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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


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


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


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


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


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


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


Nigerian Council Moots New Agenda for Maritime Industry

Pic: Nigerian Port Authority

Nigeria needs a new Economic Agenda for the maritime sector that would look into port reforms and local participation policies, port concession and terminal shipping elements, as well as the Cabotage Act (Coastal and Inland Shipping), says Chief Kunle Folarin, the Chairman, Ports Consultative Council (PCC). The economic agenda will enable the ports’ regulatory authorities to promote investment opportunities in the maritime sector and improve human capacity building in seafaring, he said


Allegretti Addresses API Tanker Conference

AWO President & CEO Tom Allegretti

States Domestic Maritime’s Commitment to Meeting Transportation Needs of Changing Energy Economy Appearing before the American Petroleum Institute’s Tanker Conference in Austin, AWO President & CEO Tom Allegretti affirmatively stated that the domestic maritime industry is fully committed to serving its customers and the country as the nation’s energy economy grows, highlighting the significant investment American marine transportation companies have made and are


New Dry Bulk Facility at Khalifa Port

Photo: Abu Dhabi Ports

New AED 20 million facility will pack and transport dry bulk products for petrochemical and mineral manufacturers    Abu Dhabi Ports celebrated the groundbreaking of Schmidt ME Logistics’ new facility in Khalifa Port’s industrial, trade and logistics zone, Kizad


Port of Duluth Intermodal Project Underway

The U.S. Department of Transportation’s Maritime Administrator, Chip Jaenichen, today joined Senators Amy Klobuchar and Al Franken, Congressman Rick Nolan, Duluth Mayor Don Ness, local officials and port representatives in the groundbreaking of the Port of Duluth Intermodal project. A $17


Tsuneishi Seeks Foothold in Indonesian Shipyard Business

KEY PACIFICO: Ship manufactured by Tsuneishi. Photo: Tsuneishi Holdings Corporation.

 Japanese shipbuilding and maritime transport company Tsuneishi Holdings  has expressed a commitment to invest up to $40 million to open ship repair services in Indonesia, reports The Jakarta Globe.    The Hiroshima Prefecture-based company plans to invest US$40 million in a


Stena Sonangol Suezmax Pool Rings in 10 Years

Stena Superior (Photo: Stena Bulk)

Stena Sonangol Suezmax Pool celebrates 10 years of collaboration and trading.   The 10th anniversary celebrations took place in London on May 20. Today on May 26 it is Houston’s turn and, finally, on June 3, it will be Singapore’s turn.  


Crown Prince Frederik to Attend the Danish Maritime Forum

Danish Crown Prince Frederik (Photo: Danish Maritime Days)

Maritime key leaders, ministers and leading experts from all around the world will be accompanied by the Danish Crown Prince when they meet for the Danish Maritime Forum, October 7-8, 2015.   “We are very proud to announce that the Danish Crown Prince will attend the Danish Maritime


Training: Cutting Costs While Remaining Cutting Edge

Learning and development should not be seen as an extra cost but as a vital element of project and business delivery. It should be acknowledged that cutting training budgets will have a significant impact on the business. Professional development increases productivity, improves employee interaction and reduces staff churn, all of which contribute to a positive impact on the bottom line.” Jenny Matthew, Head of Courses at Jee Ltd.

Businesses are operating in tough economic times, with budgets being significantly cut during the current industry downturn. Unfortunately, when lowering costs is a key priority, learning and development budgets have historically been one of the first areas to take the hit


Harnessing Offshore Wind Peaks in U.S.

Wind Energy Photo IWEA

  For the US energy industry, 2014 will be remembered as the year when crude oil prices fell below 50$/bbl, resulting in significant realignments in the sector. Aside from the oil price collapse and the historic high of domestic natural gas production


Fincantieri Invests In Camper & Nicholsons

Giuseppe Bono

Fincantieri has signed an agreement for the acquisition of a minority stake via capital injection in Camper & Nicholsons International (Camper & Nicholsons), the world leading authority in all luxury yachting activities. The agreement includes the possibility for Fincantieri to increase


US Oil Platform on Fire in Gulf Of Mexico

An oil platform caught fire and was evacuated in the U.S. Gulf of Mexico offshore Louisiana in the early hours of Friday, though no injuries were reported, the U.S. Coast Guard said.   Fire-fighting crews worked to contain the fire on Friday near Breton Island


Navios in Red, but Beats Estimates

Picture: Navios Maritime Holdings

 Navios Maritime Holdings, vertically integrated seaborne shipping and Logistics Company, slumped to a loss in the Q1 although the result beat by $0.10 per share the average estimate of analysts who had forecast red ink for the dry bulk company.  


British Columbia Signs LNG Deal with Petronas

Agreement between the government of BC and Pacific NorthWest LNG establish signed. Photo: BC Gov News

 B.C. Premier Christy Clark has announced an agreement in principle with Pacific NorthWest LNG, owned in majority by Malaysia's Petronas, for a liquefied natural gas development on the province's northwest coast.    Hailed as “the largest capital investment in B.C


Investing in Unsustainable EU Fishing is Risky

Why Smart Investors Must Avoid Unsustainable Seafood Operations

  Recent changes to EU fishing and seafood legislation means that the financing of fishing operations reliant on overexploited stocks, or the use of destructive or unselective methods will prove a high risk to investors, Greenpeace warned today.


Freeport LNG Was Not Advised Against Inviting Chinese Investors

Michael Smith, chief executive Photo Freeport LNG

  The head of Freeport LNG on Friday said that the U.S. Department of Energy did not advise against inviting Chinese investment in the company's Texas export plant, backing down from contradictory claims made on Thursday. Michael Smith, the chief executive of privately-owned Freeport LNG


Steamship Reports Strongest Results

Image: Steamship Mutual Underwriting Association

The Steamship Mutual Underwriting Association (Bermuda)  achieved a combined ratio of 78.6% for the 2014-2015 policy year, one of the strongest results in its 100-plus years of existence. Free reserves increased by US$75 million to US$376


US DOE Discouraged Direct China Investment in US LNG Export

The U.S. Department of Energy discouraged U.S. liquefied natural gas exporters from allowing direct Chinese investment in their projects for fear of political backlash, according to Michael Smith, chief executive at Freeport LNG which is building a plant to export U.S. overseas.    






 
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