News / New investment gives Seaspan the means to consolidate its top lessor position

first_img© Sergey Khakimullin By Mike Wackett 04/06/2018 Containership owner Seaspan Corporation has acquired a financial war chest to consolidate the “fragmented” boxship leasing market and further strengthen its leading position.Last week, Fairfax Financial Holdings announced a $500m investment in Seaspan, which said it would prioritise strengthening its balance sheet.However, it has confirmed it will also consider vessel and business acquisitions as it looks to lead the way in sector consolidation.But with daily hire rates soaring, boosted by an acute shortage of open tonnage in the smaller sized market, Seaspan may have to pay top dollar for the ships or businesses it targets.The latest investment takes Fairfax’s stake in the NYSE-listed Seaspan to $1bn and would, said the shipowner, “significantly strengthen” its balance sheet, “materially improve” its access to capital and “accelerate” its aspiration to achieve an investment grade credit rating.Seaspan currently has 112 containerships “on the water” with $5-$6bn of long-term contracts attached, said president and chief executive Bing Chen, .Chairman David Sokol said the containership business would continue to be the focus for Seaspan, but that, “with any business you look for more legs to the stool”. He added: “Long-term, it is important for the company to have more diversification.”Seaspan’s total fleet of 122 ships ranges in size from 2,500-14,080 teu and is mostly chartered-out on long-term hire at a fixed rate to the world’s biggest carriers. According to vesselsvalue data, the current worth of the vessels, which have an average age of six years, is $4.6bn.At the time of the Hanjin bankruptcy in September 2016, Seaspan had three 10,100 teu vessels on long-term charter to the South Korean carrier. Its affiliate Greater China Intermodal Investments (GCI), which it now owns, also had four 10,100 teu ships fixed long-term with Hanjin.Seaspan was badly stung by the collapse of Hanjin, not only in the charter party defaults and payment arrears that were allowed to accumulate, but also by the plunge in asset values of ships that no longer had lucrative contracts attached.Since then, investors have questioned the blueprint of Seaspan and its peers – that the charter party contracts with carriers ‘ring fence’ them from the risk of an otherwise volatile shipping market. Moreover, with the major reporting container lines having posted a cumulative loss of $1.2bn in the first quarter of the year, concerns are being raised that “another Hanjin” could happen this year if trading does not improve.The latest Fairfax investment will come in two tranches of $250m; the first in July and the second in January 2019.last_img read more

On the other side of physician burnout

first_img Tags physicians By Jeremy Topin May 17, 2018 Reprints [email protected] Fighting the silent crisis of physician burnout The day my wife miscarried, I went back to work at the hospital. I still regret that It has been approximately nine months since I started working part-time for my practice. I am still getting used to it. There’s more time but far less income, as my wife, Becky, doesn’t work outside the home. Combined with some large, unplanned-for bills, financial choices are harder and retirement less certain. There’s more freedom, but maybe not enough structure.This approach certainly won’t work for all physicians who are burned out. But it’s working for me.As I adjust to my new normal, I am also adjusting my sense of self. Before, I was a partner in a successful though crazy busy practice, providing for myself and my employees. I was a teammate with seven other doctors, taking on challenges as they came. But now that I am no longer that partner, that provider, that teammate, did I fail?I don’t think so, but that’s something I am still processing.And as I do, I am enjoying being a parent taking my kids on college visits. I am applying to study health policy and management at the Johns Hopkins Bloomberg School of Public Health, where I hope to start next January. I am a high school water polo coach, working with an amazing bunch of teenagers, and a goalie for my master’s team. I am a triathlete training for another Ironman this fall. I am a husband celebrating and tackling these midlife challenges, together with my wife.And I am a part-time doctor who still loves the challenge and privilege of taking care of patients when they are at their sickest and most vulnerable.I am not broken. I am just getting started.Jeremy Topin, M.D., is a part-time pulmonary and critical care physician at Northwest Pulmonary Associates in Chicago. An earlier version of this article appeared on his blog, Balance. @jtopinmd I’ve watched enough television shows to know what a burned-out physician is supposed to look like: crying in the stairwell, head hanging dejectedly, knees bent; the downward spiral into drugs and alcohol that leads to a near-miss in surgery; or the final, explosive monologue that alienates the doctor in front of patients and peers. A once-solid doctor now broken.Mine didn’t happen that way. It was far more subtle and insidious, an accretion like the slow and steady drips that build stalagmites.Drip: Twelve years of hustling at a hectic pace in a private pulmonary and critical care practice covering three busy hospitals and intensive care units, packed emergency rooms, understaffed floors, and overworked staffs.advertisement Related: Related: Drip: The never-ending clicks to provide documentation in the electronic medical record that was designed to maximize reimbursement, not facilitate communication.Drip: The frivolous lawsuit I was dragged into by virtue of having been on call for the hospital one night, along with the multiple depositions I gave and read and reread, combined with more than four years spent anxiously preparing for a trial from which I was dropped without ever taking the stand.advertisement A physician’s slow burn is often masked by his or her defense mechanisms and denial. But it eventually becomes apparent when something loved becomes something tolerated; when the excitement and potential of each new morning is replaced by the dread of what might lie ahead; when problems that were once challenges to be solved become roadblocks and barriers seemingly designed to thwart and frustrate; and when it feels as though patients and staff are no longer expressing themselves but are instead complaining and whining.I found myself becoming exhausted at work. I became more callous, impatient, and terse with my patients. With residents, medical students, nurses, and my physician partners. With friends. And with my family.I wanted to find a reason for this, a fixable external problem like the lawsuit, or being short staffed, or becoming more efficient with the electronic medical record. Because if those weren’t the cause of my problem, maybe I needed to look at myself.Was I too weak? Did I not have enough fortitude, endurance, or grit? With those thoughts of weakness came feelings of shame.The author during an Ironman competition Peter ZarovThat surprised me, because I don’t consider myself to be a weak person. I’ve completed six Ironman triathlons. I’m a water polo goalie, a position that gets a lot of physical abuse. I survived four years of medical school and four years as a resident in internal medicine and pediatrics, enduring countless sleepless nights on call that were often calmer than nights at home with two young children. I asked my residency program for help just twice during that time, once on the day my wife miscarried and once for 72 hours after the birth of our second child.I pride myself on taking challenges head on and standing tall and strong on the other side. But I wasn’t able to do that with the cumulative burden and increasing stress created by working in medicine.I started talking with my wife about taking a break or cutting back. I envisioned teaching science at a high school and coaching water polo. I thought about going back to school to figure out different ways of using my knowledge and skills. I thought about spending more time with my family and having the emotional and physical energy to be patient and present, not irritable and dismissive. I thought about patients who had made a tremendous impact on my life, of decisions made and opportunities missed, and the challenge of finding balance in my life.And then, instead of talking and thinking, I made a move.I hedged a bit at first, cutting back to half-time with an option to return to the status quo after a year. I dipped my feet in the water. It felt cold and chilly, and I was not quite ready to dive in.A few months later, I jumped in all the way. I sold my partnership and with it my safety net. And as I made that leap, I felt weightless, a fluttering in my chest, like driving fast over a rise in the road. First OpinionOn the other side of physician burnout Author Jeremy Topin, third from left, coaching a high school water polo team. Spencer Klein Jeremy Topin Drip: The challenges of being emotionally and physically available for my family. Trying to be actively engaged in the lives of my wife and children with half my brain still in the hospital and the other half fighting the weight of cumulative fatigue. About the Author Reprintslast_img read more

After backlash, Teva will resume supplies of a critical children’s cancer medicine

first_img Ed Silverman [email protected] By Ed Silverman Nov. 13, 2019 Reprints @Pharmalot About the Author Reprints Unlock this article — plus daily coverage and analysis of the pharma industry — by subscribing to STAT+. First 30 days free. GET STARTED After backlash, Teva will resume supplies of a critical children’s cancer medicine What is it? Acute promyelocytic leukemia Ed Uthman/Creative Commons What’s included?center_img Log In | Learn More Daily reporting and analysis The most comprehensive industry coverage from a powerhouse team of reporters Subscriber-only newsletters Daily newsletters to brief you on the most important industry news of the day STAT+ Conversations Weekly opportunities to engage with our reporters and leading industry experts in live video conversations Exclusive industry events Premium access to subscriber-only networking events around the country The best reporters in the industry The most trusted and well-connected newsroom in the health care industry And much more Exclusive interviews with industry leaders, profiles, and premium tools, like our CRISPR Trackr. Pharma Pharmalot Columnist, Senior Writer Ed covers the pharmaceutical industry. In an about-face, Teva Pharmaceutical is resuming supplies of a critical cancer medicine for children after its recent decision to discontinue production contributed to a shortage that alarmed patients and physicians. As a result, vincristine will be available as early in 2020 “as possible.”“Because vincristine is such a lifesaving medicine — and there is no reliable single supply anticipated in the near term — we have decided to re-introduce the product and plan to manufacture it in our plant in the U.S., which provides the fastest route to market,” the drug maker said in a statement. STAT+ is STAT’s premium subscription service for in-depth biotech, pharma, policy, and life science coverage and analysis. Our award-winning team covers news on Wall Street, policy developments in Washington, early science breakthroughs and clinical trial results, and health care disruption in Silicon Valley and beyond. GET STARTED Tags cancerpediatricsSTAT+last_img read more

Pharmalittle: Europe looks to sue AstraZeneca over Covid-19 vaccine shortfalls; FDA skewers Emergent vaccine facility

first_imgPharmalot Hello, everyone, and how are you today? Cold winds are whipping about the Pharmalot campus, where things have settled down now that the short person is hovering over the laptop once again and the official mascot has assumed his formal snoozing position. As for us, we are dutifully concocting a few needed cups of stimulation as we dig in for another busy day. No doubt, you can relate. So time to get cracking. As always, we have assembled some items of interest. So hoist your own cup to a successful day, and drop us a line when something interesting arises. …At least one Democratic lawmaker is openly pushing President Biden to include drug pricing reform in his next big legislative package, after rumors swirled on Capitol Hill that the forthcoming bill might not include such provisions, STAT reports. Rep. Peter Welch of Vermont planned to call the White House and is urging his colleagues to pressure the administration in a letter, too. His efforts suggest drug pricing advocates could face an uphill battle passing major drug pricing reform, even though Democrats control the House, Senate, and White House. Ed Silverman STAT+ is STAT’s premium subscription service for in-depth biotech, pharma, policy, and life science coverage and analysis. Our award-winning team covers news on Wall Street, policy developments in Washington, early science breakthroughs and clinical trial results, and health care disruption in Silicon Valley and beyond. Tags STAT+ Alex Hogan/STAT What is it? Log In | Learn More About the Author Reprints What’s included?center_img Pharmalittle: Europe looks to sue AstraZeneca over Covid-19 vaccine shortfalls; FDA skewers Emergent vaccine facility Pharmalot Columnist, Senior Writer Ed covers the pharmaceutical industry. GET STARTED Unlock this article — plus daily coverage and analysis of the pharma industry — by subscribing to STAT+. First 30 days free. GET STARTED By Ed Silverman April 22, 2021 Reprints [email protected] Daily reporting and analysis The most comprehensive industry coverage from a powerhouse team of reporters Subscriber-only newsletters Daily newsletters to brief you on the most important industry news of the day STAT+ Conversations Weekly opportunities to engage with our reporters and leading industry experts in live video conversations Exclusive industry events Premium access to subscriber-only networking events around the country The best reporters in the industry The most trusted and well-connected newsroom in the health care industry And much more Exclusive interviews with industry leaders, profiles, and premium tools, like our CRISPR Trackr. @Pharmalot last_img read more

Bicycle robbery/murder highlights lack of law and order

first_img Bicycle robbery/murder highlights lack of law and order There are signs that North Korea is running into serious difficulties with its corn harvest Entire border patrol unit in North Hamgyong Province placed into quarantine following “paratyphoid” outbreak News The robbery incident took place in Ryanggang Province. Figure: Daily NK A North Korean resident riding a bag-laden bicycle. Image: Daily NK. NewsCrime By Daily NK – 2017.09.22 2:58pm Facebook Twittercenter_img News RELATED ARTICLESMORE FROM AUTHOR North Korea tries to accelerate building of walls and fences along border with China SHARE AvatarDaily NKQuestions or comments about this article? Contact us at [email protected] News The body of a murdered 60-year-old man was recently discovered on a street in North Korea’s Ryanggang Province (Samsu County). According to inside sources, the man was riding his bicycle on his way back home from a field when his bike was taken from him and he was struck on the back of the head with a rock. He appears to have died from the attack within a short period. “The attacker was bold enough to commit the murder, then propped the man’s body up against a nearby tree, before fleeing on the stolen bicycle,” an inside source from Ryanggang Province reported to Daily NK in a telephone interview on September 14.The North Korean authorities have allegedly done little to investigate the grisly crime. “Without even collecting testimonies or investigating the scene of the crime, officers of the Ministry of People’s Security [MPS, North Korea’s police] have simply said, ‘Catching criminals is difficult,’” he reported.According to a separate source in Ryanggang Province, family members of the victim have reacted by saying that of the victim was a Party cadre, the MPS would have done everything in their power to catch the perpetrator, but because he was just an ordinary person, “they don’t even care.” Crime is rampant in North Korea due to a confluence of factors, including economic stagnation, widening socioeconomic stratification, and poor policing.  Daily NK recently reported on a similar story detailing a failure of MPS officers to perform their duty. In the previous case, an individual in North Hamgyong Province submitted a domestic abuse report. The officer in charge declined to intervene. Both sources told Daily NK that arguments are said to be breaking out frequently due to the state’s inability to maintain law and order. “Last year,” the first source said, “there was a fight that resulted in the death of a resident somewhere in the pine forests of Ryanggang and Jagang Provinces. People are worried that more of these kinds of fights will break out in the fields.”last_img read more

Oil prices increasing consumer insolvencies

first_img “In the past, the growth in the number of proposals was of little importance given their relatively small size. That, however, is changing,” the report says, as proposals now account for half of all insolvencies, which is a record high. Looking at the regional data, the report notes that “the damage from lower oil prices is starting to show”; the number of insolvencies is up by 11% in Manitoba and Saskatchewan, and by 6.5% in Alberta. This is the worst showing since the recession. Conversely, the number of insolvencies in Ontario fell by almost 7% during the period, the report indicates. CIBC says that there are reasons to believe that the situation in Alberta is going to deteriorate in the months ahead. The number of proposals in the province rose by a cumulative 24% during the six months ending February, and by 30% on a smoothed year-over-year basis. “That trend is likely to lead to a higher insolvency rate in the coming quarters,” the CIBC report says. For the country overall, the report suggests that insolvencies can be expected to rise along with interest rates. “Given the increased sensitivity of Canadian households to higher interest rates, it is reasonable to expect that, as opposed to previous cycles, the upcoming interest rate tightening cycle will lead to a moderate increase in the insolvency rate, as the negative impact of increased debt financing costs will offset any positives on the unemployment front,” the report concludes. James Langton Share this article and your comments with peers on social media Facebook LinkedIn Twitter The recent weakness in oil prices is starting to heighten consumer financial distress, according to a new report from CIBC World Markets Inc. A new report from the bank that was published today reveals that the total number of insolvencies in Canada rose by 1.2% through the six months ending this past February. This marks the first increase since the recession that followed the financial crisis of 2008-2009. However, within that group, the number of personal bankruptcies actually declined by 4.7%. The overall increase is due to a 9% jump in the number of consumer proposals, in which indebted consumers negotiate to repay only a portion of their debt. last_img read more

Losses in oil and gas sector bite into Manulife’s Q4 earnings

first_img Related news Laurentian Bank reports $53.1M profit in Q2, beats expectations Canaccord reports record revenues, drops proposal to acquire RF Capital Share this article and your comments with peers on social media Canadian Press Manulife Financial Corp. saw a 62% drop in its fourth-quarter profit, which it blamed on losses in its oil and gas investments. The Toronto-based company reported net income of $246 million or 11 cents a share for the three-month period ended Dec. 31, 2015. Canadian banks to focus on growth, spending and buybacks after strong second quarter This compared with a profit of $640 million or 33 cents per share for the same period a year earlier. Core earnings amounted to $859 million in the fourth quarter, up 28% from $713 million year over year. Manulife (TSX:MFC) says a decline in its investments in energy resulted in a $250-million charge for the fourth quarter and a $876-million charge for 2015. The insurer says volatility in energy prices is a factor that could make it difficult for the company to meet its core profit goal of $4 billion this year. Manulife president and CEO Donald Guloien says despite the outlook, the company remains confident about the “underlying fundamentals” of its business. It announced that it has raised its dividend by 9% to 18.5 cents — the third increase in seven quarters. “This was a disappointing year in terms of net income, largely due to sharp mark-to-market declines in oil and gas prices, diminishing an otherwise great year,” he said in a statement. The insurer says it saw insurance sales grow by 20% to US$416 million in Asia and increase by 76% to US$303 million in Canada for the fourth quarter year over year. Insurance sales in the U.S. fell 17% to US$127 million in the same period. Keywords Earnings Facebook LinkedIn Twitterlast_img read more

FINRA sanctions Arkansas brokerage poor supervision of research department emails

first_img Facebook LinkedIn Twitter Related news BFI investors plead for firm’s sale Mouth mechanic turned market manipulator PwC alleges deleted emails, unusual transactions in Bridging Finance case James Langton center_img The firm settled the allegations, neither admitting nor denying the charges, but it consented to FINRA’s findings. FINRA found that from August 2013 through January 2016, “Stephens did not adequately supervise the content and dissemination of the flash emails”; and, that the firm failed to properly supervise trading in connection with these emails. “These failures created the risk that the flash emails could potentially include material nonpublic information that might be misused by sales and trading personnel,” FINRA says in a statement. “The supervision of internal communications by research analysts to the sales force requires extreme vigilance given the possibility of revealing material nonpublic information in advance of published research,” says Brad Bennett, executive vice president and chief of enforcement at FINRA. “Today’s action reminds those firms that permit such communications of the need to supervise and monitor them, and to ensure that their controls protect against trading based on the information.” Keywords EnforcementCompanies Financial Industry Regulatory Authority The Financial Industry Regulatory Authority (FINRA) a has announced Wednesday it has fined a Little Rock, Ark.-based brokerage firm for US$900,000 failing to properly supervise emails from research analysts to its traders and salespeople. FINRA also centured Stephens Inc., for “inadequately supervising firm-wide internal ‘flash’ emails sent by its research analysts.” Share this article and your comments with peers on social medialast_img read more

U.S. recovery ‘far from complete,’ Powell says

first_img Share this article and your comments with peers on social media Federal Reserve Chair Jerome Powell reiterated his belief Friday that while the U.S. economy has been steadily rebounding from the devastation caused by the pandemic recession, the recovery is far from complete and needs continued support from the Fed.In an opinion piece posted Friday in the Wall Street Journal, Powell characterizes the economy as much improved, with about half the 20 million jobs that were lost to the pandemic having been recovered and with the outlook brightening as vaccinations are more widely administered. Martin Crutsinger, The Associated Press Swiss insurer admits to enabling U.S. tax evasion Keywords Economy,  Economic indicators,  U.S.,  CoronavirusCompanies Federal Reserve Board Singapore’s financial regulator invests in innovation man being rescued by lifeboat iStock Regulators aim to root out pandemic-driven liquidity issues Related news Yet he adds, “The recovery is far from complete, so at the Fed we will continue to provide the economy with the support that it needs for as long as it takes.”Powell’s message reinforces points he made Wednesday at a news conference after the Fed’s latest policy meeting. When the meeting ended, the central bank’s policymakers issued updated forecasts that sharply upgraded their outlook, with the economy expected to accelerate quickly this year. At the same time, their consensus forecast showed that the officials expect to keep their benchmark rate pinned near zero through 2023, despite concerns in financial markets about potentially higher inflation.In his opinion piece, Powell says that in February 2020, he and other Fed officials had been monitoring the Covid-19 outbreak in China but didn’t think it would cause major harm in the United States. But he says that at a meeting he was attending of finance officials from the Group of 20 major industrial countries, it became clear that the virus was spreading quickly and widely.He left that meeting, he writes, “with the conviction that its effect would not be confined to faraway lands, as I had thought, but would reach every part of the globe.”One week later, in early March, the Fed held an emergency policy meeting with what Powell says was one agenda item: “How could we help people get through what was going to be a terribly difficult time?”The officials concluded, he says, that they had to act forcefully because “the danger to the U.S. economy was grave.”The central bank proceeded to slash its key short-term interest rate to a record low, started providing support to keep long-term rates low through the purchase of billions of dollars in bonds and established a series of emergency loan facilities to support the financial system.Even with the Fed’s rapid and broad-based response, Powell notes that the “ensuing downturn was unprecedented in speed, breadth and intensity.”“The pandemic inflicted a cruel and uneven toll on lives and livelihoods,” the Fed chair writes.But, he says, “I truly believe that we will emerge from this crisis stronger and better, as we have done so often before.” Facebook LinkedIn Twitterlast_img read more

Public Accountability Inspectorate to Become Operational April 1

first_imgRelatedPublic Accountability Inspectorate to Become Operational April 1 FacebookTwitterWhatsAppEmail The proposed Public Accountability Inspectorate (PAI), is expected to become fully operational no later than April 1, Finance and Public Service Minister, Audley Shaw, has announced.The Minister, who was speaking at a loan signing between the Government and the World Bank at the Ministry on January 23, said that the “finishing touches” for the functioning of the agency are being applied, and staff recruitment will be undertaken over the next few weeks.Staff will comprise personnel from the Ministry, and where there may be need for external recruitments, such openings will be advertised, he informed.According to Minister Shaw, the PAI will be charged with the responsibility of reviewing critical reports tabled in Parliament. These, he advised, include the reports of the Auditor General; Public Accounts Committee (PAC); Public Administration and Appropriations Committee; Audit Commission; Internal Audit; and Contractor General.“As the Minister that has the constitutional duty to protect the (country’s) revenue, in putting in the PAI, it will become my eyes and my ears, to ensure that all of the infractions that are identified by all of these various reports and institutions that we have, that. these recommendations are being followed up. And, beyond that, if there are other issues that arise from time to time, then, from my directive or from the directive of the Financial Secretary, we’ll ensure that, that accountability and transparency is there,” the Minister asserted.He warned that every agency and Ministry of Government will be subject to the PAI’s scrutiny, as the Government attempts to weed out corruption.“The PAI is on its way to every Ministry and every agency, as the eyes and ears of the Minister of Finance. And I want to send the signal that we are serious, where we find corruption, we are calling the police. Where we find corruption, we are calling the Revenue Protection Division (which) I have re-established. where we find it, we (will) call the Financial Investigations Division (FID),” the Minister warned. Public Accountability Inspectorate to Become Operational April 1 Finance & Public ServiceJanuary 27, 2009 RelatedPublic Accountability Inspectorate to Become Operational April 1center_img RelatedPublic Accountability Inspectorate to Become Operational April 1 Advertisementslast_img read more