Fall from Grace: Batista Gets 30-Years for Corruption
Eike Batista, the former mining and oil magnate who was once Brazil's richest man, was convicted and sentenced to 30 years in prison for bribing Rio de Janeiro state's disgraced ex-governor, according to a court document published on Tuesday.Batista's conviction and sentencing by federal judge Marcelo Bretas are the latest in a wave of graft investigations that have sent scores of powerful businessmen and politicians to jail.The eccentric former billionaire's meteoric rise and fall mirrored the recent fortunes of Brazil, where the commodities boom faded as his energy, mineral and logistics empire fell apart earlier this decade.His swashbuckling attitude and confident forecasts of a prolonged golden era for Brazil evaporated just as Latin America's largest economy suffered its worst recessi
As Freight Rates Fall, LNG Shippers Brace Consolidation
Faltering LNG demand, growing tanker fleet drag on freight rates. Shippers who ply the seas to deliver liquefied natural gas (LNG) in massive tankers are likely to face a wave of consolidation and asset sales, with freight rates plunging as a growing fleet clashes with tepid demand. Companies that manage to weather the shakeout in one of the key sectors in the global shipping industry should be in a prime position, however, to benefit from a string of new LNG projects expected to start trickling online by the end of next year. "I see more mergers and acquisitions, more consolidation and a lot more joint ventures as things get tougher," said Andrew Bridson, business development manager at maritime consultancy BMT Asia Pacific. "That is not a bad thing.
The Jensen Marine “HandySize” Class Tug
Designed by Jensen Naval Architects and Marine Engineers, and built by the Great Lakes Shipyard of Cleveland, Ohio a 74-foot workboat is quickly making a name for itself; in and out of the water. The “HandySize” Class Tug was designed to fill the niche between the 2,400 to 3,200 HP market for harbor workboats, fireboats, and construction operations and coastal towing, too. The Tug model 2800 is powered by two Cummins QSK38,1400HP diesel engines rated at 1800 rpm, providing a total of 2,800 HP – or in order words, just right for those niche tasks assigned to a Great Lakes workboat.
