The head of the Panama Canal Authority said a US arbitration board rejected a demand by Spanish-led GUPC consortium for $192.8 million to cover cost overruns during the building of a third set of locks for the century-old waterway. GUPC or Grupo Unidos por el Canal includes Sacyr SA of Spain, Impregilo of Italy, Jan De Nul of Belgium and Constructura Urbana of Panama. The authority’s chief executive, Jorge Quijano, announced the ruling saying, “We have been informed that we have won a major arbitration dealing with the expansion of the canal by the GUPC contractor for $192.8 million".
Bankrupt Singapore offshore and marine group Swiber Holdings has announced that its wholly-owned subsidiary Swiber Capital will default on its upcoming coupon payment of S$150m ($110.7m) due on August 2 under its $500m multicurrency Islamic trust certificates issuance programme. Swiber Holding and its subsidiaries officially went into judicial management in October 2016 after getting an approval from Singapore High Court and the company has since been involved in a series of bond and coupon payment defaults. In July, the court approved Swiber’s application to extend judicial management to March 21 next year.
New Orleans-based offshore support vessel (OSV) provider Tidewater on Monday emerged from Chapter 11 bankruptcy protection after successfully completing a restructuring process agreed with US Bankruptcy Court. In so doing the company, the world’s leading OSV provider, eliminates $1.6bn in principal of its outstanding debt. It estimates that its interest payments and operating lease expenses will be reduced by $73m annually thanks to the agreement. Tidewater had filed for Chapter 11 in May after 14 months of difficulties during which it sought repeated extensions of waivers from creditors while it tried to amend its debt.
Two reports examining accidents in 2016 have been released over the past week. The U.K.’s Marine Accident Investigation Board (MAIB) published its 2016 annual report highlighting that there were 687 accidents involving 750 commercial vessels. The most notable incidents include the foundering of the fishing vessel "Louisa", off Mingulay, Outer Hebrides, with the loss of three of her four-man crew, the grounding of the semi-submersible rig "Transocean Winner" on the Isle of Lewis and the grounding of the ultra-large container vessel "CMA CGM Vasco de Gama" in the Solent. The US NTSB has also released its safety digest.
Japan’s shipping firm Mitsui O.S.K. Lines (MOL) is expecting an improvement in its earnings for the current fiscal year, as it witnessed a stronger first quarter. MOL said its net income for the first quarter of the fiscal year reached JPY USD 47 million, compared to USD 12.6 million seen in the same period a year earlier. The company’s operating profit for the quarter leapt representing a turnaround from an operating loss in the previous year. MOL’s revenues for the period also increased, signalling an end to a bad time for the company.
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