Impairment Charges Push Team Tankers Further into Loss

first_imgzoom Tanker owner Team Tankers International saw its net loss for the third quarter of 2017 widen significantly, mainly due to vessel impairment charges as chemical tanker sector remained challenging.Net loss in the third quarter ended September 30 was USD 36.3 million, or USD 7.5 million excluding a USD 28.8 million vessel impairment charge recognized in the period. The company’s loss in the same quarter a year earlier stood at USD 4.2 million.The average time charter equivalent (TCE) rate for the fleet was USD 10,136 per day this quarter, representing a decrease of 7.2 percent compared with USD 10,926 earned per day in the third quarter of 2016.“Market conditions in the chemical tanker sector remain challenging. Team has the balance sheet to go on the offensive and is poised to take advantage of compelling cyclical investment opportunities,” Hans Feringa, President & Chief Executive Officer of Team Tankers, said.During the quarter, Team Tankers sold the 8,674 dwt vessel Tour Margaux and the 12,888 dwt Sichem Dubai for a total of USD 11.4 million and replaced capacity through time charter-ins of the 12,959 dwt Leon M in July, the 9,500 dwt Black Star in August and the 9,500 dwt Blue Star expected in November.For the first nine months of 2017, Team Tankers’ loss stood at USD 49.9 million, against a loss of USD 4.1 million seen in the same nine-month period of 2016. Excluding the vessel impairment charge of USD 28.8 million, the net loss for the nine months ending September 30, 2017 was USD 21.1 million.At the end of September 2017, the company’s fleet consisted of 40 vessels, of which 30 were owned, 1 was on a financial lease and 9 were classified as operational leases.last_img read more

Drewry Ship Operating Costs Rise for the 2nd Year in a Row

first_imgzoomIllustration. Image Courtesy: Pixabay under CC0 Creative Commons license Average vessel operating costs rose for the second year in a row following two years of marked declines, but cost inflation is set to accelerate on higher insurance premiums, shipping consultancy Drewry said.Typical ship operating costs accelerated moderately in 2018 as the uncertain recovery in freight markets across most cargo sectors gained momentum.Average daily operating cost across the 46 different ship types and sizes covered in the report rose 1.1% in 2018, succeeding the previous year’s rise of 0.7%, according to Drewry. This followed a period in which opex spending contracted over two consecutive years by almost 9% in 2015-16.Earlier years witnessed sharp reductions in opex as the depressed state of shipping markets forced operators to slash costs as a means for survival. But as freight markets started to recover in 2017 so the pressure to reduce expenditure lifted.“This trend continued into 2018, with a modest acceleration in cost inflation,” Martin Dixon, Drewry’s director of research products, said.The latest assessments include vessels in the container, chemical, dry bulk, oil tanker, LNG, LPG, general cargo, roro and reefer sectors, as well as the recently introduced car carriers segment. 2018 represented the first time in seven years that all vessel sectors recorded rising average operating costs, Drewry said.However, continued overcapacity in certain sectors and an uncertain trade outlook “will still make market conditions challenging for most shipowners over the coming years,” therefore, Drewry expects the pressure on costs to continue.“Financial losses can only be sustained for so long and given higher claims in related sectors as well as the withdrawal of some insurance providers from the maritime space, it is clear that a market correction is underway which will lead to higher premiums, particularly over the near-term,” concluded Dixon.Given the more benign outlook for the remaining cost heads, overall vessel operating costs are expected to rise below the level of general price inflation over the next few years and so represent cost stagnation in real terms.last_img read more

CANADIAN ACTOR SIMU LIU IS IN DEMAND AFTER YEARS STRUGGLING TO MAKE

first_imgBecoming an actor on a popular new Canadian TV show or a stunt double on a Fall Out Boy music video was not at all on Simu Liu’s radar when he was working as an accountant in Toronto. Until he was laid off – and his world opened up.“I remember feeling oddly free in that moment. I was without a job, but I thought I can do whatever I want. This is my one chance to really just try something. I owe it to myself to really give it a shot,” said Liu, HBA’11.This past year, Liu’s acting career has gained momentum, with the success of his roles on CBC’s Kim’s Convenience and NBC’s Taken. Despite his respect for Toronto’s strong film industry, his ultimate goal is to move to Hollywood. On a recent trip there, he met with agents and casting directors in L.A., including doctor-turned actor Ken Jeong (best known for his role in The Hangover) about a possible buddy cop movie that Liu hopes to write. LEAVE A REPLY Cancel replyLog in to leave a comment Advertisement Advertisement Advertisement Twitter “I started talking to him (Jeong) on Twitter. When I got to L.A., he said come by the set and we can hang out more. So I ended up spending a lot of time with him. His advice was that you can’t wait. I joked that we should do a buddy cop movie for both of us and he said, ‘If you write it, I’ll be in it,” Liu said.While there is no formal training to show actors how to network, Liu credits his networking and soft skills courses at Ivey Business School with giving him the tools he needed to push forward in his career and not be afraid to reach out.“The hard part is to think of it (your career) as a start-up and think of yourself as an entrepreneur rather than an artist that waits for the phone to ring for opportunities,” he said.“I spent so many years struggling as an actor. Then suddenly, I’m in demand. The only thing actors want to do is work. It was amazing – tiring, brutal and amazing,” he said of his recent schedule shooting two television shows at once.In a long list of acting credentials Liu also includes stunt man, writer, director and producer – all skills that round out his already full resume.Following his layoff from his accounting firm, Liu started out by looking at TV and film opportunities on Craigslist. In amongst some of the more unsavory ads was a posting for the movie Pacific Rim by director Guillermo del Toro. The movie was being shot in Toronto and they were looking for extras. The role paid just $10 dollars an hour, but it was the stepping stone Liu needed to start his acting career. As soon as he arrived on set he knew he was home.“I ended up falling in love with everything I saw. People have careers devoted to the movies. It wasn’t just the actors – the assistant director, the gaffers working the lights – it was everything. It was such a big production.”While Ivey attracted him to Western, Liu credits one of his first experiences as a frosh with giving him his first taste of fame and one he would reflect on often as he launched his acting career. Facebook Login/Register With:last_img read more

Mayor Faulconer orders Public Utilities Department to investigate every customer complaint of

first_img KUSI Newsroom, KUSI Newsroom Mayor Faulconer orders Public Utilities Department to investigate every customer complaint of high water bills Posted: February 1, 2018 February 1, 2018 SAN DIEGO (KUSI) — Mayor Kevin Faulconer has directed the city’s Public Utilities Department to investigate every complaint of high water bills after some residents have noticed unexplained skyrocketing charges in recent months.The move is the latest in the city’s response to the complaints that have been covered by local media. City Councilwoman Barbara Bry on Wednesday asked the city auditor to look into the utility department’s billing procedures.So far, city officials have discovered several factors that could contribute to high water bills: a 6.9 percent rate increase that took effect on Aug. 1, a one-time billing schedule change that extended the normal 60-day billing period to up to 70 days late last year, warmer months that could contribute to increased usage, meter reading inconsistencies and leaks in homes and irrigation systems, according to the mayor’s office.“San Diegans need to be able to trust that their bills are correct — and that every cent they pay goes to ensuring we have safe, reliable water,” Faulconer said. “I’ve directed our Public Utilities Department to review every complaint to ensure that nobody is being overcharged and to correct any mistakes immediately.”In one case, for example, a resident’s bill jumped from around $200 in February 2016 to more than $1,000 in the most recent billing cycle, with no increase in usage, Fox 5 reported.Those with questions or concerns about their water bill can contact the utilities department at (619) 515-3500 or [email protected] Categories: Local San Diego News FacebookTwitterlast_img read more

District Attorneys Office has filed a motion to reverse the decision to

first_img October 22, 2018 Posted: October 22, 2018 Categories: Local San Diego News, Politics FacebookTwitter 00:00 00:00 spaceplay / pause qunload | stop ffullscreenshift + ←→slower / faster ↑↓volume mmute ←→seek  . seek to previous 12… 6 seek to 10%, 20% … 60% XColor SettingsAaAaAaAaTextBackgroundOpacity SettingsTextOpaqueSemi-TransparentBackgroundSemi-TransparentOpaqueTransparentFont SettingsSize||TypeSerif MonospaceSerifSans Serif MonospaceSans SerifCasualCursiveSmallCapsResetSave SettingsSAN DIEGO (KUSI) – The District Attorney’s office released a statement, asking the court to reconsider its decision to release Alvin Quarles. The motion will be argued in court on Friday morning.“Alvin Quarles is a dangerous predator and the District Attorney’s Office will continue to use every legal avenue at its disposal to protect the community.  Our office had been researching our options and today we filed a motion to have the judge reconsider releasing Quarles into the community. The motion will be argued in court on Friday morning. The District Attorney’s Office has strongly and repeatedly opposed the release of Mr. Quarles into the community based upon his prior crimes  and the danger we believe he poses to the community. We’ve also opposed his release based on the fact that the doctor who conducted Mr. Quarles’ annual review, the director of Coalinga State Hospital, and the director of CONREP (conditional release program) were all three opposed to a finding that he could safely be treated in the community.  In spite of our arguments, the court ultimately disagreed with our assessment and ruled that Mr. Quarles could safely be treated in the community. We are now asking the court to reconsider its decision to release Mr. Quarles into the community of Jacumba Hot Springs, as well as its decision to release Mr. Quarles from Coalinga State Hospital to be supervised in the public community.  Our office is committed to protecting the public and working with individuals who were victimized by this defendant.” Updated: 10:14 PMcenter_img District Attorney’s Office has filed a motion to reverse the decision to release Alvin Quarles KUSI Newsroom, KUSI Newsroom last_img read more