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

People & Company News

BAE Systems to Expand San Diego Shipyard

BAE Systems announced it will invest approximately $100 million to expand drydocking capabilities at its San Diego shipyard.   The investment, which will include

TDDCL Seeks Input for New Repair Yard

Trinidad Dry Dock Company to develop new ship repair yard at Port of Spain; company requests Expressions of Interest for Environmental Impact Assessment and Geotechnical

NORDEN CEO: Bulk Market Challenges to Continue

Klaus Nyborg, interim CEO at Denmark-based dry bulk and product tanker shipping company Dampskibsselskabet NORDEN A/S, expects difficult dry cargo market conditions

Finance

NORDEN CEO: Bulk Market Challenges to Continue

Klaus Nyborg, interim CEO at Denmark-based dry bulk and product tanker shipping company Dampskibsselskabet NORDEN A/S, expects difficult dry cargo market conditions

Turkey Maritime Sector Alive & Kicking

Located on the periphery of two great continents, Turkey has benefitted from being in a favored position right at the center of an assertive and fast growing economic area.

Advanced Drillships a Burden for Owners as Business Slows

Not so long ago, advanced drillships costing more than half a billion dollars each and capable of operating in ever-deeper waters practically guaranteed big profits for oil-rig operators.

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Navigation Offshore Oil Pipelines Ship Repair Ship Simulators Shipbuilding / Vessel Construction Sonar Winch
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: 0.1168 sec (9 req/sec)