Eimskip Scraps Boxship Order in China

first_imgzoom  The Icelandic Steamship Company (Eimskip) has decided to cancel a container ship ordered at Chinese shipbuilder Rongsheng Shenfei.The vessel forms part of a contract signed in 2011 that entails construction of two 875-teu container ships.The first vessel, Lagarfoss, was delivered in June last year and has served the company well, Eimskip said.However, the shipping company decided to scrap the second unit as there have been construction delays which are likely to resume.“The construction of the second vessel has not proceeded according to schedule and it is evident that further delay is ahead. The company has now decided to exercise its right under the abovementioned agreement and cancel the second vessel,” Eimskip explained.The second ship was planned to be delivered in the fourth quarter this year at the latest.Eimskip added it would seek refund of USD 13.1 million (plus interest) which the company has already paid in relation to the construction of the second vessel. The refund sought plus interest is secured by a bank guarantee.As a result, Eimskip said it would now evaluate other opportunities regarding investments in a comparable vessel.Eimskip had a very strong first half of the year, posting an operating revenue of EUR 239.3 million compared to EUR 213.2 million for the same period last year,  a growth of 12.2%. The company’s net earnings amounted to EUR 7 million compared to EUR 3.8 million, up by 85.2%.According to Eimskip’s President and CEO, Gylfi Sigfússon, operating revenue and EBITDA in the second quarter are the highest in one single quarter since the company’s restructuring in 2009.“Operating revenue was up by 16.2% from the second quarter last year and EBITDA amounted to EUR 13.3 million, up by 20.4% from 2014. Net earnings of the quarter amounted to EUR 5.5 million compared to EUR 4.6 million in the same period last year, up by 20.1%,” he said.Transported volumes in the company’s liner system in the third quarter have so far been growing beyond expectations, Eimskip said.last_img read more

IUSF convener remanded for violating bail conditions

The Colombo Fort Magistrate today ordered the convener of the Inter-University Students’ Federation (IUSF) Lahiru Weerasekara to be remanded till February 9.Lahiru Weerasekara was arrested and remanded for violating a condition imposed when he was granted bail over an earlier case. (Colombo Gazette)

Former Italian rugby player ran Breaking Bad crystal meth lab

first_imgAn Italian rugby star who was inspired by the TV show ‘Breaking Bad’ to build his own crystal meth lab at his London home is facing jail.Lorenzo Bocchini, 36, cooked batches of narcotics at his hi-tech base in London’s Little Venice after being inspired by fictional drug baron Walter White.He even dyed the crystal meth blue – just as the dealers do in the cult TV show. When police stormed the Bocchini’s laboratory they found £300,000 of drugs, £33,000 cash and a stun gun.The former prop, who played for Italian club sides L’Aquila and Viadana between 2000 and 2010, has admitted a series of drugs offences including possession of crystal meth with intent to supply.The hoard included 1,354 MDMA tablets, 34.9g of cocaine, and 813g of meth. Bocchini, brother Alessandro, 43, and his wife Justine, 36, were arrested after a police raid uncovered hoards of meth, MDMA, and £12,210 at their Bayswater home. money The couple have been jailed for six and four years respectively after admitting a series of drug offences. An investigation revealed the pair had paid £100,000 of drugs profits into their bank accounts in the six months leading up to their arrests.Police say the Bocchini family ran a drugs enterprise using an Uber driver as a courier to deliver ‘T-bags’ around London. They are said to have accrued millions of pounds’ worth of assets.Det Con Matt Clark, who led the investigation, said: “The Bocchini family were making significant profits selling highly dangerous and addictive class A drugs. What we uncovered was the wholesale supply of crystal methlyamphetamine and other drugs, focusing on the ‘chemsex’ scene in south London.”The use of crystal meth within this scene is hugely damaging and we believe there are strong connections to drug deaths, rape and child sexual exploitation, links which we continue to investigate.”Det Insp Stephen Payne, of Omega squad, said: “It was like the ‘Breaking Bad’ scenario. These were professional people who made a choice to go into this venture. They were not career criminals but were looking for an opportunity to make money out of nothing.”They lived a high-roller, Breaking Bad lifestyle, not really knowing what to do with the cash. They even seemed to adopt the Breaking Bad signature of dying their crystal meth blue.”Lorenzo Bocchini, of Warwick Avenue, Bayswater, is due to be sentenced at Southwark Crown Court on 1 December. The judge said he needed to hear further evidence before passing sentence after Bocchini claimed he was merely a custodian of the drugs.center_img Want the best of The Telegraph direct to your email and WhatsApp? Sign up to our free twice-daily  Front Page newsletter and new  audio briefings.last_img read more