Rio Tinto Pulls Plug on Mozambique Coal Venture
Rio Tinto has agreed to sell coal assets it bought through a $4 billion acquisition of Riversdale in 2011 for just $50 million to an Indian joint venture, ending its ill-fated venture in Mozambique's coal sector. The sale of Rio Tinto Coal Mozambique to International Coal Ventures Private Limited (ICVL), includes the Benga coal mine and other projects in Tete province, assets that had a value of $71 million as of March 31 in Rio's books. In 2013, Rio Tinto sacked its chief executive…
Braemar to Buy Shipbroker peer ACM; M&A Activity Heats Up
Braemar Shipping Services will buy fellow British shipbroker ACM Shipping Group in the latest industry shake-up as players look to grow after years of freight market turmoil. In the biggest deal to date, Braemar, whose businesses include ship broking, said on Tuesday it had agreed to acquire the entire share capital of ACM. "What this transaction is about is growing our shipbroking presence collectively," said Braemar chief executive James Kidwell. Ship owners ordered large numbers of vessels between 2007 and 2009 just as the global economy sank into crisis…
Government Update:U.S. Territorial Sea and Other Lines in the Water
By Dennis L. Maritime lawyers and others frequently use jurisdictional terms such as territorial sea, navigable waters, contiguous zone, and exclusive economic zone. But what does it all mean? What are the meanings of these terms and how were they acquired? The modern concept of the territorial sea owes its genesis to Hugo Grotius and his work Mare Liberum (Freedom of the Seas) in 1605. He argued, among other things, that a coastal nation could not claim sovereignty over the seas beyond the range of its control from shore. This concept developed over time into the cannon-shot rule and eventually the three mile rule, the first holding that the coastal nation's sovereignty couldn't extend further than the distance from shore that it could fire a cannon…
