Singapore’s Keppel said that the contract cancellation is due to the owner’s difficulties in securing project financing as a result of the current tight credit situation. The shipbuilding deal was contracted to Keppel Singmarine at S$181 million (US$123 million) in July 2008 and the project is in the early stages of execution. Keppel Singmarine has received a milestone payment for the project which covers costs incurred as well as the expected loss of profit.
Monday, May 4, 2009
GSP Titan cans Keppel contract
GSP Titan has cancelled a contract with Keppel Offshore & Marine offshoot Keppel Singmarine for a DP3 multi-purpose vessel.
Singapore’s Keppel said that the contract cancellation is due to the owner’s difficulties in securing project financing as a result of the current tight credit situation. The shipbuilding deal was contracted to Keppel Singmarine at S$181 million (US$123 million) in July 2008 and the project is in the early stages of execution. Keppel Singmarine has received a milestone payment for the project which covers costs incurred as well as the expected loss of profit.Read More
Singapore’s Keppel said that the contract cancellation is due to the owner’s difficulties in securing project financing as a result of the current tight credit situation. The shipbuilding deal was contracted to Keppel Singmarine at S$181 million (US$123 million) in July 2008 and the project is in the early stages of execution. Keppel Singmarine has received a milestone payment for the project which covers costs incurred as well as the expected loss of profit.
Panama Canal bows to market concerns finally
Panama City: The Panama Canal Authority, or ACP, will adopt a temporary plan to reduce tariffs in the short term starting June 1 to help the international maritime industry deal with the current economic crisis, canal officials said.
The plan, approved last week by the ACP board of directors, will be effective until Sept. 30 of this year and at the same time will provide the reservations system with added flexibility, a communique from canal authorities issued Thursday said. The plan includes two components: the redefinition of “ballast” (freighters without passengers or cargo) for container carriers going through the canal, and modifications to the reservations system to increase flexibility and reduce tariffs. In the first component the definition of “ballast” is modified for container-carrying vessels to allow those carrying 30 percent or less of total capacity a fee of $57.60 per TEU (a 20-foot-long container).Read More
The plan, approved last week by the ACP board of directors, will be effective until Sept. 30 of this year and at the same time will provide the reservations system with added flexibility, a communique from canal authorities issued Thursday said. The plan includes two components: the redefinition of “ballast” (freighters without passengers or cargo) for container carriers going through the canal, and modifications to the reservations system to increase flexibility and reduce tariffs. In the first component the definition of “ballast” is modified for container-carrying vessels to allow those carrying 30 percent or less of total capacity a fee of $57.60 per TEU (a 20-foot-long container).
Marine Products Corp 1Q 2009 Results
Marine Products Corporation (NYSE:MPX) announced its unaudited results for the quarter ended March 31, 2009.
Marine Products is a manufacturer of fiberglass boats under two brand names: sterndrive and inboard pleasure boats by Chaparral, including Premiere Sport Yachts, SSi Wide Techs, SSX Bowriders, Sunesta Wide Techs and Xtremes, Signature Cruisers, and outboard sport fishing boats by Robalo.For the quarter ended March 31, 2009, Marine Products generated net sales of $13,806,000, a 78.9 percent decrease compared to $65,542,000 last year. The decrease in net sales was due to a decrease of 77.9 percent in the number of boats sold and additional costs recorded during the quarter of our winter retail incentive program. Gross loss for the quarter was $58,000, compared to a gross profit of $13,464,000, or 20.5 percent of net sales, in the prior year.Read More
Marine Products is a manufacturer of fiberglass boats under two brand names: sterndrive and inboard pleasure boats by Chaparral, including Premiere Sport Yachts, SSi Wide Techs, SSX Bowriders, Sunesta Wide Techs and Xtremes, Signature Cruisers, and outboard sport fishing boats by Robalo.For the quarter ended March 31, 2009, Marine Products generated net sales of $13,806,000, a 78.9 percent decrease compared to $65,542,000 last year. The decrease in net sales was due to a decrease of 77.9 percent in the number of boats sold and additional costs recorded during the quarter of our winter retail incentive program. Gross loss for the quarter was $58,000, compared to a gross profit of $13,464,000, or 20.5 percent of net sales, in the prior year.
OOIL Chairman and CEO wins Lifetime Achievement Award
CC Tung, Chairman and CEO of Orient Overseas International Limited (OOIL), has been awarded the Lifetime Achievement Award at the Asian Freight and Supply Chain Awards (AFSCAs), held in Hong Kong on April 22
The award was presented by Hong Kong Secretary for Transport and Housing, Eva Cheng.The Lifetime Achievement Award is decided by Cargo news Asia's international network of editors and correspondents, and is given to an individual in recognition for his contributions to the transport and logistics industry over the years, showing both leadership and commitment to the development of the industry as a whole. Mr Tung’s contributions to the shipping industry in Hong Kong and around the world have been substantial. Mr Tung was Chairman of The Hong Kong Shipowners’ Association from 1993 to 1995 and Chairman of the Hong Kong General Chamber of Commerce from 1999 to 2001.Read More
The award was presented by Hong Kong Secretary for Transport and Housing, Eva Cheng.The Lifetime Achievement Award is decided by Cargo news Asia's international network of editors and correspondents, and is given to an individual in recognition for his contributions to the transport and logistics industry over the years, showing both leadership and commitment to the development of the industry as a whole. Mr Tung’s contributions to the shipping industry in Hong Kong and around the world have been substantial. Mr Tung was Chairman of The Hong Kong Shipowners’ Association from 1993 to 1995 and Chairman of the Hong Kong General Chamber of Commerce from 1999 to 2001.
Piraeus Port lower fees, seeks more clients
Realizing that lean times require bold measures, the Piraeus Port Authority (OLP) finally gave in into the pressures by importers, agents and lines to rethink its fee strategy.
OLP announced the extension of the decision taken in the beginning of the year (regarding the first half of the year), under which fees for the car handling terminal will remain unchanged until the end of the year. The management realized that further incentives are needed to reignite part of the activity at the port, as the car terminal’s business has fallen by 40% compared to the previous year. Added, to the above, OLP said that no requirements will be in place, regarding the minimum required number of cars per sailing. Further to the above, interested customers can sign deals based on volume, for a number of 20,000 car per annum, with a flat rate. Also, special pricing will be applied regarding storage fees. Based on the number of vehicles and the length of storage, customers can benefit from a 50% increase in free storage time, as well as a 20% lower price in the remaining days of storage.Read More
OLP announced the extension of the decision taken in the beginning of the year (regarding the first half of the year), under which fees for the car handling terminal will remain unchanged until the end of the year. The management realized that further incentives are needed to reignite part of the activity at the port, as the car terminal’s business has fallen by 40% compared to the previous year. Added, to the above, OLP said that no requirements will be in place, regarding the minimum required number of cars per sailing. Further to the above, interested customers can sign deals based on volume, for a number of 20,000 car per annum, with a flat rate. Also, special pricing will be applied regarding storage fees. Based on the number of vehicles and the length of storage, customers can benefit from a 50% increase in free storage time, as well as a 20% lower price in the remaining days of storage.
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