Teledyne Technologies Incorporated (NYSE:TDYand the shareholders of Reson A/S jointly announced that they have entered into a definitive agreement for the acquisition of Reson by a wholly–?owned subsidiary of Teledyne. Reson, headquartered in Slangerup, Denmark, provides high–?resolution marine acoustic imaging and measurement solutions. Terms of the transaction were not disclosed.

For all but the smallest ships, the Suez Canal toll increases range from about 3% to 5% according to tonnage and ship type.  These follow across the board increases of 3% which were implemented in March last year despite industry protests.

ICS Secretary General, Peter Hinchliffe, remarked: “Most international ship operators are trading in the worst shipping markets in living memory due to there being too many ships chasing too few cargoes. This is not the time for the SCA to be announcing increases, which for some trades seem very dramatic indeed, and which many shipowners will find impossible to pass on to their customers.”

He added: “We recognise that, with pressure on Egypt’s tourism and its other economic problems, there is increased pressure on the SCA to maintain what is now the country’s biggest source of foreign revenue.  But the effect of these increases will be to give a spur to those owners who may already be considering the Cape route as a serious alternative.”

The route via the Cape of Good Hope is already becoming relatively less expensive as many ships resort to slow steaming in an effort to reduce costs and to deliver the reductions in CO2 emissions which are now demanded by their customers. 

Moreover, the entrance to the Suez Canal, via the Red Sea and the Gulf of Aden, is already unattractive due to the continuing threat of Somali piracy, compounded by instability in the Yemen.  Recent events in Egypt, including riots in Ismailia and Port Said, are generating concerns about the security of the Canal itself.    

“We are also disappointed by the lack of consultation that preceded these increases,” said Mr Hinchliffe.  “To the SCA’s credit, the Canal has so far continued to function smoothly.  But ICS will be repeating its request for full and proper consultation between the industry and the SCA, particularly whenever toll adjustments are being contemplated.”

The ICS Board of Directors will be considering the matter further at its meeting in London tomorrow (5 February), together with the status of ongoing discussions between ICS and the Panama Canal Authority about a new toll structure which is being introduced to coincide with the expansion of the Panama Canal, expected to be completed in 2014/15.

The announcement was made during a public hearing held on 1 February 2013 in Tegucigalpa, Honduras.

 At the same public hearing, the Technical Committee of the bid process composed of members of the Commission for the Public-Private Alliance (COALIANZA), an entity of the federal government of Honduras, and FICOHSA bank, the trustee of the conferred contract, awarded to ICTSI the Contract for the Design, Finance, Construction, Preservation, Operations and Exploitation of the Container and General Cargo Terminal of Puerto Cortes in the Republic of Honduras for a period of 30 years.

The Container and General Cargo Terminal of Puerto Cortes will have 1,100 meters of quay for containers and 400 meters for general cargo, 14 meters of draught (that can reach 15 meters), 62.2 hectares of total surface area, 12 STS cranes and an annual volume capacity of approximately 1.8 million TEU. 

Vehviläinen will start at Cargotec on 1 March 2013. Tapio Hakakari, Cargotec’s Vice Chairman of the Board, will continue as the interim President and CEO until 28 February 2013.

Mika Vehviläinen is currently the President and CEO of Finnair Plc. Previously he has held senior leadership positions at Nokia Siemens Networks and Nokia, and has worked in logistics and service development duties in the United States and in Asia.

“During his successful international career, Vehviläinen has convincingly proven his leadership and result creating skills even during difficult circumstances. The Board is certain that under his management Cargotec is well prepared to face the future changes and challenges,” states Cargotec’s Chairman of the Board Ilkka Herlin.

“The importance of transport and logistics will continue to increase in the future. Cargotec as the forerunner in cargo handling solutions offers an interesting challenge. I am excited to develop Cargotec business further, together with the whole personnel,” says Vehviläinen.