We were feted in June with Posidonia , Mareforum, Marine Money, The Seamen’s Church Benefit and to start the month the opening of NASDAQ by NYMAR!
Never has New York looked brighter – from a maritime perspective. The opening of the NASDAQ exchange on the eve of Posidonia allowed us to express our support for the public sector and to show in a very visual way the contribution of the maritime sector to the New York capital markets. More and more people are getting the message and despite our sometimes evangelical approach and pitch, we are succeeding in bringing the doubters into the fold.
Posidonia’s biannual gathering was well attended by many from the tri-state area—bankers, lawyers, owners were in abundance and not just to party but to network and initiate deals and transactions. The anecdotal feedback I have received suggests that the preeminent role of New York as a capital center is well-recognized. Indeed as we go to press another European company – Brittania Bulk – has chosen to list on the New York markets.
Mareforum in Oslo, too, gave me as NYMAR Chairman a chance to show off New York’s charms. One thing that was clear from my presentation was that the liquidity of the New York markets – from a public and private standpoint – is undeniable and indeed is immensely valuable. A Singapore-listed company, with whom I shared a panel, was grumbling about their lack of liquidity as well as their valuation. A win on points!!
At Marine Money, New York’s charm and efficiency were clearly evident. The gathering of over 1,000 industry players was staggering, endorsing New York’s position as “The Capital for Shipping.” What was particularly encouraging was the number of young people entering the space. Indeed, the now active group of “Young Professionals of New York” is a testimony to the power of our business and the value of our locale.
Opening the exchange was an honor for NYMAR. The first non-profit maritime organization to be so honored gave us the opportunity to showcase our talent and express our support not only for NASDAQ but for the capital markets as a whole.
NYMAR pins adorned the jackets of many attending the Marine Money parties and as I looked out on the festivities at the excellent Dahlman Rose party in Central Park I admit to feeling a sense of pride at our rapid recognition and early achievements.
Interview with Simon Rose, CEO Dahlman Rose & Co
| NYMAR: | Within just a few years Dahlman Rose has emerged as premier investment bank for the shipping community. How was that possible? |
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| Simon: | Essentially, we responded to a need. When you look at the shipping industry 10 years ago, there were less than 10 companies publicly listed, and now there are over 40 standing at over a trillion dollar industry. This size commands attention. |
| Simon: | When you look at an investment bank, it is really a knowledge transfer point. Other banks have a constituency of capital with investors that don’t understand shipping. A good example is the earlier technology banks, which were selling to investors that didn’t understand the sector. Today there are approximately 100 tech media bankers serving that sector. Shipping has historically been ignored by financiers. We have experienced a tremendous growth of the industry, with a need for new ships and financial services that have not been met by traditional resources and capital. We were early in recognizing the opportunity to be the premier provider of these services. |
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| NYMAR: | Since your inception, how much have you raised for the shipping industry? |
| Simon: | On either a book run, or managed, we have raised in excess of $6.1 billion of public equity, and another $1billion of private equity, and co-advised on the largest M&A transaction in the history of the transportation industry (Quintana) |
| NYMAR: | What have been the major challenges for Dahlman Rose, especially since it is a smaller player? |
| Simon: | We work well with the larger players, who often have a supermarket approach to the industry. We have a very focused and specialized approach. I personally shop at both the supermarket and specialized stores; there are advantages to both. This is a challenge and opportunity. There are great venerable institutions with great brand names. We have to show our value-add every time we do something in the marketplace to be seen as an equal participant. Our record shows we add value to the industry. If you look at the secondary markets, we are the number two trader in the US. These are investors who are with us on an ongoing basis. Also, we offer a compelling argument for supporting the shipping industry consistently. |
| NYMAR: | You have been pretty active considering weak markets, what would you contribute that to? |
| Simon: | Our dedication to the space is helpful. The underlying market and need are still there. A lot of people measure the orderbook to activity in order to get the ships built to supply the need. Older ships, single hulls, all need to be replaced and we need capital to do this. Banks and lending institutions are having difficulties but the commodities being traded, and hence shipping, are robust. |
| NYMAR: | How do you see 2008 for shipping’s involvement in the capital markets? |
| Simon: | It has been a reasonable year so far, and certainly a desire and need for raising additional capital for both IPO and secondary offerings exists. |
| NYMAR: | With the majority of shipping companies being private, you do think here is a lot of business to be brought to the US, if so what is Dahlman Rose’s business strategy? |
| Simon: | When you have an industry that requires large capital commitments, and less than 5% are owned by US listed companies, the opportunity is clear. |
| NYMAR: | How do you manage your risks? |
| Simon: | I’m a coward. We are very selective with our risk. We keep our balance completely in treasury bills, and are highly selective in our underwriting. Believe it or not, we have passed on more transactions than we have accepted. We look at risk and reputation very closely. We look for a quality standard. We commit when we believe in the quality of the company. When we do overnight transactions, we only do them with clients we know and trust who have a value proposition with a risk we will take. |
| NYMAR: | Dahlman Rose currently has offices in Houston, New York, New Orleans, Boston and San Francisco- Any other areas that you are looking at potentially? |
| Simon: | Brooklyn. The largest area of our practice is maritime, so while our HQ will always be in NY, opportunistically we will open satellite offices where our clients require them. |
| NYMAR: | You are introducing your new market indices this month. What incentivized you to invest in this project? |
| Simon: | It is an important education tool for investors. Having a wet and dry index will allow investors to see what these markets are doing, and contribute to raising the profile of the industry. |
| NYMAR: | New York is, and has been, known as the “Capital for Shipping.” As a New York based investment bank what do you think can be done to further enhance that position? |
| Simon: | Not only are we New York based, but I am New York born and raised. I grew up with New York being a vibrant maritime port. New York will always be a strong maritime port, but with the physical presence distanced from the ultimate consumer.
We lose a significant number of companies because of the onerous regulations. We need another exchange like AIM to give comfort to foreign issuers. The incremental cost comes out of the bottom line. We maintain part of our margin because of the transparency we have. I think we can maintain the transparency while reviewing the practices we have in place that are more administrative and less practical. When Sarbanes-Oxley first came into play, it was a frightening proposition, because no one knew how to utilize it. We now understand it. Other brokers in London and Singapore exaggerate the risks of SARBOX. We need help from corporate governance professionals and our government to help mitigate the fear. We need our government to support our industry tax credits. I am very pleased to be a supporter and part of NYMAR. It is something that has been long ignored by our city, state and country. We need to be part of the global fabric. We can come together financially in global trade with accruing benefits. We need to end the hiatus of the city/state/government and business community to come to an end. We have a lot to talk about to reaffirm New York as the greatest maritime capital in the world. |
| Pricing Data | Issuer | Type | Proceeds ($M) | Dahlman Rose Role |
|---|---|---|---|---|
| 06/05/08 | Deep Down | PIPE | $40 | Sole Placement Agent |
| 05/29/08 | Arena Resources | Follow-on | $119 | Sole Bookrunner |
| 05/28/08 | Safe Bulkers | IPO | $190 | Co-Manager |
| 05/23/08 | Nucor | Follow-on | Selling Group | |
| 05/21/08 | TBS International | Follow-on | $173 | Joint Lead Manager |
| 05/21/08 | Genco Shipping | Follow-on | $282 | Joint Bookrunner |
| 05/12/08 | Nordic American Tanker | Follow-on | $159 | Co-Manager |
| 04/29/08 | Double Hull Tankers | Follow-on | $84 | Co-Manager |
| 04/16/08 | Teekay LNG | Follow-on | $144 | Co-Manager |
| 04/10/08 | Seaspan | Follow-on | $219 | Co-Manager |
In a historic event, New York Maritime chairman, Peter Shaerf rang the NASDAQ opening bell, the first Maritime Association to do so. “We are honoured by this historic opportunity to open the exchange,” Peter Shaerf said. “NYMAR’s mission is to reiterate the power of the New York Maritime Cluster and opening the NASDAQ surely demonstrates that power.” Shaerf noted that NASDAQ has been a beacon for the public face of shipping and with at least 40 companies represented with a daily trading volume of well in excess of $500 million. “We can truly confirm that the maritime industry has established a significant foothold in the capital markets,” Shaerf said.
Looking to bring the industry together NYMAR points out that the maritime cluster in New York is arguably the most robust and vibrant group of companies and people in the world today. “Our public markets are strong. Private Equity has made significant commitments to our industry. Our investment bankers are raising money and in spite of what you hear our commercial bankers are lending money, as corny as it may be ‘money makes the world go round’ and nowhere does it turn as fast as in New York,” Shaerf observed.
NYMAR has partnered with New YorkÕs Economic Development Corporation (NYCEDC), which endorses the recognition of the maritime Industry in New York as a critical spoke in the financial wheel. NYCEDC hopes to work with NYMAR in bringing companies from the corporate and services sector like bankers, shipowners and other service-driven elements of the maritime cluster to New York.
Dahlman Rose initiates Drybulk and Tanker Indices
Dahlman Rose & Co. just announced the launch of the Dahlman Rose Dry Bulk Shipping and Dahlman Rose Tanker Shipping Indices. The index data, which is being calculated by Standard and Poors and disseminated on a real-time basis by the Chicago Mercantile Exchange, represent the only publicly available indices that track the movements of U.S.-listed marine transport companies.
The indices will display how the Dry Bulk and Tanker Shipping markets are performing on a real-time basis. “We are continuously looking for new methods to create investor awareness around the Marine Transport sector,” said Simon Rose, Chief Executive Officer of Dahlman Rose & Company. “And we ultimately expect the indices to provide investors long investment exposure to the Dry Bulk and Tanker Shipping sub-sectors on a thematic basis,” Mr. Rose added. Dahlman Rose believes the creation of these indices reinforces its position as a thought leader within the Marine Transportation industry.
The Dahlman Rose Dry Bulk Shipping Index is comprised 12 drybulk and 17 tanker companies.
Shipping talks at Marine Money
Shipowners and bankers reiterated that New York continues to rule shipping’s capital markets at the recent Marine Money conference. Heated discussions included ‘volatility’ in the market to enhancing shipping’s investor base.
Euronav chief executive Paddy Rogers said, “The elephant in the room is volatility. This is an exciting business and it’s critical to embrace the volatility and manage it.” Mr Rogers believe some bankers and company managers were concerned of embracing the market and managing the risk, preferring to fix on time charters which would fetch revenues but restricted growth potential.
“These companies should be taking advantage of the upswinging market rather than trying to impress the capital markets,” he added. Since its $1bn IPO, Euronav has had four years of change, doubling its NAV (Net Asset Value) and spending about $3bn on vessels, replacing its older tonnage with double-hull units.
As for accessing the public markets bankers said there were various advantages as it provides the resources to meet required level of capital for potential growth. “We could not have growth as we did had we not gone public,” said one of the specialists. From a mere eight public companies just a few years ago to 41 listed companies in 2008 clearly shows shipping’s enhanced reflection among the investor base. “But a lot more needs to be done to educate investors,” Craig Fuehrer from Deutsche Securities said. Mr Fuehrer added that the US is still the best place to list, although may not be for everyone due to the corporate governance and Sarbanes Oxley requirements.
Other interesting issues comprised of “Hot Topics” featuring Hamish Norton from Jefferies & Co. “Shipping has made creative use of the capital markets. From SPACs (special purpose acquisition company) to MLPs (master limited partnerships), we have seen an increase in such deals with 15 percent of all SPAC’s done in shipping,” said Mr Norton. Companies such as Navios, Starbulk, Oceanaut, are some successfully concluded SPACs while MLPs include Teekay Offshore, Capital Products Partners, US Shipping, Ksea Transportation.
Arlington Looks at Strategic Alternatives
Arlington Tankers Ltd. (NYSE: ATB) just announced that it is engaged in a process to review and evaluate strategic alternatives to enhance shareholder value. These alternatives may include any of the following transactions: the purchase of another company; the sale of the Company; a merger of the Company; other strategic transactions; or the continued execution of the Company’s current operating plan. Arlington has retained Jefferies & Company, Inc. as its financial advisor in connection with this process.
Arlington said that it currently has no commitments or agreements with respect to any particular transaction and pointed out that there is assurance that its review of strategic alternatives will result in any transaction.
Arlington’s fleet consists exclusively of eight modern double-hulled vessels and is one of the youngest tanker fleets in the world, with an average vessel age of approximately 4.5 years. The fleet consists of two V-MAX tankers, which are specially designed very large crude carriers, two Panamax tankers and four Product tankers. All of the Company’s vessels are employed on long-term time charters. Arlington was incorporated in Bermuda in September 2004 completed its initial public offering on the New York Stock Exchange on November 10, 2004.
NYCEDC reveals Maritime Support findings
New York City Economic Development Corporation (NYCEDC) recently revealed the findings and recommendations of its Maritime Support Services Location Study. SUNY Maritime College was commissioned by NYCEDC and the Brooklyn Navy Yard to conduct the study to examine the economic impact of New York City’s maritime industry and associated support services. It was funded in part by New York State Department through its Environmental Protection Fund. The presentation took place at Caddell Dry Dock and Repair Co. Inc. in Staten Island, which has been serving the maritime industry for over one hundred years.
“Maritime support services represent a significant share of the region’s economic activity, generating more than $2 billion each year for the region and supporting approximately 12,000 jobs, of which 7,000 are waterborne,” said NYCEDC Executive Vice President Madelyn Wils. “Finding innovative ways to support this important industry sector, which takes 3.1 million trucks off New York City roads annually, is consistent with the Bloomberg Administration’s PlaNYC,” she added.
Maritime support services are environmentally desirable. One standard barge is the equivalent of 60 trucks, and one tugboat is capable of handling as many as six barges at a time, resulting in the elimination of more than three million truck trips from New York City roads a year. Increasing use of the waterways to transport freight also reduces wear and tear on roadway infrastructure and serves to alleviate regional transportation congestion.
New York City is home to more than 200 tugboats, representing 98% of the total fleet within New York Harbor. New York City serves as a hub for tugboat services for the region, which stretches from Boston to Virginia, with one quarter of the U.S. East Coast tugboat fleet located here. The tugboat fleet has grown by 37 percent since 1991, and the demand for barge services has also grown by 20 percent. Edward J. Kelly, Executive Director of the NYNJ Maritime Association said, “This study is a confirming proof of the vital maritime industry that is thriving within New York City and providing high-paying jobs with career opportunities, while stimulating the economic engine of international and domestic waterborne trade.”
The Port of New York and New Jersey is the largest port on the East Coast and the third largest port in the United States. For each of the past eight years, the Port has grown at an average of seven percent, representing an overall growth rate in container trades of 54 percent. The study reiterates that this increase leads directly to increased demand for maritime support services.
National Maritime Day Celebration
Celebrating National Maritime Day, President George Bush has called on all American citizens to fly US flags today in honour of the country’s merchant mariners. “We pay tribute to these heroes who answered the call to serve when our Nation needed them most. Today, our merchant mariners continue to protect our homeland, including by supporting our troops in Iraq and Afghanistan,” Mr Bush stated.
Federal Maritime Administrator Sean T. Connaughton and U.S. Rep. Thelma Drake, R-Norfolk, presented awards to 11 former merchant mariners who sailed ships into war zones from World War II to Operation Desert Storm, carrying supplies for U.S. armed forces at the Maritime Day event in Virginia. The event was marketed as a celebration and commemoration. But it had the feel of a networking function, with top industry executives, contractors, port officials and politicians mingling over cocktails.
The transportation issue is crucial for the maritime industry, where growth in cargo traffic is in part pinned to available infrastructure to move it. And it’s especially important as foreign trade is expected to make up a growing percentage of the nation’s gross national product, Connaughton said. “We have a huge opportunity to work together on this,” he said in the keynote address.
In 1933, Congress decreed May 22 as National Maritime Day, an opportunity for Americans to recognize the numerous contributions of the American maritime industry, including international trade. The maritime industry facilitates trade, and as a result, plays a critical role in the U.S. economy.
Christopher Paul, 44, a US national also known as Abdul Malek and Paul Kenyatta Laws, plead guilty in an Ohio courtroom and agreed to 20-year prison term. US and European ports and other freight handling facilities were potential targets for the terrorist, who plotted to use weapons of mass destruction against targets in the two continents. Paul was arrested in Ohio to a three-count indictment for planning to supply material support and resources to terrorists, schemed to use a weapon of mass destruction and offered material support and resources to terrorists.
Acting Assistant Attorney General Rowan said in a statement, "The guilty plea brings an end to the long, dangerous career of Christopher Paul, an Ohio native who joined al Qaeda in the early 1990s, fought in Afghanistan and Bosnia and conspired with others to target Americans both at home and abroad.Ó Paul confessed that from at least April 1999 through January 2000, he agreed to become a member of a conspiracy which intended to use a WMD, like explosive devices, against US nationals outside the country; persons or property within the US affecting interstate or foreign commerce; and/or property that was owned, leased or used by the US. According to Intelligence sources PaulÕs target list probably included domestic and overseas ports.
US Liberty ship en route to Greece
Following a Memorandum of Understanding (MoU) signed at the Posidonia exhibition in Greece between the US Maritime Administration and the Greek government, a formal process will now begin to transfer the Arthur M Huddell, one of three remaining Liberty Ships to Piraeus as a museum ship. ÒThis ship is a symbol of the friendship as well as mutual maritime interests linking Greece and the United States, Maritime Administrator Sean Connaughton said in a statement.
Connaughton pointed out that the vessel is special in Greek maritime history because over a 1,000 vessels were transferred from the US to Greece at the end of World War II to support Greece in restoring its commercial fleet. “It is great to be able to save a bit of history from both our nations,” Connaughton said. In order to deliver troops, armaments and supplies during the war, the US built a total of 2,751 Liberty ships that were run by merchant mariners. Currently the Huddell sits at the James River reserve fleet in Virginia, while the John W Brown and the Jeremiah O’Brien are museum ships.
An antitrust lawsuit filed in Puerto Rico’s US District Court has alleged that several liner companies conspired to inflate prices for transporting goods to the island and added illegal surcharges. Named in the lawsuits are Horizon Lines, Sea Star, Trailer Bridge and Crowley Maritime Services which together control nearly 100% of the highly-competitive but still profitable trade lane from Puerto Rico to the US mainland.
FBI agents recently raided the offices of Horizon Lines as part of an antitrust probe. Following the raid, Horizon Lines announced that it has placed six employees involved in the Puerto Rico trade lane on administrative leave as a result of management's review of issues raised by the Department of Justice investigation of pricing practices of certain domestic ocean carriers. Two of the six employees have subsequently submitted their resignation to the company. The company continues to fully cooperate with the Department of Justice in its investigation. The stock closed the regular session up 86 cents, or 7.8%, at $11.90.
Horizon Lines, has just over half market share on the Puerto Rico trade lane, recently boasted of its “recession-proof” business at an investor presentation. First quarter operating revenue was up nearly 12% to $305.6m, even though high bunker prices ate into profits. And despite reduced southbound volumes on the Puerto Rico trade, container rates also increased by 12% to just over $3,900 per teu. Analysts estimate total trade volumes on the Puerto Rico trades to be 520,000 teu southbound and 150,000 teu northbound, with 90% of revenues gained from southbound operations.
Meanwhile, federal investigators are also probing trade to Alaska, Hawaii and Guam according to a filing by Alexander & Baldwin. The latest filing with the US Securities and Exchange Commission (SEC) points out that Oakland-based Alexander & Baldwin subsidiary, Matson does operate in the Hawaii and Guam trades.
As part of its ongoing portfolio restructuring, Weyerhaeuser Company (NYSE:WY) announced that it is exploring strategic alternatives for its Westwood Shipping Line and four regional short line railroads.
During the transition, Westwood will continue full operations, including serving customers in more than 20 ports in Japan, Korea, China and North America with a fixed-day, weekly sailing schedule. Westwood is a wholly owned subsidiary that operates four ConBulk vessels used by customers to ship forest products and containerized and oversized cargo. The vessels are the 48,000-dwt Westwood Rainier (built 2002), Westwood Victoria (built 2003) and Westwood Olympic (built 2004), plus the 45,000-dwt Westwood Columbia (built 2002). Weyerhaeuser Company, one of the world's largest forest products companies, was incorporated in 1900. In 2007, sales were $16.3bn.
The company’s four short line railroads are the DeQueen & Eastern, Columbia & Cowlitz, MSV, and Golden Triangle railroads. Weyerhaeuser primarily uses the short line railroads to source mills in Arkansas, Oklahoma, Mississippi and Washington. In addition, some third-party customers also use the lines for select transportation needs.
At this time, Weyerhaeuser has not confirmed a timetable for completing this process.
US cruise-ship company, NCL America Inc. has agreed to pay $485,000 to settle a discrimination lawsuit involving seven crew members with Middle East backgrounds who lost their jobs aboard the cruise ship Pride of Aloha. The U.S. Equal Employment Opportunity Commission announced that the company also agreed to revise its policies to ensure a workplace that promotes equal employment opportunities.
In resolving the lawsuit that the commission filed in 2006, NCL America denied it had acted improperly in firing the seven Middle Eastern crew members. “We are very pleased with this outcome, and NCL America should be applauded for its commitment to prevent discrimination by agreeing to the comprehensive injunctive relief in this case,” said Anna Y. Park, regional attorney for the commission’s district office in Los Angeles.
NCL America agreed to hire an equal employment opportunity consultant and to train its managers and employees regarding the company’s equal employment policy and complaint procedure. Meanwhile, the cruise ship that began sailing Hawaii waters in 2004 is to join NCL’s international fleet and be outfitted with a casino. It is shifting to a Miami-Bahamas route beginning in July. The move means the vessel will go back to its original name — Norwegian Sky. NCL once had three U.S. flagged ships cruising among the Hawaiian Islands. Citing increased expenses and insufficient revenue from the operation, it is now left with just one — Pride of America.
White House scanning arctic maritime Routes
A sizzling topic at the White House and the National Security Council is the prospect that commercial and military vessels may potentially be able to transit arctic waters and its implications. With the shrinking ice fields, the possibility of using the 8,000 mile shortcut between Pacific and Atlantic oceans has been broadly discussed.
Due to global warning, the polar icepack which covers the Arctic Sea is melting. One of the very likely results of this environmental phenomenon is the year-round opening of the Arctic maritime sea routes. The strategic and operational implications for U.S. national and military security strategies would be significant. These routes would connect the Atlantic and Pacific oceans, and provide both alternate and shorter maritime routes for U.S. force projection and strategic agility. Inter-theater movement of forces over the top of the world would provide a supported combatant commander both flexibility in operational design and advantages in operational functions.
Future use of the Arctic Sea routes would directly support the national security strategy, in a highly complex global security environment which will often require rapid and sustained U.S. military response to threats and crises.
USS Products Investor LLC, a joint venture formed and financed by affiliates of The Blackstone Group, other investors and US Shipping Partners L.P. (NYSE: USS) to finance the construction of five 49,000 deadweight ton double-hulled product tankers by National Steel and Shipbuilding Company (“NASSCO”), confirmed that the $500m of financing committed by the parties remains in place. The Joint Venture (JV) has obtained charters for four of these five vessels and is actively pursuing additional charters. Construction is currently on time and on budget. NASSCO is scheduled to deliver the first tanker in the second quarter of 2009, the second tanker later in 2009, two tankers in 2010 and one tanker in 2011. In addition, the JV has the option to obtain US Shipping PartnersÕ rights to have NASSCO construct an additional four tankers.
The JV, which is 60% owned by affiliates of The Blackstone Group and other investors are managed and 40% owned by US Shipping Partners. The JV has $500m of committed debt and equity financing, including $430m of financing from affiliates of The Blackstone Group and other third party investors, and $70m of equity from US Shipping Partners that is already funded and secured by a letter of credit. The JV’s business operations and the construction of the five product tankers are continuing as planned.
One thing that sets New York apart is the prominence of women in certain positions. Overseas Shipholding Group, Inc. (NYSE: OSG), a leading tanker owner just announced that Lois K. Zabrocky has been promoted to Senior Vice President of OSG. Since 2005, Ms. Zabrocky, 38, has led OSG’s growing products business, which includes coated Panamaxes, or LR1s, and medium range Handysize tankers that transport petroleum products and vegetable oils worldwide.
Morten Arntzen, OSG’s President and CEO said Ms. Zabrocky is a natural leader, a tireless worker, a savvy risk taker and a real shipping entrepreneur. “Lois has transformed OSG’s international flag product tanker business into a world class business. She has positioned the unit to take advantage of the accelerated growth in the long haul products trade and, in the process, made it a critical leg of OSG’s balanced growth strategy,” Mr Arntzen pointed out.
Ms. Zabrocky was named Head of OSG’s International Product Carrier strategic business unit in 2005. Under her leadership, the products fleet has expanded from 35 to 51 owned, operated and newbuild vessels. Most recently she helped form OSG’s Clean Products International commercial pool with Ultragas, increasing OSG’s presence in South America.
Upon joining OSG in 1992, Ms. Zabrocky was responsible for spot chartering across all sectors including the Aframax International fleet in the Caribbean, North Sea and Mediterranean. As the commercial officer directly responsible for Aframax International, a pool of 35 Aframax crude oil tankers, Ms. Zabrocky was credited for significantly improving the profitability of the pool.
Ms. Zabrocky began her maritime career sailing as third mate aboard a U.S. flag chemical tanker. She holds a bachelor of science degree from the United States Merchant Marine Academy and holds a third mate’s license.
US initiates training ships proposal
In the projected budget for the US Maritime Administration (MarAd), training imperatives and cash retention are among the top priorities. Transportation Secretary Mary Peters is pushing to give MarAd the green signal to contribute training vessels to foreign governments. The budget also seeks authorization to design purpose-built training ships for US maritime academies. US Maritime Administrator Sean Connaughton told news sources that it is an expensive proposition to refurbish old ships for training purposes and that purpose-built ones would serve better. Peters aiming for MarAd to be allowed to retain the money generated from the sale or scrapping of non-retention vessels in a Vessel Operating Revolving Fund (VORF), that would also hold insurance proceeds and recoveries from litigation and arbitration awards. Peters is also asking for an income tax exemption on the first $80,000 of pay for those working on foreign-flagged vessels in an attempt to make sea duty on LNG tankers more attractive to US seafarers. Connaughton believes US citizens working abroad are granted a similar existing exemption.
Shipping Company Performance Chart
(source: Nasdaq OMX)
| Symbol | Company Name | Price 4/30 USD | Price 5/31 USD | % Chg | Current Mkt Cap ($mm) | Exchange |
| DRYS-US | DryShips Inc. | $ 82.50 | $ 93.80 | 13.7% | $ 3,459 | NASDAQ |
| TBSI-US | TBS International Ltd. Cl A | $ 40.18 | $ 46.58 | 15.9% | $ 1,170 | NASDAQ |
| ONAV-US | Omega Navigation Enterprises Inc. (Cl A) | $ 18.09 | $ 20.82 | 15.1% | $ 270 | NASDAQ |
| ALEX-US | Alexander & Baldwin Inc. | $ 50.23 | $ 51.47 | 2.5% | $ 1,938 | NASDAQ |
| STRM.B-SE | Stormfageln AB | $ 0.50 | $ 0.49 | -1.8% | $ 9 | Stockholm |
| ICM-SE | ICM Kungsholms AB | $ 4.62 | $ 4.41 | -4.5% | $ 12 | Stockholm |
| FREE | FreeSeas Inc. | $ 6.87 | $ 7.00 | 1.9% | $ 134 | NASDAQ |
| ESEA-US | Euroseas Ltd. | $ 13.78 | $ 15.62 | 13.4% | $ 412 | NASDAQ |
| MMLP-US | Martin Midstream Partners L.P. | $ 35.00 | $ 34.48 | -1.5% | $ 479 | NASDAQ |
| CCOR.B-SE | Concordia Maritime AB | $ 3.95 | $ 3.83 | -3.1% | $ 184 | Stockholm |
| EGLE-US | Eagle Bulk Shipping Inc. | $ 29.43 | $ 33.34 | 13.3% | $ 1,381 | NASDAQ |
| PRGN-US | Paragon Shipping Inc. (Cl A) | $ 17.19 | $ 21.30 | 23.9% | $ 492 | NASDAQ |
| SBLK-US | Star Bulk Carriers Corp. | $ 12.58 | $ 13.98 | 11.1% | $ 603 | NASDAQ |
| TORM-DK | Dampskibsselskabet Torm A/S | $ 32.75 | $ 33.13 | 1.1% | $ 2,454 | Copenhagen |
| GLNG | Golar LNG Ltd. | $ 20.06 | $ 18.37 | -8.4% | $ 1,122 | NASDAQ |
| ORION-DK | D/S Orion | $ 9.39 | $ 9.94 | 5.9% | $ 22 | Copenhagen |
| VLCCF-US | Knightsbridge Tankers Ltd. | $ 28.86 | $ 33.79 | 17.1% | $ 528 | NASDAQ |
| CPLP-US | Capital Product Partners L.P. | $ 20.00 | $ 20.32 | 1.6% | $ 449 | NASDAQ |
| OCNF-US | OceanFreight Inc. | $ 22.64 | $ 26.52 | 17.1% | $ 366 | NASDAQ |
| GASS | StealthGas Inc. | $ 16.05 | $ 16.82 | 4.8% | $ 338 | NASDAQ |
| RABT.B-SE | Rederi AB Transatlantic | $ 7.59 | $ 7.76 | 2.2% | $ 198 | Stockholm |
| RLOG-US | Rand Logistics Inc. | $ 5.49 | $ 5.03 | -8.4% | $ 67 | NASDAQ |
| MOLS-DK | Mols-Linien A/S | $ 42.98 | $ 46.04 | 7.1% | $ 632 | Copenhagen |
| SVIT.B-SE | Svithoid Tankers AB | $ 1.44 | $ 1.35 | -6.5% | $ 22 | Stockholm |
| TOPS-US | TOP Ships Inc. | $ 8.33 | $ 8.89 | 6.7% | $ 140 | NASDAQ |
| ACLI-US | American Commercial Lines Inc. | $ 15.82 | $ 15.34 | -3.0% | $ 627 | NASDAQ |
| LSC1R-LV | Latvijas Kugnieciba | $ 2.59 | $ 2.66 | 2.8% | $ 523 | Riga |
| FLG1S-FI | Finnlines Oyj | $ 21.33 | $ 21.60 | 1.3% | $ 871 | Helsinki |
| DNORD-DK | D/S Norden A/S | $ 110.15 | $ 124.80 | 13.3% | $ 4,765 | Copenhagen |
| RAMS-US | Aries Maritime Transport Ltd. | $ 5.49 | $ 5.80 | 5.6% | $ 157 | NASDAQ |
| BRO.B-SE | Brostroem AB | $ 6.89 | $ 7.43 | 7.8% | $ 489 | Stockholm |
| DFDS-DK | DFDS A/S | $ 147.91 | $ 160.42 | 8.5% | $ 1,132 | Copenhagen |
| HFEIM-IS | Eimskipafelag Islands hf. | $ 0.29 | $ 0.28 | -3.1% | $ 331 | Reykjavik |
| ULTR-US | Ultrapetrol (Bahamas) Ltd. | $ 9.61 | $ 15.23 | 58.5% | $ 468 | NASDAQ |
| SRAB.B-SE | SRAB Shipping AB | $ 0.45 | $ 0.45 | -0.2% | $ 11 | Stockholm |
| LLK1L-LT | Limarko Laivininkystes Kompanija ORS | $ 0.70 | $ 0.69 | -0.8% | $ 80 | Vilinus |
| MAERSK.B-DK | A.P. Moller-Maersk A/S | $ 10,368.53 | $ 12,458.72 | 20.2% | $ 51,410 | Copenhagen |
| TAL1T-EE | Tallink Grupp AS | $ 1.12 | $ 1.18 | 5.4% | $ 794 | Tallinn |
| LJL1L-LT | Lietuvos Juru Laivininkyste | $ 0.22 | $ 0.21 | -4.3% | $ 44 | Vilinus |
| NORDIC-DK | Nordic Tankers A/S | $ 18.98 | $ 17.29 | -8.9% | $ 116 | Copenhagen |
Transportation Index Charts
(source: NASDAQ Market Intelligence Desk)
Taste of NYC | Upcoming Events and Entertainment
- Central Park Concerts - Thievery Corporation (live) with Seu Jorge featuring Special Guests Bebel Gilberto & Federico Aubele Turntables on the Hudson, June 26, 6pm-10pm | free performances in Central Park during the summer. (www.summerstage.org)
- South Street Seaport - Pier 17 | Macy’s July 4th Fireworks
- Melting Pot Food Tour - May 15, 2008 - Enthusiastic Gourmet Lower East Side/Chinatown/Little Italy. Explore unique food shops and markets and learn about ethnic flavors and cultures of this vast immigrant community on the Lower East Side, Chinatown, and Little Italy. 646-209-4724
- MOMA - Now on View, Projects 87 | Sigalit Landau, through July 28. Film Exhibitions... Celebrating Summer (www.moma.org)
- Metropolitan Museum - Jeff Koons on the Roof, through October 26; Photography on Photography: Reflections on the Medium since 1960, through October 19. (http://www.metmuseum.org)
- Metropolitan Opera - Giselle (American Ballet), through July 12 (http://www.metopera.com)
- Christies - New York, Rockefeller Center. June 21- 25, Viewing and Auction | Ocean Liner [Sale2073] (www.christies.com)
- NYMAR Restaurant of the Month - Spice Market | www.jean-georges.com
(one of the top rated Asian Fusion Restaurants in New York)
New York State Travel & Tourism
To speak with a travel counselor, call during regular business hours (Eastern Standard Time) at 800/CALL-NYS (U.S., territories, possessions and Canada) or 518/474-4116 (all other areas).
http://www.iloveny.state.ny.us/main.asp
New York City Travel & Tourism (NY City & Company)
212-484-1222
NYC 311 - City of New York directory assistance covering events, attractions and other citywide information
- Dial 311 in Manhattan (NYC), Staten Island, Bronx, Queens and Long Island.
- Dial 212-639-9675 outside of Manhattan (NYC), Staten Island, Bronx, Queens and Long Island. This is a toll call.
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Editor: Ranjeeta McGroarty Designer: Gayle Erickson Web Master: Joseph DiCastro |
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