Tanker Investments Plunges Further into Red

first_imgzoom Challenging market conditions plagued by the oversupply of vessels have pushed tanker owner and operator Tanker Investments Ltd (TIL) further into the red in the third quarter of the year.Namely, TIL reported a net loss of USD 9.4 million for Q3, widening its loss from the corresponding quarter a year earlier which stood at USD 2.9 million.For the nine-month period, net loss was USD 12 million, a  major downturn when compared to the net income of USD 28.5 million for the corresponding period in 2016.Generated cash flow from vessel operations was USD 5.6 million in the third quarter of 2017, compared to USD 7.6 million in the previous quarter.“The third quarter was particularly challenging for the tanker market,” said William Hung, TankerInvestments’ Chief Executive Officer. “The combination of OPEC cutbacks and oversupply of vessels outweighed strong oil demand which impacted rates during the seasonally weak third quarter. As we move through the fourth quarter, we expect tanker rates to increase as seasonal weather delays will dampen effective vessel supply along with a slowdown in vessel deliveries. Looking ahead to 2018, we expect a recovery will continue as the bulk of the orderbook will have delivered in 2017 and, with oil demand continuing to grow, we expect to see an increase in fleet utilization due to demand for longerhaul voyages.”The results have been released ahead of the special shareholders’ meeting scheduled for November 17 when TIL’s shareholders are going to decide on the proposed merger with Teekay Tankers.During Q3 total revenues decreased to USD 21.4 million from USD 26.6 million in the same quarter last year due to lower spot tanker rates earned across the fleet. During the nine months ended September 30, 2017, total revenues decreased to USD 80.9 million from USD 120.2 million in 2016.The global tanker fleet grew by 24.5 million deadweight tons (mdwt), or 4.4 percent, in the first nine months of 2017.The tanker fleet growth is expected to moderate in the coming months, as the peak of newbuilding deliveries has passed and as the pace of scrapping is expected to pick up.A total of 7.1 mdwt of tankers was scrapped in the first nine months of 2017, a significant increase from 2.5 mdwt of scrapping for the entire year of 2016.For 2017 as a whole, TIL forecasts tanker fleet growth of just over 5 percent, down from approximately 6 percent in 2016. Lower fleet growth is expected in 2018 and 2019 as the orderbook continues to roll-off and as tanker scrapping increases, with additional upside from potential further cancellations of newbuilding contracts due to the lack of available refund guarantees.last_img read more

Bahamas diabetes cases soar 160 increase in 8 Years says Health Minister

first_img Women lead diabetes cases for TCI, country marked World Diabetes Day Nov 14 Recommended for you Facebook Twitter Google+LinkedInPinterestWhatsApp#Bahamas, November 14, 2017 – Nassau – World Diabetes Day is today and the focus is on women and while there are no detailed recent statistics published about how much the disease is impacting the health and productivity of residents of The Bahamas, a 2014 study exposed this:  According to figures released by the International Diabetes Federation (IDF), in 2014 The Bahamas had 34,900 people with diabetes.   The figures did not include those who are pre-diabetic.At the time Dr. Graham Cates said, “When we look at the world overall, The Bahamas is leading in the prevalence of diabetes in the entire world.”Health Minister, Dr. Duane Sands also shared some shocking news as he presented on the National Health Insurance in the House of Assembly in July, including the latest information on how diabetes is affecting the population.“In the almost decade interval between 2005 and 2012 our nation saw a 16 percent increase in sedentary lifestyle diseases; a 13 percent increase in overweight; a 14 percent increase in obesity; a 55 percent increase in hypertension; and a 160 percent increase in diabetes.”World Diabetes Day (WDD), celebrated on November 14 of each year was this year in The Bahamas marked by ScotiaBank.    Nakera Symonette, Senior Manager of Marketing said, “We are committed to helping young people become better off and are thrilled to partner with The Bahamas Diabetic Association to raise awareness as diabetes is prevalent among our population, impacting adults and children.”ScotiaBank staff wore the signature blue ribbons in commemoration of World Diabetes Day.#MagneticMediaNews#WorldDiabetesDay Facebook Twitter Google+LinkedInPinterestWhatsAppcenter_img More women with diabetes in Turks and Caicos, World Diabetes Day Nov 14 Related Items:#magneticmedianews, #worlddiabetesdaylast_img read more

DAs office releases bodycam footage of four officerinvolved shootings

first_img 00:00 00:00 spaceplay / pause qunload | stop ffullscreenshift + ←→slower / faster ↑↓volume mmute ←→seek  . seek to previous 12… 6 seek to 10%, 20% … 60% XColor SettingsAaAaAaAaTextBackgroundOpacity SettingsTextOpaqueSemi-TransparentBackgroundSemi-TransparentOpaqueTransparentFont SettingsSize||TypeSerif MonospaceSerifSans Serif MonospaceSans SerifCasualCursiveSmallCapsResetSave SettingsSAN DIEGO (KUSI) — In a move to achieve transparency with the public when it comes to officer-involved shootings, the DA released findings concerning four officer-involved shootings that took place over the last several months.Perhaps the most remarkable shooting discussed is one that happened in Chula Vista last year when an officer was stabbed numerous times in the head.Last September officers responded to a call of a suspect hurling concrete bricks at a neighbor.When officers entered the suspect’s house he immediately started stabbing Officer David Sachs who was in the fight for his life. Sachs, a Police Cross-Fit Competition champion, then physically overpowered the suspect, reached for his weapon and shot the suspect, thus ending the stabbing attack.Had this officer not been in such great physical shape, this story could have had a much different ending. Posted: June 29, 2018 Updated: 6:43 PM DA’s office releases body-cam footage of four officer-involved shootings June 29, 2018center_img John Soderman John Soderman, Categories: Local San Diego News FacebookTwitterlast_img read more

Air Force Plans to Shave Civilian Workforce

first_imgThe Air Force could be forced to lay off hundreds of civilian employees this year to meet funding targets and rebalance its civilian workforce, officials said Wednesday.Officials last year identified “more than 1,000 civilian overages” across 48 installations going into fiscal 2016, according to a press release. As a result, “some Air Force installations will implement civilian reduction in force (RIF) authorities effective through April 4.“Having the RIF authorities will assist in the placement of employees not assigned against funded positions and allow greater flexibilities for employees to be placed at their installations while retaining their grade or pay,” the release stated.Officials will attempt to reassign civilians to other positions, with the remaining employees eligible for future vacancies.Over the last two years, the service has relied on several rounds of voluntary separation and retirement programs as well as reassignments to vacant positions to reduce its civilian workforce. Those efforts “have moved us significantly closer to our target manning levels,” said Lt. Gen. Gina Grosso, deputy chief of staff for manpower, personnel and services.“We will take care of our civilian airmen by using every possible measure to minimize personal financial hardship for our civilian workforce and their families,” Grosso said. “We are committed to assisting each individual through this transition,” she stated.The Air Force’s use this year of RIF authorities is separate from sequestration actions, according to the release.Under a plan submitted to Congress in February, DOD is attempting to bring its total civilian workforce — minus exclusions for certain positions — from 238,000 in 2012 to 221,000 by 2017, reported Air Force Times. Dan Cohen AUTHORlast_img read more

Senate Easily Approves Defense Bill

first_imgThe Senate easily passed the fiscal 2017 defense authorization bill 85-13 on Tuesday after another skirmish on the floor blocked most amendments from gaining votes.Action stalled because senators who were unable to secure votes for their favored amendments blocked the chamber from considering other proposals. Armed Services Chairman John McCain (R-Ariz.) criticized his colleagues ahead of the vote, suggesting some were taking a “their way or the highway” approach.“As happy as I am about the size of the vote, we left out some very important amendments,” McCain said, reported the Hill. “When we take up a bill of this significance, not every senator can have his or her way.”Lawmakers adopted one amendment Tuesday permitting DOD to use Russian-made rocket engines to lift military and intelligence satellites into space through 2022.With the $602 billion measure cleared by the Senate, the two chambers will begin talks to reconcile their competing versions immediately, McCain said. He would not commit to reaching a deal on a conference report before Congress adjourns for a lengthy recess in July, but said that would be the goal.The annual defense policy bill will need to overcome a number of hurdles before becoming law, according to the story. The Office of Management and Budget has threatened to veto the two versions over a variety of provisions, including language eliminating the undersecretary of defense for acquisition, technology and logistics; limits on the size of the National Security Council staff; restrictions on the transfer of detainees from Guantánamo; language rejecting the administration’s request for a BRAC round in 2019; and a move allocating $18 billion from the overseas contingency operations account to the base budget. Dan Cohen AUTHORlast_img read more