Bahraini lenders Ahli United Bank (AUB) and Arab Banking Corporation (ABC) have arranged a $480 million debt facility for a port project in Egypt, the two banks said yesterday. The banks will each contribute 50 per cent of the new facility, signed with Damietta International Port Company (Dipco), wh
The next America’s Cup, scheduled to be held in Spain in 2009, may be postponed due to legal wrangling over competition rules, the organisers said. ‘As a consequence of the uncertainty and the delays arising from the Golden Gate Yacht Club law suit in New York, AC Management is concerned that the fe
Maersk Contractors has been awarded a contract by Dubai Petroleum Establishment for Jack-up drilling operations offshore Dubai in the Arabian Gulf. The drilling contract has a duration of three years and will commence when the rig arrives in Dubai at the end of the first quarter in 2008. The mobiliz
surrounding Fort Lauderdale later this month for the 48th staging of the Fort Lauderdale International Boat Show. A staggering US$2 billion worth of boats, engines and associated equipment will go on display across six stunning locations, each one of which could in its own right be termed ‘ a boat s
Wellington boat builder Paul Hakes has a soft spot for Princess Anne after she launched his latest project at the Southampton Boat Show. The first outing for ECOVER 3, an Open 60 racing yacht built by Hakes Marine for English record-holding sailor Mike Golding, was a resounding success from the minu
Aball and chain plaguing Nantucket Harbor is the anchoring of massive yachts in the vicinity of First Point and further east into the upper harbor. When the Nantucket Boat Basin is full, and all of Nantucket Moorings rental moorings are occupied, these super-sized vessels have little recourse but to
California Attorney General Jerry Brown and three environmental groups today announced they have filed petitions asking the U.S. Environmental Protection Agency to regulate greenhouse gas air pollution from ocean-going ships. The petition submitted by Brown on behalf of the state of California estim
Genco Shipping & Trading Limited (NYSE: GNK) today announced that it has reached an agreement to sell the Genco Trader, a 1990-built Panamax vessel, to SW Shipping Co., Ltd. for $44 million less a 2% brokerage commission payable to a third party. The Company expects to realize a net gain of approxim
The US Navy has renewed its engine services contract with Rolls-Royce to provide support for the F405 engines which power T-45 training aircraft. The contract is worth $66 million to Rolls-Royce and is the fifth year of a five-year agreement.
Aker Kvaerner has been awarded a GBP 16 million contract by Magnox Electric Limited, to design, build and install a plant for the retrieval and encapsulation of wet intermediate level wastes (ILW) at Hunterston A Site in West Kilbride, Scotland. The project is part of the site’s nuclear decommission
A new £250,000 wing is to be built at a Cumbrian museum to house the legendary Bluebird speed boat. The money, to provide a permanent home for Donald Campbell’s Bluebird at the Ruskin Museum, has been donated by Cumbria Vision.
The skippers of two Cornish boats have both said they do not know how they managed to collide with each other as neither of them saw the other vessel. It was thought the Lady Hamilton of Helford had hit a submerged tree trunk in the dark, before sinking.
You must be relieved, as we were, to learn in these unsettled economic times that the market for luxury yachts and especially megayachts is sailing right along, with sales worldwide increasing 15 percent a year.
The Volvo Ocean Race has marked the one-year countdown to the start of 2008-09 event in Alicante, Spain, with the launch of a new free online TV channel www.VolvoOceanRace.tv allowing race enthusiasts to enjoy the drama and history of the great event on their home computers.
