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
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
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
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.
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
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
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
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)
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
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.
Indian state owned Cochin Shipyard Ltd (CSL) is in talks with global players to join hands for a bid for the GAIL contract for LNG contained vessels. It also in talks the Australian company Incat for a technical tie-up to manufacture high-speed passenger vessels.
Seanergy Maritime Holdings Corp. while announcinbg their financial results for the third quarter and nine months ended September 30, 2014 informed that they plan to acquire a Secondhand Capesize vessel. In this regards Stamatis Tsantanis
Batangas Container Terminal (BCT) set a new record in 2014 for containers handled, says its operator Asian Terminals, Inc. (ATI). Port handled over 98,000 twenty-foot-equivalent units (TEUs) in 2014, its highest total ever. The port operator added that BCT ended 2014 with consolidated
Kongsberg Maritime has purchased approximately 5.2 acres for new construction on an 82,980 sq ft office and training facility. Construction on the James Business Park property located on James Drive East in St. Rose, Louisiana is scheduled to begin this spring.
Abu Dhabi Ports, which manages nine commercial, logistics, community and leisure ports in the UAE capital and Khalifa Port, celebrated a record year for cargo containers with a 26 per cent growth in 2014 over the previous year. Khalifa Port, built on a man-made island, handled 1
Container shipping line and global carrier, United Arab Shipping Company has entered into a vessel sharing agreement with CMA CGM and Hamburg Süd to enter the North Atlantic trade. The vessel sharing agreement will see the three partner companies operate a service that links
MSC Cruises announced that the first of its next generation Seaside class of ships, set to debut in November 2017, will be named MSC Seaside and sail year-round from Miami to the Caribbean. Following the first ship's delivery from the shipyard
As it enters the final stretch of a massive expansion, the Panama Canal Authority is setting its sights on an even more ambitious project worth up to $17 billion that would allow it to handle the world's biggest ships. Workers are now installing giant
The Korean government announced plans to add a further 15 berths to its flagship Busan New Port in the south of the country to increase container capacity by 15.8 million TEU. The new facilities will be a mix of container terminals, feeder terminals and multipurpose terminals and work will begin
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.
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