London Gateway Ups Security Measures
Expanded use of converged security and information management platform will support physical and IT security program at DP World London Gateway. London Gateway, one of the U.K.’s major ports owned and operated by DP World, has implemented converged security and information management (CSIM) software port-wide to increase security and provide overall situational awareness capability. Situated on the north bank of the River Thames, the deep-sea container port is located next to Europe’s largest logistics park, providing shipping access to key U.K. consumer markets.
Sea Containers Sells Remaining Properties in Newhaven Port
Sea Containers Ltd. has completed the sale of Newhaven Marina, West Quay and Railway Quay in Newhaven, East Sussex, England to Oakdene Homes PLC for $20.7 million (GBP11.25 million) in cash. Sea Containers will report a profit on the transaction of $10.4 million in the fourth quarter of 2005 and proceeds from the sale will be used to reduce company debt. Sea Containers has now sold almost all of its port property interests in the UK and the sale forms part of Sea Containers' ongoing strategy to focus on its core businesses.
Sea Containers to Increase Its Shareholding in Silja
Sea Containers Ltd., passenger transport operator, marine container lessor and leisure industry investor, announced today that various Finnish and Swedish leading companies had exercised their option to require Sea Containers to purchase 26 percent of the shares of Silja Oyj Abp at $36 million. This will bring Sea Containers' shareholding to 76 percent of Silja. Completion of the purchase is required by June 20, 2002. Sea Containers intends to acquire the balance of Silja's shares by tender offer to the remaining shareholders for cash or common shares in Sea Containers. Lazard AB, Stockholm has been engaged to advise the company on these transactions.
Sea Containers Files for Chapter 11
Sea Containers Ltd. Announced that, in order to achieve a financial restructuring, Sea Containers Ltd and two subsidiaries, Sea Containers Services Ltd and Sea Containers Caribbean Inc, have voluntarily filed for protection under Chapter 11 of Title 11 of the United States Bankruptcy Code. The filings were made on October 15 in the U.S. Bankruptcy Court for the District of Delaware. Other than the two subsidiaries listed above, no other subsidiary company within the group has filed for protection. Operating subsidiaries such as Great North Eastern Railway (GNER), the U.K. rail operator, and the SeaStreak ferry services in New Jersey, will continue their normal day to day operations. GE SeaCo, the joint venture container leasing business, is
Sea Containers Approves Hotel Subsidiary Spin-Off
Sea Containers Ltd., which runs marine passenger transport and leases equipment, on Friday said its shareholders approved resolutions to permit the spin-off of its luxury hotel subsidiary Orient-Express Hotels Ltd. Sherwood also said net income at Sea Containers for the first half of 2001 should top that of the prior year's first-half, while Orient-Express Hotels expects to report higher earnings for 2001 than for 2000. Sea Containers' president James Sherwood said it was still the company's intention to divest the majority of its shares in Orient-Express around the end of the year. Before that time, the company plans to sell about 5 million shares, in blocks.
Sea Containers Posts Loss
Marine transport company Sea Containers Ltd. posted a fourth-quarter loss, versus a profit a year earlier, citing a bigger fuel bill and a drop in demand for container rentals. The company posted a net loss of $15.8 million, or 85 cents per share, compared with a profit of $8.0 million, or 43 cents per share, a year earlier. Shares of Sea Containers closed on Tuesday at $19.90 on the New York stock Exchange, above a 52-week low of $18.50 and off a year high of $29.69. - (Reuters)
Sea Containers Quitting Ferries
Sea Containers Ltd. has announced that the company is completely quitting the ferry business, including its SeaStreak commuter service between New York City and New Jersey, taking a $500 million charge and was in talks to amend some of its loan agreements. Shares of the Bermuda-registered passenger transport and marine container leasing company fell as much as 29 percent after the announcement. Sea Containers said it would restate its earnings for all four quarters of 2005 and delay filing its annual reports with the U.S. Securities and Exchange Commission until April to allow time to finalize bank negotiations and outstanding accounting issues.
Sea Containers Acquires Part of Silja
Sea Containers Ltd. passenger transport operator, marine container lessor and leisure industry investor, today announced that it has increased its shareholding in Silja Oyj Abp from 50 percent to 75.32 percent effective June 20, 2002 through the issue of 2,474,196 Sea Containers Class A common shares in payment for the Silja shares acquired. The increase in share capital is expected to be anti-dilutive. On June 25, 2002 a Sea Containers subsidiary, Silja Holdings Ltd., announced that it had launched a tender offer for the remaining shares in Silja Oyj Abp as well as for Silja’s outstanding Convertible Bonds which have a par value of Euro 55.5 million. The offer is Euro 2.25 for each common share and 92.4% of the par value of the bonds.
Sea Containers Announces Sale of Folkestone Port
Sea Containers Ltd., marine container lessor, passenger and freight transport operator and leisure industry investor, today announced that it had sold its subsidiary Folkestone Properties Ltd, owners of Folkestone Harbour on the south east coast of the United Kingdom. Contracts were signed for the port sale on July 2, 2004 and the purchase, by businessman Mr Roger De Haan who is well known as chairman of the Folkestone-based Saga Group, was completed on August 24, 2004. The sale price was $20 million (GBP11 million). President of Sea Containers Ltd., Mr James B. Sherwood, said the gain will be recorded in the company's third quarter results.
Sea Containers Acquires 92 Percent of Silja
Sea Containers Ltd. passenger transport operator, marine container lessor and leisure industry investor, announced that its wholly-owned subsidiary, Silja Holdings Ltd., had received acceptances of its tender offer to acquire all the outstanding common stock of Silja Oyj Abp, bringing its total shareholding in Silja to 92 percent. The significance of the 90 percent threshold is that Silja Holdings may now compulsorily acquire all the remaining shares in Silja in accordance with Finnish law. Sea Containers shareholding in Silja was increased to 75% in the second quarter of 2002 which will result in consolidation of Silja's assets and liabilities with those of Sea Containers at June 30th.
Giant Photo Dominates Jubilee River Thames
Sea Containers, by Blackfriars Bridge, was covered with the giant picture measuring 100m by 70m and weighing in at nearly two tons. The image was erected by a team of eight people over 45 hours. It is due to remain in place until the end of June. The 'Sea Containers' building was originally built as a hotel in the mid 1970's but opened instead as offices, taking its name from its long term tenants, the 'Sea Containers', a transport and container leasing business. In spring 2011…
Austal Reports Record Breaking Season
The introduction of the 269-ft. Austal Auto Express catamaran Felix to a fast ferry service across the Adriatic Sea has reportedly been accompanied by an increase in traffic for its operators. Linking the Italian port of Ancona with Split in Croatia, the ‘Croazia Jet’ service was previously serviced by a 242.7 ft. Incat vessel. This has now been replaced by the Austal designed and built Felix.. Established in 2000, the ‘Croazia Jet’ service is jointly operated by the Italian ferry operator SNAV and Sea Containers’ subsidiary company Hoverspeed. Sea Containers operates the world’s largest fleet of fast vehicle-passenger ferries. Earlier this month, Sea Containers announced that “Felix” carried nearly 59,000 passengers and 13,250 vehicles during the seasonal service.
Sea Containers to Sell Ferries
Sea Containers is planning a comprehensive financial restructuring that would see a debt-for-equity swap follow the sale of its ferry operations later this year. The company is working on a business plan to sell off all group assets except its container leasing interests and the GNER east coast mainline rail business to cut its $1.3b debt burden to between $500m and $600m. Key to the plan is the sale of its Silja ferry operations in the Baltic, along with 10 other vessels. Société Générale is handling negotiations and is hopeful of a deal within weeks valuing Silja at some $630m. Sea Containers has a highly leveraged structure - its market capitalization stood at $190m at the end of last week. Last year the company invited offers from potential buyers.
Sea Containers to Be Delisted From NYSE
Sea Containers Ltd., a container leaser and operator of ferry lines and high-speed train services, on Monday said it expects to lose its listing the New York Stock Exchange prior to the opening bell on Tuesday. The Hamilton, Bermuda-based company said it received a written notice of the involuntary delisting from the exchange on Friday because its regulatory filings were not current. Sea Containers said it is not in a position to contest the ruling because it is presently focused on a restructuring and reorganization of the company. The company said it is uncertain when it will file the documents, which include its 2005 annual report and quarterly reports for 2006.
Sea Containers Being Investigated
New York against Sea Containers Ltd. matter. charges. sales. newly identified assets had been identified as impaired. financial results for the first three quarters of 2005. on March 24, 2006, constituting a drop of nearly 38% in a single day.
Sea Containers Completes Sale of Ferry Business
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. Corporate approval was given by Tallink shareholders at an EGM on June 22. The transaction does not include Silja's fast ferry services from Helsinki, Finland to Tallinn, Estonia and the two SuperSeaCat ferries, which will be retained by Sea Containers and operated as a stand-alone business under the SuperSeaCat brand name
Sea Containers Declares Cash Dividends
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 Class A and B common shares of Sea Containers Ltd. are listed on the New York Stock Exchange under the symbols SCRA and SCRB, respectively.
Sea Containers Declares Cash Dividends on Class A and Class B Common Shares
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 $0.025 per share on the Class A common shares and $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 November 20, 2003 to shareholders of record November 5, 2003. The Class A and B common shares of Sea Containers Ltd. are listed on the New York Stock Exchange under the symbols SCRA and SCRB, respectively.
Hutchison Ports Acquires 50% Stake in TMA
Hong Kong's Hutchison Ports has acquired a 50% shareholding in Amsterdam-headquartered terminal and logistics operator TMA Logistics. TMA has a variety of general cargo terminal operations together with warehousing, shipping, logistics and project cargo activities at three sites in Amsterdam and one in Antwerp as well as at Hutchison Ports Amsterdam (former known as Amsterdam Container Terminal). Commenting on the acquisition, Clemence Cheng, Executive Director, Hutchison Ports…
Adriatic Fast Ferry Service has Record-Breaking Year
Sea Containers has announced a record breaking year for the Ancona, Italy - Split, Croatia joint venture route. 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 vindicated our investment in this service and ensures that the service has become a firm fixture in the Adriatic. The service began in 2000 with 'Atlantic II', a Sea Containers owned 74m wave-piercing catamaran which had previously operated on the River Plate between Argentina and Uruguay. This craft also operated the service in 2001.
Moody's Comments On Sea Containers' Market Position
Moody's Investors Service assigned a Ba3 rating to Sea Containers Ltd.'s new $150 million senior notes, confirmed the Ba3 rating on its existing senior notes and also confirmed the B1 rating on its senior subordinated notes, and the "b1" on its cumulative and convertible cumulative preferred shares. The Ba3 senior implied rating was also confirmed. The new issue will be used primarily to repay debt incurred in the purchase of 50% of Neptun Maritime (approximately $105 million) and for general corporate purpose. The outlook is stable. The ratings continue to reflect the company's high leverage, substantial fixed charges, competitive pressures and the cyclical nature of the company's major businesses…
Sea Containers Extends Exchange Offer
Sea Containers Ltd. marine container lessor, passenger and freight transport operator, and leisure industry investor, has extended the exchange offer for its outstanding 9-1/2% Senior Notes due 2003 and 10-1/2% Senior Notes due 2003, which commenced on May 28, 2003, until 5:00 p.m., New York City time, on Friday, June 27, 2003. The date by which Notes may be tendered through the guaranteed delivery procedure described in the exchange offer materials will not be extended. Accordingly, certificates representing any Notes tendered pursuant to the guaranteed delivery procedure must be received by The Bank of New York, the exchange agent for the exchange offer, not later than 5:00 p.m., New York City time, on Monday, June 30, 2003. As of 10:00 a.m.
SIPG to Acquire Jinjiang Shipping
Shanghai-listed Shanghai International Port Group (SIPG) is currently considering acquiring part of the equity stakes in Shanghai Jinjiang Shipping, a container shipping company mainly engaged in China-Japan routes, as part of the group’s comprehensive development strategy. SIPG will continue with its further study on the acquisition plan on Shanghai Jinjiang Shipping, and the investment amount and percentage of ownership are yet to be specified. SIPG will conduct further study on an acquisition plan after a due-diligence investigation into Shanghai Jinjiang Shipping…