STERLING EQUIPMENT

Donjon to Build Hopper Barges for Sterling

Donjon Shipbuilding and Repair, located in Erie, Pennsylvania, was recently awarded a contract by Sterling Equipment of Quincy, Massachusetts to construct two hopper barges, with an option for a third. The principal dimensions of these barges are 225’ long x 42’ wide x 12’ deep. Delivery of the barges is to be made by the middle to end of August 2013. Donjon Shipbuilding & Repair's facility, equipped with 1,250 ft. by 120 ft. by 22 ft. dry dock, is one of the largest shipyards of its kind on the Great Lakes. The facility includes 4,000 ft. of pier space and more than 200,000 square ft. of production area, with fully enclosed fabrication and assembly buildings housing fully automated cutting, fabrication, and coating equipment sufficient to build and maintain everything from deck barges to ocean-going ships. www.donjonshipbuilding.com  

UK Urged to Change Capital Gain Calculation Methods

Moore Stephens calls for rethink on capital gains exchange rate distortions on ships.   International accountant and shipping consultant Moore Stephens has urged the UK government to remove exchange rate distortions when calculating capital gains on ships.   Moore Stephens tax partner Sue Bill explains, “Currently, all capital gains and losses subject to UK corporation tax are calculated by reference to sterling

Carnival Increases Quarterly Divident by 25 Percent

Carnival Corporation & plc announced that it has declared a quarterly dividend of $0.25 cents per share -- an increase of 25 percent. The dividend is payable on December 9, 2005, to shareholders of record on November 18, 2005. With today’s announcement – combined with previously announced dividend increases in April 2005 and October 2004 – Carnival’s quarterly dividend has doubled in just over 12 months.

Moore Stephens: UK Budget "encouraging" for Shipping

INTERNATIONAL accountant and shipping adviser Moore Stephens says the UK Budget 2012 contains some encouraging signs for the shipping industry.   The government has stated that it will consult later this year on whether to introduce a rule allowing companies with a non-sterling functional currency to compute their capital gains and losses in such functional currency, rather than in sterling, as is currently the case

Indian FPSO Finance Secured by Malaysian Operator

Bumi Armada Berhad secures syndicated Indian banks term loan facilities of up to US$276.4-million for FPSO 'Armada Sterling'. Malaysia-based international offshore oil and gas services provider, company Bumi Armada Berhad announced today that its jointly controlled entity, Armada D1 Pte. Ltd. (Armada D1) has secured syndicated term loan facilities of up to USD276.4 million (facility) from Allahabad Bank, Bank of Baroda, Bank of India, Indian Bank, Indian Overseas Bank

UK Budget is Good News for Shipping Sector

International accountant and shipping adviser Moore Stephens says the UK Budget 2013 contains generally good news for the shipping sector. Measures which will have an impact on the shipping industry include a reduction in the main rate of UK corporation tax.  This is 23 per cent for the year ended 31 March 2014, reducing to 21 per cent from April 2014. A further reduction to 20 per cent from April 2015 has now been announced.  

EC Clearance for Ferry Consolidation

P&O welcomes the announcement by the European Commission that it has cleared the Group's proposed purchase of Stena Line's 40 percent shareholding in P&O Stena Line. The transaction is expected to complete during the next week. P&O Chairman Lord Sterling said: "We are delighted to have received clearance from the EC. We can now proceed on schedule with the planned consolidation of our ferry businesses. By managing the businesses together we will be able to maximise synergies and growth

Seismic Survey Offshore NW Australia by TGS

Geoscience providers TGS announce a fourth 3D multi-client seismic survey, 'Honeycombs'. Honeycombs, covers 2,500 km2 over the Exmouth Plateau in the Northern Carnarvon Basin, offshore NW Australia. This survey is located over acreage with 50% relinquishment due in February 2013 and is adjacent to the previously announced NW Australia survey (Mary Rose) in October 2011. Upon completion of this survey, the TGS portfolio of 3D multi-client coverage in this highly prospective area offshore

Fincantieri Joins Industry Support for Cruise + Ferry Revamp

Fincantieri shipyard group has been confirmed as an event partner for Cruise + Ferry 2007 in London this April, joining some of the industry's biggest names for a three-day trade show and the most comprehensive conference program in the event's history. The company will occupy a custom-built stand manned by senior purchasers and specifiers from its eight yards. Giants of the industry will also be represented in the line-up of conference

P&O Profits Flying High

Peninsular & Oriental Steam Navigation Co. posted full-year profits ahead of expectations last week, and said the recently announced demerger of its cruises division would be completed in October. The results, which included an attempt to reassure investors that the company was not facing pricing pressures in its Princess cruise unit, initially pleased investors, perking up the shares six percent. But lingering concerns over possible discounting and worries that P&O is not hedged against