UK Shipping & Transport OMBs Confident of an Up-Swing
A survey by leading accountant Moore Stephens has revealed that over three-quarters of owner-managed businesses (OMBs) in the UK operating in the shipping and transport sector are confident about their prospects for 2016. The survey revealed that, despite facing a number of major challenges and risks, shipping and transport (S&T) OMBs were particularly focused this year on training staff, expanding their UK customer base, investing in new technology and pursuing cost-reduction initiatives. The survey analysed responses from UK-based OMBs, and revealed that 78% of S&T OMBs were confident about the general outlook for 2016, with 71% expecting to hit their revenue targets for the year.
Biggest Irish Port Project Gets Underway
Ireland’s largest bulk port company, Shannon Foynes Port Company (SFPC), announced yesterday the commissioning of the first ports infrastructure project since the turn of the millennium, with a €50million capital investment programme at Foynes. Launched by Minister for Transport and Tourism Paschal Donohoe, the programme is the implementation of the first key element of the port company’s masterplan, Vision 2041, which is aimed at transforming the Shannon Estuary into a major national and international economic hub. Today’s announcement will see SFPC commence a seven year programme in quayside infrastructure development with a €12.5million investment in infilling of 3.45 acres on the port’s East Jetty, with work beginning this month.
OOIL Orders Two Containerships For $160M
Orient Overseas (International), the shipping giant controlled by Hong Kong Chief Executive Tung Chee-hwa's family, said two of its subsidiaries have entered into a contract with Samsung Heavy Industries Co Ltd to build two container vessels. The two post-Panamax container vessels, worth a total of $160 million, represent about 20.9 percent of OOIL's net tangible assets, the company said in a published statement. Each can carry 7,400 teu. OOIL said the new vessels, to be funded by internal resources and external finance, will improve the operating efficiency and profitability of the group. - (Reuters)
