The law firm of Finkelstein, Thompson & Loughran announces that a lawsuit seeking class action status has been filed in the United States District Court for Southern District of New York against Sea Containers Ltd. and certain of its officers and directors on behalf of purchasers of Sea Containers securities between March 15, 2004 and March 24, 2006, inclusive, Finkelstein, Thompson & Loughran is investigating similar claims at this time and welcomes inquiries from potential class members concerning their rights and interests in this matter. The lawsuit alleges that Sea Containers violated federal securities laws by issuing a series of false or misleading public statements regarding the sale and restructuring of its ferry division and related impairment charges. On November 3, 2005, the Company announced that it would entertain offers for its Silja Oy Ab ferry division as its SeaStreak business, which would result in an impairment charge of $99 million related to the future sales. It additionally announced a $32 million impairment charge based on newly identified assets had been identified as impaired. On March 24, 2006, the Company shocked the market by announcing that: (1) it would be take a $500 million impairment charge as the result of: the sale of its entire ferry business, rather than the previous announced sale of the Silja Oy Ab division, and classification of additional containers as impaired; (2) as a
Sea Containers Ltd. announced that it has completed the sale of its Baltic ferry subsidiary Silja Oy Ab to Estonian ferry operator AS Tallink Grupp. The sale, which was announced on June 12, was subject to receipt of regulatory approvals from Finnish, Swedish and Estonian competition authorities, all of which have been granted. The consideration for the sale of Silja's core business is $563m and 5m ordinary shares in Tallink equivalent to $22m
Sea Containers has announced a record breaking year for the Ancona, Italy - Split, Croatia joint venture route. The seasonal service (June-September) carried nearly 59,000 passengers and 13,250 vehicles representing an increase of 52 percent on the previous year. The craft has been moved to Ravenna, Italy for its winter lay-up. The service will resume in June 2003 until 15 September. David Collins of Sea Containers passenger transport division said: "The success of the route has
Sea Containers Ltd. passenger and freight transport operator, marine container lessor and leisure industry investor, today announced its results for the quarter and nine months ended September 30, 2002. For the quarter, net income was $17.9 million ($0.84 per common share diluted) on revenue of $547 million, compared with net income of $6.6 million ($0.35 per common share diluted) on revenue of $356 million in the year earlier period
Norwegian shipping investment company NorFerries said it wanted to buy Finnish ferry company Silja Line from US-stocklisted Sea Containers. Silja Line runs ferries in the Baltic, mostly from Helsinki to Sweden and Estonia. The ferry line carried around five million passengers last year. NorFerries, known mostly for setting up routes for cargo ships and passenger ferries, is offering $671m for Silja Line. Bermuda-based Sea Containers said last year that it wanted to sell off Silja Line and
The Board of Directors of Sea Containers Ltd. today declared quarterly cash dividends on the Company's Class A and Class B common shares. The dividend will be US$0.025 per share on the Class A common shares and US$0.0225 per share on the Class B common shares. Class B common shares are convertible at any time into Class A common shares. The dividends will be payable February 20, 2004 to shareholders of record February 5, 2004.
The U.S. Customs Service and Japanese Customs and Tariff Bureau announced in Tokyo today, the sealing of the declaration of principles to participate on a pilot basis in the Container Security Initiative (CSI). CSI is a U.S. Customs initiative designed to prevent the smuggling of terrorist weapons in ocean-going cargo containers. Under terms of the declaration announced today, U.S. Customs officers will be stationed on a pilot basis at the ports of Tokyo, Nagoya, Kobe and Yokohama
St. Louis, Mo. – Emerson today announced that it has acquired the Marine Container and Boiler business of Johnson Controls Inc., enabling Emerson Climate Technologies to expand its refrigeration technology and solutions offerings in the global transportation sector. Terms of the acquisition were not disclosed. Johnson Controls’ Denmark-based Marine Container and Boiler business supplies controls for optimal operation of refrigerated sea containers and marine boilers
Kalmar, part of Cargotec, has announced a contract to supply Immingham Container Terminal in the UK with four Kalmar Gloria reachstackers equipped with new Kalmar K-Motion technology. The units are part of a significant investment by Associated British Ports (ABP), who are modernising their fleet to meet the growing demand for short sea container transit at the port. The four new Kalmar DRG450-65S5X reachstackers featuring K-Motion will provide a significant reduction in
BG Freight Line, a fully owned subsidiary of Peel Ports Group, is to receive new tailor-made short sea container feeder vessels optimized for the company’s Irish Sea Hub services. The new class of ‘green’ vessels has been developed by BG Freight Line operation with ARKON Shipping as project initiator/commercial manager, technical managers Jüngerhans Maritime Services and designers CIMC ORIC.
DNV GL adds to its service offering offers in the field of electrical measurement for renewable energy producers with a mobile test laboratory for carrying out “Over Voltage Ride Through” (OVRT) tests. The first measurements have now been successfully started for a
In contrast to an international downturn, French port Marseille Fos has reported exceptional results for July with 7.8 million metric tons of cargo and 387,000 passengers – up by 18.6 percent and 13 percent respectively on the same month last year.
Some 44 of Hanjin Shipping Co Ltd's ships have been so far denied access to ports while 1 ship has been seized, Reuters reports quoting a company spokeswoman. The 44 ships include instances where port service providers such as lashing firms have denied service
Container throughput at the Port of Salalah, part of the APM Terminals Global Terminal Network, reached 1.584 million TEU* in the first half of 2016, representing a 29% increase over volume handled during the same period the year prior. The completion of a new deep-water General Cargo and
Containership reliability took a small step backwards in October as the average on-time performance across all trades reached 77.9%, according to Carrier Performance Insight, the online schedule reliability tool provided by Drewry Supply Chain Advisors.
The U.S. Coast Guard said it continues to respond to the loss of containers from the barge Columbia Elizabeth, which reported losing multiple containers into the sea between Cape Canaveral and Palm Beach, Florida, Sunday. Marine prevention teams from Coast Guard Sector Miami and Marine Safety
The biggest container ship in the world, the MSC Maya, made its maiden call at Southampton on Tuesday 15 December. The 395.4m vessel, which can carry a world-leading 19,224 containers, is just the latest giant container vessel to call at the port in recent weeks.
James Leeson starts in role at the UK’s newest deep-sea container port, with Tabare Dominguez promoted to role in Vancouver DP World London Gateway Port has appointed James Leeson to the role of Head of Port Commercial following the announcement that Tabare Dominguez is to become
U.K. Shipping Minister Robert Goodwill MP has welcomed the investment being made by Peel Ports during a March 10 visit to the company’s Liverpool2 container terminal. Upon opening later this year, Liverpool2 will become one of Europe’s most modern and advanced
UK Shipping Minister Robert Goodwill MP has formally opened a new ‘Maritime Knowledge Hub’ in Wirral, UK, jointly operated by Mersey Maritime and Liverpool John Moores University. Operated jointly by sector development organisation Mersey Maritime and Liverpool John
Peel Ports has been recognised for its commitment to environmental stewardship in the delivery of its Manchester Ship Canal project by the prestigious and historic Carmen Awards. The awards, which honour exceptional achievement in industry and individual enterprise
DP World Group Chairman and CEO HE Sultan Ahmed bin Sulayem recently met the President of France, Francois Hollande and senior government and business leaders at a major investment summit at the Élysée Palace in Paris. France’s attractiveness as an investment location and DP
France is an attractive investment location for DP World’s projects related to infrastructure development, port centric development, distribution and export hubs, rail freight, customs, and other logistics topics, said DP World Group Chairman and CEO Sultan Ahmed bin Sulayem.
The Danish Maritime Authority has – in cooperation with a number of business organisations – drawn up three short guidelines on the regulations on the determination of the weight of packed sea containers. In February, the Danish Maritime Authority informed about future regulations
RUSCON, a multimodal operator in Russia, is integrating its terminal operations close to the Black Sea port of Novorossiysk. RUSCON’s Novorossiysk and Yug terminals have been cooperating and using shared software since 2014 but this move will ensure that total throughput will