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Euroseas Cancels First Ultramax Newbuilding

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first_imgzoom Greek owner and operator of dry bulk and container ships Euroseas Ltd. has terminated the order for the first of its Ultramax vessels, Hull Number DY 160, under construction at Sinopacific Shipbuilding’s Dayang yard in China.The company said that the vessel was cancelled due to excessive construction delays.Euroseas has demanded the return of its progress payments and other expenses as specified in the newbuilding contract and secured by refund guaranties.The parties have referred the matter to arbitration, Euroseas added.The 63,500 dwt Ultramax, which was planned to be renamed Alexandros P,  was originally scheduled for delivery in the second quarter of 2016.The company’s second newbuilding contract for a similar Ultramax vessel, Hull Number DY 161, with the same yard is also facing significant delays.Furthermore, Euroseas signed an addendum to its shipbuilding contract with China’s Jiangsu New Yangzijiang shipyard for the construction of a Kamsarmax vessel, scheduled to be delivered during the first quarter of 2018.According to the addendum, the company acquired the option until December 31, 2016 to decide whether to build the vessel, build a vessel of different type, credit the payment already made as part of the original contract (USD 2.7 million) to acquire a different vessel from the yard at a mutually agreed price, or decide to cancel the shipbuilding contract without any additional cost.In February 2016, Euroseas took delivery of a similar Kamsarmax vessel, M/V Xenia, which was chartered for four years at USD 14,100/day with an additional year at USD 14,350/day at the charterer’s option.last_img read more

Ottawa posts 32 billion deficit for October as new tax credits weigh

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OTTAWA — The federal government said Monday it posted a deficit of $3.2 billion in October due in large part to its new income-splitting plan for families and the doubling of the children’s fitness tax credit.The result for the month compared with a deficit of $2.5 billion in October 2013.The tax changes resulted in a $1.6-billion adjustment to revenue and, without that, Ottawa would have posted a deficit of $1.6 billion for October.The Harper government announced in October it would go ahead with income-splitting plan for couples with children as well as higher child-care benefits.The income splitting plan has been sharply criticized by the opposition who say the $2-billion-a-year program would only benefit about 15 per cent of Canadian households.For October, the Finance Department said revenue was down by $200 million or 0.9 per cent compared with a year ago due to the tax changes, partially offset by increased corporate income tax revenue.Income splitting not the only good tax news for Canadians this weekCanada’s current account deficit shrinks to six-year low in latest sign economy is picking up speedProgram spending for the month was up by $600 million or 3.1%, while public debt charges decreased by $100 million or 3.4%.In its fall economic update, the federal government said last month it expected to post a deficit of $2.9 billion for 2014-15 and a $1.6-billion surplus in the 2015-16 fiscal year.Prime Minister Stephen Harper has said the falling price of oil will reduce some federal fiscal flexibility, but that it will balance the budget next year.For the current fiscal year to date, the government posted a deficit of $4 billion, compared with  a deficit of $12.8 billion in the same period a year ago.Revenue for the period from April to October increased $5.3 billion, or 3.7%, to $150.3 billion while program spending fell $3.2 billion, or 2.3%, to $137.7 billion. Public debt charges dropped to $16.5 billion from $16.9 billion for the comparable seven-month periods. read more