zoom Wärtsilä has been awarded the contract to supply the extended engineering scope for the initial, basic, and production designs for a series of two Container RoRo vessels to be built for US based owner, Crowley Maritime Corporation.The vessels will be powered by liquefied natural gas (LNG), and are to be built at the VT Halter Marine’s shipyard in Pascagoula, Mississippi. The contract was signed in the third quarter of 2013.Wärtsilä Ship Design’s WSD CRV 2400 WB enables the capability to carry conventional 20 ft, and 40 ft containers, as well as the special 45 ft and 53 ft wide body high cube container developed for the American market. The RoRo capacity is in excess of 350 private cars. When built, these will be among the very first LNG powered, American flagged, container RoRo ships. They will operate between Jacksonville, Florida and San Juan, Puerto Rico on a weekly rotational basis.Because of the recently established Emission Control Area (ECA) along the eastern seaboard of the United States, the vessel design had to meet stringent environmental guidelines while serving the high performance operational requirements of the owners. Low emissions, reliability, and appropriate transit speed were, therefore, primary considerations.“This vessel design raises the bar for merchant shipping, not only for US flagged ships, but globally. We are proud to be taking this bold step in bringing environmentally viable designs to the market, with Wärtsilä as a key partner,” says Rick Zubic, Vice President, Business Development, VT Halter Marine.“Wärtsilä Ship Design has extensive experience in designing innovative and efficient vessels. This experience, combined with Wärtsilä’s vast know-how and leading global position in LNG propulsion solutions for the marine industry, has given us a strong competitive edge. This is reflected by this latest order. We have enjoyed a long co-operation with both Crowley Maritime Corporation and VT Halter Marine,” says Riku-Pekka Hägg, Vice President, Wärtsilä Ship Design.Wärtsilä Ship Design Merchant SolutionsWärtsilä Ship Design specializes in highly cost-efficient standard and non-standard merchant vessel types. Wärtsilä’s in-depth expertise, experience, and high level of innovation are utilized to provide added value to customers’ businesses. Knowledge of the customer’s operational needs is an essential element in Wärtsilä’s ability to provide design solutions tailored to complement the evolution of specialized ships to carry various types of cargo. Innovation is a hallmark of Wärtsilä Ship Designs, with special emphasis given to fuel consumption, cargo handling, and crew safety, to ensure cost-effective operations and the best possible return on investment. Wärtsilä is a total solutions provider to the marine sector and offers unique ‘single source’ capability.Wärtsilä, December 3, 2013
TORONTO — Torstar Corp. (TSX:TS.B) reported a smaller second-quarter loss compared with a year ago as it saw improved results from its digital media company VerticalScope.The publisher of the Toronto Star said it lost $7 million or nine cents per share in the three months ending June 30 compared with a loss of $23.9 million or 30 cents per share a year ago.Operating revenue totalled $161.8 million for what was the company’s latest quarter, down from $177.9 million a year earlier.Torstar chief executive John Boynton said VerticalScope posted strong year-over-year growth in revenue, while the company’s Metroland Media Group and Star Media Group benefited from efforts to reduce costs.“We’re facing continued headwinds but we continue to make great progress,” Boynton said during a conference call with financial analysts to discuss the company’s latest results.“We continue to be very encouraged by our VerticalScope side and we continue to be very encouraged by our core digital and news sites and their performances as well.”Torstar holds a 56 per cent stake in VerticalScope, which owns and operates hundreds of online forums and websites including AutoGuide.com, PetGuide.com, Motorcycle.com and ATV.com.In its outlook, the company said cost reduction will remain an important area of focus for the balance of the year. Revenue growth at VerticalScope is also expected to continue in the second half of 2017.Torstar said its most recent quarter included a $6.3-million non-cash amortization and depreciation charge related to its investment in VerticalScope and $6.1 million in restructuring charges.That compared with a $26.6-million non-cash charge related to VerticalScope last year as well as $6.9 million in restructuring charges and a $4.5-million non-cash charge related to the transition of printing of the Toronto Star to Transcontinental.On an adjusted basis, Torstar says it lost three cents per share in the second quarter compared with a loss of 13 cents per share in the same quarter last year.——Torstar holds an investment in The Canadian Press as part of a joint agreement with a subsidiary of the Globe and Mail and the parent company of Montreal’s La Presse.