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
CMA CGM S.A. (CMA CGM), a global leader in container shipping, announces that it has received today confirmation that its pending acquisition of Neptune Orient Lines (NOL), Southeast Asia’s largest container shipping company (SGX: N03)
CMA CGM, the world's third-largest container shipping firm, is to go ahead with its planned acquisition of Singapore's Neptune Orient Lines (NOL) after receiving regulatory clearance from China, the French group said. CMA CGM received on Wednesday confirmation of the deal's approval by the
Freight rates for shipping containers from ports in Asia to Northern Europe jumped 37 percent to $720 per 20-foot container (TEU) in the week ending on Friday, a person with access to data from the Shanghai Containerized Freight Index told Reuters.
Leonhardt & Blumberg was founded in 1903 and has managed more than 180 vessels, the majority of which were general cargo vessels and bulk carriers. Today the company provides containerships ranging from about 1,500-3,600 TEU capacity.
In order to get through the crisis of global shipping, Germany-based container line Hapag-Lloyd will ally with United Arab Shipping Company (UASC). HL is in talks to merge with UASC, representing the latest move in container shipping corporate consolidation, Reuters reports.
Container shipping firms' annual costs have risen by a total $500 million due to new sulphur emissions regulations that have forced vessels to use higher cost fuel, the OECD said in a report on Thursday. Rising fuel costs will further hurt an industry already stung by overcapacity
Hamburg Süd, one of the 10 largest shipping lines worldwide, and INTTRA, the world's ocean shipping electronic marketplace, have expanded their partnership to address the July 1 implementation of the International Maritime Organization's Safety of Life at Sea (SOLAS) Verified Gross Mass (VGM)
France's CMA CGM, the world's third-largest container shipping firm, reported a first-quarter net loss on Friday and targeted $1 billion in cost cuts to keep operating margins positive during the current market downturn. Weak freight rates in the past year have left many lines operating
Petchem, Inc. has taken delivery of its new Farrell & Norton 80’ 5,000HP ASD tug from Gulf Coast Steel Boat Builder’s in Bayou La Batre, Ala. Petchem’s new vessel and equipment help prepare East Coast ports for the increased tonnage coming through the canal in the
Iranian state shipping company IRISL’s new general cargo service makes first call at C. Steinweg’s Süd-West Terminal in Hamburg During the first call by its new general cargo service, representatives of state shipping company IRISL – Islamic Republic of Iran
Hutchison Port Holdings Limited (HPH) subsidiary Barcelona Europe South Terminal (BEST) achieved a new record when it moved 7,760 TEU on the call of MSC Beatrice. A total of eight ship-to-shore gantry cranes were deployed simultaneously for the operation
The long-awaited initial public offering (IPO) of Sovcomflot, which runs one of the world’s largest tanker and gas carrier fleets, has moved a step closer. Economy minister Alexei Ulyukayev was quoted by local Russian news agencies as saying that the government might get
Maersk Line announced changes to its AC network with the launch of its AC1 service, connecting the West Coast of Latin America with Asia, beginning at the end of June. According to Maerks Line, the AC1 service, connecting the West Coast of Latin America to Asia
French America Line, the newest U.S. cruise line that begins sailing five- to 10-day cruise itineraries aboard its intimate 75-stateroom flagship Louisiane in August, has engaged Inland Marine Service to handle all of its marine operations.
Kawasaki Kisen Kaisha, Ltd., Tokyo, (“K” Line) has announced the delivery of Corona Victory, an 88,000 DWT-type special coal carrier at Marugame Shipyard of Imabari Shipbuilding Co., Ltd., Japan on May 24, 2016. Corona Victory is same type as “K”