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 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
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 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
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
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.
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
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
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
Kalmar, part of Cargotec, has announced a contract to supply Immingham Container Terminal in the UK with four Kalmar Gloria reachstackers equipped with new Kalmar K-Motion technology. The units are part of a significant investment by Associated British Ports (ABP), who are modernising their fleet to meet the growing demand for short sea container transit at the port. The four new Kalmar DRG450-65S5X reachstackers featuring K-Motion will provide a significant reduction in
Peel Ports has been recognised for its commitment to environmental stewardship in the delivery of its Manchester Ship Canal project by the prestigious and historic Carmen Awards. The awards, which honour exceptional achievement in industry and individual enterprise
DP World Group Chairman and CEO HE Sultan Ahmed bin Sulayem recently met the President of France, Francois Hollande and senior government and business leaders at a major investment summit at the Élysée Palace in Paris. France’s attractiveness as an investment location and DP
France is an attractive investment location for DP World’s projects related to infrastructure development, port centric development, distribution and export hubs, rail freight, customs, and other logistics topics, said DP World Group Chairman and CEO Sultan Ahmed bin Sulayem.
The Danish Maritime Authority has – in cooperation with a number of business organisations – drawn up three short guidelines on the regulations on the determination of the weight of packed sea containers. In February, the Danish Maritime Authority informed about future regulations
Shanghai-listed Shanghai International Port Group (SIPG) is currently considering acquiring part of the equity stakes in Shanghai Jinjiang Shipping, a container shipping company mainly engaged in China-Japan routes, as part of the group’s comprehensive development strategy.
Will the prestigious TransAtlantic speed and endurance record ever be broken? Should it? Twenty five years ago headlines around the world announced a new world record, the fastest crossing of the Atlantic Ocean, by a ship built in Australia.
Shanghai International Port Group Co (SIPG) is all set to acquire 79.2% stake in intra-Asia container line Shanghai Jinjiang Shipping for up to RMB1.94bn ($312.58m). SIPG plans to buy a 48% stake in Jinjang Shipping currently owned by Shanghai International Group, as well as a 31
U.K. inland container service operator Pentalver opened a new five-acre site at the U.K.’s newest deep sea container port, DP World London Gateway, the London Port Authority announced. Plans for the site – which will be built in two phases – were revealed in January and
DP World Limited announces that it has agreed with Associated British Ports (ABP) to extend the license agreement for DP World Southampton for a further 25 years until 2047. Simultaneously, DP World announces that it has acquired the remaining 49% stake in DP World Southampton
DP World London Gateway and UPS today announced plans to build a new 32,000 square metre package sorting and delivery facility at the logistics site in the south east of England. At close to £120 Million, the project is one of UPS’s largest infrastructure investments outside of
Containership reliability took a small step backwards in October as the average on-time performance across all trades reached 77.9%, according to Carrier Performance Insight, the online schedule reliability tool provided by Drewry Supply Chain Advisors.
The biggest container ship in the world, the MSC Maya, made its maiden call at Southampton on Tuesday 15 December. The 395.4m vessel, which can carry a world-leading 19,224 containers, is just the latest giant container vessel to call at the port in recent weeks.
James Leeson starts in role at the UK’s newest deep-sea container port, with Tabare Dominguez promoted to role in Vancouver DP World London Gateway Port has appointed James Leeson to the role of Head of Port Commercial following the announcement that Tabare Dominguez is to become
U.K. Shipping Minister Robert Goodwill MP has welcomed the investment being made by Peel Ports during a March 10 visit to the company’s Liverpool2 container terminal. Upon opening later this year, Liverpool2 will become one of Europe’s most modern and advanced
UK Shipping Minister Robert Goodwill MP has formally opened a new ‘Maritime Knowledge Hub’ in Wirral, UK, jointly operated by Mersey Maritime and Liverpool John Moores University. Operated jointly by sector development organisation Mersey Maritime and Liverpool John