Finnlines Boosts Ro-Ro Fleet

zoom Finnish shipping company Finnlines has purchased another ro-ro vessel, which was named MS Finnmerchant (ex MS Dorset, ex MS Longstone).Earlier this week Finnlines added two ro/ro vessels for its North Sea liner services, slated for delivery at the end of the year.MS Finnmerchant will be employed on  the route between Hanko and Rostock, which Finnlines plan to open as of 19 January 2015.The new Hanko-Rostock service complements the company’s existing Helsinki-Rostock service.Hanko is the most southern port of Finland, and well connected to both western and southern areas of the country.“This innovative Hanko-Rostock route offers a safe, economical and environmentally friendly alternative for all cargo groups from Rostock to the rest of Europe. At the same time Finnlines strengthens its presence in Rostock as well by offering four weekly roundtrips between Rostock and Finland,” Staffan Herlin, Head of Group Marketing and Sales pointed out.MS Finnmerchant was built in 2003, has the ice class 1A,  2 606 lanemetres and gross tonnage of 23 235. read more

Eitzen Calls for Bermuda Move

first_imgzoom Eitzen Chemical ASA sent out a letter to its shareholders with a recommendation from the Board to accept the exchange offer from Team Tankers International (TTI) for the company’s move to Bermuda.Team Tankers International  is a company established by Eitzen Chemical with the sole purpose to move its operations to Bermuda.“This is desirable as the new owners is substantially non-Norwegian and it is important for the group to operate under favorable, stable and predictable legislative and regulatory conditions,” the letter read.TTI  sent out a combined prospectus and offer document to all shareholders in Eitzen Chemical on 30 January 2015.The  offer envisages an exchange of three Eitzen shares for one share in TTI in line with the Oslo Stock Exchange requirements for a stock price of at least NOK 10 per share.“The offer is conditional on that 99.5% accept the Exchange Offer, and we need the shareholders support to reach this condition,” Eitzen said.The acceptance period for the offer expires on 28 February 2015.The 4th quarter of 2014 represented stronger earnings for Eitzen that were particularly evident towards the end of the quarter, and 2015 has started on a positive note, the company said. Eitzen is undergoing a restructuring process to cut mounting losses from last year.last_img read more