Maersk Line Orders Seven Containerships

first_imgzoom Maersk Line signed a new building order today with COSCO Shipyard Co., Ltd in Zhoushan China for seven 3,600 TEU container vessels. The vessels will have a length of 200 m, width of 35.2m, and a 10m draft.COSCO Shipyard and Maersk Line said that they agreed to keep the price confidential. The order is the first step in the investment programme announced by Maersk Line. Over the next five years the company will invest USD 15 billion into vessel new building, retrofit programme, containers and other equipment. “I am very happy to announce this new order and the first in our investment programme. Our strategy is to grow with the market and to do so we need new vessels from 2017,” says Søren Toft, COO in Maersk Line. “We expect to place additional orders during 2015.” Maersk Line has ordered the vessels for Seago Line, its fully-owned container shipping line dedicated to short-sea services in Europe and throughout the Mediterranean region. The vessels, built to trade in Northern Europe through sea ice, will achieve unprecedented economies of scale, according to Maersk Line.Seago Line will deploy the vessels in the Baltic and North Sea regions. They will replace several container vessels, half the size or less of the new buildings. The vessels will sail on marine gas oil (MGO). They are therefore compliant with the SOx (Sulphur oxides) emission limits, which went into force 1 January 2015, creating the ECA (Emission Control Area) zone in Northern Europe. The vessels will be delivered in April – November 2017. The order includes an option for two additional vessels to be declared within eight  months. It is the first time, that Maersk Line places a new building order with COSCO Shipyard. It is also the first time the shipyard will build container vessels. “I am very confident that COSCO Shipyard, with their solid shipbuilding experience and a good track record will deliver high quality and fuel efficient vessels,” says Søren Toft.last_img read more

Ontario regulators wont take action against Torontos Trump Tower

TORONTO — Ontario regulators say after reviewing the sale of hotel units to investors in Toronto’s Trump International Hotel and Tower, it has decided not to pursue action against the developer.The Ontario Securities Commission said Tuesday it made the decision after considering a number of factors, including meeting with prospective purchasers. The regulator did not give any further details on the decision.On Friday, developer Talon International Inc. said it would extend the closing date to Dec. 13 for the sale of hotel condominium units at the downtown Toronto hotel and residence in order to deal with inquiries by the Ontario Securities Commission.With the OSC’s decision, disgruntled investors who are trying to get out of their contracts to buy luxury condos in the project are left scrambling to find financing for their purchases.More than a dozen buyers are suing Talon to get out of the deals, while the developer is suing others who filed notice earlier in the year of their refusal to close.While real estate mogul and TV personality Donald Trump’s company did not develop the property, the Trump Hotel Collection manages the property, which opened this year in Toronto’s business district. A lawyer for the Trump Organization has said the lawsuits are a simple case of buyer’s remorse.The investors said every Canadian bank has refused to offer financing to them, despite assurances from Talon that hotel units could be easily financed as residential condo units.The investors said they’ve learned that Canadian banks are treating the hotel project as a commercial enterprise and are refusing financing as a condo purchase.They also say their investments are running up losses of more than $175 a day per unit because of the current shortfall between maintenance fees and hotel unit revenues.Investors say they’re now faced with either having to come up with substantial amounts of cash to close or resort to secondary financial institutions which will only provide partial financing for the project as a commercial investment at high interest rates.The investors have launched a multimillion-dollar lawsuit against Talon and their directors, as well as a number of Trump organizations and their directors, including Donald Trump Sr.The plaintiffs’ claims allege that investors were persuaded into investing in the Trump Hotel on the basis of alleged negligent or reckless misrepresentations, and that promises and projections offered were allegedly inaccurate and in contravention of securities regulations.None of the allegations have been proven in court.In 2004, when the hotel project was first being planned, the investors say Talon sought permission from the OSC to be exempt from regulatory requirements for commercial investments, and provided a number of promises and conditions to obtain those exemptions.In granting an exemption, the OSC made it a strict condition that Talon and Trump Hotel not market the hotel units as a cash-flow investment.The Canadian Press, with files from Reuters read more