Air & Sea
Transportation Briefs
Transport Briefs
Matson Navigation Company has raised its rates for Palau, Federated States of Micronesia and Marshall Islands by $185 per westbound container. In addition, a transshipment fee will increase by $65 for cargo destined for Federated States of Micronesia, and Marshall Islands via Guam. These increases are being taken to offset escalating costs, including cargo handling costs and are effective September 2.
- ADVERTISEMENT -
Marshall Islands registered dry-bulk shipping company, Paragon Shipping, Inc. filed with the U.S. Securities and Exchange Commission for an initial public offering of up to $201.3 million in Class A common stock in July. The Marshall Islands shipping company said it plans to use net proceeds from the IPO to fund a portion of the purchase price for three additional drybulk carriers that it’s in negotiations to acquire. For the first quarter ended March 31, Paragon Shipping reported net income of $5.8 million on revenue of $12.9 million.
Solomon Islands central bank governor Rick Hou is the new chairman of Solomon Airlines. Other new board members of the financially troubled airline are former bank governor Tony Hughes, businessman Austin Holmes, lawyer Billy Titiulu, and former airline chief executive Gideon Zoloveke Jr. They have been told to start working on improving the airline’s financial performance immediately.
Over 30 Air Tahiti Nui flight attendants are facing drug smuggling charges and are scheduled to appear in court in September. They were charged as part of a major investigation into a suspected drug trafficking ring between French Polynesia and the U.S.
