Sea Containers Approves Hotel Subsidiary Spin-Off

Friday, June 22, 2001
Sea Containers Ltd., which runs marine passenger transport and leases equipment, on Friday said its shareholders approved resolutions to permit the spin-off of its luxury hotel subsidiary Orient-Express Hotels Ltd.

Sherwood also said net income at Sea Containers for the first half of 2001 should top that of the prior year's first-half, while Orient-Express Hotels expects to report higher earnings for 2001 than for 2000.

Sea Containers' president James Sherwood said it was still the company's intention to divest the majority of its shares in Orient-Express around the end of the year. Before that time, the company plans to sell about 5 million shares, in blocks. Hamilton, Bermuda-based Sea Containers said it could sell about 6.6 million shares without threatening the spin-off's tax-free status. It said it will use proceeds of the sale of 5 million shares to cut down on debt and increase capital.

Maritime Reporter August 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Marine Propulsion

Neander Deal Sees Yanmar Return to Diesel Outboards

Marking its return to the diesel outboard market, engineering company Yanmar Marine International (YMI) has reached an agreement for exclusive distribution rights

Automatic Camera for Monitoring Vessel Engine Developed

NYK and the Monohakobi Technology Institute  have jointly developed “Kirari NINJA” (patent pending), a device that can automatically photograph the interior of a vessel engine’s combustion chamber.

CTruk Delivers Wind Farm Support Vessel

Shipbuilder CTruk Boats, a manufacturer of composite wind farm support vessels (WFSV), has delivered the second workboat in a two-craft order from CWind.   The

Finance

Imtech Germany to Be Sold in November

The German unit of bankrupt Dutch engineering services company Imtech is expected to be sold in November, according to Imtech Germany's insolvency administrator.

US Oil Drillers Cut Rigs as Crude Prices Collapse

U.S. energy firms cut a surprisingly sharp 13 oil rigs this week, the first drop in seven weeks, as a renewed slump in prices this summer forced drillers to make a second round of cut-backs.

Timing in Doubt on Hapag-Lloyd IPO

German container shipping group Hapag-Lloyd has taken further steps in preparation of a stock market listing and has mandated more banks for the move, but it remains

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Navigation Offshore Oil Port Authority Salvage Ship Simulators Shipbuilding / Vessel Construction Winch
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1269 sec (8 req/sec)