Home / Daily Dose / Fight Against Urban Blight Finds Unexpected Ally Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Previous: Ranking Reverse Mortgage-Backed Securities Issuance Next: As Jobs Grow, Home Listing Prices Follow Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Share Save Tagged with: Blight Blighted Homes Blighted Properties Columbia Law School Foreclosures law students Western New York Law Center zombie homes Zombie Properties in Daily Dose, Featured, Foreclosure, Journal, Market Studies, News, REO About Author: David Wharton Servicers Navigate the Post-Pandemic World 2 days ago Print This Post Demand Propels Home Prices Upward 2 days ago Related Articles The Best Markets For Residential Property Investors 2 days ago The Best Markets For Residential Property Investors 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Blight Blighted Homes Blighted Properties Columbia Law School Foreclosures law students Western New York Law Center zombie homes Zombie Properties 2018-04-06 David Wharton Demand Propels Home Prices Upward 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago April 6, 2018 3,787 Views The topic of zombie homes comes up often here on DS News, ranging from fast-track foreclosure legislation to rules about clearboarding and plywood bans. In February, New York Governor Andrew Cuomo announced that the state was buying up distressed mortgages in high foreclosure areas, hoping to help keep homeowners in their homes and avoid the spread of more zombie properties. Now the fight against zombie homes has found an unexpected new ally: law students.The Erie County Clerk Mickey Kearns and the Western New York Law Center recently announced a new partnership with Columbia Law School to help municipalities within Erie County track and monitor zombie foreclosures. The partnership will enlist Columbia Law School students to lend their research skills to local municipalities in the fight against zombie homes, providing resources those cities and towns might not otherwise have.The partnership is the first of its kind, according to the announcement.Here’s how it will work: municipalities will be able to submit a request on a specific vacant property via a website established for this specific purpose. Columbia Law Students will then research that home’s foreclosure status and report back with their findings. The research time will also count toward Columbia’s mandatory 40-hour pro bono requirements for law students.“This new partnership with Columbia Law School is a substantial step towards riding communities of vacant and abandoned properties,” said Erie County Clerk Mickey Kearns. “There is a clear need for resources for our smaller municipalities, many of who want to take action on zombie properties, but don’t have the means to do it. Working with the bright students at Columbia Law School will give these municipal leaders the necessary information to track down banks and ensure these properties are being maintained.”“We are pleased to partner in this innovative initiative with Erie County Clerk Michael P. Kearns and the Western New York Law Center with Joseph Kelemen and Kate Lockhart,” said Conrad Johnson, Clinical Professor of Law at Columbia University. “Zombie properties are a blighting influence throughout New York. By participating in this program, students at Columbia Law School can make a positive difference while fulfilling their responsibilities to serve the public.””We applaud the efforts of Columbia University in extending their expertise to Erie County,” said Robert Klein, Founder and Chairman of SecureView and Community Blight Solutions. “We hope that they will use free services like Compliance Connections to aid in their quest to rid Western New York of these nightmare neighborhoods. These Columbia Law students join fellow CU alumnae like Adam Zaranko, President of the New York Land Bank Association, and our own staff here at Community Blight Solutions, in the fight against blight.”The New York towns of Boston and Evans are the first signed on to participate in the pilot program. Fight Against Urban Blight Finds Unexpected Ally Sign up for DS News Daily David Wharton, Managing Editor at the Five Star Institute, is a graduate of the University of Texas at Arlington, where he received his B.A. in English and minored in Journalism. Wharton has over 16 years’ experience in journalism and previously worked at Thomson Reuters, a multinational mass media and information firm, as Associate Content Editor, focusing on producing media content related to tax and accounting principles and government rules and regulations for accounting professionals. Wharton has an extensive and diversified portfolio of freelance material, with published contributions in both online and print media publications. Wharton and his family currently reside in Arlington, Texas. He can be reached at [email protected] Subscribe
Asset management consultancy MJ Hudson has set up shop in new offices in central Luxembourg, targeting fund management clients seeking to set up operations in the country post-Brexit.MJ Hudson Management S.A. of Luxembourg, as the new entity is called, received its management license from the Luxembourg regulator and will operate as a stand-alone independent entity within the MJ Hudson group, according to the company. It said the Luxembourg office would provide its clients with “increased options post-Brexit and guarantees EU operating capacity”.Matthew Hudson, chief executive officer at MJ Hudson, said: “A launch in Luxembourg was already on our radar before the Brexit events of 2016. It is a significant funds market in its own right with extremely strong and stable laws, structures, regulations and complementary service providers.“However, our plans were accelerated by the UK’s vote to leave the EU last year. We have been actively building this platform for more than twelve months and I am delighted at the high calibre of the team we have been able to attract.” MJ Hudson launched its fund management solutions team for continental Europe from the Luxembourg offices this week. The team of six is is led by Olivia Tournier-Demal, ex-lawyer and Lombard Odier senior vice-president, and Thomas Meyer, previously at the European Investment Fund (EIF). In addition to the starting team of six, there is a three-person board: Francis Carpenter, previously CEO of the EIF and secretary-general of the European Investment Bank, Matthew Hudson, and Aldric Grosjean, formerly at Loyens & Loeff and partner at law firm Lexfield in Luxembourg.The team in Luxembourg with work alongside that of the London-based sister company as a European fund management solutions team.MJ Hudson said that research it conducted recently found that two-thirds of UK-based fund managers and three-quarters of their continental Europe-based peers did not believe that Theresa May’s Brexit negotiations would deliver an outcome that is ideal to the UK asset management industry. More than 70% of fund investors based outside the UK predicted that, by the end of 2020, the UK would have lost its position as the second-largest fund management centre globally, although data at the asset class level suggested any drop in assets under managment would not be this severe.New LGPS transparency code backers UBS and Stone Harbor Investment Partners have signed up to the £217bn (€181bn) Local Government Pension Scheme’s (LGPS) Code of Transparency.The voluntary code was launched by the LGPS Advisory Board in June to help the local authority funds get detailed information about costs and fees so they can report costs transparently.Michael Casagranda, client relationship manager at Stone Harbor, said that although the code was specifically designed for LGPS funds, the firm expected its impact would be felt “across the entire pensions industry”. Sixteen managers have signed up to the code so far, according to a list compiled by the LGPS Advisory Board.HSBC Global Asset Management goes with the trendHSBC Global Asset Management will absorb external investment research costs under the incoming MiFID II regulation, a spokesperson told IPE. HSBC is the 23rd largest European institutional client manager, according to IPE’s Top 400 survey.It joins other managers to have declared their intentions this week, including Barings and Northern Trust Asset Management.Record Currency Management goes to Switzerland Record Currency Management has opened its first office in Switzerland, in Zürich. The office will be led by Jan Witte, who has re-located from the currency specialist’s head office in the UK.James Wood-Collins, chief executive at Record Currency Management, said: “Switzerland has long been a core market for Record’s currency management services. We are delighted to be strengthening further our commitment to the market by establishing a local office.”Witte joined Record in 2012 and has been leading its quantitative research efforts since August 2013.
The SEC has already cut back on its normal 12-game schedule, hoping the league can complete that a 10-game slate of conference games. Even the games that are played will surely be in stadiums that are empty or let in only a fraction of their normal capacity.The universities will likely crack down on popular tailgating spots such as The Grove.“The Grove, the weather, the tailgating, the feel of a big Saturday morning game day,” Tannehill said. “I can’t imagine Oxford without it.”Even in a larger city such as Columbus, the loss of a Buckeyes season is a huge blow to a sports bar such as the Varsity Club, which opened in 1959 about two blocks from Ohio Stadium.On a football Saturday, the place is overrun with crowds that spill out the door before the game, during the game and long into the night. August 12, 2020 The sting is especially painful at historically Black colleges and universities such as North Carolina A&T, where one of the highlights of football season — really, the entire year — is a week-long homecoming celebration that draws tens of thousands to Greensboro. “It’s been an insular community for so long, by necessity,” said Earl Hilton, the athletic director at North Carolina A&T. “These are places of retreat, places of sanctuary, places of protection. There’s a feeling that we are in a safe place where we can celebrate and enjoy and appreciate each other in ways that are genuine and authentic.”Not this year. There’s no football, no homecoming, no chance to watch the school’s famed band perform one of its dazzling halftime shows.“The leaves change, it gets a little cooler, and it’s just what you do on a Saturday afternoon,” mused Hilton, sadness clear in his voice. “I’m at a loss for words to describe what it’s going to be like.”For a country already in the midst of a devastating economic downturn, the loss of college football will have a crushing impact on bars, restaurants and other businesses that rely on football fans. Rites of fall: Losing college football stings across America From Ann Arbor to Los Angeles to Oxford, that most American of pursuits — college football — has either given up hope of getting in a traditional season or is flinging what amounts to a Hail Mary pass in a desperate attempt to hang on in the age of Covid-19. Even if some schools manage to take the field in the next month or so, it will be a different looking game.Chances are, Saturdays will never be quite the same again. “Our lives are changing forever right before our eyes,” Arizona offensive lineman Donovan Laie said.While every aspect of society has been jarred by a worldwide pandemic that has claimed more than 160,000 American lives, the potential loss of college football feels like another collective punch to the national psyche. AP Sports Writers Mitch Stacy in Columbus and David Brandt and John Marshall in Phoenix contributed to this report.___Follow Paul Newberry on Twitter at https://twitter.com/pnewberry1963 and find his work at https://apnews.com___More AP college football: https://apnews.com/Collegefootball and https://twitter.com/AP_Top25 Share This StoryFacebookTwitteremailPrintLinkedinRedditMichigan’s Big House will be sitting empty when the leaves start to change this fall.Southern Cal’s famed white horse, Traveler, won’t be galloping triumphantly after a Trojans touchdown.No one at Ole Miss knows for sure if partying fans will be belting out a well-lubricated “Hotty Toddy” in The Grove. Ohio State fan Jason Streeter finds it difficult to grasp the concept of a fall without football.“Devastation,” said Streeter, sounding as though a tornado had just swept through town. “It’s just a way of life in Columbus, honestly. It really is. You look forward to those fall Saturdays on the banks of the Olentangy.”He talked longingly of traditions that are unique to his school, such as the band’s famed script spelling of “Ohio” during its halftime shows in the center of a nearly 103,000-seat stadium known as “The Horseshoe” — capped ff by a lone member high-stepping across the field to “Dot The I.”“It’s a part of life here, it really is,” Streeter said.Further down the college football food chain, smaller leagues have pulled the plug on their seasons as well. For all the ills of big-time college athletics, it might the closest thing to a national religion.“Since the virus hit, we’ve all lost a sense of our normal lives,” said Charles Reagan Wilson, professor emeritus at the Center for the Study of Southern Culture at the University of Mississippi — better known to college football fans as Ole Miss.“College football could be the balm for our spirit because it’s such a part of our familiar autumn life,” he added. “I think to not have it would up the ante on that sense of abnormality we’re all living through.”That reality has already arrived for fans in two of the country’s most prominent conferences. On Tuesday, the Big Ten and the Pac-12 both called off their attempts to play this fall, saying they might try to play in the spring if the virus subsides.The remaining Power Five conferences — the Southeastern, Atlantic Coast and Big 12 — are pressing on with their attempts to kick off the season next month, though all are quick to acknowledge that the virus could force the to cancel. Associated Press “Those are eight massive days a year for us,” said R.J. Oberle, a manager at the Varsity Club. “We really thrive on those events.”If it wasn’t apparent before, it surely is now.Life is not returning to normal anytime soon.Not without college football. ___ That is especially true of college towns like Oxford, Mississippi and Clemson, South Carolina and State College, Pennsylvania.“I was talking to a restaurant owner here in Oxford who said 50 percent of his yearly profit comes from college football season,” said Wilson, the Ole Miss professor. “Even if people are able to come back next year, it won’t be the same. Some of the restaurants they loved won’t be here. Some of the clothing stores, some of the bars, they won’t be here.”Oxford has a a tax base of about 25,000 residents, and the population grows closer to 60,000 when classes are in session. But on a big football weekend, the town can be swamped by nearly 200,000 people. Those people spend money, lots of money. About a third of Oxford’s operating budget comes from sales taxes.“We count on those six to seven weekends a year,” Mayor Robyn Tannehill said. “There are businesses in this town that can weather a slow winter or spring because because they know football’s coming.”
Steve Clark, the university’s vice president for marketing and university relations, said by telephone there have been no other problems with CLT panels on the project, and that the university remained “completely committed” to the construction technique.“It came completely out of the blue,” he said, adding that unexpected problems can crop up with virtually any building material.D.R. Johnson referred questions to its outside public relations representative, but the call was not returned.Clark said that 574 CLT panels had been set at the time of the incident, and that only 60 of them remain to be installed. The inquiry by an outside engineering firm was to extend into next week.It’s a rare sour note for a building material that is seeing wider use on commercial projects in the U.S. and Canada. Proponents say CLTs have a smaller carbon footprint than more conventional steel-and-concrete structures, and can shorten construction times. Panels have been used successfully on a number of well-publicized projects around the country, including a building at the University of Massachusetts (see the “Related Articles” sidebar above) and an office tower in Minneapolis. A number of other buildings made with CLTs are in the works.Clark says the university intends to complete Peavy Hall with the panels, as soon as engineers have taken a look at the one that failed and certified that others on the project are sound. The building is due to be completed early in 2019. Can Wood Replace Concrete and Steel in Skyscrapers?UMass Opens ‘Landmark’ Timber Building Wolfe Island Passive: Building With Cross-Laminated Timber RELATED ARTICLES A 4-foot by 20-foot cross-laminated timber panel in a building under construction at Oregon State University failed earlier this month, prompting the university to hire an outside engineer to investigate but leaving its commitment to the construction technique intact.The panel fell March 14 after one end delaminated, according to an article in the Gazette-Times in Corvallis, Oregon. The 7 1/2-inch thick panel was made from five layers of 2×6 boards glued up at right angles (see image #2 below). No one was hurt in the incident.When completed, the three-story, 80,000-square-foot building called Peavy Hall will be the new home of the College of Forestry. The panel was manufactured by D.R. Johnson in Riddle, Oregon, the first fabricator in the country to manufacture cross-laminated timber (CLT) panels certified for structural applications.
Related Posts AI: How it’s Impacting Surveillance Data Storage Follow the Puck Tags:#AI#artificial intelligence#Autonomous#empathy#infrastructure#mobility#ReadWrite Labs#Sensum#transportation#V2X#vehicle to everything Transportation will never be the same once our machines know how we feel.We are all entering a wholesale, global disruption of the way people move from one place to another. More than any other change in this sector, the one that is likely to have the most significant impact on human society is the rise of autonomous (i.e., self-driving) vehicles.The transportation industry, historically dominated by a handful of large vehicle-manufacturing brands, is evolving into an ecosystem of ‘mobility services,’ underpinned by artificial intelligence (AI). A major step in the development of AI is to give it ‘empathy,’ allowing our physiological and emotional states to be observed and understood. This connection will mostly be achieved by connecting to wearable or remote sensors, the same way that fitness bands allow our physical state to be monitored.By feeding this sensor data into AI systems, we can train them to know how we feel and how to respond appropriately. This kind of empathy can also be enhanced by giving AI its own artificial emotions, imbuing it with simulations of feelings.Empathic technology will have no small effect on the mobility sector. How might an empathic vehicle look?Safe TravelsThere is already a growing body of research from top-tier auto companies into what kind of empathic interactions will protect drivers, passengers and everyone around them from harm. To investigate this, biometric sensors, cameras, and microphones are being used to detect:Fatigue & drowsiness: e.g., monitoring head or eye movements, posture or heart/breathing rate.Distraction: e.g., gaze detection to ensure the driver is watching the road.Intoxication: e.g., using infrared optics or analyzing voice or breath.Medical incidents: e.g., detecting a potential cardiac event from a wearable heart-rate sensor.A Comfortable JourneyAfter ensuring the safety of the humans in the system, empathic tech can be employed to optimize the ride experience. There is a universe of auto-suppliers you’ve probably never heard of, who build all the components and systems that end up in the well-known vehicle brands. They are leading the way to a more empathic ride, with innovations such as:Environmental controls: e.g., lighting, heating, AC, sound and olfactory output, customized to suit your current mood.Physical controls: seat position, engine configuration, etc.Humanising AI feedback: the virtual assistants like Alexa and Siri that are invading our homes and phones are also reaching into our vehicles. With empathic AI we can tailor their feedback to suit our preferred style of interaction.An Entertaining RideNow that our customer is safe and comfortable, they can benefit from AI that knows how to push the right emotional buttons at the moment. This is particularly likely to apply to the onboard music and infotainment systems. Other subtle ways in which a vehicle could be designed to optimize the thrill of the ride include offering to increase the engine’s power output when the driver is feeling confident and happy.The New Norms of Autonomous SocietyAn autonomous vehicle doesn’t exist in a bubble. Much of its intelligence is based on sensing its environment and making rapid judgments about how to act. Each vehicle will also be integrated with a global network of systems, able to share information ranging from weather forecasts to road obstructions. By connecting each vehicle to its neighbors and the wider world, we will see the emergence of a new type of ‘social’ structure with its own norms of behavior.This AI-driven ‘society’ will involve interactions not just between the vehicles and their drivers or passengers, but also with onboard devices, nearby pedestrians, other vehicles, and their occupants, as well as surrounding infrastructure. The etiquette and rules of what the market calls ‘vehicle-to-everything’ (V2X) communications will establish themselves as we gradually let go of the wheel and hand our mobility needs over to ‘the machines.’This mobility ecosystem is also likely to share data and processes with the rest of the AI in our lives, such as in our smartphones and home-automation systems. If coordinated correctly, this unified data architecture would allow empathic vehicles to know us much better, behaving ever more like a trusted friend.This is not just a technological problem; it’s a monumental user-experience challenge too. Gradually increasing the empathic capability of the system will support the evolution of the transport experience towards one that is not only safe and comfortable but also delightful.The future of mobility is emotional.Editor Note & Disclaimer: The author is a member of the Sensum team, which is an alumnus of our ReadWrite Labs accelerator program. 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WATCH: Streetboys show off slick dance moves in Vhong Navarro’s wedding UPLB exempted from SEA Games class suspension Man sworn in as lawyer by judge who sentenced him to prison as a teen 20 years ago Brace for potentially devastating typhoon approaching PH – NDRRMC LATEST STORIES MOST READ Protesters burn down Iran consulate in Najaf PLAY LIST 01:37Protesters burn down Iran consulate in Najaf01:47Panelo casts doubts on Robredo’s drug war ‘discoveries’01:29Police teams find crossbows, bows in HK university01:35Panelo suggests discounted SEA Games tickets for students02:49Robredo: True leaders perform well despite having ‘uninspiring’ boss02:42PH underwater hockey team aims to make waves in SEA Games JK Casiño also added 12 markers and five boards, JJ Manlangit had 11 points and nine rebounds, as Rod Ebondo took care of the dirty work with his 11 markers and 18 boards.“I’m so proud of my players because they gave their best. That’s how we’re able to make it here,” said coach Yong Garcia, who made the Finals in his first conference at the helm for CEU.FEATURED STORIESSPORTSWATCH: Drones light up sky in final leg of SEA Games torch runSPORTSSEA Games: Philippines picks up 1st win in men’s water poloSPORTSMalditas save PH from shutoutThe Scorpions became only the second fourth-seed to advance to the championship series, following the footsteps of Tanduay in the 2016 Foundation Cup.CEU crawled back from a 13-point deficit, 25-12, and slowly chipped away the lead before finally zooming ahead 58-57, thanks to a Manlangit jumper at the 7:18 mark of the fourth quarter. CEU 72 – Wamar 19, Aquino 13, Casiño 12, Ebondo 11, Manlangit 11, Jeruta 4, Arim 2, Uri 2, Cruz 2, Fuentes 0.FLYING V 67 – Teng 19, Thiele 13, Torres 8, Banal 7, Paredes 6, Salamat 6, Austria 3, Tampus 3, Cañada 2, Dionisio 0.Quarters: 12-18, 32-39, 51-54, 72-67. View comments SEA Games in Calabarzon safe, secure – Solcom chief Hans Thiele had a chance to tie the game for Flying V at in the final minute, but he botched his shot from up-close, allowing Ebondo to seal the game with three freebies in the waning seconds of the game.“I just told my players to stay focused and stick to our gameplan,” said Garcia.The Scorpions will now prepare for Cignal HD in the best-of-three Finals, starting on Tuesday.Leading Conference MVP candidate Jeron Teng bowed out with 19 points, six assists, and five rebounds, while Thiele got 13 markers and four boards in the exit.The Scores:ADVERTISEMENT Orlan Wamar. PBA IMAGESCentro Escolar University dug deep and stunned Flying V, 72-67, Thursday at Ynares Sports Arena in Pasig to oust the top seed and move on to the 2017 PBA D-League Foundation Cup Finals.Orlan Wamar kept the Scorpions afloat with 17 points built of four treys, on top of two rebounds, while Art Aquino emerged as the biggest thorn in the side of the Thunder with his 13-point, 10-rebound performance.ADVERTISEMENT LOOK: Venues for 2019 SEA Games Read Next Catriona Gray spends Thanksgiving by preparing meals for people with illnesses Flags of SEA Games countries raised at Athletes Village Korea downs China for AVC bronze Don’t miss out on the latest news and information.
Don’t miss out on the latest news and information. Standouts from the independent scene, the three showed that they are here to stay in the developmental ranks, outlasting the NXT Tag Team Champions SaNitY and the team of Roderick Strong and the Authors of Pain inside War Games, a match that hasn’t been seen in almost two decades.It was a hellacious match between the three groups, but Cole had the last laugh for his squad as he hit the flying knee and drove a steel chair right into Eric Young to score the pinfall and truly shock the system.FEATURED STORIESSPORTSWATCH: Drones light up sky in final leg of SEA Games torch runSPORTSSEA Games: Philippines picks up 1st win in men’s water poloSPORTSMalditas save PH from shutoutIt was the same case for the NXT Championship, as Andrade “Cien” Almas beat Drew McIntyre to win the title and trigger the changing of the guards.The brash El Idolo was about to fumble his chance for the title after getting hit with the Scot champion’s Claymore, but his manager Zelina Vega put Almas’ foot on the bottom rope to break the count. McIntyre attempted one more Claymore, but Almas evaded the attempt and trapped the Celtic Colossus on the top rope, allowing him to nail the La Sombra and the three-count.Ember Moon also captured the vacant NXT Women’s Championship, beating Nikki Cross, Peyton Royce, and Kairi Sane in their fatal-4-way match.The War Goddess finally ascended to the top of the women’s division after nailing Royce and Cross with her Eclipse, pinning Cross for the win.After the match, former champion Asuka took the title and awarded it to Moon in a show of respect between the former rivals.In the night’s other matches, Aleister Black scored a huge victory over The Velveteen Dream after hitting his sultry foe with the Black Mass.ADVERTISEMENT Lars Sullivan also showed that he’s the new force to be reckoned with, beating Kassius Ohno with the Freak Accident. Stronger peso trims PH debt value to P7.9 trillion Typhoon Kammuri accelerates, gains strength en route to PH LATEST STORIES MOST READ For the first time in two decades, War Games saw the light once more at NXT TakeOver: War Games. Photo from WWE.comNXT enters a new era — an undisputed era.Bursting to the scene last August, the trio of Adam Cole, Kyle O’Reilly, and Bobby Fish, collectively known as the Undisputed Era, backed up their hype as they ruled the main event of NXT TakeOver: War Games Saturday (Sunday Manila time) in Houston.ADVERTISEMENT Kammuri turning to super typhoon less likely but possible — Pagasa CPP denies ‘Ka Diego’ arrest caused ‘mass panic’ among S. Tagalog NPA QC cops nab robbery gang leader, cohort Kris Aquino ‘pretty chill about becoming irrelevant’ Read Next Andray Blatche finally back with Gilas Brace for potentially devastating typhoon approaching PH – NDRRMC Japan ex-PM Nakasone who boosted ties with US dies at 101 Trending Articles PLAY LIST 00:50Trending Articles00:50Trending Articles00:50Trending Articles01:37Protesters burn down Iran consulate in Najaf01:47Panelo casts doubts on Robredo’s drug war ‘discoveries’01:29Police teams find crossbows, bows in HK university01:35Panelo suggests discounted SEA Games tickets for students02:49Robredo: True leaders perform well despite having ‘uninspiring’ boss02:42PH underwater hockey team aims to make waves in SEA Games View comments
zoom Driven by lower time charter equivalent (TCE) rates, chemicals transportation company Navig8 Chemical Tankers suffered a net loss of USD 3.6 million in the second quarter of this year, compared to a net income of USD 9.6 million posted in the same period a year earlier.This is the third consecutive quarter Navig8 Chemical Tankers ended in loss. The company recorded a loss of USD 1.2 million in 1Q 2017 and a loss of USD 3.6 million in 4Q 2016.The company’s revenue for the three months ended June 30, 2017, stood at USD 38.4 million, compared to revenue of USD 39.9 million seen in the same quarter of 2016.Navig8 Chemical Tankers said that TCE rates earned by the A-Class, V-Class, T-Class and S-Class vessels in 2Q 2017, were USD 14,135, USD 14,016, USD 15,406 and USD 16,608 per day, respectively. The company had 31 vessels operating during the three-month period, all of which operate in pools from which they derive TCE revenue.“The chemical tanker market has stabilized since the start of the year, albeit at relatively low levels, after weakening throughout 2016,” Nicolas Busch, Chief Executive Officer of Navig8 Chemical Tankers, commented.“Global fleet growth has outpaced demand growth, although this is expected to change as supply growth for large chemical tankers is forecast to slow significantly over the next 12 months. The demand environment is also positive as forecasted growth is dominated by longer haul trades with strong growth in methanol imports into China,” Busch added.During the quarter, the company expanded its operating fleet with the delivery of two 25,000 dwt stainless steel chemical tankers, Navig8 Spica and Navig8 Sceptrum.On May 19, the company entered into a second sale and leaseback transaction with SBI for two 25,000 dwt stainless steel chemical tankers being built by Japanese Fukuoka Shipbuilding.Additionally, on May 31, Navig8 Chemical Tankers inked sale and leaseback agreements with CMB Financial Leasing for two of the company’s 25,000 dwt stainless steel chemical tankers.Established in 2013 as a joint venture between the Navig8 Group and funds managed by Oaktree Capital Management, Navig8 Chemical Tankers has taken delivery of 31 chemical carriers and anticipates delivery of its full 32-vessel fleet in the third quarter of 2017.
zoomImage Courtesy: Euronav Belgian tanker shipping company Euronav Tankers NV has acquired the ultra large crude carrier (ULCC) Seaways Laura Lynn from Oceania Tanker Corporation, a subsidiary of International Seaways.The ship is the second of the two ULCCs that exist in the global fleet and has been renamed Oceania and registered under the Belgian flag.The 2003-built Seaways Laura Lynn, which features a massive 441,561 dwt capacity, cost Euronav USD 32.5 million.The company already owns the other ULCC, the 442,470 dwt TI Europe, built in 2002.“Bringing the only other ULCC in the world fleet under our control will provide us with a significant strategic opportunity,” Paddy Rodgers, CEO of Euronav, said.The company has just completed the merger with US-based crude oil shipping company Gener8 Maritime, as disclosed at the beginning of this month.The merger creates a crude tanker operator giant with 76 operating crude tankers, consisting of 43 VLCCs, 27 Suezmaxes, 2 ULCCs, two Panamax tankers and two FSOs under joint venture.
TORONTO – Licensed marijuana producer Aphria Inc. (TSX:APH) said it is moving to “purify” its balance sheet by reducing its exposure to medical cannabis in the U.S., where pot remains illegal under federal law, as it undergoes a delisting review by the group which operates the Toronto Stock Exchange.Aphria’s chief executive Vic Neufeld said Monday that it continues to be in discussions with TMX Group, Canada’s biggest exchange operator, which recently warned that companies that operate in states where pot is legal are not in compliance with TSX listing requirements.Neufeld said Aphria plans to submit a brief, including documentation and legal opinions, to the TMX group on its stance before the holiday season as the review wraps by the end of the year. However, he said the Leamington, Ont.-based producer is also moving to reduce its U.S. exposure.“We are trying to endeavour as best as possible, as expeditiously as possible, to divest from Aphria any direct involvement in any medical cannabis that we have in the U.S.,” Neufeld said in an interview.In October, the TMX Group issued a notice cracking down on cross-border marijuana companies with business activities in the U.S. While some states have legalized pot to varying degrees and conditions, under U.S. federal law it remains illegal to cultivate, distribute or possess marijuana.In turn, Canadian marijuana companies had largely focused on markets outside of the U.S. or listed on the smaller Canadian Securities Exchange, which is less risk-averse.However, Aphria in April announced the launch of its U.S. expansion strategy through a strategic investment in an entity that was renamed Liberty Health Sciences Inc. Aphria’s first foray into the U.S. market was in 2016 with an investment in a medical marijuana producer in Arizona called Copperstate Farms, LLC.Neufeld said Monday Aphria is looking to shift its direct stake in Copperstate Farms into Liberty Health Sciences, thereby making it an indirect investment and “purify some of the balance sheet.”Aphria began exploring this option three months ago, and made its request and presentation to Copperstate’s board last month, Neufeld said.However, the company’s request remains subject to a six-month hold agreement that the Arizona-based producer has with its shareholders regarding requests involving any capital transaction, added Neufeld. Aphria has also moved to reduce of its shares in Delaware-based cannabis technology platform MassRoots in recent months.“We’re going to try to purify as much as possible,” said Neufeld. “As long as the Aphria shareholders are not damaged in any which way.”Another option, if that doesn’t satisfy the TMX Group’s requirements, is to hive off Aphria’s U.S. interests into a separate entity and list it on the CSE, but Neufeld said that would be the “last step” as it wants to remain on the TSX.