Finnish government and Meyer Werft in talks to acquire Turku yard from STX
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- Written by Kari Reinikainen Kari Reinikainen
- Category: Top Headlines Top Headlines
- Published: 08 May 2014 08 May 2014
The Finnish government has teamed up with Meyer Werft, the German ptrivately owned shipbuilder that is leading builder of cruise ships, to acquire the Turku shipyard in Finland from the troubled STX Offshore & Shipbuilding group, whose headquarters are in South Korea.
"The ministry of employment and the economy has informed the Korean owner of STX Finland that the state together with its industrial partner has interest in entering talks with an aim to possibly acquire the Turku shipyard," said Jan Vapaavuori, the Finnish employment and labour minister, in a statement.
"Both the state and Meyer Werft are committed to the talks that are currently in progress. The talks are, however, at an initial stage, so it is not possible to elaborate on the matter at this stage, Vapaavuori stated.
Saga to go public in London
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- Written by Kari Reinikainen Kari Reinikainen
- Category: Top Headlines Top Headlines
- Published: 30 April 2014 30 April 2014
Saga Limited, the leisure to financial services group that serves the over 60s market in the UK, says it has decided to go public and offer £550 million worthy of new shares in an initial public offering on the London market.
Media reports say the offer would value the company at around £3.0 billion
Saga is a major retailer of cruises and its Saga Cruises brand has two ships of its own, the 37,000 gross ton Saga Sapphire and the 18,800 gross ton Saga Pearl II. The company intends to cut debt to £700 million by issuing new equity. It has recently completed a £1.25 billion refinancing programme.
Saga has a database that covers 10.4 million people over the age of 50, almost half of the 22.8 million persons in the UK in that age bracket at the end of last year. About 400,000 new names are added to the database each year. Persons over the age of 50 control 68% of all privately held wealth in the country.
NYK’s cruise operations enjoyed strong year
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- Written by Kari Reinikainen Kari Reinikainen
- Category: Top Headlines Top Headlines
- Published: 30 April 2014 30 April 2014
Nippon Yusen Kaisha (NYK), the Japanese shipping giant, says its cruise operations enjoyed a strong year to 31 March 2014, with both its brands performing well.
Recurring profit of JPY0.7 billion compared to a loss of JPY3.7 billion in the previous 12 month period. While operating result improved to a profit of JPY0.9 billion from a loss of JPY 3.4 billion. Revenues rose to JPY45.2 billion from JPY35.0 billion in the same period a year earlier
“Sales were robust for both Crystal Cruises in North America and Asuka Cruises in Japan. Profit structure reforms also took effect with implementation of various sales marketing and cost reduction measures,” the company said in a statement. “As a result, the cruises segment showed significant improvement and sharply higher revenues compared with the previous fiscal year.”
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