A study by the International Criminal Police Organization, United Nations Office on Drugs and Crime and World Bank attempts to understand the illicit financial flows from pirate activities off the Horn of Africa. The study focused on: Djibouti…
WEG Electric announced investments of $345 million over the next five years for the expansion and increased production in both Mexico and China.The existing manufacturing complex in Mexico will benefit from expanded production capacity as well as increased vertical integration…
A new survey from Moore Stephens finds that vessel operating costs are expected to rise by more than three% in both 2013 and 2014, unwelcome news to shipowners that continue to struggle with low freight rates and over capacity across the oceangoing sectors…
NOL Group reported net profits of $20 million for the third quarter of 2013, and year-to-date net profits of $61 million. The Group posted year-to-date Core EBIT improvement of 33% or $42 million, from a $127 million deficit in the same period last year…
Great-Yarmouth based 3sun Group, a specialist provider of products and services to the global energy industry, has reported a turnover of £13.7 million for the financial year 2012/13.The company’s turnover increased almost threefold from 2010/2011…
At their board meeting on October 22, the directors of the Steamship Mutual reviewed the club’s open policy years, as well as claims in earlier years, and considered the premium ratings required for the 2014 policy year.On the basis of owned claims reported to date…
Houston-based maritime law firm Schechter, McElwee, Shaffer & Harris recently obtained what is believed to be one of the largest settlements paid by the United States to a Jones Act seaman.According to court documents, their client, a 58-year-old seaman was working aboard the S…
The Port of Los Angeles Small Business Enterprise (SBE) Program awarded $97.6 million in contracts to small businesses during the 2012/2013 fiscal year of the $405.9 million that was awarded in construction and professional service contracts by the Port during the period…
The National Shipbuilding Research Program (NSRP) Executive Control Board (ECB) recently selected 19 new R&D projects to be executed, totalling approximately $2.5-million, as part of their core project mission to reduce the costs associated with Navy shipbuilding and repair…
Florida Governor Rick Scott will serve as the keynote speaker on Wednesday, Oct. 16, at the American Association of Port Authority’s (AAPA) 102nd Annual Convention and Expo in Orlando, Fla., hosted by the Canaveral Port Authority. He will discuss…
Due to the lapse in government funding, the U.S. Coast Guard announced Tuesday that it will allow commercial vessels engaged in domestic voyages between ports in the United States or its possessions to operate with an expired certificate of…
Seasoned shipping and corporate finance lawyer, Brad Berman, joins the global legal practice of Norton Rose Fulbright’s US member firm as a partner based in the New York Office.Brad Berman focuses his practice on maritime and corporate finance…
Two leading banks have joined with original lender Bank of Scotland to provide a £90 million funding package for oil and gas engineering group EnerMech.EnerMech said the addition of Norwegian bank DNB and HSBC to form a ‘banking club’ reflected…
U.S. Fleet Forces (USFF) commander, Admiral Bill Gortney, directed that the Fleet will continue to provide ready forces to safeguard national security during the government shutdown, but limit activities to only those that are absolutely necessary…
Maritime & Merchant - A new maritime bank aims to bridge funding gap in maritime finance marketAn experienced team of shipping, offshore and finance professionals are pleased to announce the intention to establish Maritime & Merchant Bank…
