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MARITIME INVESTMENTS

Dubai Maritime City Authority Launches UAE-German Maritime Majlis

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Dubai Maritime City Authority (DMCA), the government authority charged with regulating, coordinating and supervising all aspects of the maritime sector in Dubai, has announced the establishment of the UAE-German Maritime Majlis in cooperation with the German Emirati Joint Council for Industry & Commerce (AHK), during a special Business Dinner hosted by DMCA in Dubai under the patronage and in the presence of His Excellency Dr. Abdulla Belhaif Al Nuaimi, Minister of Public Works & Chairman of the National Transport Authority. The dinner gathering was attended by H.E. Ahmed Butti Ahmed, Executive Chairman of Dubai Maritime City Authority, Dr. Peter Goepfrich, CEO of AHK, Amer Ali, Executive Director, Dubai Maritime City Authority, in addition to other senior officials from AHK and DMCA. Ahmed Butti Ahmed said, “The UAE-German Maritime Majlis reflects the importance given by the DMCA in strengthening its international partnerships in order to achieve its strategic objectives aimed at establishing Dubai as a global maritime hub. We thank the AHK for its full support for this undertaking and assure our friends in Germany that Dubai is keen to protect and prosper their maritime interests. We look forward to addressing and resolving our mutual concerns via this Majlis.” The new Majlis is of great strategic importance as it serves as an actionable platform for the UAE and Germany to exchange best practices and experiences and address mutually important


Dry-Bulk Shipping: Hitting the Bottom

Photo: China COSCO Bulk Shipping (Group) Co

 Dry bulk shipping companies being hit the hardest on account of the deteriorating business climate are likely to be swept by a new wave of bankruptcies, reports Nikkei.   The global commodities bust has rocked the dry-bulk shipping industry, with a wave of bankruptcies washing across the sector and major players forced to restructure, divest or scrap assets.   Many in the industry had hoped it would start to recover this year


UK Seeks Maritime Dominance of Yore

S tidal turbine being transported to EMEC test site Image Rolls Royce WEB.jpg

“Britannia rules the waves” paid a glowing tribute to the maritime past of the United Kingdom.  Over the past three centuries as the sun began to set on the British power, resilient U.K. with its pioneering characteristics began its voyage of transformation to become a world-class maritime services center, with one of the largest clusters of marine insurance, ship finance, law, classification societies, ship broking, education and consultancy organizations.


India Bags USD 6.22 bln Investment in Ports and Water Transport Sector

Indian Shipping Minister Nitin Gadkari. Photo: Official FB Page

 Foreign Direct Investment upto 100% under automatic route is already permitted in the Port Sector. This has resulted in several Public Private Partnership (PPP) projects coming up in the Major Ports.    At present, a total of 33 PPP Projects with an investment of INR 17817.96 crore (USD 2.8 bln) are operational and 20 more PPP projects with an investment of Rs. 22362.67 cr (USD 3.42 bln) are under implementation. In total it comes to USD 6.22 bln.  


Indian Maritime Development Can Create 10 Million Jobs

Nitin Gadkari. Photo: The Ministry of Shipping

 Indian minister for shipping Nitin Gadkari has said port and shipping sector has potential to create nearly 4 million direct jobs and 6 million indirect employment opportunities over the next 5 years.   Gadkari said "all the developed countries have a vibrant port sector, but unfortunately, our maritime sector remained neglected over the years, despite having immense potential."   Recalling Prime Minister Mr


Lehman Acquires IMECO

J.F. Lehman & Company investment affiliates acquire AMECO, provider of electro-mechanical solutions to the defense, aerospace and maritime sectors. IMECO, based in Iron Mountain, MI, is a leading independent domestic provider of turnkey marine electro-mechanical solutions for U.S Government and commercial customers.  The Company's integrated maritime solutions include the design, engineering, planning, procurement and installation of HVAC, cargo handling, electric steering


Mubarak to Build New Shipbuilding Facility in Dubai

Mubarak Shipyard

Dubai Maritime City LLC (DMC), the world-class mixed-use maritime cluster, announced the signing of long term partnership agreement with Mubarak Marine LLC. The agreement is for the development of an industrial complex project for maritime services, shipbuilding and repair worth AED 130 million.   This complex will enable Mubarak Marine to establish their headquarters as well as a major marine workshop and maintenance facility


SIU Honors Thomas B. Crowley Sr.

Crowley’s current Chairman and CEO Tom Crowley Jr. – the son of Crowley Sr. – addresses the crowd at the Seafarers International Union dedication ceremony that named a new building in his father’s memory. (Photo: Crowley)

SIU Piney Point building dedicated in honor of the late Thomas B. Crowley Sr.   The Seafarers International Union (SIU) recently honored the late Thomas Crowley Sr. during a dedication ceremony that named a new administration building in his memory. The new Thomas Crowley Sr. Center for Maritime Services, located at the Paul Hall Center for Maritime Training and Education in Piney Point, Md., commemorates the legacy of Crowley, who owned and operated Crowley Maritime Corp


New Stainless Steel Chemical Tanker Platform

Principal Maritime Management LLC of Southport, Connecticut, a shipping company owned by affiliates of Apollo Global Management LLC, has formed a new platform in the stainless steel chemical shipping sector. Additionally, Princimar Chemical Carriers has acquired its initial three stainless steel chemical tankers, all of which were purchased from existing owners and are currently in service.   Princimar Chemical Carriers is focused primarily on acquiring stainless steel chemical


Senators Murray, Cantwell Introduce American Port Legislation

Senator Patty Murray (WA)

-    Senate bill designed level the playing field for American ports competing for cargo, boost investments in port infrastructure and maintenance -    Legislation replaces the Harbor Maintenance Tax U.S. Senators Patty Murray and Maria Cantwell introduced today The Maritime Goods Movement Act for the 21st Century, new legislation that would support the American trade economy and significantly strengthen American ports


UK Partners to Launch Autonomous Vessels Testing Service

(Photo: BAE Systems)

The U.K.'s first maritime autonomous systems testing service is set to launch later this year.   BAE Systems said it has been awarded £457,000 (approximately $594,700) in grant funding from the Solent Local Enterprise Partnership (LEP) to design and deliver the U.K


James Troop Celebrates 150th Anniversary

L-R Robert Pollock, Bob Troop and Derek Bate in Coburg Dock (Photo: James Troop)

Liverpool diesel-engine sales and maintenance specialists James Troop & Co is celebrating its landmark 150th anniversary with a surge in new business and export sales.   The family-run company based in Runcorn is one of Liverpool’s longest-standing maritime and industrial


China Acquires Global Ports: FT

File photo: China COSCO Shipping

 With the aim to dominate maritime industry China has been acquiring overseas ports with huge investments which crossed USD 20 bln last year, Financial Times reported.   Beijing has spent billions expanding its ports network to secure sea lanes and establish itself as a maritime power


SC Ports Reports Record Volume in FY2017

Wando Welch Terminal. Photo: South Carolina Ports Authority

 South Carolina Ports Authority moved a record 2.14 million twenty-foot equivalent units in fiscal year 2017, an increase of 10 percent over the previous year’s container volumes.   Highest-ever June volumes of 183,237 TEUs gave SCPA a strong finish to its fiscal year


European Shipowners Welcome IMO Meeting Outcome

Photo: European Community Shipowners’ Associations (ECSA)

 European Community Shipowners’ Associations (ECSA) representing the European shipowners believe that important progress was made last week at the International Maritime Organziation’s (IMO) Marine Environment Protection Committee (MEPC) meeting.  


Yildirim to Sell its Stake in CMA CGM

Photo: Yildirim Holdings AS

 Turkish port operator Yildirim Holdings AS has announced plans to sell its 24 percent stake in the French shipping major CMA CGM, Bloomberg reported.   The company mandated China Citic Bank Corp. to find investors from Asia or the Persian Gulf for its interest in the world’s


Stolt-Nielsen Aims to Cut Debt

Niels G. Stolt-Nielsen (Photo: Stolt-Nielsen)

Chemical tanker firm Stolt-Nielsen aims to cut debt, CEO Niels G. Stolt-Nielsen said on Thursday. CEO: Debt is slightly higher than we wish  CEO: Based on the latest update, we believe that 2018 will be tough to reduce debt  CEO: Assumptions are based on no recovery in the chemical


Saudi Aramco, Hyundai Heavy Sign MoU

Photo: Hyundai Heavy Industries

 Saudi Aramco, Dussur – the Saudi Arabian Industrial Investments Company, and Hyundai Heavy Industries (HHI) announced a Memorandum of Understanding (MOU) to jointly collaborate on engines and pumps business development in the Kingdom of Saudi Arabia.  


Perama Ship Repair Zone Floating Dock Getting Ready

Photo:  Piraeus Port Authority S.A.

 Perama Ship Repair Zone dock maintenance works completed and the new floating dock is expected to get ready by November 2017.     P. Kouroumplis, Minister of Shipping and Insular Policy, S. Pitsiorlas, Deputy Minister of Economy and Development, the Mayor of Perama, I


HENSOLDT Acquires Kelvin Hughes

Image: Kelvin Hughes

 HENSOLDT Acquires Kelvin Hughes   Kelvin Hughes has been acquired by HENSOLDT (formerly Airbus Defense Electronics) as a result of an agreement by its owners ECI Partners to sell its investment in the company.   “Following the buyout from Smiths Group


Reederei Hamburger Lloyd Chooses Sealink Plus VSAT

Hamburg-based shipping group Reederei Hamburger Lloyd will move its fleet of nine containerships and six bulk carriers to Marlink’s Sealink Plus VSAT package including unlimited L-band backup.   Hamburger Lloyd is a long term customer of Telemar Germany and was looking for a


Golar, Delfin to Jointly Develop US FLNG Project

A joint development agreement between Delfin Midstream and Golar LNG Limited will see the two jointly develop the Delfin LNG project off the coast of Cameron Parish, La.   The joint development agreement will facilitate the financing, marketing, construction


Dredging: Digging Deep for a 'WIIN'

© Nancy Hochmuth / Adobe Stock

In the waning days of 2016, the outlook brightened dramatically for the big U.S. dredging contractors. Just before Congress dispersed for the Holidays, then-President Obama signed a pivotal piece of legislation – the Water Infrastructure Improvements for the Nation (WIIN) Act, S612


KOTUG Adds Fifth Infield Support Vessel

Coral Knight (Photo: KOTUG)

Towage operator KOTUG said it has acquired a fifth infield support vessels (ISVs) in Australia and East Timor, furthering its investment in offshore support.   The new vessel, Coral Knight, will be bare boat chartered exclusively to Australian Maritime Systems Limited (AMS) to provide


J.P. Morgan Raises Distressed Shipping Fund

Photo: JP Morgan

 J.P. Morgan Global Alternatives has closed a $480 million fund to invest in distressed shipping assets, attracting capital from pensions, endowments and insurance companies, reports Financial News London.   The Global Maritime Investment Fund II






 
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