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
Guy Harvey – artist, conservationist and entrepreneur – has been selected as this year’s recipient of the Seafarers’ House International Golden Compass Award. The award is given each year to those who have achieved distinction in the maritime world
Fifteen container liner shipping companies "have offered to change their pricing practices to settle an EU antitrust probe and stave off possible fines," according to a report from Reuters Wednesday that cites two unnamed sources.
In a video interview Group CEO of AP Møller-Maersk Nils S. Andersen comments on the 2015 full year result, low oil and freight rates, and the challenges and opportunities for the Maersk Group in these difficult markets.
Maersk Line posted a steep decline in profit last year to $1.3bn, well down from the 2014 result of $2.3bn and below its most recent forecast as freight rate declines accelerated in the latter stages of 2015. The net profit of Maersk Group in 2015 amounted to 0
The container shipping industry is faced with the challenge of ever-decreasing freight rates that can only be served viably with larger, more efficient vessels. However, market growth does not allow each individual line to increase the size of its ships to the larger
A North Korean patrol boat crossed into South Korean waters early on Monday and retreated after the South Korean navy fired warning shots, a South Korean military official said. The incursion came amid heightened tensions on the Korean peninsula
French container line CMA CGM has announced imminent changes to its PCRF line service which links Northern Europe with the French West Indies, by adding two new calls at Zeebrugge and Rotterdam and increasing freight capacity on the route.
One of the world's largest container ships has been freed from a mud bank after running aground almost a week ago near Germany's largest port of Hamburg, German authorities said on Tuesday. The vessel CSCL Indian Ocean of Chinese company China Shipping Container Lines was pulled free by tugs
A strategic alliance between Choice Ballast Solutions and Drew Marine has been formed to provide vertically integrated capabilities within the ballast water treatment (BWT) market. The two firms have joined to form “Choice Alliance” which will provide ship owners with -BWT
Ellicott Dredges LLC & Rohr-Idreco Dredge Systems, which are owned by Ellicott Dredge Enterprises, LLC, has announced that Ellicott's Latin American Sales Manager, Andres Borasino, will be adding the Rohr-Idreco deep digging dredge product lines to his area of responsibilities.
The newly-formed shipping giant China Cosco Shipping Corporation and CMA CGM met recently in Shanghai to discuss the possibility of a new French-Asian alliance, say local Chinese media. According to sources, the alliance would also include Orient Overseas Container Line (OOCL)
Companies offer to announce actual prices, not future plans. Shipping container groups Maersk, MSC and 13 other companies have offered to change their pricing practices to settle an EU antitrust probe and stave off possible fines, two people familiar with the matter said on Wednesday.
A.P. Moller-Maersk's chief executive said its container shipping arm Maersk Line probably gained market share in the second half of 2015 after losing some in the first half of the year. "We want to increase Maersk Line's market share
MAR Incorporated has named John Delia the Program manager for Ohmsett – The National Oil Spill Response Research & Renewable Energy Test Facility, succeeding Bill Schmidt who retired in December 2015. Delia was most recently with BAE Systems where he served as a Program Manager
A Royal Caribbean cruise ship forced to turn back early after being battered by an Atlantic storm was expected to return to its New Jersey port at 9 p.m. on Wednesday (0200 GMT Thursday), bringing with it 4,500 rattled guests and 1,600 crew, cruise line officials said.