News / Seaspan buys shipbuilding vehicle GCI for bargain price and boosts its fleet

first_imgBy Mike Wackett 15/03/2018 Containership owner Seaspan Corporation has bought the 89% of shares it did not own in shipbuilder vehicle Greater China Intermodal Investments (GCI).And it paid a significantly discounted price following a collapse in ship asset values.It means Seaspan has acquired 16 vessels of 10,000-14,080 teu and two 10,000 teu ships under construction for $1.6bn, including $1bn of debt and $140m of future vessel payments.According to Seaspan chairman David Sokol: “The asking price for these assets two years ago was about $2.6bn.”He added: “Why now? Because we can.”It was also announced that shareholder Fairfax Financial Holdings was to invest a further $250m in Seaspan, following its earlier investment of $250m.GCI was formed in 2011 as a joint-venture involving private equity firm Carlyle Group and other investors as a vehicle to finance the construction of containerships, with Seaspan investing $100m for an 11% stake.The vessels were managed by Seaspan, but GCI got badly stung by the collapse of Hanjin Shipping and a subsequent slump in vessel values. At the time, August 2016, GCI had four 10,100 teu ships on long-term fixed-rate charter with the South Korean carrier.Seaspan also had three vessels on long-term charter to Hanjin and like its affiliate suffered substantial losses from unpaid charter hire, charter party default and finding new charters during a market downturn.The acquisition of GCI will see Seaspan’s fleet swell to 112 vessels, ranging in size from 3,500 to 14,080 teu, with all but the two GCI newbuilds having charter parties attached.Meanwhile, the outlook for the containership charter market is, according to Alphaliner, “appearing stronger than it has been for many years”.The consultant said certain sized vessels becoming open in the next few weeks were “attracting considerable interest from carriers, a sign that the current demand is robust”.It said that with the strong demand and low availability of tonnage across the board – the idle tonnage fleet is at a record low – daily hire rates were “finally taking off”.Even beleaguered panamax containerships are seeing rates jump, with a 4,250 teu vessel now commanding over $10,000 a day – double the rate of a year ago.Moreover, shipowners are again able to dictate terms, which includes positioning costs and time charter duration.One London broker told The Loadstar this week his owners were instructing him not to fix long-term, as they expected the market to continue to improve after April in the build-up to the peak season.Speaking during Seaspan’s conference call presentation, chief commercial and technical director Peter Curtis said that, in his opinion, the market was at the “inflexion point” with supply and demand, and that the growth in global trade “is real”.Bing Chen, president and chief executive, agreed that the containership charter market was in full recovery mode, adding that for certain size ships, “rates have doubled in the last couple of months”.last_img read more

Calif. AMR EMTs Strike Over Salary Dispute

first_imgBut employees, many of whom say they make less than $10 a hour, say that offer is not enough. One woman said in a two week period she makes about $800. On Monday, the scene was chaotic with striking workers in front of AMR on Vincent Avenue making it difficult for temporary EMTs to cross the picket line. Members of Trans-Aid, a competing ambulance service, were present at the strike in search of recruits. Former AMR employees, who left the company for more money, were also present to show their support. Instead, the union is asking for a 23 percent raise over the next three years and for a clause to be taken out of the contract. The clause allows AMR to change insurance providers and increase co-pays and deductibles without bargaining with the union first, according to Ordorica. AMR, which contracts with agencies throughout Los Angeles County, says the EMTs earn total compensation that is among the highest of private ambulance providers and they are committed to reaching an agreement. LOS ANGELES — The first strike in American Medical Response’s 16-year history in West Covina, Calif., began with more than 300 employees picketing Monday. Workers marched back and forth with signs in hand that read, “We Can’t Afford to Get Sick,” “Fair wages now” and “Save your life for $9.50 an hour.” But strikers said the proposed raise was lower than the cost-of- living increase. AMR workers are also striking in Lancaster. They respond to emergency calls throughout the Antelope Valley. Union employees are willing to strike for as long as it takes to reach an agreement, officials said. “It shows management places very little value on its employees.” said Mitch Scaff, an EMT. They have been working without a contract since May, according to Victor Ordorica, president of the International Association of EMTs and Paramedics. AMR is utilizing its EMTs and supervisors from across the state and country to fill vacancies, according to Sorrick. AMR says it will continue to provide the same service they have been. “They should have (struck) a long time ago,” said Dennis Medina, former AMR employee. “They (management) need to finally decide to pay them a decent wage.” “Compared to other providers we are not the lowest in terms of salary,” said Jason Sorrick, spokesman for AMR. “We hope to reach an agreement with the union soon. A strike benefits no one.” The emergency medical technicians who respond to 9-1-1 calls from Temple City to Diamond Bar say they are underpaid and disrespected by management. In the most recent offer, employees would have received a 20 percent raise over the next four years and have 75 percent of their medical coverage paid for, Sorrick said. The offer was rejected last week. “We feel we made a significant offer considering the state of the economy,” Sorrick said. Employees were also scattered nearby at the intersection of Arrow Highway and Vincent Avenue. Truck drivers and passers-by honked horns and waved in support.last_img read more

Unclear nuclear

first_imgTo continue enjoying, sign up for free guest accessExisting subscriber? LOGIN Stay at the forefront of thought leadership with news and analysis from award-winning journalists. Enjoy company features, CEO interviews, architectural reviews, technical project know-how and the latest innovations.Limited access to industry news as it happensBreaking, daily and weekly e-newsletters Subscribe now for unlimited access Get your free guest access  SIGN UP TODAY Subscribe to Building today and you will benefit from:Unlimited access to all stories including expert analysis and comment from industry leadersOur league tables, cost models and economics dataOur online archive of over 10,000 articlesBuilding magazine digital editionsBuilding magazine print editionsPrinted/digital supplementsSubscribe now for unlimited access.View our subscription options and join our communitylast_img read more

‘The Devil All The Time’ review

first_imgArvin Russell (Tom Holland) grows up to see more hurt and loss than most people manage in a lifetime. Taken in by his grandmother Emma (Kristin Griffith), Arvin grows up alongside Leonora (Eliza Scanlen), a fellow orphan who has also been through her fair share of grief and trauma. As he tries to protect the ones he love, Arvin crosses paths with a host of colourful characters including a corrupt Reverend (Robert Pattinson), a psychopathic couple (Riley Keough and Jason Clarke) and a Sheriff (Sebastian Stan) out for revenge. Cast: Tom Holland, Bill Skarsgård, Riley Keough, Jason Clarke, Sebastian Stan, Haley Bennett, Eliza Scanlen, Mia Wasikowska, Robert Pattinson Director: Antonio Campos Writer: Antonio & Paulo Campos Certificate: 18 Duration: 138 mins Released by: Netflix Release date: 16th September 2020 I can see that director Antonio Campos, who co-wrote the screenplay with Paulo Campos, was trying to pull together all of the elements of Pollock’s book but that doesn’t work so well for a film. Characters come and go far too quickly, yet in other instances we spend too much time with them and it never amounts to much. The character of Roy Laferty (Harry Melling) is one example as we’re witness to his increasingly disturbing behaviour but his character doesn’t really amount to anything. Credit: Netflix ‘The Devil All The Time’ is based on the novel of the same name by Donald Ray Pollock and it pulls together a series of seemingly disparate characters while spanning from the end of World War II to the 1960s. At the heart of the story is Arvin who we see grow from a young boy into a man, and as the film progresses the characters we’re introduced to eventually do come into contact with Arvin, usually in very violent and disturbing ways. Credit: Netflixcenter_img With a running length of nearly two hours and 20 minutes, ‘The Devil All The Time’ is quite an unwieldy and unfocussed film. It takes a long time to set the scene and you have to get through a lot of characters, most of whom end up being superfluous to the plot, before you meet the ones you’re going to spend the majority of the film with. As the film, like the book, spans such a long period of time, time often moves on incredibly quickly and that creates a lot of pacing problems. After the slog of the first hour, the narrative progresses quickly and you barely get to know any of the characters. As is often the case with productions that are top-loaded with stars, not every name gets the chance to shine. Robert Pattinson’s Rev. Preston Teagardin is stereotypically awful but we never really understand why while Bill Skarsgård just gets going as Willard, Arvin’s father, when he’s written out of the film. Mia Wasikowska and Haley Bennett are reduced to the role of wives and they have pretty much nothing to do. Similarly, Sebastian Stan pops up occasionally but not enough to make you care about what goes down in the climax. ‘The Devil All The Time’ is quite honestly a bit of a sprawling mess that’s devoid of character development and doesn’t deliver a payoff good enough to warrant slogging your way through it. With a cast this fantastic, my hopes had been high but sadly the end product is disappointing. While all of the cast are fine, none of them get given the richly written characters they deserve. The best thing about the film is the cinematography and the all too short time spent with Bill Skarsgård as Arvin’s father Willard. Had the film being more focused on Arvin, it would have been a lot stronger. Tom Holland is a capable actor but he doesn’t get enough to do here despite being the lead. His character really stumbles between all of the madcap characters around him, which makes the plot feel like its advancing out of convenience rather organically. His meeting with murderous couple Sandy (Riley Keough) and Carl (Jason Clarke) is over as quickly as it begins, despite those characters being one of the few through lines in the movie.last_img read more

Lawmakers examine state tax credits, evaluating results

first_imgPat GrassleyKey committee leaders in the Iowa House have launched an examination of the hundreds of millions of dollars in tax credits the state awards every year. They range from the earned income tax credit for low income Iowans to tax credits for companies that conduct research.“One of the things we’re going to find out pretty quickly if we get serious about looking at tax credits is who’s getting ’em,” says Representative Guy Vander Linden, a Republican from Oskaloosa who leads the tax policy committee in the Iowa House, “because they’ll show up, pretty quickly, to weigh in.”Critics charge the state is handing out hundreds of millions of dollars in corporate welfare.House Appropriations Chairman Pat Grassley says all tax credits should be reviewed — and he expects Democrats and Republicans will be “upset” that their preferred tax credit might be eliminated.“I think you’re going to have everyone from every part of the state and every party that wants to protect certain ones,” Grassley says.Members of the House Appropriations and Ways and Means Committees heard an hour long presentation today about the wide range of tax credits the state offers and how much each is worth to Iowa taxpayers. Legislators say it may be necessary to hire an outside consultant to come wtih an analysis that shows if the tax credits are providing the kind of results envisioned when the credits were established.(Reporting by Iowa Public Radio’s Joyce Russell)Share this:FacebookTwitterlast_img read more

I hope Leicester City win the Premier League, says West Brom’s Tony Pulis

first_imgWest Brom manager Tony Pulis says he will join ‘most of football’ in hoping Leicester City win the Premier League title in May.The Foxes dropped two points as they were held at home to the Baggies on Tuesday evening, as Pulis’ men took the game to the league leaders at the King Power Stadium.Claudio Ranieri’s men will go second on goal difference if Tottenham beat West Ham at Upton Park on Wednesday, but Pulis hopes they can regain the upper hand in the title race.The Albion boss said: “Leicester are a wonderful team, they are pretty old fashioned in lots of respects.“They play through the pitch quickly, they don’t hang around with the ball, they get it wide and get balls into the box. You have to defend well and doggedly against them and every Leicester City supporter should be really proud of their team.“Now we’ve played this game, I hope they win the league.“I don’t think until as far back as Nottingham Forest – when they got promoted with Cloughie [Brian Clough] from the second division to the first division – it was a team to come from nowhere and actually win the title.“If they do it it’s an even greater achievement than Forest because the financial divide between teams is enormous now. So they have got my backing and I think most of football will hope they are able to achieve what will be an absolutely remarkable, remarkable success story.”The point moves West Brom up to 13th with 36 points – 12 clear of the drop zone – but the Welshman is keen not to rest on his laurels.He added: “Let’s get the 40 points and see where we are.“It’s important to do that. It’s been a strange league this year.“We understand we have to keep focused, keep together and work as hard as what we have done [against Leicester] and hopefully get those points as quickly as possible as you can’t take anything for granted in this league.”last_img read more

Three Camp Pendleton Marines face courts-martial in Iraqi’s death

first_imgSAN DIEGO – Three Camp Pendleton Marines will face courts-martial on murder and kidnapping charges in the killing of an Iraqi man in the town Hamdania, the Marine Corps said Monday, setting the stage for the latest trial of U.S. troops accused of wartime abuses. The three are the first among seven Marines and one Navy corpsman charged in the death to be referred to trial. Lt. Gen. James Mattis, the commanding general in the case, said he would not seek the death penalty for the three. Facing courts-martial are: Pfc. John J. Jodka, Cpl. Marshall L. Magincalda and Lance Cpl. Jerry E. Shumate, who had preliminary hearings in recent weeks. The other five face preliminary hearings in coming weeks. All eight have been in the Camp Pendleton brig since May. Jodka, 20, Magincalda, 23, and Shumate, 21, will also face charges including conspiracy, housebreaking and wrongfully seizing and holding a victim against his will. Joseph Casas, an attorney for Jodka, said he was pleased the case was progressing. “(Jodka) is looking forward to getting a fair court martial and moving this forward as expeditiously as possible,” Casas said. “Every day he sits in there in limbo is a day behind bars that he doesn’t spend with his family.” Attorneys for Magincalda and Shumate did not immediately return phone messages seeking comment. The Marine Corps dropped some charges against the three men, including an assault charge against Magincalda and Shumate. The Marines dismissed charges against Jodka for making a false official statement, larceny and wrongfully endeavoring to impede an investigation. Jodka is accused of firing his M-249 squad automatic weapon at Awad. Magincalda is suspected of binding Awad’s feet and kidnapping him. Shumate is suspected of firing his M-16 at Awad, then lying to investigators about what had happened. Marine spokesman Maj. Jeff Nyhart said the courts-martial of the three men would not influence whether the other five troops are ordered to stand trial. “Each case is separate and based on its own merits,” Nyhart said. Under military code, the decision to refer charges to courts-martial rests with a commanding general, who makes his decision after reviewing recommendations from officers who oversaw preliminary hearings.160Want local news?Sign up for the Localist and stay informed Something went wrong. Please try again.subscribeCongratulations! You’re all set! AD Quality Auto 360p 720p 1080p Top articles1/5READ MOREThe joys and headaches of holiday travel: John PhillipsThe troops are accused of kidnapping and murdering 52-year-old Hashim Ibrahim Awad on April 26. Investigators say troops bound his feet, dragged him from his home and shot him to death in a roadside hole. No dates were set for the courts-martial. Since the start of the Iraq war in 2003, at least 14 members of the U.S. military have been convicted in connection with the deaths of Iraqis. Two received sentences of up to life in prison, while most others were given little or no jail time. At preliminary hearings for Jodka, Magincalda and Shumate, prosecutors presented what appears to be the crux of their case: allegedly incriminating statements that troops made to investigators. At Shumate’s hearing, three investigators testified that they followed the rules when they took statements. Defense attorneys have said they plan to challenge the validity of the statements, and argue that investigators used heavy-handed techniques. last_img read more