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For another year, the V.I. Port Authority has maintained a BBB+ credit rating on its three sets of 2014 marine revenue bonds, with rating agency Standard & Poor’s also classifying VIPA’s financial outlook as stable. VIPA has maintained the credit rating for the past three years, since 2014 when it closed on a bond refinancing… Read More
Netherlands headquartered dredging and marine construction major Royal Boskalis Westminster N.V. has been awarded a contract by KSO Ciputra Yasmin to construct the land for the Centre Point of Indonesia Project located off the coast of Makassar. The contract is valued at some €80m, with work scheduled to commence shortly and expected to continue for… Read More
Jim Maltese has been promoted to VP of Major Projects effective immediately. Jim earned his Project Management Professional credentials (PMP) from the Project Management Institute in 2015. In this new capacity Jim will have project management responsibility for all major projects at both Ellicott Dredges and Ellicott Dredge Technologies.
Jim Maltese has been promoted to VP of Major Projects effective immediately. Jim earned his Project Management Professional credentials (PMP) from the Project Management Institute in 2015. In this new capacity Jim will have project management responsibility for all major projects at both Ellicott Dredges and Ellicott Dredge Technologies.
The National Marine Dredging Company CEO, Yasser Zaghloul, talks about entering its 40th year of operation and the significance of two recent high profile projects in Abu Dhabi and Egypt. The dredging sector is in the same boat as other industries serving the energy sector that have to come to terms with the new low… Read More
On Saturday, Saudi Arabia, the world’s largest crude oil exporter, appointed Khalid al-Falih, chairman of the state oil giant Saudi Aramco, as its new energy minister, replacing Ali al-Naimi, who had held the post since 1995. The change is unlikely to mean a shift in Saudi oil policy, which is being crafted to a large… Read More
On Saturday, Saudi Arabia, the world’s largest crude oil exporter, appointed Khalid al-Falih, chairman of the state oil giant Saudi Aramco, as its new energy minister, replacing Ali al-Naimi, who had held the post since 1995. The change is unlikely to mean a shift in Saudi oil policy, which is being crafted to a large… Read More
Describing the state of Hanjin Shipping’s operations as an “emergency”, the embattled shipping line is requiring senior staff to return part of their salaries that they received in 2015. The move appears to be part of Hanjin’s plan to raise liquidity and came just two days before Hanjin Shipping’s creditors decide whether to permit the… Read More
APM Terminals, Terminal Link, Terminal Investments Ltd (TIL), and PSA International have pre-qualified for bidding on Panama’s proposed Corozal container terminal, according to the Panama Canal Authority (ACP). Three other interested parties – Mitsui OSK Lines, Manzanillo International Terminal (MIT), and Ports America – failed to make the cut. Which company ultimately wins the concession… Read More
Collapsing freight rates dragged Maersk Line’s first quarter net profit down 95%, with the world’s largest container carrier barely managing to remain in the black for the first three months of the year. Maersk Group chief executive officer (CEO) Nils Andersen described it as a “break-even result” for the container transport unit in a tough… Read More
Orion Marine Group, Inc., a leading construction company, today reported a net loss for the three months ended March 31, 2016, of $1.2 million ($0.04 diluted loss per share). These results compare to a net loss of $0.3 million ($0.01 diluted earnings per share) for the same period a year ago. Consolidated Results for the… Read More
Creditor banks have moved to request South Korea’s Big Three shipbuilders submit self-rescue plans in addition to measures already being taken by Hyundai Heavy Industries (HHI), Samsung Heavy Industries (SHI), and Daewoo Shipbuilding & Marine Engineering (DSME). The actions of the banks, led by state policy lender Korea Development Bank (KDB), the country’s largest provider… Read More
Yorkshire Water has signed a framework contract with four marine engineering partners up to £100 million. As formally agreed on 28 April, the four partners, ABCO Marine, Farrans Construction, Van Oord and Ward & Burke, will undertake all the company’s marine civil engineering work over the next five years. The four partners will install new… Read More
RH Marine Group announced Wednesday that Paul Smulders has been appointed CEO of Radio Holland, effective May 15. Smulders started his career ashore at Radio Holland in 1989 as sales engineer, deepsea, after a career at sea as nautical officer. From 1993 on he fulfilled various positions, such as sales manager for the Radio Holland… Read More
Great Lakes Dredge & Dock Corporation (GLDD) reported quarterly earnings results on Tuesday, May-3-2016. The company reported $-0.07 EPS for the quarter. Analysts had a consensus estimate of $-0.07. The company posted revenue of $163.10 million in the period, compared to analysts expectations of $178.42 million. The company’s revenue was down -6.6% compared to the… Read More