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Monday, March 30th, 2020
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Cruise Line CEO Incomes: Who makes what?

Norwegian Cruise Line's Frank Del Rio standing in front of the NYSE

PortandTerminal.com, March 28, 2020 The top cruise executive made almost 50 times more than the Executive Director at the Port of Los Angeles. Remember this when the cruise lines come asking for COVID19 bailouts. MIAMI, FL – Compared to their counterparts, CEOs at America’s port authorities, the heads of the cruise lines make obscene amounts of money. Over the past …

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IATA pleads for more help for airlines after U.S. offers $58 billion aid

AIrplanes lined up on a parking space at an airport. Aerial view.

REUTERS, March 26, 2020 DUBAI/SINGAPORE (Reuters) – The International Air Transport Association (IATA) on Thursday urged the world’s major economies to act quickly to prevent irreversible damage to an airline industry that has seen demand crushed by the coronavirus crisis. A number of governments have already stepped in to help airlines hammered by the virus-induced travel slump, with the United …

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COVID19: Royal Caribbean borrows $2.2bn to keep itself afloat. Share price up +23%

Cruise ship being escorted into harbor by tugs

PortandTerminal.com, March 24, 2020 MIAMI, FL – Royal Caribbean announced on Monday that it has entered into a $2.2 billion secured term loan facility for the next year. This will give the company a total of $3.6 billion of liquidity to weather the current downturn in the cruise business.  Shares of Royal Caribbean Cruises Ltd (NYSE:RCL) jumped as much as 23.1% in trading …

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Exxon notifies contractors, vendors of spending cuts over coronavirus

ExxonMobil illuminated signage

REUTERS, March 23, 2020 HOUSTON (Reuters) – Exxon Mobil Corp (XOM.N) is notifying contractors and vendors of planned near-term cuts in capital and operating expenses over a coronavirus pandemic, and will announce the plans once they are final, company spokesman Jeremy Eikenberry said on Sunday. “Based on this unprecedented environment, we are evaluating all appropriate steps to significantly reduce capital …

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Airlines appear to come up short in bid to win cash grants in rescue package

Alaskan airline plane taking off from an American airport

REUTERS, March 21, 2020 WASHINGTON/CHICAGO (Reuters) – A last-ditch effort by the chief executives of major U.S. airlines to try to win cash grants to weather the coronavirus crisis looked to be unsuccessful, four congressional aides and airline officials said late Saturday. Airlines had made a last ditch plea urging that $29 billion of $58 billion sought in assistance for …

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“States Asked to Keep Quiet About Jobless Figures” – WSJ article draws backlash

People waiting in line for help with unemployment benefits in Las Vegas.

PortandTerminal.com, March 20, 2020 The title of the Wall Street Journal article today was “Trump Administration Asks States to Keep Quiet About Jobless Figures”. Many readers felt that it was sensationalist. NEW YORK – The Wall Street Journal reported today that the White House has asked states to abstain from releasing unemployment-claims figures prior to the publication of a national …

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Canada’s Big Six banks to allow deferral of mortgage payments by 6 months

Image of skyscrapers looking upwards towards the sky

PortandTerminal.com, March 18, 2020 Canada’s Big Six banks are taking coordinated action on the mortgage front as the nation’s economy faces the uncertainty of the COVID-19 outbreak’s impact. TORONTO, ONTARIO – Canada six’s largest banks have announced they will be allowing the deferral of mortgage payments by six months amid the coronavirus pandemic. In a press release late Tuesday, Royal …

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The Zong Massacre – A Maritime Insurance Scam

Zong crew throwing sick slaves overboard, ca. 1781

PortandTerminal.com, March 16, 2020 The Zong massacre was the mass killing of more than 130 African slaves by the crew of the British slave ship Zong on and in the days following 29 November 1781. They did it to force their insurance company to pay. LONDON – The slave ship Zong departed the coast of Africa on 6 September 1781 with 470 slaves. Since slaves were such a valuable “commodity” at that …

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