STX Shipbuilding & Offshore seeks debt restructuring
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- Written by Kari Reinikainen Kari Reinikainen
- Category: Top Headlines Top Headlines
- Published: 03 April 2013 03 April 2013
STX Shipbuilding & Offshore, one of the three key units in the South Korean STX Business Group, has sought debt restructuring and saw its shares fall by 15% for second day in a row, media reports say.
”Through the debt restructuring agreement, we hope that creditors will roll over our maturing debts and provide some financial support, while we continue efforts to sell our assets,” STX was quoted by the Financial Times newpaper as saying.
STX Europe owns two shipyards in Finland and has a 66% stake in STX France with a yard in St Nazaire that, like the Finnish yards, build cruise liners and ferries.
The three principal units in the STX Business Group - STX Shipbuilding & Offshore, STX Pan Ocean and STX Corporation have KRW1.13 trillion (1KRW = 0.09USD) worth of bonds maturing this year, the Bloomberg news agency has reported. The group received no bids for a 36% stake in STX Pan Ocean, a bulk and tanker shipping company, it had put on the market, with bids closing on 29 March.
In Finland, economics and employment minister Jan Vapaavuori has called the situation of the STX Business Group as ”worrying, but not surprising.” STX employs 2,200 staff in at the two yards there.
Norwegian Breakaway successfully completes sea trials
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- Written by Teijo Niemelä Teijo Niemelä
- Category: Top Headlines Top Headlines
- Published: 29 March 2013 29 March 2013
Norwegian Cruise Line today announced that the line's newest and most innovative ship to date, Norwegian Breakaway, successfully completed her technical and nautical sea trials which took place off the coast of Norway and Denmark. Over the course of several days beginning on March 25, Norwegian Breakaway underwent a series of stringent tests to assess various nautical and technical elements, including the ship's speed, maneuverability, and more.
In order to assess the ship's speed, the Captain, navigational officers and representatives from Meyer Werft tested all of the various power outputs for the propellers. The speed was then adjusted to various levels at each power output level. Every speed test that Norwegian Breakaway underwent was successful and exceeded the required technical specifications.
To demonstrate the agility of the ship, Norwegian Breakaway performed a Williamson's Turn, to determine how well the ship would be able to turn around in the event of an on board emergency. The Zig Zag test was also conducted to demonstrate the ship's ability to rapidly maneuver away from danger ahead, while still maintaining its forward course. Norwegian Breakaway passed both of these important tests successfully.
Norwegian Breakaway also executed a successful Turning Circle test that is conducted by powering the ship at full speed ahead and then quickly turning on the azipods, the ship's propulsion units, to monitor the behavior of the vessel. When conducting the Turning Circle test, a certain minimum diameter is required in order to prove the ship's seaworthiness and Norwegian Breakaway successfully executed all tests.
A Crash Test was also performed. This test is conducted by running the ship full steam ahead and then quickly reversing the azipods in order to assess the ship's stoppage capabilities. The stoppage is monitored in terms of time and distance and Norwegian Breakaway exceeded all of the standards set.
Finally, noise and vibration tests were performed to ensure that there is proper insulation between all staterooms, corridors and public areas. Wind levels on Norwegian Breakaway's pool deck and The Waterfront, the ship's outdoor dining and recreational area, were also assessed.
Norwegian's nautical team reported that the conditions for Norwegian Breakaway's sea trials were extraordinary, and that the ship successfully completed all of the very important tests and trials that were conducted.
With the sea trials now complete, the on board operations team will continue the ship's set up, getting Norwegian's newest ship ready to receive guests for a series of inaugural events and transatlantic voyage. Following those events, the largest cruise ship to ever be constructed in Germany, will sail seven-day cruises from New York City to Bermuda through October 2013.
First for MSC Cruises: Divina to sail year-round from PortMiami
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- Written by Teijo Niemelä Teijo Niemelä
- Category: Top Headlines Top Headlines
- Published: 27 March 2013 27 March 2013
MSC Cruises unprecedented growth in the cruise industry spurred the line’s decision to respond to the requests of the travel agency community and consumers for a year round presence in the North American market. The announcement came during the christening celebration for the line’s twelfth new ship, MSC Preziosa, in Genoa, Italy this past Saturday. MSC Divina, sister ship of MSC Preziosa, was christened last spring and will now sail year round from PortMiami beginning November.
MSC Cruises record breaking growth is unmatched in the industry. The line began an investment program in 2003 committing 6 billion Euros to its expansion. Since then the line has acquired two vessels and built ten new ships resulting in one new vessel entering the fleet nearly every year. For the past eight years, the line has offered seasonal late fall and winter sailings from North America.
The extension of MSC Divina’s scheduled seasonal sailings to year round sailings illustrates the company’s commitment to the North American market.
"The popularity of our introduction of MSC Divina to this market among agents and consumers alike has been nothing short of tremendous," said Richard E. Sasso, President & CEO MSC Cruises USA. "We listened to their requests and are pleased that the vast expansion of our line allows us the ability to fulfill their wishes," said Sasso.
This will mark the first time MSC Divina has sailed from North America and the first time the line has sailed from PortMiami.
"PortMiami looks forward to welcoming MSC Cruises and its newest ship, MSC Divina, this fall and we are absolutely thrilled with the news she will homeport with us year round," said Bill Johnson, PortMiami Director. "MSC Divina’s 12-month schedule sailing from PortMiami will be a major enhancement to Miami’s year round cruise offerings to popular Caribbean destinations."
The itineraries for the ship will be announced shortly.
MSC Divina, christened by legendary film actress Sophia Loren, features 1,715 staterooms, 322,900 square feet of public space, a casino, seven restaurants, 18 bars and lounges, five swimming pools (including an infinity pool), a bowling alley, theater, gym, spa, internet café, conference center, kids and teen areas, and the lines signature ship within a ship, MSC Yacht Club. MSC Yacht Club is an exclusive VIP section of the ship located in the upper foredecks of the ship that provides its guests staying on one of the 69 luxury suites 24/7 butler and concierge service; complimentary select wines, spirits, soft drinks, juices and mineral waters; private access to spa, and a private dining room.
Onboard MSC’s twelve vessels, guests enjoy the Mediterranean way of life. From the hospitality to the dining guests are enveloped in the Mediterranean manner of enjoying life to its fullest. Onboard guests are encouraged to slow down and enjoy everything their MSC vacation has to offer. Being a family owned company, the line offer free sailing for kids 11 and younger when sailing with two full fare paying guests in the same stateroom. Children 12 to 17 sail at a reduced rate.
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