Navig8 Chemical Ends Quarter in Loss

first_imgzoom Although the chemical tanker market started sailing towards recovery, the chemical shipping company Navig8 Chemical Tankers ended the first quarter of 2017 with a net loss of USD 1.2 million, against a net income of USD 10.3 million seen in the same period a year earlier.Navig8 Chemical said that the decrease is mainly attributable to lower gross average daily time charter equivalent (TCE) rates achieved in the period, partially offset by an increase in total operating days compared to the same period in the prior year, and increases in vessel operating expenses, depreciation and interest income related to the expansion of the company’s operating fleet.“The chemical tanker market began to show signs of improvement in the first quarter, although rates remain under pressure primarily due to global fleet growth that has outpaced demand,” Nicolas Busch, Chief Executive Officer of Navig8 Chemical Tankers, said.Revenues for the period experienced a slight increase ending the quarter at USD 37.9 million, compared to USD 36.5 million reported in the first quarter of 2016.The total number of vessel operating days for the three months ended March 31, 2017 increased by 791 to 2,577 compared to the same period in the prior year, representing a surge of 44%.“Fleet growth, which exceeded 6% over the past 12 months based on deadweight tonnage, is expected to slow to beneath 2% over the next twelve months.  In the meantime, the demand outlook for 2017 and beyond is encouraging with increasing demand from Asia and acceleration in new long‐haul chemical production capacity in the Middle East and the US,” Busch added.Navig8 Chemical informed that the remaining three ships from the company’s newbuilding program of 32 chemical tankers are scheduled to be delivered by the middle of 2017.Upon their respective deliveries, the company’s vessels have and will be deployed in commercial pools managed by the Navig8 Group, including the Chronos8, Delta8 and Stainless8 pools.last_img read more

IIHS reignites the Speed Kills debate with a new speed limits study

first_img 2018 Cadillac CT6 Plug-In: Drive softly and carry a big battery Enlarge ImageThe increase in speed limits in America has led to an increase in traffic deaths, according to the IIHS. Raymond Boyd/Getty Images The argument over speed limits is one that’s been raging for over a century, and it seems as though it will keep raging as long as people drive cars.Those who are opposed to speed limits (or at least low ones) argue that speed doesn’t kill. They’ll say that speed limits are imposed mainly to generate revenue for municipalities and that most people can handle going as fast as their car will let them.The other group of people believes that higher speed limits increase the severity of crashes which in turn has the effect of increasing fatalities. This latter group isn’t terribly popular with motoring enthusiasts, as you might expect, but if a study published on Thursday by the Insurance Institute for Highway Safety is correct, there might be something to their objections.The study that IIHS released is an update of a 2016 study that looks at the correlation between traffic fatalities and speed limit increases in the US. The IIHS estimates that around 10,000 people die per year in speed-related traffic incidents and that better, more visible enforcement of speed laws could reduce that number.”Speeding has become almost a forgotten issue in traffic safety discussions, and clearly we’re losing any sense of limits,” said Darrin Grondel, chair of the Governor’s Highway Safety Administration’s Executive Board and director of the Washington Traffic Safety Commission, in a statement.Currently, the highest posted speed limit in the country is 85 miles per hour, posted in Texas. Most of America, 41 out of 50 states have freeway speed limits of 70 miles per hour. We’ve come a long way since the days of The Minutemen’s Double Nickels On The Dime and are living in a world where we’ve vindicated Sammy Hagar. It’s almost criminal.In total, the IIHS is laying the blame for the deaths of 37,000 people over the last 25 years at the feet of state regulators, owing to their increases in speed limits. While this number is a little staggering, it could be argued that these deaths could have been prevented with more robust driver education.Where do you stand on this issue? Jump in the comments section and let us know. Comments More From Roadshow 17 The Ferrari P80/C is a 488 GT3 with unique bodywork and aerodynamics 2020 BMW M340i review: A dash of M makes everything bettercenter_img Share your voice 20 Photos Tags 2020 Hyundai Palisade review: Posh enough to make Genesis jealous Car Culture Politicslast_img read more

Trump rails at health care debacle

first_imgUS President Donald Trump speaks about the Senate health care bill during a lunch with members of the US military in the Roosevelt Room of the White House in Washington, DC. Photo: AFPAn angry President Donald Trump railed Tuesday against dissenters in his party who dashed his months-long effort to dismantle his predecessor’s landmark health care law, as moderates balked at the latest Republican plan to scrap Obamacare.With several efforts to repeal and replace the Affordable Care Act (ACA) now squashed, the Senate’s top Republican said he would forge ahead with what could be a last-gasp vote—on a new plan to kill off most of the 2010 reforms of Trump’s predecessor without a replacement at the ready.Four Republicans had lined up against Senate Majority Leader Mitch McConnell’s earlier health overhaul, flatlining it in the chamber, where the party could afford only two defectors in order to get the measure passed.McConnell announced a fresh effort aimed at repealing Obamacare now and crafting a replacement later. But that too ran into opposition from at least three Republicans who refused to support repealing the law without a suitable fix at the ready.The Republican leader nonetheless prepared to force a vote to see where his members stood on the repeal-only measure.“That’s a vote I think we’re very likely to have in the very near future,” McConnell told reporters.No date was given, but number two Republican John Cornyn said he expected it this week.The dramatic implosion effectively means that Trump, who marks his first half-year in office Thursday, has no major legislative victory in hand, squandering months of political capital.Trump fired off a morning tweet storm complaining about how he was “let down” by Democrats “and a few Republicans” opposed to the repeal.He had campaigned relentlessly on a pledge to abolish most of the ACA, proclaiming at an October campaign rally that it would be “so easy” to immediately repeal and replace the law.But he has run into the uncompromising reality of American politics: even with a president’s party enjoying a majority in both chambers, crafting and passing landmark legislation can be perilous in the US Congress.The White House insisted that success remained within reach, with deputy spokeswoman Sarah Huckabee Sanders saying “we are not done with the health care battle.”But Trump said he was “disappointed,” and repeatedly offered that now it would be easier to just “let Obamacare fail.”He also stressed he wanted nothing to do with the blame for the collapse.“We’re not going to own it. I’m not going to own it. I can tell you the Republicans are not going to own it,” he said.“We’ll let Obamacare fail and then the Democrats are going to come to us” looking to work on a solution.‘Time to start over’McConnell’s new bid would repeal much of Obamacare outright, but with a two-year delay of implementation, in order to allow Congress time to craft a replacement.A straight repeal bill passed Congress in 2015. That was during Obama’s presidency, and Republicans knew they would pay no political price for their votes, as Obama vetoed the measure.It is no longer a dress rehearsal, and some Republicans are clearly concerned they would be on the hook for any ensuing disruption to the health care system.Two years ago, the nonpartisan Congressional Budget Office warned that simply repealing Obamacare would essentially kick 18 million people off health care in the first year compared to current law, a figure that would balloon to 32 million by 2026.That is far worse than the 22 million that the CBO forecast would lose coverage under the latest repeal-and-replace legislation.With a number of Senate Republican moderates voicing concern about how the latest bill could adversely impact millions of people insured through Medicaid, the health coverage program for the poor and the disabled, McConnell’s bid floundered.“I cannot vote to repeal Obamacare without a replacement plan that addresses my concerns and the needs of West Virginians,” Senator Shelley Moore Capito said in a statement.Her state has significant numbers of residents on Medicaid.Another Republican opposed to the new plan, Senator Lisa Murkowski of Alaska, acknowledged that McConnell had the nearly impossible task of coralling enough votes from his caucus’s rival conservative and moderate factions.“The majority leader is trying to keep all the frogs in the wheelbarrow, and it’s a tough job,” Murkowski said.While Democrats celebrated, Senate Minority Leader Chuck Schumer extended an olive branch to his Republican rivals and encouraged them to work with Democrats to improve Obamacare.“It’s time to move on. It’s time to start over” on health care, he said.Meanwhile a bipartisan group of 11 governors urged the Senate to “immediately reject” the repeal-only effort and work with state executives on bettering the current system.“The best next step is for both parties to come together and do what we can all agree on: fix our unstable insurance markets,” said the governors, who included Ohio’s John Kasich, a 2016 Republican presidential hopeful, and Democrat Terry McAuliffe of Virginia.last_img read more

Forge national unity against autocracy Kamal tells people

first_imgJatiya Oikya Front convenor Kamal Hossain. File PhotoGono Forum president Kamal Hossain on Tuesday urged people to get united against autocracy and restore healthy politics in the country, reports UNB.”In an autocratic system, the rule of law and freedom of speech are obliterated while the nation’s progress is hampered due to corruption, plundering and politicisation,” he said.Speaking at Gono Forum standing committee’s meeting at its central office, Kamal further said, “Autocracy also destroys economy, state institutions, and civilisation. So, we must unite people and forge a national unity against autocracy.”He said it is impossible to establish good governance without healthy politics. “As people are the owners of the country, we must unite them to restore healthy politics and free the nation from an individual’s rule.”Kamal Hossain asked his party colleagues to strengthen their organisation at the grassroots level involving people and identifying their problems.Gono Forum general secretary Reza Kibria, executive presidents professor Abu Sayeed, Subrata Chowdhury and party MP Mokabbir Khan, among others, spoke at the programme.last_img read more

SER plans to run special trains

first_imgKolkata: The South Eastern Railway has decided to run 11 pairs of special trains between Shalimar andMumbai from April 20 to July 1 and another 11 pairs of special trains between Santragachi and New Jalpaiguri from April 21 to June 30 to clear the extra rush of passengers during summer. Trains get more passengers during summer as people plan trips during holidays. A weekly special train will leave Shalimar station at 6.10 am every Monday and will reach Mumbai at 4.05 pm on Tuesday. Also Read – Rs 13,000 crore investment to provide 2 lakh jobs: MamataIn the opposite direction, the special train will leave Mumbai at 11.05 am every Saturday and will arrive at Shalimar at 9.30 pm the next day, Sunday. “The special train consisting of one AC 2 Tier, two AC 3-Tier, seven sleeper Class and three general second class coaches, will have stoppages at Santragachi, Kharagpur, Tatanagar, Chakradharpur, Rourkela, Jharsuguda, Bilaspur, Raipur, Durg, Gondia, Nagpur, Wardha, Badnera, Akola, Bhusawal, Nasik Road, Igatpuri, Kalyan and Dadar between Shalimar and Mumbai CSMT,” a senior SER official said. Also Read – Lightning kills 8, injures 16 in stateSantragachi-New Jalpaiguri weekly AC special will be leaving Santragachi at 10.25 am every Sunday and will reach New Jalpaiguri at 8.55 pm, the same day. In the opposite direction, New Jalpaiguri-Santragachi special will leave New Jalpaiguri at 11.15 pm every Sunday and will arrive Santragachi at 11.15 am , the next day. This train will have sixteen AC 3-tier coaches and will have stoppages at Bardhaman, Rampurhat, Malda Town, Barsoi, Kishanganj and Alubari Road between Santragachi and New Jalpaiguri. Booking will be available for both the trains from Passenger Reservation System (PRS) and internet with immediate effect.last_img read more

LastMinute YearEnd Tax Tips

first_img Opinions expressed by Entrepreneur contributors are their own. 4 min read Free Webinar | Sept 5: Tips and Tools for Making Progress Toward Important Goals Jennifer MolineYou may think that the days leading up to April 15, 2009, will be a scramble of locating receipts and cursing yourself for not keeping better records, but there is also the likelihood you will kick yourself for not doing more in 2008 to lower your tax bill. Fear not, because there are ways — some quite simple — to maximize the few days left of this year in order to minimize what you will owe 3-1/2 months from now.The No. 1 recommendations made by many tax experts is to make capital investments now rather than put them off. A change to the 2008 Federal Tax Code has resulted in a historically high write-off maximum of $250,000 for tangible property. So now could be the time to do that much-needed upgrade of your equipment, such as computers, telephone systems, even furniture. All of your business-related gear is deductible, there are tons of sales going on, and if you charge the purchases to a credit card, you can claim the deductible for this year yet not have to pay off the charge until next year — and, as tax attorney Roni Deutch points out, you might even qualify for credit card rewards.Also, go green where you can, since tax credits are available for certain energy-saving purchases — from installing solar panels and solar hot-water heaters to purchasing alternative-fuel vehicles. Check out the IRS’s Web site for a list of the credits available for different electric and hybrid car models.There is a caveat to the recommendation of making business purchases this year, however. Barbara Weltman, a tax expert for small businesses, says that because of the recession, we’re in a unique situation: “Many businesses weren’t profitable. So the conventional approach — buying up supplies by the end of the year — would not apply this year.” Weltman suggests waiting until next year to make large purchases if you think your business is going to make more money then.The flip side to that, Weltman says, is do your best to send out invoices in the remaining days of December because maybe — maybe — you’ll get paid this year. “Get the money when you can, since you don’t know when people will be able to pay you,” she says.Expenses To Make Now That Could Result In Deductions On April 15Here are some other expenses tax experts recommend you consider making by Dec. 31 that could add up to more deductions next year:Donate to charities. For a hefty donation, consider charging it to a credit card and paying it off in 2009. Otherwise, making a tangible donation can also declutter your office. “In this environment, people should think about cleaning out their closets and giving away clothing and furniture to charity,” says John Hewitt, CEO of Liberty Tax Service. Donating a working computer is eco-friendly and will earn you a deduction. Another charitable recommendation from Weltman is to create a leave-based donation program for your staff — they forgo personal time off, and you donate those funds to relief efforts for a charitable contribution deduction. Weltman points out that because the money isn’t taxed as compensation to employees, your business avoids payroll taxes you’d otherwise owe.Pay off accounts receivable. If you are on the cash method of accounting, Weltman says, settle up outstanding receivables by Dec. 31 so you can deduct the payments next year. The bonus is you’ll preserve your good credit record.Make your next mortgage payment now so that you can take a higher interest deduction. But, warns Deutch, remember that that would be one less mortgage payment to claim next year.Distribute profits. If you’re one of the few businesses that did well this year, Weltman recommends paying out earnings — and taking a deduction — through bonuses to your staff. And corporations should consider distributing profits as dividends to owners.Prepay state and city taxes, since they’re deductible for this year.Consider maximizing 401(k) contributions before year’s end. The deductible amount for a contribution to a traditional IRA is up to $5,000 per person and up to $6,000 per person age 50 or older.Make health savings account (HSA) contributions this month in order to make a year’s worth of deductible HSA contributions for 2008.And if it’s too late for your business to salvage 2008, Weltman’s No. 1 piece of advice for smaller companies to practice throughout the year is to keep good books and records. The better record-keeping, she says, the easier it is to find items to write off. “If you don’t keep records,” she warns, “you won’t be able to name write-offs, even if they’re perfectly legitimate.”Also, don’t forget that the incoming Obama administration could also have tax implications next year.Search for other tax stories.Jennifer Moline is associate editor of bMighty.com. Attend this free webinar and learn how you can maximize efficiency while getting the most critical things done right. December 29, 2008 Register Now »last_img read more