Tinian Shipping Cites $33M Loss

Monday, March 06, 2006
Tinian Shipping & Transportation Inc. said it incurred losses of more than $33 million over 10 years of operations. Despite this, TSTI will continue to operate the ferry services. In return, TSTI is asking the CPA board of directors to waive its lease rentals or at least peg it at a minimal rate for 40 years. It also asked that it be allowed it to build a drydock facility for the repair and maintenance of its vessels. TSTI has been providing ferry services between Saipan and Tinian not only to its customers but also to the entire public since 1996. TSTI is a sister company of Tinian Dynasty Hotel & Casino.

In pushing for the drydock facility, TSTI said it could not repair Tinian Express-one of its only two ferries plying the route between Tinian and Saipan-since it ran aground in October 2005. TSTI has since been using only the Saipan Express twice a day between the two islands. The only alternative now is to tow the vessel to either mainland China or Hong Kong, which would be very costly. The proposed facility would be open to other vessels under 160 tons for repair, inspection, and maintenance. The company proposes to initially invest $1 million to build the facility.

Maritime Reporter July 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Dool to Serve as Chair of SLSMC Board

The St. Lawrence Seaway Management Corporation (SLSMC) announced that Tim Dool has been named as Chair of the Board of Directors, effective September 1. Dool was

Bollore First Half Boosted by Transport, Advertising Unit

French industrial group Bollore said first-half operating income rose 11 percent to 314 million euro because of strength at its transport business and advertising agency Havas,

Scrap Metal Exporter Pens Terminal Agreement

Port Canaveral Scrap Terminal LLC (PCST), a bulk ferrous scrap exporter, has signed a lease with the Canaveral Port Authority to operate a terminal in the north cargo area at Port Canaveral.

Finance

Bollore First Half Boosted by Transport, Advertising Unit

French industrial group Bollore said first-half operating income rose 11 percent to 314 million euro because of strength at its transport business and advertising agency Havas,

CMA CGM Continues Expansion, Confirms Profits

The Board of Directors of CMA CGM Group, the world’s third largest container shipping company, met under the chairmanship of Jacques R. Saadé, Chairman and Chief Executive Officer,

Odfjell Drilling in Tighter 2Q North Sea Market

Odfjell Drilling reports second quarter 2014 financial results showing a profit of US$29-million. Profit & loss Q2 2014 Operating revenue for Q2 2014 was USD 272 million (USD 289 million),

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Naval Architecture Offshore Oil Pipelines Pod Propulsion Salvage Ship Repair Shipbuilding / Vessel Construction Sonar
rss | archive | history | articles | privacy | terms and conditions | 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: 0.1298 sec (8 req/sec)