zoomImage by WMN Italy’s Fincantieri has entered into a binding Memorandum of Agreement (MoA) with China State Shipbuilding Corporation (CSSC) and Carnival Corporation & plc for the construction of two cruise ships, with an option for additional four vessels.The deal, subject to several conditions, has a value of around USD 1.5 billion for the first two ships, which will be built for the Chinese market at the SWS yard, a facility of CSSC Group. The first delivery is expected in 2023.“We are proud to be able to order the first China-built cruise ships and play a leadership role in developing cruise shipbuilding capabilities for the first time in China, which represents another important milestone in building a sustainable and prosperous cruise industry, and demonstrates our commitment to helping China become a leading cruise market as part of its five-year economic development plan,” Arnold Donald, CEO of Carnival Corporation, said.The deal comes on the back of a joint venture agreed between Fincantieri and China’s shipbuilding conglomerate CSSC aimed at developing and supporting the growth of the Chinese cruise industry.The joint venture was set up to design and sell cruise ships intended and customized for the Chinese and Asian markets.
zoomIllustration. Image Courtesy: Pixabay under CC0 Creative Commons license Hamburg-based asset and investment manager MPC Capital and Bremen-based shipping group Zeaborn have decided to create a joint venture, merging their activities in chartering and commercial management of more than 160 containerships.As informed, the joint venture will operate under the name Harper Petersen which Zeaborn already uses for its activities in this segment. MPC Capital will add the business of Contchart to the merged activities.The new joint platform is expected to be amongst the largest commercial containership managers globally. The company will manage more than 160 vessels with a total capacity of almost 500,000 TEU.With vessel sizes ranging from 700 TEU to 8,500 TEU, Harper Petersen will represent a diversified fleet in respect of size, age, outfit, and sustainability requirements with more than 20 vessels to be equipped with exhaust gas cleaning systems.Furthermore, the new joint venture will continue to grow its shipbroking services, providing chartering solutions to owners and charterers.“I am extremely pleased that we have succeeded in creating a viable …. player merging two already well-established partners. Together we are even stronger in providing … services to our charterer clients and tonnage providers,” John Freydag, Managing Director of Contchart, said.The partners aim to commence operations of the new Harper Petersen on November 1, 2019. According to the duo, headquarters will remain in Hamburg, with offices in Singapore, Shanghai and the Netherlands.The closing of the transaction remains subject to antitrust clearance with the relevant cartel authorities.
Login/Register With: Advertisement LEAVE A REPLY Cancel replyLog in to leave a comment Drabinsky is seeking some exemptions, including being able to open a registered retirement savings plan and trade securities within the account, as well as set up a family company to minimize personal taxes and help with estate planning.“This is not cutting Mr. Drabinsky any slack,” said Richard H. Shekter, who represents Drabinsky.Shekter also argued his client needs some of the other caveats he’s asking for to be able to continue working. The lawyer said in previous hearings that the OSC’s suggested sanctions are broad enough to prevent Drabinsky from speaking with investors who are interested in his creative vision on future theatre productions.Drabinsky previously produced hits like The Phantom of the Opera and Joseph and the Amazing Technicolor Dreamcoat. His newest production, Sousatzka, debuts this month and is seen as his potential comeback vehicle.Foy said Drabinsky can continue to produce within film and television where there is limited private investment.But the OSC’s lawyers have argued the caveats and exemptions Drabinsky’s lawyers are asking for are unnecessary and broad.“They seem to be asking for a carve out for every conceivable situation,” Foy said.Foy added it’s impossible to predict whether the exemptions have any weaknesses that Drabinsky could exploit, while Drabinsky’s lawyer said he’s willing to co-operate with suggestions from the OSC’s three-member panel to revise his proposal along with input from Foy.The OSC will issue their decision on whether to mete out any regulatory penalties “in due course,” said D. Grant Vingoe, vice-chair of the commission and one of the members of the panel hearing the case.Drabinsky declined to comment at the end of the day’s proceedings. Advertisement Twitter Facebook Advertisement Lawyers for Ontario’s securities regulator said Monday in their closing statements that Garth Drabinsky, who defrauded investors of an estimated $500 million, should not be allowed to participate in the capital markets, while his representation called for some exceptions so he could continue to work in theatre production.“The capital markets are not the place for second chances,” said Pamela Foy, senior litigation counsel with the Ontario Securities Commission. She argued the regulatory agency cannot allow Drabinsky to be in a position where he could do more damage.Drabinsky was sentenced to a five-year prison term for his role in the Livent Entertainment fraud scandal that occurred nearly two decades ago. The OSC is seeking to ban him from acting as a director or officer of a public company and acting as or becoming a registrant in Ontario.