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Sunday, January 21, 2018

Real Estate News

Foss Names Sumner CFO

Bryceon Sumner (Photo: Foss)

Bryceon Sumner has joined Foss Maritime as chief financial officer, hired to oversee all aspects of the organization's financial function and performance. Sumner brings to the role years of experience gained at a number of organizations ranging from education technology and real estate, to architecture and financial services. Prior to joining Foss, Sumner served as COO and CFO for public and private companies, family offices and as a senior financial officer of a $60 billion government banking insurance fund.

North Sea Canal Ports Transhipment Hits Record 100 MT

Photo: Port of Amsterdam

The positive economy led to a 2.5 percent increase in the transhipment of goods at the Port of Amsterdam to 81.3 million tonnes in 2017. Together with the other seaports in the North Sea Canal Area, transhipment rose to a record level of 100.8 million tonnes. In IJmuiden, transhipment was up 7 percent to 18.5 million tonnes. Beverwijk saw transhipment increase to 800,000 tonnes (up 6 percent). Zaanstad booked an increase of 35 percent to 300,000 tonnes. The increase at the Port of Amsterdam was mainly due to higher transhipment of oil products and agribulk.

Goltens Facility Opens at Dubai Maritime City

Photo:Drydocks World

Dubai Maritime City (DMC), the mixed-use development for maritime business, announced the Grand Opening of the new Goltens facility at the City. The ultra-modern facility seeks to support Goltens’ operations worldwide. Dubai Maritime City project is built over 2.27 million square meters in area and offers a multi-use environment for commercial, industrial, residential and recreational use,. This manmade peninsula is located between Port Rashid and Drydocks World –Dubai and offers Real Estate and Shipyard facilities.

Keppel Appoints New CFO

In a move towards succession planning, the Board of Directors of Keppel Corporation Limited ("Keppel" / the "Company") announced that Mr Teo Soon Hoe will relinquish his role as Group Finance Director with effect from 1 January 2012. Mr Teo, 62, will continue to serve as Senior Executive Director and remain on the Keppel Board. He will remain as Chairman on the boards of Keppel Telecommunications & Transportation Ltd and M1 Limited. He will assist the CEO, Mr Choo Chiau Beng to strategize and grow Keppel's competencies in Sustainable Development, and oversee Keppel's investment portfolio and special projects such as the Sino-Singapore Tianjin Eco-City.

Seaport Real Estate Continues to Outperform Overall Industrial Market

Jones Lang LaSalle’s third annual Port, Airport and Global Infrastructure (PAGI) report published today, reveals that even amid economic volatility, real estate in the markets surrounding the country’s seaports is leading the U.S. industrial real estate recovery. Overall vacancy rates for seaports have dropped from last year by 1.4 percent to 8.5 percent, outperforming the 9.7 percent vacancy rates held by the general industrial real estate sector. “Even with a myriad of global economic challenges, seaport industrial real estate has continued to retain its premium value over inland industrial locations,” said John Carver, head of Jones Lang LaSalle’s Ports Airports and Global Infrastructure team.

Kinton to Depart Massachusetts Port Authority

Thomas J. Kinton Jr., the chief executive officer and executive director of the Massachusetts Port Authority, a 1,200-person agency with more than $500 million in annual revenue derived from owning and operating Boston Logan International Airport, two other airports, the public terminals in the Port of Boston, and hundreds of acres of real estate, announced in a letter to employees that he was retiring from the Authority to pursue other interests. With Kinton’s departure, effective June 1, Massport will lose a leader with unrivaled understanding of Massport and how its facilities operate. The Winchester, Mass. resident came to Massport in 1976 filling a temporary job in the engineering department…

Kuriyama Joins Matson Board of Directors

Stanley Kuriyama (Photo: Alexander & Baldwin, Inc.)

The Board of Directors of Matson, Inc. has appointed Stanley Kuriyama as a director of the company, effective June 23, 2016.   Kuriyama is the Executive Chairman of Alexander & Baldwin, Inc. He first joined Alexander & Baldwin in 1992, and from January 2010 until his retirement in December 2015, he served as Alexander & Baldwin's president and chief executive officer. Prior to joining Alexander & Baldwin, Kuriyama was a partner in the law firm of Cades Schutte Fleming & Wright, specializing in real estate and real estate financing. He is a 1977 graduate of Harvard Law School.

SBM Offshore Completes Real Estate Divestment

Logo

SBM Offshore is pleased to announce that is has completed the sale and lease back of its Monaco real estate portfolio. The last of the three buildings was sold for approximately US$62 million net of expenses, resulting in a book profit of approximately US$58 million. On December 17, 2013 the Company reported the sale and lease back transactions for two of the three buildings with sales proceeds exceeding US$100 million and resulting in a book profit of approximately US$30 million.

Dubai Maritime City Steams Forward

Dubai’s vision as a global maritime hub took another major step forward with the launch of the mixed-use Business District at Dubai Maritime City (DMC) under the patronage of HH Sheikh Ahmed Bin Saeed Al Maktoum, Chairman, Dubai World. HE Mohammed Al Shaibani, the Director General of HH The Ruler’s Court, Government of Dubai, Khamis Juma Buamim, Chairman Drydocks and Maritime World, senior company executives, government officials, representatives of developers participating in the project…

San Diego Ports Get Fitch A+ Rating

Fitch Ratings has assigned an 'A+' rating to $19.3 million of refunding revenue bonds, series 2013 A, issued by the San Diego Unified Port District. In addition, Fitch has affirmed the 'A+' rating on approximately $39.2 million in outstanding revenue bonds, series 2004 A and 2004 B. The Rating Outlook on all bonds is Stable. The district's assets include real estate holdings in prime tourism/business areas of the city and two niche marine terminals primarily focused on break bulk cargo services. Growth in automobile and specialized equipment handling has been noted. The maritime and real estate revenue base is supported by long-term fixed rents and concession revenues.

North American Marine, R. E. Perry Alliance

It is a well-known fact that marine assets are unique, whether they are inland and ocean-going vessels or waterfront properties, shipyards and barge fleeting operations. Making business decisions pertaining to them, especially in today’s market, can be difficult. Consequently, North American Marine Consultants, LLC, and R.E. Perry Company have formed a strategic alliance to better assist their customers in managing their marine assets by providing knowledge-based marine surveying, financial appraisal analyses and brokerage services for vessels and land-based marine assets worldwide. North American Marine Consultants, LLC, a new venture headquartered in St. Louis, Missouri, provides professional marine surveying and appraisal services for inland and ocean-going vessels. The R.E.

St. Petersburg Shipbuilding Industry Sees Decline

Shipbuilding in St. Petersburg, according to the St. Petersburg Times, is shrinking. In the past, the city’s three largest shipyards - Admiralteyskiye Verfi, Baltiysky Zavod and Severnaya Verf - were overloaded with state orders for submarines and ships, tankers and ice-beakers. But today, many shipbuilding engineers and workers are facing a different circumstance. State orders are no longer able to support the industry. Instead, more successful are those who export their frigates and submarines to India and China. These days any land in St. Petertsburg, but especially along the coast, is in high demand. Shipyards are attracting property developers rather than researchers and developers.

H-Energy to Build Floating LNG Terminal in West Bengal and Canada

Niranjan Hiranandani, Chairman, (Pic by Construction Skill Development Council of India)

Business Standard reported that real estate developer Hiranandani Group plans to set up a INR 2,400 crore floating LNG import terminal off Haldia, West Bengal and supply imported gas to users as far as Paradip in Odisha. H-Energy Pvt Ltd, the Energy arm of the Hiranandani Group, plans to set up a 4 million tons a year floating storage and Re-gasification unit (FSRU) some 115-km off the Haldia coast by first quarter of 2019. In the Natural Gas business, upstream integration is common.

Renewed Effort to Save SS United States

As momentum builds for the effort to save and repurpose the greatest American ocean liner ever built, the SS United States Redevelopment Project (SSUSRP) announced that it has named New Canaan Advisors LLC (NCA) as real estate advisors to a growing team leading this exciting redevelopment program. New Canaan Advisors will assist the SSUSRP on a number of aspects related to transforming the historic ship into a stationary, multi-purpose waterfront destination. The SS United States, which will celebrate the 60th anniversary of its maiden voyage this year, remains the largest passenger vessel ever constructed in the United States. At nearly 1,000 feet long, she remains the fastest ocean liner to cross the North Atlantic and one of the last surviving of the great 20th Century liners.

Palmer Johnson to Aquire Assets of Intermarine Savannah

Palmer Johnson Savannah Inc., a member of Palmer Johnson Yachts group of companies, has signed a purchase agreement to acquire substantially all assets of BCT Real Estate and Savannah Shipyard, operating as Intermarine Savannah. Bpalmer Johnson’s acquisition of the 21-acre site in Savannah, a covered graving dock 535 ft. by 73 ft., capable of drydocking just about any yacht in the world, a high-roofed main construction building more than 600 ft. long, 700 ft. of covered docks and a 1,000-ton marine railway.

Hanøytangen Deal Reached – Again

Photo: Bergen Group

Bergen Group has reached an agreement with Semco Maritime on sale of the rig service activity and with Hellik Teigen AS for sale of the real estate at Hanøytangen. The parties have agreed to uphold the sales price of NOK 245 million, as set out in the agreement which was terminated two weeks ago. The transaction, expected to close by the end of today, will see Semco Maritime take over operational activities at Hanøytangen. Bergen Group ASA announced the termination of the sale agreements on May 4…

Empire State Stake, Melbourne Port Among Q3 Sovereign Fund Acquisitions

Photo: Port of Melbourne

An Australian port and a stake in the Empire State Building's operator were among assets acquired by sovereign investors such as wealth funds and state pension funds in the third quarter of 2016, with deals totalling $21.2 billion. The combined value of deals was up 38 percent from the previous quarter, helped by a handful of jumbo-sized transactions in the infrastructure, energy and real estate segments, although the number of direct investments fell to 35 from 43 in the second quarter, according to data from Thomson Reuters.

Passing of Molly Murphy Crowley

Photo courtesy Crowley Maritime Corporation

Molly Murphy Crowley, 71, of Piedmont, Calif., Crowley Maritime Corporation board member, past Portland, Ore. real estate mogul, philanthropist and competitive amateur golfer died March 21 following an illness surrounded by her family at her Indian Wells, Calif. vacation home. Mrs. Crowley was born Nov. 27, 1938 in Portland to Dorothy and Peter Murphy. She was the third of eight children, and attended grade school at St. Thomas More Catholic School and high school at Holy Child Academy in Portland, and college at Manhattanville College in Purchase, N.Y.

Virginia Ship Pilots – New Board Member Appointed

Christine Piersall: Photo credit Williams Mullen

Christine N. Piersall was appointed to this position by the City of Portsmouth Circuit Court Judges and replaces Bruce Cherry, who has been on the Board for more than 33 years. This nine-member board examines and licenses the pilots responsible for the safe passage of ships in Virginia's major shipping lanes and waterways. The Board was created in 1783 and was initially chartered by the King of England in the 1600's. Ms. Piersall is a partner with the law firm of Williams Mullen.

Coastal Zone Management: ABA Publish New Book

Book cover: Image courtesy of ABA

With oceans considered by many as one of the last frontiers, the American Bar Association's new book “Zoning the Oceans: The Next Big Step in Coastal Zone Management’’ is intended to help experts and government planners use zoning as a vehicle for ocean development and management. It is claimed to be the first book to focus on new and emerging state ocean zoning programs in the context of recent developments in offshore coastal zone regulation at the state and federal levels, say the publishers.

ABA Book Explores Ocean Zoning Management

Zoning the Oceans

With oceans considered by many as one of the last frontiers, a new American Bar Association book will help experts and government planners use zoning as a vehicle for ocean development and management. “Zoning the Oceans: The Next Big Step in Coastal Zone Management’’ is the first book to focus on new and emerging state ocean zoning programs in the context of recent developments in offshore coastal zone regulation at the state and federal levels. The timely and relevant book delves into a wide range of coastal zone management issues…

Title Insurance did not Include Casino Vessel Being Built

The U.S. Court of Appeals for the Fifth Circuit ruled that title insurance written to cover a real estate project for a gaming development did not include a casino vessel that was under construction at a distant location. In the instant case, a financial institution loaned monies to a casino company to build a gaming development. The development was to include both a landside infrastructure and a casino vessel. The casino vessel was to be built at a remote location and towed to the site when completed. The insurance used to protect to investment was a slightly modified version of a standard real estate title insurance policy. Construction of the casino vessel went far over budget and the shipyard brought suit, forcing the gaming company into bankruptcy.

Port Completes Purchase of World Trade Center Tacoma Building

$6.8 million purchase of the World Trade Center Tacoma Building. Located at 3600 Port of Tacoma Road, the 70,000-square foot building had been owned by a local, private partnership. continue to be -- owned by the Port of Tacoma. adjacent to Interstate 5 at the entrance to the Port area with easy freeway access and ample parking. objectives. "This is a dynamic addition to the Port's real estate portfolio," he said. Presently, the World Trade Center Tacoma Building has more than 20 tenants, including the U.S. Immigration and Naturalization Service. "We have no current plans to change the use of the building," Emerson said. Emerson added that the site has potential for further development in the future. long-term development," he said.

Maritime Reporter Magazine Cover Dec 2017 - The Great Ships of 2017

Maritime Reporter and Engineering News’ first edition was published in New York City in 1883 and became our flagship publication in 1939. It is the world’s largest audited circulation magazine serving the global maritime industry, delivering more insightful editorial and news to more industry decision makers than any other source.

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