Greek passenger shipping firm Minoan Lines' board will propose a one-for-three bonus share issue to shareholders at its upcoming annual general assembly. The bonus shares will arise from capitalization of around $52.4 million out of a total $198.1 million share premium reserve, company officials said. The board will also propose the distribution of a 100 drachma ($.29) dividend per share for fiscal 1999, a total of 5.3 billion drachmas ($15.4 million), which is around 13 percent higher than the total 1998 dividend.
Minoan Flying Dolphins Acquires Five Ferries Minoan Flying Dolphins, a subsidiary of Minoan Lines, has acquired five used ferries that service routes linking the port of Piraeus with islands in the Saronic Gulf. The ferries are F/B Nefeli, F/B Georgios, F/B Saronikos, F/B Eftyhia and F/B Express Danae. "The move implements part of the company's business plan in the Saronic routes, a market of about three million passengers annually," a Minoan Flying Dolphins spokesperson said
Minoan Lines' 70 percent-owned subsidiary Minoan Flying Dolphins has maintained its very active buying spree of late with the announcement that it has acquired three ferries from the shipping family Nomikos for an undisclosed amount. The ferries are F/B Anemos, F/B Lemnos and F/B Macedon. F/B Anemos services the sea route linking the port of Piraeus with the islands of Ikaria and Samos in the Dodecannese, also making stops in the Cycladic islands
Minoan Flying Dolphins (MDF), a subsidiary of ferry operator Minoan Lines, is looking into deploying high-speed ships in the Adriatic market. MDF took out an option for two additional newbuildings with Austal shipyards in Australia, deliverable in 2001. The company already has three high speed vessels on order with Austal.
Greek ferry operator Minoan Lines said on Monday it plans to expand into new sea routes linking the ports of West Italy with Malta and Tunisia and later expanding to French ports in the Mediterranean. The company's statement on its plans was issued after Minoan's chairman Costas Kleronomos announced the decision during the delivery ceremony of the operator's newest vessel, the 2,200 passenger Festos Palace, over the weekend at Fincantieri shipyards in Genoa, Italy.
Shares of ferry operator Minoan Lines fell around 11 percent in late session trade on the Athens stock exchange on Wednesday, near the bourse's 12 percent limit down, after one of its ferries sank late on Tuesday, killing 48 passengers. Traded volume was 979,939 shares. The shares were trading at 2,995 drachmas ($7.78), up slightly from its day low of 2,935 drachmas, representing a fall of more than 11 percent. But brokers said the share price loss was likely to be temporary.
Greek Merchant Marine Minister Christos Papoutsis has signed 32 new operating licenses to passenger shipping firms in a bid to improve competition in the industry. "Until deregulation of sea travel in 2002, new applications submitted for licences will be examined immediately," the ministry said. "The criteria the applications will be examined upon will the public's interest, unimpeeded access to the islands and healthy competition
Rescuers pulled bodies from the Aegean sea on Wednesday as the death toll from Greece's worst maritime disaster in 35 years climbed to at least 62. The ferry Express Samina ran into a rocky islet off the holiday isle of Paros and sank in gale-force conditions late on Tuesday. Hundreds of Greek and foreign passengers were hurled into the rough waters. Twenty-nine people were missing, the Greek Merchant Marine Ministry said.
FLAGSHIP, the pan-European maritime transport project part funded by the EU, has developed an integrated, ship to shore system, for the control and monitoring of passenger safety functions on board ship utilising both fixed and mobile assets. Called FLAGSHIP-ISEMS (Integrated Safety and Emergency Management System), the system enhances the onboard ability to handle emergencies while also making full use of real-time communication between the ship and onshore facilities
FLAGSHIP, the Pan-European maritime transport project part funded by the EU, has successfully developed software that enables comprehensive suppression of audible warnings in order to avoid large cascades of alarms on the bridge and in the engine room. Called iCAS (intelligent Central Alarm System), the system is designed to provide a precise overview of the situation on board as it develops while freeing up staff to address the situation and follow the vessel’s routines without
Sea Star Line LLC and Horizon Lines LLC have agreed to resolve allegations that they violated the False Claims Act by fixing the price of government cargo transportation contracts between the continental United States and Puerto Rico, the Department of Justice announced today
Wärtsilä said its new inline scrubber system is designed to offer notable benefits over conventional exhaust gas cleaning systems, and its compact form saves considerable space, which is particularly important in smaller vessels and when being retrofitted
Wilhelmsen Ships Service (WSS) has strengthened its links to cruise industry owners and operators by becoming a member of the Cruise Lines Industry Association’s Global Executive Partner Program. WSS counts some of the world’s biggest cruise operators among its clients
By Julie Gordon, Reuters Unionized container truck drivers set up picket lines at Canada's largest port on Monday, joining hundreds of non-unionized workers who walked off the job last month in a dispute over pay and services. Workers represented by Canada's largest private sector union
As appears in the February edition of Marine News Now clear of the holidays and into an already exciting 2014 on the waterfront, we find ourselves plowing ahead with the proverbial bone in our teeth. That’s because, beyond my questionable nautical metaphor
Reuters - Spanish wind turbine maker Gamesa posted on Thursday a 45 million euro ($61.50 million) profit in 2013, after making losses in the same period a year earlier when it booked writedowns for stalling demand and staff layoffs. Gamesa
Troy Container Line Ltd., one of the largest American-owned NVOCCs, today announced the promotion of Leeanne O’Reilly to Export Supervisor at Troy Container Line. Based in the company’s Red Bank, N.J. office, O’Reilly will oversee the unification of the FCL and LCL Export
The Federal Maritime Commission (FMC) granted a passenger vessel operator a decrease in the amount of financial responsibility it is required to maintain to reimburse passengers when an operator fails to perform cruises as contracted.
Enhanced service network between Japan and South East Asia / Port rotation includes four Japanese ports / First sailing mid of March. Hapag-Lloyd is launching the new Japan-Singapore-Jakarta service (JSJ) which will commence on March 12 from Singapore
The P3 agreement between Maersk, MSC, and CGM CMA continues to roil the waters. While the agreement’s pros-and cons are about to be scrutinized in an upcoming meeting between America’s Federal Maritime Commission, the European Competition Commission
Mitsui O.S.K. Lines (MOL) inform it has signed a Head of Agreement on joint ownership and 20-year charter contract for a newbuilding LNG carrier with Tokyo LNG Tanker Co., Ltd. At the same time, MOL signed a contract with Japan Marine United Corporation to build the new vessel.
Acteon company InterMoor completed decommissioning operations of the Innovator platform in the Gulf of Mexico’s Gomez field, Mississippi Canyon Block 711. Conducted in water depths of 910 meters, the scope of work involved disconnecting 10 risers/umbilicals; disconnecting 12 mooring lines
W&O, a global supplier to the marine and marine offshore markets for pipe, valves and fittings, valve automation and engineered solutions, announced the expansion of its Engineered Solutions team. John Catanzaro and Marc Lagattuta have joined W&O to provide its customers and OEM partners
Ship Finance International Limited (SFL) announced that it has agreed to acquire seven 4,100 teu container vessels built in 2002 in combination with long-term charters to a leading container line operator. The vessels are expected to be delivered to SFL over the course of the next few weeks
Holland America Line said it will retrofit the VDR system of its entire fleet of 15 ships (which annually offers more than 500 cruises to 415 ports of call in 98 countries) with the INTERSCHALT VDR G4, opening up a wealth of new technical possibilities.