO Tom Crowley Jr. – the son of Crowley Sr. – addresses the crowd at the Seafarers International Union dedication ceremony that named a new building in his father’s memory. (Photo: Crowley)

SIU Piney Point building dedicated in honor of the late Thomas B. Crowley Sr.   The Seafarers International Union (SIU) recently honored the late Thomas Crowley Sr. during a dedication ceremony that named a new administration building in his memory. The new Thomas Crowley Sr. Center for Maritime Services, located at the Paul Hall Center for Maritime Training and Education in Piney Point, Md., commemorates the legacy of Crowley, who owned and operated Crowley Maritime Corp


Crowley Ramps up Investment in Puerto Rico

First row (L to R): John Hutchins, principal, Harbor Consulting Engineers; Tucker Gilliam, vice president, Crowley; Humberto Reynolds, president, Del Valle Group; second row: Carmelo Calderon, vice president, infrastructure division, Del Valle Group; Jose Soler, project manager, Del Valle Group. (Photo: Crowley)

Crowley Puerto Rico Services announced an additional $21 million construction contract for improvements and upgrades at its Isla Grande port terminal in San Juan.    The contract was awarded to Del Valle Group, S.P. of Toa Baja, Puerto Rico


Maritime Consolidation: Palfinger Aims to Acquire Harding

Palfingers potential acquisition of Harding will help it be less dependent on the whims of the offshore energy markets. (Photo: Palfinger Marine)

As maritime markets continue to struggle, merger and acquisition activity should heat up. Today, Austria's Palfinger Group announced that it intends to acquire 100% of the shares in Herkules Harding Holding AS and thus, the globally operating Harding Group


OOCL Renews VOD Training Contract

Videotel KVH Logo

 Videotel, producer and distributor of training videos, 3D animation, and e-Learning courses to the maritime market and part of KVH Industries, Inc., (Nasdaq: KVHI), has renewed its contract with Orient Overseas Container Line (OOCL) to supply the full Videotel On Demand (VOD) and software


SCA Applauds Funding for New US Ships

The Senate Appropriations Committee this week acknowledged calls for increasing the Navy’s ship count, funding the construction of 10 new ships, as well as providing the U.S. Coast Guard funding for the acquisition of six total new ships.  


EIG names Odebrecht, shipyards in Petrobras suit

Investment management firm EIG Management Co added Brazil's engineering conglomerate Odebrecht SA and a few other shipyards in its $221 million fraud suit against Petroleo Brasileiro SA. EIG, in a filing on Wednesday, alleged that Odebrecht SA and other shipyards along with Petrobras misled the


Fujiwara Takes the Helm at ClassNK

Koichi Fujiwara (Photo: ClassNK)

Maritime Reporter & Engineering News visited Koichi Fujiwara, the newly installed Chairman and President of ClassNK, in his Tokyo headquarters for his insights on the global maritime market at large as well as the future direction and mandate of class.  


Davie Shipbuilding Launches Ferry Replacement Push

Photo: Davie Shipbuilding

Recent changes to Canada’s Federal government’s New Building Canada Fund, announced by Infrastructure Minister Amarjeet Sohi, will enable significant investments in infrastructure systems, including ferry replacement and refits. Ferry operators across Canada will have access to the


Exxon, Total, Chevron in Talks With Pemex on Gulf

Photo: Petróleos Mexicanos (Pemex)

 Oil majors are in talks with Mexico’s state-owned Petroleos Mexicanos (Pemex) as the struggling state-run oil producer seeks partners to develop deepwater crude in the Gulf of Mexico, reports Bloomberg.   Petroleos Mexicanos is in talks with Exxon Mobil Corp


AAPA, USDOT to Commemorate NM Day Jointly

AAPA President and CEO Kurt Nagle Photo AAPA

 A little-known annual American commemoration is coming up again on May 22 - National Maritime Day. It was declared by Congress in 1933 to call attention to America’s proud maritime heritage and to honor the men and women who serve and have served as U.S. merchant mariners.


India: Iran Port Contract Likely

India will on Monday sign a commercial contract with Iran to build and run a strategic port on Iran's southern coast, the Indian government said on Friday, to help it gain a foothold in Iran and win access to central Asia and Afghanistan.


New Cranes for Port of Gulfport

Blessing of Cranes (Photo: Port of Gulfport)

The MSPA Board of Commissioners along with Gov. Phil Bryant and local officials marked the beginning of a new era today at the Port of Gulfport with the “Blessing of the Cranes” event. The arrival of the cranes was a momentous milestone in the Port’s Restoration Project and the


Canada Invests $289 Mln in Harbor Improvements

Hunter Tootoo, Minister of Fisheries, Oceans and the Canadian Coast Guard announced that the Government of Canada is investing $289 million in small craft harbors across the country in 2016-2017.   The announcement includes $32 million of the $149 million allocated to small craft harbors in


UASC Completes Award Winning Finance Deal

Photo courtesy of UASC

United Arab Shipping Company (UASC) announced  the recent conclusion of a series of transactions that resulted in the issuance by a U.S. based trust of $162 million of Enhanced Maritime Trust Certificates (EMTC). The EMTCs were issued in an offering pursuant to Section 4(a)(2) and Regulation


KR to Deliver Engineering, Ship Surveys in Iran

Korean Register (KR) – an IACS member classification society - has signed a Memorandum of Agreement to establish a joint venture company with the Iranian Classification Society (ICS). The agreement is to deliver plant facility certification and engineering services


Maritime Turkey Set for a Tailwind

Kosbas Terminal serves as a Free Zone. (Photo by Turkish Chamber of Shipping)

Turkey is strategically located, straddling both Europe and Asia with substantial number of Black Sea and Mediterranean Sea ports, thus making maritime trade and shipping of great importance to the country’s economy. Its extensive coastline running for 8,483 km, (1






 
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