Greek Shipping Frets Over Higher Taxes
Greece's cash-strapped government is proposing to end increase taxes m the country's key shipping sector in order to boost revenues, but some shipping owners are threatening to move their ships abroad as a result, says a report in BBC. The Greek shipping fleet has since become the biggest in the world, with almost 4,000 ships representing 19% of global shipping capacity. It contributes more than 7% towards the struggling economy, but the country's creditors say it can do more. Greece’s vital maritime industries have managed to stay afloat through six years of economic turmoil, with shipping making up 7.5 per cent of the country’s economic output. Greece controls 19 per cent of the oceans’ dry bulk carriers and almost a quarter of the oil tankers — the largest merchant fleet in the world.
Danaos Adds 8,530 TEU Containership
Danaos Corporation (NYSE: DAC) on August 22, 2011 took delivery of a new containership, the CMA CGM TANCREDI, expanding its operational fleet to a total of 57 containerships aggregating 274,089 TEU. The CMA CGM TANCREDI, built at Shanghai Jiangnan Changxing Heavy Industry has a carrying capacity of 8,530 TEU, is 335 meters long, 42.8 meters wide and has a speed of 25.80 knots. The CMA CGM TANCREDI has commenced its 12-year time charter at a fixed charter rate immediately upon delivery. The annualized EBITDA run-rate contribution of the vessel is expected to be approximately $12.7 mil. Iraklis Prokopakis, Senior Vice President and Chief Operating Officer of Danaos commented: “We are pleased to announce the addition of one more large post-panamax containership to our fleet…
Danaos Corp. Debuts on NYSE
The shares of Danaos Corporation commenced trading on the New York Stock Exchange as of Friday, October 6, 2006. With a market capitalization of approximately $1.2b and a current fleet of 27 containerships aggregating 116,115 TEUs, Danaos becomes the largest U.S. listed containership company in terms of fleet size and market capitalization and ranks among the largest containership charter owners in the world. Furthermore, the company has on order 16 additional containerships aggregating 84,704 TEUs with scheduled deliveries up to the end of 2009, all of which are already chartered to major companies for 12 years. On Thursday, October 5 the company priced its Initial Public Offering of 10…
