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Sea Containers Being Investigated

The law firm of Finkelstein, Thompson & Loughran announces that a lawsuit seeking class action status has been filed in the United States District Court for Southern District of New York against Sea Containers Ltd. and certain of its officers and directors on behalf of purchasers of Sea Containers securities between March 15, 2004 and March 24, 2006, inclusive, Finkelstein, Thompson & Loughran is investigating similar claims at this time and welcomes inquiries from potential class members concerning their rights and interests in this matter. The lawsuit alleges that Sea Containers violated federal securities laws by issuing a series of false or misleading public statements regarding the sale and restructuring of its ferry division and related impairment charges. On November 3, 2005, the Company announced that it would entertain offers for its Silja Oy Ab ferry division as its SeaStreak business, which would result in an impairment charge of $99 million related to the future sales. It additionally announced a $32 million impairment charge based on newly identified assets had been identified as impaired. On March 24, 2006, the Company shocked the market by announcing that: (1) it would be take a $500 million impairment charge as the result of: the sale of its entire ferry business, rather than the previous announced sale of the Silja Oy Ab division, and classification of additional containers as impaired; (2) as a


Sea Containers Completes Sale of Ferry Business

Sea Containers Ltd. announced that it has completed the sale of its Baltic ferry subsidiary Silja Oy Ab to Estonian ferry operator AS Tallink Grupp. The sale, which was announced on June 12, was subject to receipt of regulatory approvals from Finnish, Swedish and Estonian competition authorities, all of which have been granted. The consideration for the sale of Silja's core business is $563m and 5m ordinary shares in Tallink equivalent to $22m


Adriatic Fast Ferry Service has Record-Breaking Year

Sea Containers has announced a record breaking year for the Ancona, Italy - Split, Croatia joint venture route. The seasonal service (June-September) carried nearly 59,000 passengers and 13,250 vehicles representing an increase of 52 percent on the previous year. The craft has been moved to Ravenna, Italy for its winter lay-up. The service will resume in June 2003 until 15 September. David Collins of Sea Containers passenger transport division said: "The success of the route has


Sea Containers Reports 3Q Results

Sea Containers Ltd. passenger and freight transport operator, marine container lessor and leisure industry investor, today announced its results for the quarter and nine months ended September 30, 2002. For the quarter, net income was $17.9 million ($0.84 per common share diluted) on revenue of $547 million, compared with net income of $6.6 million ($0.35 per common share diluted) on revenue of $356 million in the year earlier period


NorFerries Eyes Silja Line

Norwegian shipping investment company NorFerries said it wanted to buy Finnish ferry company Silja Line from US-stocklisted Sea Containers. Silja Line runs ferries in the Baltic, mostly from Helsinki to Sweden and Estonia. The ferry line carried around five million passengers last year. NorFerries, known mostly for setting up routes for cargo ships and passenger ferries, is offering $671m for Silja Line. Bermuda-based Sea Containers said last year that it wanted to sell off Silja Line and


Sea Containers Declares Cash Dividends

The Board of Directors of Sea Containers Ltd. today declared quarterly cash dividends on the Company's Class A and Class B common shares. The dividend will be US$0.025 per share on the Class A common shares and US$0.0225 per share on the Class B common shares. Class B common shares are convertible at any time into Class A common shares. The dividends will be payable February 20, 2004 to shareholders of record February 5, 2004.


Japan Joins Container Security Initiative

The U.S. Customs Service and Japanese Customs and Tariff Bureau announced in Tokyo today, the sealing of the declaration of principles to participate on a pilot basis in the Container Security Initiative (CSI). CSI is a U.S. Customs initiative designed to prevent the smuggling of terrorist weapons in ocean-going cargo containers. Under terms of the declaration announced today, U.S. Customs officers will be stationed on a pilot basis at the ports of Tokyo, Nagoya, Kobe and Yokohama


Singapore Joins U.S. Customs CSI

Robert C. Bonner, Commissioner of the U.S. Customs Service, today announced the signing of a declaration by the government of Singapore to join the Container Security Initiative (CSI), a key U.S. Customs initiative designed to prevent global sea cargo from being exploited by terrorists to inflict harm on America and other nations of the world. "I congratulate the government of Singapore for becoming the first Asian port to join the U.S. Customs Container Security," said Commissioner Bonner


PD Ports Welcomes Four New RTG Cranes to Teesport

The four new RTG (rubber-tyred gantry) cranes delivered to Teesport today are a key component of the current £16.7million expansion of the container terminals at Teesport and represent the biggest single equipment investment in the port since the container terminal opened in 2003. The Konecranes RTGs, manufactured in Finland and Poland for a total investment of around £5 million, are the first of their type to be supplied by Konecranes in the UK and will allow PD Ports to


Emerson Acquires Marine Controls Business From Johnson Controls

St. Louis, Mo. – Emerson today announced that it has acquired the Marine Container and Boiler business of Johnson Controls Inc., enabling Emerson Climate Technologies to expand its refrigeration technology and solutions offerings in the global transportation sector. Terms of the acquisition were not disclosed. Johnson Controls’ Denmark-based Marine Container and Boiler business supplies controls for optimal operation of refrigerated sea containers and marine boilers


Lion Containers Joins Achilles FPAL

Lion DNV Containers.jpg

Lion Containers Ltd. announced that it has joined Achilles FPAL, the supplier management community supporting the European oil and gas industry. Achilles FPAL is a community used by major buying organizations within the oil and gas sector


Security & Risk Consultants CHQ Advise London Gateway

London Gateway: Photo courtesy of CHQ

Marine terminal operator DP World engaged CHQ Security Services to act as security and risk assessment consultants for the operation of the UK's major deep-sea container port – London Gateway. CHQ Security Services are acting as security and risk assessment consultants to the project in


DP World Invests in London Gateway

Left to right: London Gateway CEO Simon Moore, DP World Group CEO Mohammed Sharaf, The Lord Mayor of the City of London Fiona Woolf, and The Lord Mayor’s Consort Nicholas Woolf.

The Lord Mayor of the City of London, Fiona Woolf, welcomed the foreign direct investment by Dubai’s DP World into London Gateway, while visiting the recently opened deep-sea container port and Europe’s largest logistics park.


Rotterdam port's throughput almost stable

The Port of Rotterdam’s throughput in the first quarter of 2014, at 109 million tonnes, was 0.2% below the level for the corresponding period last year.Split up by goods type, less crude oil (-2%), mineral oil products (-14%) and other liquid bulk cargo (-14%) were transferred


London's New Container Port to Hold Jobs Fair

DP World's London Gateway, the UK’s new deep-sea container port to hold jobs fair, seek to recruit 200 The jobs fair marks the start of London Gateway’s own major recruitment drive that will see an initial 200 new staff join the existing team of 50 in the coming months.


First Ship Docks at London Gateway Terminal

London Gateway Project: Artists Impression Credit DP World

The first ship ever to berth at London's new deepwater container terminal, 'MV Wieniawski' also delivered four auto stacking cranes from China. Due to formally open in Q4 2013, London Gateway will be the UK’s first 21st Century major deep-sea container port and Europe’s largest


Change of Guard at BIMCO

Mr. Angus Frew

BIMCO has announced that its new Secretary General/CEO to succeed Mr Torben C. Skaanild on his retirement later this year will be Mr Angus R. Frew, currently Chief Executive of the UK Chamber of Shipping. The appointment of Mr Frew was unanimously approved last week by the BIMCO Executive


Super Cranes Arrive in Britain

Photo: ISS

Inchcape Shipping Services (ISS) was called on to act as agent for the arrival of the first giant cranes at the UK’s new global container port, DP World’s London Gateway. As the largest quay cranes in Britain, bigger than the London Eye and weighing 2,000 tons each


Hapag-Lloyd Increases Freight Rate in 2012 Financial Year

Freight rate up 3.2% on last year / Transport volume increases by 1.1%.  Revenue rises by 12.1% to EUR 6.84 billion / Absence of peak season and persistently high energy costs weigh on business / Positive operating result of EUR 26 million / EBITDA of EUR 335 million.


ISO Tank Containers Equipped for Hook Lifting

Photo: Langh Ship Cargo Solutions

Langh Ship Cargo Solutions has extended its offering to include tank containers equipped for hook lifting. “Often the on-carriage of tank containers meant for transportation by sea is quite expensive on land, as the need for special lifting equipment makes the handling of the containers


M&S Plan Major Logistic Centre at DP World's London Gateway

Company Executives Stride Forward: Photo credit DP World London Gateway

Prime Minister visits to welcome £200 million investment by UK household-name retailers Marks & Spencer to build new distribution centre at London Gateway. Marks & Spencer (M&S) and DP World London Gateway  jointly announce that M&S will build a major new


Sea Star Receives New Refrigerated Containers

Photo: Sea Star Line

Sea Star Line, LLC recently took delivery of 150 new 40’ refrigerated containers in year two of a five year equipment replacement plan. The replacement plan aims to reduce the average age of the entire Sea Star Line refrigerated container fleet to less than three years.


CMA CGM Increases Global Trade to Liverpool

CMA CGM route web.jpg

CMA CGM has backed Peel Ports’ £300m Liverpool2 development by doubling the frequency of its feeder service to the port. CMA CGM now offers twice-weekly calls in Liverpool from its hub in Le Havre, France and a new weekly call at Greenock, Scotland and Cork, Ireland


Thamesport’s Woes Signal U.K. Ports Shake Up

Aerial view of Hutchison Port Holdings controlled London Thamesport container terminal (Photo: Drewry)

Following Evergreen’s recent consolidation of its U.K. cargo handling needs at Felixstowe, the news that Hapag-Lloyd, OOCL and NYK intend to switch their transatlantic services to Southampton will leave Thamesport with no deep sea services


Mandatory Verification of Container Weights Increases Safety

Photo: Danish Maritime Authority

At last week’s meeting in the IMO, it was decided that the weight of containers are to be verified before it is possible to carry them by sea. This will prevent ship accidents and prevent the loss of containers into the sea. The IMO Sub-Committee on Dangerous Goods


 
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