Sete Brasil to seek up to $5 bln funding
Sete Brasil Participações SA presented a draft reorganization plan on Friday that includes seeking up to $5 billion in funding and downsizing business, three months after the Brazilian rig leaser sought court protection against 18 billion reais ($5.7 billion) in looming debt payments. Rio de Janeiro-based Sete Brasil is asking creditors, which include some of the world's leading shipbuilders and Brazil's largest lenders…
APM Terminals Pipavav Q1 Net Zooms 60%
APM Terminals Pipavav’s (Gujarat Pipavav Port Ltd) today posted a 60 per cent rise in standalone net profit to INR 59.75 crore for the first quarter ended June 30, 2016 on the back of lower expenses. The company had posted a net profit after tax of INR 37.23 crore for the same period a year-ago. Profit from operations for the quarter under consideration stood at INR 75.1 crore as against INR 74.6 crore in Q1FY16. EBIDTA for the quarter was at INR 100.2 crores and EBIDTA margin stood at 60%.
Crystal Serenity Goes to Arctic
The cruise ship MV Crystal Serenity, owned by the US-based Crystal Cruises, is scheduled to set sail from Seward, Alaska to New York on a 32 day, 1,500 km journey through the Northwest Passage via Canada and Greenland on August 16 with with 1,000 passengers on board. The Cruise ship will sail the legendary route 500 miles north of the Arctic Circle, first completed successfully by Roald Amundsen more than 100 years ago.
Maersk Paints a Gloomy Picure
Danish shipping conglomerate A.P. Moeller-Maersk A/S has reported a plunge in profits in the second quarter in the face of tough market conditions. Maersk's quarterly net profit dropped 89 per cent to $118m compared with a year earlier. However, it stuck to a profit forecast of an underlying profit for 2016 significantly below last year’s $3.1 billion. The company maintained its outlook for an underlying profit for the full year significantly below last year's $3.1 billion.
A Bumpy Ride: China's New Maritime Silk Route
China has been pressing ahead with its ‘One Belt, One Road’ (OBOR) initiative – comprised of the Silk Road Economic Belt and the 21st-century Maritime Silk Road (pictured) – which was launched in 2015. Alibra Shipping Research is taking a look on China's plans. The ambitious scheme will build pipelines, ports and roads in areas home to about 65% of the world’s population and will affect about 25% of all the goods and services the world moves.
CMA CGM Launches New EURAF 6 Service
CMA CGM Group has launched its new service EURAF 6 by cooperating with a partner under a slot swap agreement. Enhanced service coverage with a second loop direct from West Med to West Africa strategic markets. Direct service from Italy and Spain to Senegal, Ivory Coast, Nigeria and Ghana with the transit time vastly improved up to 6 days. Coverage of Takoradi port on a 21-day frequency from worldwide origins.
Madagascar Workshop Promotes Dumping of Wastes at Sea Regulations
A national workshop promoting the treaty covering dumping of wastes at sea, the London Protocol, was held in Antananarivo, Madagascar (11-12 August). The workshop, the first of its kind held in the country, is raising awareness of the regulatory framework provided by the Protocol. It is thereby supporting Madagascar in protecting its marine environment from the dumping of wastes and other matter at sea.
Vivek Bhatia New CEO of Thyssenkrupp AsiaPac
Vivek Bhatia (38) will become the new CEO of thyssenkrupp Asia Pacific effective October 1, 2016. He succeeds Dr. Stefan Schmitt (40), who will move to thyssenkrupp AG as Head of Human Resources Strategy effective October 1. Vivek Bhatia has been Head of Strategy, Markets and Development at the Regional Headquarters in Singapore since May 2014, prior to which, as part of the Boston Consulting Group for several years…