DPWN chief quits after police raid his home, office in million dollar tax evasion case

German logistics giant Deutsche Post World Net CEO Klaus Zumwinkel has resigned in the face of tax evasion charges that he secreted EUR1 million (US$1.4 million) of taxable income into a Liechtenstein bank account.

DPWN executive committee of the supervisory board of Deutsche Post AG, the DHL parent company, issued a statement that they had received Mr Zumwinkel's resignation as chairman of the board of management of Deutsche Post AG and as chairman of the supervisory board of Deutsche Postbank AGMr Zumwinkel, CEO of Deutsche Post since 1990, experienced dawn police raids on his home and office. He was taken in for questioning at the state prosecutor's office in Bochum before being bailed. The UK's Transport Intelligence agency said there is widespread belief that Mr Zumwinkel's tenure would have been be shortened in any case because of an expected restructuring to address DPWN's ailing US DHL express operation and press on with the sale of Postbank.
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Wenzhou to add 10 deep-water berths in five years

WENZHOU, in Zhejiang province, plans to add 10 berths with over 10,000 tonnes capacity

Wenzhou, in Zhejiang province, plans to add 10 berths with over 10,000 tonnes capacity each in the next five year, providing basis for the 100 million tonne throughput goal in the 12th Five Year Plan period (2011-2015), Xinhua reported. The port authority of Wenzhou will lay emphasis of its work in port planning and construction and establishment of ports alliance with Ningbo port in 2008, the report said.Major port projects in Wenzhou this year will include the opening of Wenzhou-Ningbo feeder service, construction of four 10,000-tonne multi-use berths for containers in Lingkun, the inauguration of an international container service in Zhuangyuan Ao port area, which follows the completion of the 50,000 tonne container berths in Zhuangyuan Ao, the report said. Zhuangyuan Ao port area will also attract calls of more container services to Southeast Asia, Europe, Middle East and Africa in the coming years, the report added. Wenzhou port authority started to compile development plans for the seven port areas including Oujiang and Yueqingwan in 2007. This year the port authority will launch fundamental research to the three major port areas including Yueqingwan, Daxiaomen Island and Zhuangyuan Ao and boost the construction of two 50,000 tonne berths in Yueqingwan as well as set up strategic alliance with Ningbo port, the report said.

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Panama Ports Company receives four Super Post-Panamax Quay Cranes at Port of Balboa

Panama Ports Company (PPC) has taken delivery of four Super Post-Panamax quay cranes at the Port of Balboa.

These tandem-lift dual-hoist cranes have a lifting height of 36 metres above the rail and an outreach of 52.1 metres to span 19 rows of containers. This equipment is part of the US$300 million Phase IV Development of the Port of Balboa, which is part of a larger-scale modernization project. The delivery puts the total number of quay cranes at the Port of Balboa that are capable of servicing 19-container-wide Post-Panamax vessels at 18, more than most ports in Latin America. Commenting on the arrival of the cranes, Alejandro Kouruklis, General Manager of PPC, said, 'These four new quay cranes will significantly enhance the capacity and efficiency of the Port of Balboa by providing additional craneage to current Post-Panamax and larger vessels calling at Balboa. Therefore they will facilitate the growth of trade in the region and help transform Balboa into a mega port.'
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True scale of shipping emissions revealed

A leaked UN report shows that international shipping accounts for 4.5 percent of global emissions of carbon dioxide.

Friends of the Earth's Head of Campaigns Mike Childs said that ‘The UN study highlights the alarming growth in carbon dioxide emissions from the shipping industry. It reinforces Friends of the Earth's call for the Government to include all the UK's emissions, including the UK's share of emissions from international shipping and aviation, in its new climate change law. It is ludicrous to leave them out. A bit like introducing a drink-driving law, that discounts whisky. We hope the Government's acknowledgement that shipping must take its share of the responsibility for tackling climate change means that they will now be included.' The Big Ask, Friends of the Earth campaign for a strong climate change law, which includes UK's share of emissions from international shipping and aviation, commits the UK to cutting its emissions by 80 percent and ensures steady progress by cutting emissions by at least three percent a year.

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ThyssenKrupp scouts for Indian JV partner

German component giant ThyssenKrupp is understood to be looking for a buyer or a JV partner for one of its global crankshaft facilities and major Indian component players such as Mahindra & Mahindra, Bharat Forge and Amtek have been sounded out on the possible transaction.

But the deal size, which is likely to be around the range of $500 million or Rs 2,000 crore may be a concern, said sources. ThyssenKrupp owns a crankshaft business in the US as well as in Europe. An email query to ThyssenKrupp went unanswered. Hemant Luthra, president, Systech, and a member of the M&M board, said: “We look out for every opportunity to increase share value and exploit synergy.” According to Bharat Forge CMD Baba Kalyani, “I don’t think the crankshaft facilities are up for sale and I am not entering into any JV with ThyssenKrupp”. The decision to look for a buyer/partner for its crankshaft business is part of a larger strategy by Thyssen Krupp to sell some of its automotive assets. The German giant recently sold off its precision forging business to Sona Okegawa for an undisclosed amount. As a matter of fact, some sources in the auto industry says ThyssenKrupp is also looking at selling its overall forging business.

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Top reveals $1.2M plaintiff payoff

Top Ships will pay $1.2M to settle the class-action investor suit stemming from its 2006 accounting restatement.

The settlement deal confirmed today will be filed with the US Southern District of New York judge for approval, after which it will be provided to shareholders for consideration. The $1.2M sum includes payment for attorney fees and plaintiffs’ counsel, suggesting that the actual payout to class-action plaintiffs will be slim. A settlement agreement had been reached in the Top case in late January. “We’re extremely pleased to have resolved this matter,” said Top CEO Evangelos Pistiolis. “We have settled this dispute for a modest amount and eliminated the distraction to management that protracted litigation would have caused. We have always believed that the class action was meritless,” he continued, adding: “We intend to continue to rebuild shareholder confidence in Top”. In November 2006, Top revealed that it would restate first- and second-quarter earnings following a change in accounting of its 13-ship sale-leaseback deal. The company’s share price plummeted, spurring numerous shareholder suits, which were consolidated last July.
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Global warming 'may soon wipe out marine life in Antarctica

Antarctica's marine life will be wiped out by an invasion of sharks, crabs and other predators if global warming continues, scientists have warned.

"Sharks are going to arrive in Antarctica as long as the warming trend continues, a bit more slowly than crabs -- crabs are going to get there first. But once they do get there they are capable of eating the organisms that live there," Prof Cheryl Wilga said. Prof Wilga of the University of Rhode Island in the United States is the leader of the international team that is currently studying the effects of climate change in the continent. Animals that live on the seafloor of Antarctica are some of the strangest creatures on Earth. According to the scientists, the arrival of sharks and shell-crushing bony fishes would lead to dramatic changes in the number and proportions of species found there. Shrimp, ribbon worms and brittle stars are likely to be the most vulnerable to population declines. The researchers have called for urgent local and global actions to protect this last pristine environment.
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