MCP Appoints Støldal CEO
MCP’s Board of Directors appointed Frode Støldal as new CEO for the Telenor subsidiary. Støldal replaces MCPs founder, Knut Fjellheim, who has served as interim-CEO and now returns to his previous role as COO/CTO. Frode Støldal has vast management experience from across the Telenor-Group. Prior to his role as CTO in Telenor Norway where he was responsible for deploying a new LTE (4G) network, Støldal served as Head of Technology for Telenor in Asia…
Chinese Fishing Vessel Sinks, Seven Rescued
Seven Chinese crew members were rescued after their fishing vessel caught fire and sunk at 18 NM Southeast off Mouligi Island, Mapun in Tawi-Tawi, August 13, 2014.
Major Drybulk Ship Operator Lowers 2014 Expectations
Danish shipping company D/S Norden, one of the biggest dry bulk shipping companies in the world, said it would not make a profit this year after posting a loss in the second quarter due to low freight rates and falling demand in Asia. The firm's loss before interest, tax, depreciation and amortisation (EBITDA) increased to $7 million against $3.9 million in losses a year ago and compared to the $19.3 million-loss expected by analysts polled by Reuters.
GLDD Report Solid Q2 2014 Dredging Sector Performance
For the three months ended June 30, 2014, Great Lakes reported Revenue of $184.7 million, Income from continuing operations of $3.9 million and Adjusted EBITDA from continuing operations of $19.8 million. "Dredging had a solid quarter with $157.1 million in revenue, driven by increased activity in all of our domestic markets, and improved gross profit margin to 14.4%. During the second quarter, we benefited from improved weather and higher productivity as well as greater fixed cost coverage.
Google Consortium to Lay 'FASTER' Trans-Pacific Cable
Google and five other large companies team up to build a cable under the Pacific Ocean that will deliver incredibly fast internet speeds informs system supplier NEC Corporation. A consortium of six global companies have signed commercial agreements to build and operate a new Trans-Pacific cable system to be called “FASTER” which will connect the United States to two landing locations in Japan. The total amount of investment for the FASTER system is estimated to be approximately USD $300 million.
Dry Bulk Carrier Segment Revival Seen by Analyst
Freight rates are set to rise across all dry bulk carrier segments as the global economic recovery gains momentum, ending the sector’s most bearish run since the start of the economic crisis in 2008/2009, according to Newport Shipping’s 'Dry Bulk Market Outlook 2014 Q2'. Seaborne trade in bulk commodities is expected to pick up after almost two years of slow to moderate economic growth to almost 9% this year, after which it will ease off slightly to an annual growth rate of about 7%.
APM Terminals Invests in Turkish Port Trade Expansion
APM Terminals Izmir, Turkey, says the installation of new ZPMC container cranes in Petkim Port will allow shipping lines to upgrade the size of vessels calling at Izmir, in Western Turkey, as well as introduce direct calls from Asia, the sub-continent and the Middle East for vessels larger than 10,000 TEUs. “This will be a complete change in Izmir’s role in the global logistics chain. The ordering of these cranes will ensure that APM Terminals Izmir can deliver efficient…
Port of Hueneme to Get US$400,000 Security Upgrade
The Port of Hueneme announced that it will receive more than $400,000 in funds from the U.S. Department of Homeland Security (DHS) through the Fiscal Year 2014 Port Security Grant Program (PSGP). The funds will help protect critical port infrastructure from terrorism, enhance maritime domain awareness, improve port-wide maritime security risk management, and maintain or reestablish maritime security mitigation protocols that support port recovery and resiliency capabilities.
HAL Launches ‘Discover Canada & New England’
Holland America Line launched a “Discover Canada & New England Sweepstakes” that will award five of the line’s Pinterest followers a $500 American Express gift card. The sweepstakes runs through Sept. 20, 2014, and the winners will be selected in a random drawing at the end of September. Participants can visit the Discover Canada & New England tab on Holland America Line’s Facebook page and choose…
Married Couple Set Mid-Pacific Rowing Speed Record
Meredith Loring and Sami Inkinen, a married couple based out of the San Francisco Bay Area, began their unsupported rowing expedition on June 18, 2014, out of Monterey Harbor, rowing more than 60 miles a day to cover their 2,800-mile Pacific crossing to Honolulu in 45 days and four hours. While they set the new pair’s speed record for a Mid-Pacific crossing, the couple’s expedition was largely an effort…
Fortis Acquisition of UNS Energy Approved
Fortis Inc. and UNS Energy Corporation announced today the issuance of the final written approval by the Arizona Corporation Commission of the Corporation's agreement to acquire UNS Energy. As a result, all conditions precedent to completing the Acquisition have been fulfilled other than those which by their nature cannot be satisfied until the closing date, which is expected to occur upon completion of the required documentation.