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This admittedly isn’t the newest military tech on the block, but I just couldn’t help writing it up. Russia makes the world’s largest military hovercraft dubbed the “Zubr.” It displaces 621 tons and can haul twice the payload of similar boats from the US Navy (somewhere around 150 tons).
Popularity: 52% [?]
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Sandeep Gill submits: Genko Shipping and Trading (GNK)rose almost 20% on Thursday, July 18th after it announced lateWednesday that it had agreed to acquire nine Capesize vessels fromcompanies within the Metrostar Management Corporation group for a totalof $1.1 billion. Two of these deliveries areexpected during the third quarter, while the remaining seven vesselsare expected to be built and delivered to Genko between the fourthquarter of 2007 and the third quarter of 2009. This announcement added250 million dollars to GNK’s market cap. Can creating wealth be that simple? If so, a widget making company should immediately announce that they are acquiring a few bulk carriers (even at market prices) and watch the markets swoon over their share price. And any widget maker can do so-for there are no barriers to entry in this industry. Shipyards do not have any spare capacity but one can buy ships at market prices in the very active second-hand market. The management of the ships can be outsourced to a third party (even a related third party; Dryships (DRYS) anyone?).
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Popularity: 74% [?]
Hanjin Shipping has become the first Korean carrier to
place an order of five 10,000TEU containerships. At Hotel Shilla in
Seoul at 5 pm on August 24, 2006, Hanjin Shipping President & CEO
Jung-won Park and Samsung Heavy Industries CEO Jing-wan Kim signed the
contract for building five 10,000 TEU vessels. The five vessels ordered
are scheduled for successive deployment from February of 2010 on
Hanjin’s trans-Pacific trade and expected to provide better customer
service and rationalize the company’s fleet operation.
The order of super-sized containerships is in line
with Hanjin’s mid-to-long-term strategy to lead the global shipping
market increasingly dominated by large vessels.
Popularity: 85% [?]
Florida East Coast Railway LLC has been recognized by UPS as one of two rail carriers of the year for 2006.
Theaward recognizes Florida East Coast Railway’s continuing commitment toUPS for daily on-time delivery. UPS is the railway’s largest domesticcustomer and has a long-standing partnership spanning more than adecade.
Florida East Coast Railway, a subsidiary of Florida EastCoast Industries Inc., operates a freight railroad along a 351-milecorridor between Jacksonville and Miami.
Florida East CoastIndustries Inc. conducts operations through Flagler Development Group,its commercial real estate operation, and Florida East Coast Railway.Flagler Development owns, develops, leases and holds in joint ventures,approximately 8.6 million square feet of Class A office and industrialspace, as well as an additional 1.9 million square feet underconstruction.
Published July 18, 2007 by the Orlando Business Journal
Popularity: 75% [?]
After months of declining traffic, summer is bringing more passengers to Memphis International Airport.
During
June, 982,312 passengers traveled to and from Memphis International
Airport or transferred there, a 1.5 percent increase over June 2006,
Memphis-Shelby County Airport Authority reported Thursday.
Northwest Airlines Corp. (NYSE: NWA - News) transported the largest number of passengers, 471,234. Pinnacle Airlines (NASDAQ: PNCL - News), the largest regional airline operating at the airport, transported 276,108 passengers. Pinnacle is based in Memphis.
Total
cargo handled at the airport grew by 6.1 percent, from 691.6 million
pounds in June of last year to 733.9 million pounds in June 2007, with
the overwhelming majority of the cargo handled by FedEx Corp. (NYSE: FDX - News), which is based in Memphis.
Published July 19, 2007 by the Memphis Business Journal
Popularity: 70% [?]
Lufthansa and Deutsche Post plan to set up a joint freight airline, a source familiar with the situation said on Tuesday.
Deutsche Post’s DHL Express delivery business and Lufthansa’s Cargo
unit want to operate a fleet of cargo planes from 2009, the source said.
Germany’s daily Die Welt reported earlier the companies would each hold a 50 percent stake in the operation.
A Lufthansa spokeswoman declined to comment on the report, but said
Lufthansa had been co-operating with Deutsche Post, its largest
customer in the freight business, in various ways — including with DHL.
This co-operation would be developed further, the spokeswoman said.
In 2004, Lufthansa Cargo and DHL set up a cooperation deal which can
be cancelled in 2009, which is also when the new cargo plane fleet is
expected to be ready for operation.
The source said several issues still needed to be solved, such as the difficulty of getting the needed planes on time.
DHL is setting up its European cargo hub in Leipzig/Halle in eastern
Germany, the location of the operating base of the new airline.
Lufthansa would still keep its cargo business in Frankfurt, sources
said.
DHL’s rival Luxembourg-based Cargolux Airlines and Dubai-based
airline Emirates had also shown interest in seeking bids for a joint
cargo fleet.
(Reuters)
Popularity: 85% [?]
NEW YORK (AP) Nordic American Tanker Shipping Ltd., a Bermuda-based owner and operator of crude oil tankers, said Thursday it priced a public offering of 3 million shares of common stock at $42.85 per share.
The price is equal to the closing price on Thursday.
Underwriters have a 30-day option to purchase up to 450,000 additional shares to cover overallotments.
Bear, Stearns & Co. Inc. and Morgan Stanley are joint underwriters. The company expects to close the offer on Wednesday.
Nordic expects to use net proceeds to repay debt under the company’s revolving credit facility.
The company also said its second-quarter dividend should be about $1.17 per share.
Nordic American shares fell 95 cents to $41.90 in after-hours electronic trading. The stock rose 10 cents to close at $42.85 in the regular session.
Popularity: 78% [?]
FedEx Express, a unit of FedEx Corp. (NYSE:FDX), and the Air Line Pilots Association, Int’l. (ALPA), the collective bargaining representative for FedEx Express pilots, jointly announced that they reached a tentative agreement (TA) on a new labor contract on Saturday evening. Negotiations have been conducted under the guidance of the National Mediation Board since October 2005 and both parties acknowledged the Board’s support.
The new agreement is subject to review and finalization of contract language, which is expected to be completed shortly. Terms of the tentative agreement are not being released as they first must be reviewed and approved by the FedEx ALPA Master Executive Council (MEC). If approved, the TA will be subject to a ratification vote by about 4,700 FedEx pilots and if ratified, the four-year contract would become amendable in 2010.
“We’re gratified that the collective bargaining process has produced solid contract improvements that acknowledge our pilot group’s contributions to FedEx and we appreciate the Company’s commitment to these negotiations,” said Captain David Webb, chairman of the ALPA FedEx MEC. “We look forward to presenting the tentative agreement to our governing body and membership.”
“We at FedEx Express appreciate the time and effort both sides have put into reaching a resolution that is not only fair to our pilots and their families but also fair to the company and our other employees and shareowners,” said David J. Bronczek, president and chief executive officer of FedEx Express.
Popularity: 81% [?]
TNT Freight Management has secured a large-scale global contract with Electrolux Global Logistics. Having had a cooperation within the Nordic countries, TNT will now handle all air-freight for Electrolux, from Asia to Europe, within Asia and from Europe to the rest of the world.
“To us this is obviously a very important business deal, not only for the Swedish organisation but for the entire Group,” says Mr. Jeff Hoogesteger, Managing Director of TNT Freight Management.
Previously the cooperation with Electrolux was limited to air-freight and some sea-freight to and from Sweden and a number of countries. Now TNT will handle all air-freight from Asia, Australia and Japan to Europe, and all air-freight from Europe to the rest of the world. Also TNT will be responsible for all Electrolux´ air-freight within Asia and within Australia, except for shipments from Asia to Australia.
“Our knowledge of the structure and business of Electrolux has been to our advantage in the procurement process,” says Kenneth Dahlgren, Global Account Manager at TNT Freight Management. “We are also well advanced in e-services and with our ‘Global Control Tower’ in Europe. Furthermore we have the internal processes required to implement such a complex, global system as this. Now we must make it operational within 90 days,” Dahlgren continues.
“TNT Freight Management is a well renowned operator in the international air-freight market,” says Mr. Björn Vang Jensen, Vice President, Intercontinental Freight and Logistics Services, Electrolux. “We are impressed by their structured and disciplined attitude and their willingness to work with Electrolux to arrive at a competitive and cost-efficient solution according to our requirements. We look forward to working with TNT Freight Management on the implementation and hopefully in a future expansion of the partnership”, Mr. Björn Vang Jensen says.
technorati tags:shipping, freight
Popularity: 69% [?]
WATER is being pumped into the cargo hold of the stranded bulk carrier Pasha Bulker to stabilise the 40,000-tonne vessel until it can be towed off a Newcastle beach, authorities say.
The team working to salvage the 225m coal carrier is putting water in one of seven cargo holds as ballast to ensure it sits more firmly on the shifting sands, says Newcastle Port Corporation.
Today, they hope to move the ship’s fuel out of harm’s way.
“The plan is to transfer fuel oil from tanks at the bottom of the vessel to tanks further up the hull,” corporation public affairs manager Keith Powell said, adding that strategy also would assist any re
Popularity: 79% [?]
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