Dalian Port to buy $280m stake in Jinzhou Port

Dalian Port plans to buy an 18.9% stake in Jinzhou Port for about 1.91 billion yuan ($278m) to become its second-biggest shareholder and a strategic partner.

Jinzhou Port will sell 246m new shares to Dalian Port at 7.77 yuan each and will use the proceeds to expand port capacity and repay bank loans, the firm said in a statement filed with the Shanghai Stock Exchange. Both port operators are based in northeast China's Liaoning province and a tie-up would bolster their financial resources and competitivess. Jinzhou Port's shares have been suspended on the Shanghai Stock Exchange since May 28 and last closed at 9.03 yuan, for a gain of more than 8% since the start of the year.
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Horizon Lines Recognized With Safety Awards

Horizon Lines, Inc. has been recognized for outstanding achievements in ship safety by the Chamber of Shipping of America (CSA) at the Annual Safety Awards.

The CSA-sponsored Ship Safety Achievement Award program recognizes outstanding feats of safety that contribute to saving a life, a ship or other property. This year, the Highest Honors award went to the Horizon Falcon in recognition of the crew's extraordinary courage and superior seamanship, without regard to their personal safety in adverse weather conditions, when they successfully rescued Chinese crewmembers of the capsized vessel HAI TONG 7 northwest of Guam last July. Three additional Horizon Lines vessels were presented Devlin Awards, which signify two or more years of injury-free operations. The vessels honored are the Horizon Spirit (5 years injury-free); the USNS Bruce Heezen (3 years injury-free); and the Horizon Pacific (2 years injury-free).
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UN warns of Somalia pirate threat

The UN World Food Program has warned it may have to cut food aid to Somalia if it does not receive new naval protection against pirates.

French, Danish and Dutch frigates have protected deliveries for more than seven months during a surge in piracy, the WFP said. However, a Dutch frigate was scheduled to finish escort duties. As many as two million people could be affected if the shipments cease, the WFP said. The agency said shipping companies were reluctant to sail unescorted to Somalia, and it had no offers to take over escort duties from the Dutch navy. About 80% of WFP aid to Somalia arrives by sea. The UN has warned that the food crisis in Somalia is dramatically worsening, with the number of people in need of emergency food aid likely to rise to 3.5 million in the coming months. A WFP spokesman told that if Somalia received no humanitarian aid, the country could face a famine similar to the one that killed hundreds of thousands 15 years ago. Among the contributing factors are bad harvests, conflict, hyperinflation, and rising food and fuel prices. About 2.5 million Somalis currently need food aid. Somalia has not had a functioning national government since 1991 and has been wracked by civil strife.
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Caterpillar is up and away “Down Under”

Sanctuary Cove Boat Show in Australia is one of the leading pleasure craft events in the Asia-Pacific region.

Each year visitors can spot dozens of impressive motor yachts from both Australian and international boat builders with Caterpillar marine engines on board. Caterpillar Marine Power Systems, with headquarters in Hamburg, Germany, brings together all the sales and service activities for Cat and MaK branded marine products within Caterpillar Inc. The Caterpillar Marine Power Systems sales and service network includes more than 2,100 dealer locations worldwide. This year, some remarkable new designs have been displayed. Riviera, the largest luxury boat building company in Australia, presented its new “61 Enclosed Flybridge” model, powered by 2x Cat C18 engines rated 747 kW at 2,300 rpm. Later this year, Riviera will also launch its biggest model to date: the “70 Enclosed Flybridge” propelled by 2x Cat C32 engines rated 1,156 kW at 2,300 rpm. Domestic competitor Maritimo showcased its all-new “C60 Sports Cabriolet”, the first of a new series of European-styled cruisers. Twin Cat C12 marine engines provide a sporty performance of up to 32 knots. Also on display was the “550 Offshore Convertible” with 2x Cat C18, rated 747 kW at 2,300 rpm. According to Martin Ditchburn, Marine Business Manager with Energy Power Systems, Caterpillar’s engine dealer in Australia, Sanctuary Cove underlined the strong demand for Cat’s C-series marine engines, in particular the C12 and C18 models. The company sells about six of these boats a year, exclusively powered by Cat C12 engines.

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