Kursiu Linija sold a further 20-percent share of its equity to Icelandic transport company Eimskip. The move gives Kursiu Linija additional financial power and paves the way for expansion plans. Following the increase in Eimskip’s stake, Kursiu Linija will be run by a four-man board consisting of Bragi Thor Marinosson, Bjorn Einarsson, Stefan August Magnusson and Kursiu Linija founder and former managing director Arijus Ramonas. Ramonas has been elected chairman of the board, and the board has appointed Thorkell Palsson as managing director.
According to the U.S. Energy Information Agency, one of the world’s oil transit choke-points is the Suez Canal, the Panama Canal being another. However, the recently announced Suez Canal expansion plans are more likely to cater for containership transits, in strong competition with the expanding Panama Canal, rather than respond to the demand from oil tanker transits. On Tuesday, August 5, 2014, the Egyptian President Abdel Fattah el-Sisi unveiled the project
Costa Cruises, Italian tourism group and European cruise company, and Fincantieri celebrated the technical launch of the Costa Deliziosa at the Marghera yards: the first time the ship touched the sea flooding the dry-dock where she is under construction. The Costa Deliziosa, the 15th ship of Costa’s fleet with a total tonnage of 92,700 and a capacity of 2,828 passengers, is scheduled to be delivered at the end of January 2010, after completing the interior fitting out operations
The Griffin Global Group Ltd., with the goal of increasing product portfolio, announced the expansion of its corporate business with the appointment of John Prentice as director of Corporate Services. Griffin’s Corporate department will be targeting the offshore and shipping sectors, but do have expansion plans further down the line. Prentice started in the travel business with Air New Zealand. He then came to the United Kingdom and spent 10 years with British Airways
Dolphin Offshore Enterprises (India) Ltd., an offshore construction and ship repair company for the oil and gas industry, has lined up investments worth Rs 1,000 crore over the next 5-6 years, a senior company official said. Dolphin has already invested $35m in the initial expansion plans like acquiring ships. Offshore construction being its main focus, Dolphin is looking at moving up the value chain with bigger contracts and would invest Rs 200 crore for expansion in this field.
In a sure sign that the shipbuilding boom continues, Daewoo Shipbuilding & Marine Engineering Co. announced that it has raised its yearly new order target to $17B, after surpassing its previous projection of $11B with orders for 13 new containerships from European owners. The containership order – worth almost $1.8B – sent the shipbuilder’s take this year to $11B and 84 vessels and offshore projects. The rise in the yearly projection from $11 to $17B is a nearly 55% increase compared to last
Aluminum Chambered Boats (ACB) signed a Letter of Intent (LOI) with Jansen Inc. to have a new manufacturing facility built in Ferndale, Wash. Jansen Inc. will provide ACB with a turn-key 190,000 sq ft manufacturing facility plus a separate 10,000 sq ft. general office building on the I-5 Industrial Center property in Ferndale. The new facility will allow ACB to increase their annual production capacity to 400 boats to meet the current and future demands of their growing recreational, commercial
Citing, among other factors, a lackluster market for cruise shares on the U.S. stock exchange, P&O said it and Festival Cruises decided not to pursue the merger of their cruises businesses due to the continuing low valuations of cruise companies in the United States. The groups announced in May a deal to combine businesses as part of Peninsular and Oriental Steam Navigation cruises division in a deal worth up to $600 million.
Hyundai Engineering & Construction Co., fell the most in almost five months in Seoul on concern Korea Development Bank may delay selling its stock in the company, holding up expansion plans, according to Bloomberg.com. Hyundai Engineering declined 7.5 percent to close at 89,500 in Seoul. Daewoo Shipbuilding & Engineering Co., also part-owned by state-owned Korea Development Bank, fell 5.2 percent to 44,550 won, the biggest drop in more than a month.
EON AG, Germany’s largest utility, expects to cut costs for building offshore wind farms about 40 percent by 2015, as it embarks on a $9 billion renewable energy expansion plan. “Renewables are a mainstay of our corporate strategy, and wind power in particular is one of our growth businesses,” said Chief Executive Officer Johannes Teyssen at company headquarters in Dusseldorf. EON seeks to build wind farms off the U.K
United Arab Shipping Company (UASC) has confirmed that its reefer business will continue to expand. Following several initiatives including investment in new reefer units, and a cooperation agreement with Hamburg Süd opening up new services to South America
The Palaszczuk Government has appointed one of Queensland’s most respected businesswomen, Renita Garard as the new Chair of the Port of Townsville. In a statement released earlier today, Acting Premier Curtis Pitt said that Ms Garard was being appointed at a pivotal time in Port
The European Bank for Reconstruction and Development (EBRD) has acquired stake in Turkish cruise port operator Global Ports Holding (GPH), one of the world’s largest port operating companies. In a statement, the bank said the minor stake would be used to finance GPH's
On the heels of announcing its five-year growth, investment and cargo base expansion plans at the State of the Port, South Carolina Ports Authority (SCPA) reported a four percent increase in August container volumes over the same month last year.
Press release - Hansa Heavy Lift has opened a regional office for the South European market covering France, Italy and Spain based in Monaco as part of ongoing global expansion plans. The office is managed by Walter Prosetti, Head of South Europe, Hansa Heavy Lift
Rising global container port demand and ever larger vessels are driving terminal operators to make significant investments in additional capacity, according to the Global Container Terminal Operators Annual Report 2015 published by global shipping consultancy Drewry.
India Ratings and Research (Ind-Ra) has maintained a negative-to-stable outlook for the shipping sector for the current financial year. The agency expects the performance of dry bulk and container operators to continue to be affected by weak global trade growth and persistent
United Arab Shipping Company (UASC) announced the appointment of Dr. Nabeel Al-Amudi as the new Chairman of the Company’s Board of Directors, and Sheikh Ali bin Jassim bin Mohammad Al-Thani, as Vice-Chairman. Dr. Al Amudi, Al-Thani and the rest of the board will be responsible for
Crystal Cruises announced an expansion plan under new owners Genting Hong Kong that includes three 1,000-passenger vessels, its first new ships in decades. Plus, Crystal will expand into adventure, yacht and river cruising, and luxury jet trips.
Classification society and IACS member Indian Register of Shipping has established an ‘India and Offshore Advisory Committee’ with a vision to raise the profile of its services and receive strategic advice for growth in South Asia region.
Watson Farley & Williams (“WFW”) has advised long-time client MSC Cruises (“MSC”) on the €1.2 billion (US$1.35bn), export credit agency (ECA) supported financing of two newbuild ‘Seaside class’ cruise ships
King Abdullah Port (KAP) in Rabigh aims at being part of the overall development of the Saudi economy, which is the largest economy in the region and among the top 20 in the world, said Abdullah Hameedaddin, managing director of Ports Development Company (PDC)
Speaking at the 4th Annual Black Sea Ports and Shipping Conference 2015 on May 29th on the subject of Black Sea Ports as agents of economic growth for the region, APM Terminals Poti Deputy Managing Director Joseph Crowley discussed the advantages of Poti Seaport as the prominent gateway
Crowley solidifies commitment to Puerto Rico with multimillion dollar terminal construction contract Crowley Puerto Rico Services, Inc. announced today that it has executed a $48.5 million construction contract for a new pier at its Isla Grande Terminal in San Juan, Puerto Rico
Brazilian mining company Vale SA was downgraded late on Thursday by the Standard & Poor's credit-rating agency over concern that a drop in iron ore prices will erode revenue at the world's largest producer of the main steel-making ingredient.