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Shipping IPO prospects slim as capital-market access plunges

Most owners did not raise capital. But some smaller NASDAQ-listed owners raised more than usual. In the mid-2000s, an entire subindustry emerged in New York to help raise capital for shipowners. Investment banks, lawyers and accountants raked in fees on initial public offerings (IPOs), follow-ons, takeovers and restructurings. Private fund managers bought equity and sold …

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BIMCO COVID-19 Weekly Report

The BIMCO Maritime Information department informs members on a weekly basis, updates about the COVID-19 in relation to implementation measures imposed by governments for sea transport including for crew change as well as from the United Nation bodies like the International Maritime Organisation (IMO), World Health Organisation (WHO) and International Labour Organisation (ILO). BIMCO provides …

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Cyprus: Seafarers recognised for hard work and dedication during turbulent year

Cyprus has always ensured that safety remains a top priority for all shipping operations and is committed to protecting and supporting seafarers, the international key worker of the maritime industry. In recognition of all the hard work and commitment from seafarers over the past year, the Cyprus Shipping Deputy Minister, Vassilios Demetriades, visited Limassol Port …

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Researchers pinpoint wave energy hotspots on US west coast

The coastlines of Washington and Oregon hold the most promising areas for the extraction of clean power from West Coast waves, according to a recent study published by the researchers at the Pacific Northwest National Laboratory (PNNL). Illustration/Azura wave energy device (Courtesy of DOE) The study, spearheaded by physical oceanographer Zhaoqing Yang, chief scientist at …

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EMGS firms up Gulf of Mexico deal

Norwegian firm Electromagnetic Geoservices (EMGS) has officially signed a new contract for a project in the Gulf of Mexico. Earlier this month, EMGS received a letter of award for 3D CSEM and magnetotelluric multi-client survey, pending final contract execution. The letter of award came from one of the EMGS’ existing clients and also represents the …

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US Congress passes five-year offshore wind tax credit

The U.S. Congress has passed a year-end spending package which includes a provision that would extend the Tax Credit (ITC) for offshore wind facilities at 30% through 2025. The provision is part of the Offshore Wind Incentives for New Development (WIND) Act, introduced by Senator of Massachusetts Edward J. Markey, Rhode Island Senator Sheldon Whitehouse and Congressman Jim Langevin last …

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