Dry bulk trade grew by an impressive 7% in 2012 with steam coal proving to be the saviour of the freight market, which otherwise would have seen a complete bloodbath, according to Drewry's latest 'Dry Bulk Forecaster'.Steam coal trade increased…
W. P. Carey Inc., a provider of corporate sale-leaseback financing, has acquired the R&D and class-A office facilities of Cargotec Corporation in Tampere, Finland.The premises are subject to a 20-year triple-net lease with the company. The total acquisition cost of the 183…
The famous Gdansk shipyard is once again in trouble as Its new Ukrainian operator has run out of money to pay wages.In its golden years, the 1980s, 17,000 people worked in Gdansk shipyard, reports Deutsche Welle.Those times are long gone…
The International Chamber of Shipping (ICS) explained the serious economic challenges presently confronting shipping to 50 transport ministers.ICS explained its position on the financing of sustainable maritime transport at this year’s Organisation…
Latvian Shipping Company (LSC) owners of 19 medium-size tankships reports a profit in Q1 2013.LSC and its affiliates made a profit of US$ 77,000 despite an impairment charge of US$ 1.7-million against the decrease of the fleet value. Though in absolute terms the profit is merely symbolic…
International accountant and shipping adviser Moore Stephens has welcomed a decision by the U.K. First Tax Tribunal that interest received on security deposits relating to loans taken out to buy ships within tonnage tax is not taxable.HMRC…
MSC (Mediterranean Shipping Company) closes the 35% sale of its Terminal Division (Terminal Investment Limited SA) to Global Infrastructure Partners (GIP).MSC and Global Infrastructure Partners and a group of its LP Co-Investors have closed…
The Board of Directors of Italy-based global energy corporation Eni has approved possible one or more bonds issues.The issue of the bonds is to be placed with institutional investors, with a value of up to a maximum amount of 3 billion euro…
Following on from an earlier announcement of the US$200-million offering, Ultrapetrol now give provide greater detail.The company has priced the offering of $200 million in aggregate principal amount of its 8.875% First Preferred Ship Mortgage Notes due 2021 (the 'Notes')…
Royal Caribbean Cruises Ltd. has quantified the financial impact of the recent fire on board their 'Grandeur of the Seas'.The cruise ship, Grandeur of the Seas, experienced a fire in an industrial area on the aft of the ship. The company…
The North American Marine Environment Protection Association (NAMEPA) and Capital Link announced today a strategic cooperation to promote best practices in marine and environmental issues.NAMEPA, officially launched in 2007, is a maritime…
Due to overcapacity & economic turmoil in the market, the market index for 40ft containers has taken a massive dip, 44% from May 2012.Xeneta, the price comparison service for sea freight, found that the average container freight rates from Asia to North-Europe continues to drop to $2…
In related recent announcements Ultrapetrol (Bahamas) says it intends to offer secured Notes, & has completed the sale of 7 barges.Ultrapetrol (Bahamas) an industrial transportation company serving marine transportation needs in three markets (River Business…
Greek shipowners must now pay tonnage tax on ships operating under flags other than the Greek flag which are managed by companies based in Greece, or offshore companies which have a branch in Greece, operating under Law 89 of the Greek constitution…
Littlejohn & Co., LLC, a private investment firm based in Greenwich, CT, has made an equity investment in Gulf Coast Shipyard Group, Inc.Gulf Coast Shipyard Group, is a manufacturer of a variety of ocean-going and inland marine vessels for…
