New ferry delivered to service Fogo and Change Islands

MV Veteran, the 80-metre ice class RoPax ferry built by Damen Shipyards was handed over to the Government of Newfoundland and Labrador (GNL) in St. John’s, Newfoundland, on 23 October 2015. Launched earlier this year by Damen Shipyards Galati in Romania, the vessel will start services from Fogo Island and Change Islands before the end of November. MV Veteran was delivered from the shipyard on time and within budget.

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Signs of shareholder revolt after directors recommend UTi Worldwide sale to DSV

By Gavin van Marle

The first signs of a shareholder revolt appeared at U.S. forwarder UTi Worldwide over its board’s recommendation to accept the purchase offer from Danish 3PL DSV. DSV tabled a $1.35 billion offer for UTi on 9 October, offering long-suffering investors the chance to exit the company at a price of $7.10 per share – an offer one advisory company acting on behalf of UTi shareholders yesterday described as “paltry” and called on them to reject.

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Reduced price of Hapag-Lloyd share offer means heavy losses for existing investors

By Gavin van Marle

It has been tumultuous week for Hapag-Lloyd as the German carrier pressed to push through its initial stock market listing – otherwise known as an IPO – while existing shareholders have seen the value of their stakes fall. And in the case of CSAV, the company’s largest single shareholder, this could lead to a write-down of almost 1 billion euros, according to one analyst.

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Maersk lays-up a Triple-E as winter nears, and idled tonnage closes on a million TEU

By Mike Wackett

The withdrawal of services during the winter slack season will, in the next few weeks, propel laid-up cellular capacity past the million-TEU watershed to its highest level since the financial crisis began, said Alphaliner this week. Its latest data shows 263 idled containerships, totalling 934,700 TEUs and representing 4.7 per cent of the total global fleet. This includes 23 ships of 7,500 TEUs or more.

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Potash Corporation closing mine in New Brunswick

“Broader emerging market concerns have weighed on customer sentiment, contributing to a weaker fertilizer environment in the second half of 2015,” said PotashCorp President and Chief Executive Officer Jochen Tilk. “In response, we are moving forward the permanent closure date of our Penobsquis, New Brunswick mine and planning inventory shutdowns in December at three of our Saskatchewan mines. While we anticipate production in the fourth quarter to be reduced by nearly 500,000 tonnes, we do not expect employee layoffs.”

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