Will 2016 Bring Unwelcome Surprises for the Housing Market?

first_img Data Provider Black Knight to Acquire Top of Mind 2 days ago Demand Propels Home Prices Upward 2 days ago Boom and Bust Cycles Federal Reserve Forecasts Housing Market Trulia 2015-12-04 Brian Honea Tagged with: Boom and Bust Cycles Federal Reserve Forecasts Housing Market Trulia The mortgage industry is practically holding its breath as 2015 comes to a close and 2016 is just a few weeks away. With it may come a number of welcome and unwelcome surprises, causing pessimism and uncertainty to invade the market.Next year’s housing market will be largely depended on location and housing cost, according to a recent report from Trulia.The last housing boom and bust cycle from 1989 to 2005 lasted almost double the usual seven to 10 years during other periods, the report found.So will 2016’s housing market boom and bust cycle return to historical levels or last longer than the most recent cycle?”For many, owning a home is making a comeback as an essential part of their personal American Dream,” Trulia stated. “At the same time there’s a growing sense that achieving that dream will be difficult in the year ahead.”Survey data from Trulia showed that consumers still believe in the American dream of homeownership, with the share of consumers that desire to own a home rising 1 point to 75 percent, and millennial belief grew 2 points to 80 percent.The expected interest rate hike from the Federal Reserve is also swaying the views of many consumers for the housing market next year. The report showed that 22 percent of Americans think getting a mortgage loan will be more difficult in 2016.”The Federal Reserve has expressed commitment to raising rates at the end of 2015 or early 2016, and consumers may be getting anxious about the prospect of increased mortgage rates…even though increased mortgage rates won’t effect the financial advantages of buying in most housing markets,” Trulia said.But 2016 is not expected to be all bad, in fact, 30 percent of American adults said that 2016 will be better than 2015 for selling a home.Trulia predicts that markets in the ‘Costly Coast,’ or in the West and Northeast regions in the country will decline in activity, while markets in the ‘Bargain Belt,’ or in the Southern and Midwestern.In many of these coastal metros, affordability has decreased, homes are staying on the market slightly longer, and saving for a down payment can take decades. Taken together, these factors suggest that household formation will wane in these metros 2016, which should help moderate price and rent growth. But due to a limited supply of new single-family homes in these metros, we don’t anticipate prices to fall anytime soon.In every category except getting a mortgage to buy a home, those in the combined region of the South and Midwest think 2016 will be better than worse. The largest differential was in selling a home, but those in the Bargain Belt also feel particularly optimistic about buying and renting a home.Buying will remain a better deal than renting nationally, even if mortgage rates increase. But in several California markets, renting might become cheaper than buying. Consumers are also starting to feel pessimistic about homes along the costly coasts.Trulia’s Markets to Watch in 2016:Grand Rapids–Wyoming, MichiganCharleston, South CarolinaAustin, TexasBaton Rouge, LouisianaSan Antonio, TexasColorado Springs, ColoradoColumbia, South CarolinaRiverside–San Bernardino, CarolinaLas Vegas, NevadaTacoma, WashingtonClick here to view the full report. Servicers Navigate the Post-Pandemic World 2 days ago in Daily Dose, Featured, Market Studies, News Share Save Servicers Navigate the Post-Pandemic World 2 days ago  Print This Post Sign up for DS News Daily Xhevrije West is a talented writer and editor based in Dallas, Texas. She has worked for a number of publications including The Syracuse New Times, Dallas Flow Magazine, and Bellwethr Magazine. She completed her Bachelors at Alcorn State University and went on to complete her Masters at Syracuse University. Data Provider Black Knight to Acquire Top of Mind 2 days ago Related Articlescenter_img December 4, 2015 3,189 Views Home / Daily Dose / Will 2016 Bring Unwelcome Surprises for the Housing Market? The Best Markets For Residential Property Investors 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Previous: Treasury: Comprehensive Housing Finance Reform Must Be Built on Core Principles Next: Lawmakers Urge FHFA Director Watt to Consider More Risk Sharing Options About Author: Xhevrije West The Best Markets For Residential Property Investors 2 days ago Demand Propels Home Prices Upward 2 days ago Will 2016 Bring Unwelcome Surprises for the Housing Market? Subscribelast_img read more

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UW offensive line hopes to follow long line of talented predecessors

first_imgThere are a lot of maybes standing in front of University of Wisconsin’s football team this year as they embark on their 2014 season.The wide receivers are looking for someone who can step up and replace Jared Abbrederis, the starting quarterback job is still being fought over and the defense is looking to replace the majority of their front seven from last season, including All-American Chris Borland.Ready to push through these obstacles, however, are group of five players who have solidified their place as the calling card of the football program: the offensive line.Despite battling injuries in spring practices, the Badgers’ offensive line has returned to familiar form and appears to be one of the steadiest positions on the field for the team as they head into the 2014 season.The 2014 offensive line returns five players that started at least six games in 2013. A year ago, the same group paved the way for Melvin Gordon and James White as they broke the single-season FBS record for rushing yards by teammates with 3,053 yards. Wisconsin also ranked second in the country in yards per carry at 6.62, while also being the only team to claim two 1,000-yard rushers and a 1,000-yard receiver. UW’s 3,689 total rushing yards in 2013 set a new school record, as well.All those numbers came behind an offensive line that had two players win All-Big Ten honors. Both All-Big Ten honorees, along with three more starters from 2013, return in 2014 and give the Badgers offensive line a total of 75 career starts coming into this season.It will be that experience from the offensive line that could prove crucial as the Badgers fill in the pieces of the puzzle going into the 2014 season.Left Tackle – Tyler MarzMarz returns at left tackle for the Badgers in 2014 after starting all 13 games in 2013. A redshirt junior, Marz was named preseason first-team All-Big Ten for the 2014 season after earning honorable mention All-Big Ten honors last season.Marz, who was named UW’s Offensive Scout Team Player of the Year in 2011, will once again be trusted to protect the quarterback’s blindside in 2014, while clearing the way for Gordon and Corey Clement in the backfield. He and Rob Havenstein, the right tackle, started all 13 games for UW last season.As Marz heads into the season at left tackle, he said he’s hoping to improve on his protection of the quarterback – whether it be Tanner McEvoy or Joel Stave.“Improving [pass protection] in general is a big one for me personally,” Marz said. “Especially last year we had some breakdowns and some struggles, including myself. So improving my pass protection is a big goal for me.”Left Guard – Dallas LewallenLeft guard is the lone position that lost its starter from 2013, as Ryan Groy graduated and went to the Chicago Bears this spring. Lewallen, a 6-foot-6 fifth-year senior, will step in at left guard for the Badgers in 2014. Despite not playing left guard last season, Lewallen still started seven games at center. His first career start came in Wisconsin’s opener against Massachusetts in August 2013. However, the Berlin, Wisconsin, native suffered a knee injury in week seven and missed the final six games of the 2013 season.Lewallen missed spring practices, as well, after undergoing knee surgery in the winter, but he’s ready to step in at the left guard spot in 2014. He accredits the guys around him as a big reason why the switch to left guard has gone well.“It’s been going really well,” Lewallen said. “I’ve got a nice left tackle in Tyler [Marz], and Dan [Voltz] is a good center that makes the right calls for me, so it has been a smooth transition.”Center – Dan VoltzVoltz, a promising sophomore, takes over as the season’s starter at center. After starting the final six games at center for the injured Lewallen in 2013, Voltz played well enough for the Badgers’ coaching staff to permanently keep him at center and move Lewallen to guard for 2014. As a redshirt freshman last season, Voltz’s play in only six starts was enough for him to be named first-team All-Freshman in the Big Ten.Expectations continue to rise for Voltz in 2014.  In May, the Barrington, Illinois, native was selected for the Rimington Trophy watch list. The annual award for the nation’s top center, named 64 players to the watch list, with only five of those picks, including Voltz, coming as sophomores. Voltz was also part of the preseason All-Big Ten team.But as the auspicious center heads into his sophomore campaign, Voltz is looking to be more consistent, which could bode well for the offensive line in 2014.“I think I had a lot of ups and downs last year, some good games and some bad games, so I’m just trying to play well every game,” Voltz said. “And every practice as well, which hopefully carries over to the games.”Right Guard – Kyle CostiganA fifth-year senior, Costigan comes into 2014 as the starter at right guard after starting the final 12 games of last season at the position. Costigan, who came into the program as a defensive lineman, switched over to the offensive line in the spring of 2012 after suffering a season-ending injury in 2011.In 2012, Costigan jumped right into his new position, playing in 12 games with nine starts. He even started the Badgers’ Rose Bowl game against Stanford on New Year’s Day at the end of the season.It should not come as a huge surprise that Costigan found success right away on the offensive line in 2012, as he was the winner of UW’s Badger Power Award.Coming into the 2014 season, Costigan was selected to the preseason All-Big Ten first team, bringing even more experience to the offensive line. For Costigan, who has missed his fair share of time due to injury throughout his Badger career, staying healthy is his, and one of the offensive line’s, biggest goals for 2014.“I just want to stay healthy and play up to my potential,” Costigan said. “For the line as a whole, it’s just playing up to our potential. We have three guys that have had a lot of injuries but a lot of experience as well. If we make sure all five of us stay healthy all year, the sky’s the limit if we do that.”Right Tackle – Rob HavensteinHavenstein is the Badgers’ most experienced offensive lineman, starting the last 27 games at right tackle while playing in 40 games throughout his UW career. Those 40 games from Havenstein are the most among active Wisconsin players coming into the 2014 season. In 2013, the Mount Airy, Maryland, native was a second-team All-Big Ten selection by the coaches while also being voted as an honorable mention All-Big Ten selection by the media.Heading into 2014, Havenstein’s preseason awards list is about as lengthy as the tackle’s 6-foot-8 frame. Havenstein was named to the Lombardi Award watch list, which is awarded annually to the nation’s top offensive or defensive lineman. He was also added to the Outland Trophy watch list, an annual award for college football’s top interior lineman. Furthermore, Havenstein was selected to the preseason All-American fourth-team, as well as first-team All-Big Ten heading into the 2014 season.Over Havenstein’s last 27 starts, he has blocked for three 1,000-yard rushers in Montee Ball, James White and Melvin Gordon. In 2014, Havenstein and the rest of the experienced offensive line are hoping to give Gordon another 1,000-yard season while also paving the way for Clement.“Having some guys back is a plus, obviously,” Havenstein said. “Getting through fall camp and all of us staying reasonably healthy, except for a couple nicks-and-nacks. But it is good to have the guys back, having played around the guys for a while. It won’t be the same starting five [from last season], but we had a good fall camp.”last_img read more

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‘John Stones is the BEST ball-playing defender in Europe’ – Roberto Martinez EXCLUSIVE

first_imgEverton boss has hailed John Stones as ‘the best footballing centre-half in European football’ and reiterated that the club will NOT sell the England starlet purely for financial gain.Stones has emerged as one of the country’s most promising talents since moving to Goodison Park from Barnsley in 2013, with the 21-year-old now an England regular and approaching 80 club appearances.The youngster has been praised for his ball-playing ability from the back, though it has also proved his downfall at times this season having found himself under fire after a string of costly defensive mistakes.Stones has been out of the spotlight in recent weeks, missing the Toffees’ last three matches with a niggling hamstring injury.And the boss has no doubt Stones will prove his quality on his return.“You’re talking about a group of young players who have the potential to become something very special, but they need space, they need time, they need to play games and they need to be able to makes mistakes on the pitch, that’s very clear,” Martinez exclusively told the Alan Brazil Sports Breakfast.“John Stones will be a great player. But he’s a young man, he’s only 21, he’s only played 78 games in the Premier League and sometimes we’re so quick to judge a footballer and that’s unfair.“A young man deserves to play 100 games before he can be judged.“I’ve been managing him now for three seasons and I think John Stones is, without a doubt, the best footballing centre-half I’ve seen in European football.”Stones was the subject of three rejected bids from Chelsea last summer, with the final offer thought to be around £30million, but the Toffees resisted the temptation and kept hold of their man.And Martinez again insisted the club will NOT be tempted to part ways with any of their players unless doing so would help the team move forward.The Spaniard added: “Any bid that comes in which is not in the benefit of the team [will not be accepted]…we will never be making decisions purely for financial reasons.“That doesn’t mean that we’ll never sell players, but that if we do sell a player, it will be in the benefit of the team and being able to move it forward.”last_img read more

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Legal battle over wetlands has broad implications

first_imgShare Facebook Twitter Google + LinkedIn Pinterest My favorite law professor, the late Morgan Shipman, used to love to refer to environmental cases as “birds and bunnies” law. While he felt strongly that the environment should be protected, he often pondered if the Draconian regulations protecting “birds and bunnies” were at the cost of human liberty and constitutional rights. I can only imagine his take on the recent settlement in the Duarte Case.This matter is from California, often the source of confusing legal resolutions. The trouble all began when John Duarte, fourth generation owner of Duarte Nursery, an employer of over 400 and seller of rootstock (almonds, avocados, pistachios and grapes), purchased 450 acres of red clay ground for investment and potential future orchard development in 2012.The acreage, near Modesto, had been wheat fields in the 1970s and 1980s and some of the ground was enrolled in the Conservation Reserve Program at that time. Cattle grazed this land during the 1990s and early 2000s. This property contained vernal pools, which form in low field pockets after rains. They are typically several inches deep and one-hundredth of an acre in size and remain for several weeks. Duarte hired biologists who surveyed the ground and mapped out wetlands, comprised of the vernal pools.At this point, I cannot avoid grandstand quarterbacking. If I had a client with this set of facts, I would advise him to contact the Natural Resource Conservation Service for discussions about the land before proceeding. Duarte’s biologists confirmed it was wetlands. Four federal agencies have authority over wetlands: the Army Corp of Engineers (ACE); the Environmental Protection Agency; USDA Soil Conservation Service; and U.S. Fish and Wildlife Service. This means the government gets to determine where wetlands exist, not your private consultants. Sometimes it is not better to ask for forgiveness than permission.Wetlands are defined as “areas that are inundated or saturated by surface or ground water at a frequency and duration sufficient to support, and that under normal circumstances, do support, a prevalence of vegetation typically adapted for life in saturated soil conditions. Wetlands generally include swamp, marshes, bogs and similar areas.” All three of the following must exist for there to be a wetlands determination: hydrology; hydric soils; and wetland vegetation.In December of 2012, Duarte hired a local operator at $50 per acre to till the property with a Case Quadtrac and Wilcox ripper. Duarte requested the dirt be opened down to several inches, but no deep ripping. And the individual was instructed to go around the vernal pools.This activity got the attention of an ACE field agent. And the fight began, with strong emotions on both sides. In February of 2013, Duarte received a cease-and-desist letter alleging “unauthorized work in waters of the U.S.” and threat of potential fines and imprisonment. In this communication, ACE clearly invoked the Clean Water Act. The agency later stated they believed this communication would lead to resolution of the issues. Instead, Duarte requested a hearing. When nothing happened, he filed a due process lawsuit in October of 2013.Tensions ran high on both sides, so intense that the U.S. EPA opted to not get involved. That is a particularly interesting scenario. When does the EPA turn down a fight over wetlands? The U.S. Department of Justice, however, willingly joined the battle with ACE.In August 0f 2017, the parties in this case reached a settlement. Duarte needed to resolve the matter because in June of 2017, Judge Kimberly Mueller agreed with ACE that Duarte required a permit before plowing and that his four to seven inches of tilling “had caused the material, in this case, soil, to move horizontally, creating furrows and ridges” in violation of the Clean Water Act.Normal farming activities, such as plowing, are exempt from regulations, but ACE established this was a new operation and therefore not exempt. The issue appears to be the use or non-use of the land in the years just prior to purchase by Duarte. The record refers to grazing in the early 2000s but there is no indication of its use just prior to the purchase by Duarte. Apparently Duarte was not able to establish that the land laying fallow was part of continuous agricultural use, although the statute provides for this. My suspicion is that the issue was ownership of the property during this period. Since Duarte did not own the land when it lay fallow, he may have been unable to establish that condition as part of his farming plan.The government sought $2.8 million in direct fines and $40-plus million in mitigation penalties. The parties agreed to Duarte paying $330,000 in civil penalties and $770,000 in wetlands credits. Furthermore, Duarte admitted no liability. The settlement enabled Duarte Nursery to conclude the matter and remain a viable business with 400 employees.In Ohio, my personal experience with USDA and Steve Baker, State Soil Scientist with Ohio NRCS, has been nothing like the Duarte matter. Although Steve is very busy, he is extremely knowledgeable, very practical and willing to work with farmers. Plus he is a genuinely nice guy. If you think you have a wetland area, contact USDA Soil Conservation Service to discuss the matter before you take any action.The comment period on the proposal to rescind the existing Waters of the U.S. Rule has been extended until Sept. 27, 2017. “Waters of the U.S.” were protected under the 1972 Clean Water Act, which included all navigable waters. In recent years, that definition has expanded to include anything with a nexus to a traditional navigable water, a far broader interpretation. This is your opportunity to submit comments, identified by Docked Id.EPA-HQ-2017-0203, at regulations.gov.last_img read more

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Why plant cover crops?

first_imgShare Facebook Twitter Google + LinkedIn Pinterest By Randall Reeder, P.E., Ohio State University Extension Agricultural Engineer (retired)Jim Hershey, Elizabethtown, Pennsylvania, knows the absolute necessity for keeping pollutants out of streams. His family farms in the Susquehanna River watershed, which flows into the Chesapeake Bay. When severe restrictions were placed on crop and livestock farms a few years ago, the Hershey Farm was already in compliance.Cover crops and continuous no-till are keys to meeting restrictions on keeping nutrients and sediment out of streams and lakes. We need to recognize that Ohio farmers will eventually need to meet the “Chesapeake Bay” standards for Lake Erie and the Mississippi River.Jim Hershey spoke at the Aug. 29 no-till field day at Wooster. He emphasized that cover crops should be treated as a cash crop.Here’s what cover crops provide: increased water holding capacity, reduced weed pressure, reduced crop stress, reduced slug pressure, increased organic matter, and herbicides can be cut by two-thirds when planting green.Any green living cover will help reduce carbon dioxide loss into the atmosphere. In contrast, a conventional corn-soybean rotation annually loses about 1,000 pounds of carbon per acre. No-till with cover crops can be part of a solution for global warming.The Hershey Farm is an innovator (and inventor) for interseeding cover crops into corn. They build and sell interseeders, 6- and 12-row. Hershey, and many others, are researching various cover crops to find ones that can germinate and survive the summer without reducing corn yields.At the field day, twenty speakers covered a range of topics. Rory Lewandowski, OSU Extension, organized a session on using cover crops for forage and erosion control that featured three local farmers: Mike Rupp, Doyle Stoller and Alan Kozak. Jim Hoorman, NRCS, spoke on success with no-till corn, and Ryan Haden, OSU-ATI, shared his research with interseeding cover crops into corn.last_img read more

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Using Big Data and Analytics to Automate the Sales Cycle

first_imgBig data and analytics have found their place in the sales cycle. In particular that part of the business known as maintenance and renewals.A method to aggregate and analyze multiple data sources is working for ServiceSource, a cloud services provider that offers a combination of managed services and its software to analyze data and help increase customer renewals.ServiceSource represents a new generation of cloud services providers that are growing fast by offering a combination of managed services and SaaS-based tools that integrate with enterprise technologies, be they SaaS-based or on-premise.Gartner Research predicts the cloud services market to increase from $68 billion in 2010 to about $149 billion by 2014. The companies providing cloud services are focusing to some degree on using data and analytics to provide an initial framework that is integrated into the SaaS environment.For example, Marketo is one of the fastest growing SaaS providers. It provides marketing automation services. And who can deny Salesforce.com’s growth? The service has had considerable success with its sales automation technology.Gary Liu of ServiceSource said in an interview earlier this week that its growth can in part be attributed to the demands companies are facing from Wall Street to boost revenues.That’s also what we hear from Marketo. Companies are searching for incremental revenues. Automation is providing a way to do that.Here’s how it works for ServiceSource customers:The client gives access to the data sets.The data is put through the ServiceSource data management engine. The data is normalized and then put into an intelligence platform.That allows ServiceSource to do benchmarking and tie it to metrics within a dashboard environment.The enterprise is just getting a taste for the power that automation offers. Sales has traditionally been a manual task where the relationship is of the first importance. That’s still true. But the use of automating technologies that integrate with a SaaS platform is what we expect to continue to see as the year unfolds and the cloud services market expands its scope.For ServiceSource, the challenge is in showing its systems work and can provide increased revenues for the organization. In a smart twist, ServiceSource proves itself by earning its compensation on how sales increase. The pay for performance model is apparently pretty popular with chief financial officers. Now there’s a shocker!The system seems to be working. ServiceSource says that it is seeing a 20% increase and sometimes as much as a 40% increase in customer renewal rates. And the proof of its success? ServiceSource recently announced its intentions to pursue an initial public offering. That has to be worth something, don’t you think? A Web Developer’s New Best Friend is the AI Wai… alex williams 8 Best WordPress Hosting Solutions on the Market Top Reasons to Go With Managed WordPress Hostingcenter_img Related Posts Why Tech Companies Need Simpler Terms of Servic… Tags:#cloud#saas last_img read more

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10 months agoNewcastle supporters pen open letter to Ashley for transfer funds

first_imgNewcastle supporters pen open letter to Ashley for transfer fundsby Ansser Sadiq10 months agoSend to a friendShare the loveA group of Newcastle supporters’ organisations have written an open letter to owner Mike Ashley, urging him to invest in players this month.Toon are 15th on the Premier League table, and fans are fearful the club will be relegated should Ashley chose not to allocate money for transfers during the current transfer window.The letter read in part: “Dear Mike Ashley. We are writing to urge you to do what is right for Newcastle United this month and we hope, for a change, you are willing to listen to us and act accordingly.”This is a critical month for the football club, both in terms of your stated desire to sell and the need to strengthen the squad, as repeatedly requested by the manager Rafa Benitez.”We are hoping you see the sense in striving to do both, but if you cannot find a suitable buyer, then it is imperative that you still release the funds needed to improve the squad.”To fail to do so, would seem both reckless and foolish given the damage you know relegation will do. The ongoing takeover cannot be used an excuse not to spend money in the January transfer window.”If you refuse to spend money this month, the risk of relegation not only increases, it will also mean the manager will not sign the new contract you have offered to him.”You have repeatedly said that you want Benitez to stay, so do the things needed to make sure that happens. In short, back him and give him what he needs in this window.”I know we have had a difficult relationship in the past, but at this point, we want to look forward, not backwards. Please do what is right this month.” TagsTransfersAbout the authorAnsser SadiqShare the loveHave your saylast_img read more

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10 months ago​Crystal Palace defender Souare undergoes surgery

first_img​Crystal Palace defender Souare undergoes surgeryby Ansser Sadiq10 months agoSend to a friendShare the loveCrystal Palace defender Pape Souare has gone through with an operation on his dislocated shoulder.The Senegalese international was injured against Grimsby in the FA Cup over the weekend.There is hope that he will be back soon, but it is not a major loss for Palace. Souare had only played in four games this season prior to his injury.Souare took to Twitter to say: “Quick minor op, and it went great can’t wait to get back doing what I love.”I wanna thank everyone for their ongoing support. See you soon.” About the authorAnsser SadiqShare the loveHave your saylast_img

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a month agoREVEALED: Tension between Barcelona teammates Messi and Griezmann

first_imgAbout the authorCarlos VolcanoShare the loveHave your say REVEALED: Tension between Barcelona teammates Messi and Griezmannby Carlos Volcanoa month agoSend to a friendShare the loveLionel Messi is yet to fully embrace the arrival of new Barcelona teammate Antoine Griezmann.AS says there’s some tension between the pair, with Griezmann sensing Messi isn’t fully supportive of his signing. Indeed, Messi went public last week with his disappointment that Neymar couldn’t be re-signed from PSG.Tuesday’s disappointing 0-0 draw at Champions League opponents Borussia Dortmund was Messi’s first appearance of the season.Inside the club, meanwhile, there is confidence the frostiness between the pair will ease once they start winning games together. last_img

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Danaos Delivers Major Loss due to Impairments

first_imgzoomIllustration. Image Courtesy: Pixabay under CC0 Creative Commons license Greek containership owner Danaos Corporation ended the fourth quarter of 2018 with a major loss due to recorded impairment charges.The company’s net loss for the quarter ended December 31, 2018 reached USD 180.9 million, compared to a net income of USD 22.8 million seen a year before. Danaos recognized an impairment loss of USD 210.7 million in relation to 10 of its Panamax vessels as of December 31, 2018 compared to nil in the comparable period.For the full year 2018, the company delivered a net loss of USD 32.9 million, against a net income of USD 83.9 million reported in 2017.Operating revenues were at USD 115.6 million for the fourth quarter, compared to USD 114.2 million for the three months ended December 31, 2017. On a yearly level, operating revenues were slightly up by 1.5% to USD 458.7 million in 2018 from USD 451.7 million in 2017.“The 4th quarter of 2018 was the first full quarter following the completion of our recent debt refinancing which reduced indebtedness by USD 551 million, reset financial covenants and extended maturities through the end of 2023. As mentioned before, the refinancing has strengthened the company’s balance sheet and growth prospects by removing all balloon payments and maturities of existing debt over the next five years,” Dr. John Coustas, Danaos’ CEO, said.The charter market for vessels larger than 5,000 TEU has recently shown encouraging signs of recovery, and the market for smaller vessels remains stable albeit at relatively low levels, according to Danaos.“Anticipated slow steaming and re-designing of liner networks ahead of the implementation of new restrictions on sulphur emissions in 2020 together with vessels exiting service to be fitted with scrubbers are all positive supply side developments that may lead to improved charter rates,” Coustas concluded.last_img read more

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