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The Ny Times News

19 Aug 2015

Brookfield Acquires Australian Port and Railroad Operator for $8.6-billion

Patrick Terminals and Logistics. Photo: Asciano Limited

A group lead by Brookfield Infrastructure Partners, a global asset manager, had reached an agreement to buy the Australian port and railroad operator Asciano for about $8.8 billion in cash and stock, and that it was shopping for ports farther afield in a push to expand, reports NY Times. Brookfield says the acquisition of Patrick terminal will lay the foundation for a global container terminal presence, building on its facilities at Teesport, U.K., and the Port of Los Angeles. The company also hopes to leverage Patrick’s experience with automating port operations.

01 May 2015

China, Russia to Stage First-Ever Joint Naval Drills

As part of growing informal partnership between the two militaries, the navies of China and Russia plan to hold joint drills in the Mediterranean Sea for the first time in mid-May, China's Defense Ministry stated. The "Joint Sea 2015" exercises will feature nine surface ships, including three from China that are currently taking part in anti-piracy patrols off the coast of Somalia. The ships will meet in the Mediterranean next month to conduct a series of surface exercises to include live fire drills. This is for the first time the two navies have trained in the Mediterranean. This is a sign of deepening military-to-military cooperation between Russia and China.

09 Feb 2015

$13B Needed to Repair US Locks

There are 192 locks on 12,000 miles of American rivers, and most have lived far beyond their life expectancy, the NY Times reported last week. The Times reported that the Army Corps of Engineers estimate it will take $13 billion through 2020 just to fix the decaying locks, most of which were built in the 1930s. “Few people realize the shape our locks and dams are in,” Mike Toohey, the president and chief executive of the Waterways Council, an industry group in Washington, told the Times.  Corps officials say it will take until 2090 to complete all the projects without additional funding. The Times reports that over the last decade, the average delay for barges at the Kentucky Dam has grown from less than four hours in 2004 to nearly seven hours today.

19 Apr 2013

Salvors to Show Treasure in NY Times Square

Manipulating recovery of a gold bar: Image courtesy of Odyssey Marine Exploration

At Discovery Times Square, New York, Odyssey Marine Exploration will show silver recovered from the 'SS Gairsoppa' shipwreck. The company's multi-media traveling exhibit, 'Shipwreck' opens at Discovery Times Square in New York City on May 24, 2013 for the first public unveilling of silver bullion recovered from the World War II-era SS Gairsoppa shipwreck. Silver which lay approximately three miles deep, will be on display in the first public showing of some of the 1,218 silver bars (approximately 48 tons) of silver recovered to date from the Gairsoppa…

06 Apr 2004

Editorial: When Up is Down, is Down Up?

As editors, much of our time is spent reading and evaluating, examining a wealth of information to help us determine in which direction particular market segments are heading; trying to forecast “what's hot ... what's not.” Given that this is the Offshore Annual edition, much of my reading and discussions of late have centered on offshore oil and gas production, and the myriad of political and market forces that ultimately determine the "what," "where's," "when's" and "how much" of offshore drilling. My insightful conclusion: Throw all of the reports and data in a trusty centrifugal, give it a whirl, grab the third thing to fly out and you are just as likely to be on the mark. Or not!

08 Jan 2001

Is DD-21 Project In Trouble?

According to a report in the NY Times and circulated by the major wire services, the U.S. Navy's proposed DD- 21 class of destroyers may be endangered. The Congressional Budget Office has predicted that the Pentagon budget will have to grow by as much as $70 billion a year to maintain existing weapons systems while moving ahead with new ones such as the DD-21, while President-elect George Bush has proposed increasing military spending by $4.5 billion a year over the next decade, the Times said. The Times said the new administration likely will have to cancel or postpone some major defense programs in development, such as the Air Force's F-22 stealth fighter, made by Lockheed- Martin Corp., the Marine Corp's V-22 Osprey aircraft, a joint project of Textron Inc.

26 Mar 2007

Former Chairman of Todd Shipyard Dies

John T. Gilbride, a former chairman and chief executive of the Todd Shipyards Corporation, once the largest independent shipbuilding company in the country, died on March 17 at his home in Stamford, Conn. He was 90. The cause was lung disease, his son Frank said, as reported in the New York Times. Gilbride, who started as a pipe fitter’s helper at the Todd shipyard in Brooklyn when he was 14, was president of the company from 1958 to 1975, and its chairman and chief executive until his retirement in 1986. Founded by William H. Todd in 1916, the company built destroyers, cargo carriers and troop ships during both world wars. In World War II, it had 150,000 workers, most at its yard in Brooklyn. Well into the 1980s, more than 80 percent of the company’s business was with the Navy.

21 Jun 2006

MMA Graduate Hugs President Bush

In a story reported by the NY Times, Gabriel Whitney says he did not plan to nearly suffocate President Bush in a bear hug. In fact, he did not plan to hug him at all. But when Mr. Whitney, one of 202 midshipmen to graduate from the United States Merchant Marine Academy in Kings Point, N.Y., on Monday, stepped forward to receive his diploma, it just sort of happened. Call it irrational exuberance. But after six years of undergraduate school and 4,872 demerits, Mr. Whitney, 25, of Nashua, N.H., could hardly restrain himself. With more reason than most to be overjoyed, the 6-foot-7 midshipman stepped onto the stage to accept his degree and hugged Vice Adm. Joseph D. Stewart, the academy's superintendent. Then he raised both arms in a victorious salute as his classmates roared their approval.

12 Sep 2005

Passenger Ships Leave New Orleans Itineraries

By the time Hurricane Katrina hit, cruise lines had already shifted ships out of ports in New Orleans and Mobile, Ala., according to a published report on the NY Times news service. According to the story, Carnival moved its two ships that sail out of New Orleans to Galveston, Texas. The Carnival Sensation ran four- and five-day trips out of Galveston to Mexico early this month, and the second ship, the Conquest, began sailing out of Galveston last Wednesday. Delta Queen Steamboat Co. runs three paddlewheel boats on multiday trips on rivers in the South and Midwest, including the Mississippi River. Employees were moved to Buffalo, N.Y., and Memphis, Tenn., ahead of the hurricane, and no cruises have been canceled, although New Orleans has been removed from itineraries through this month.