Business - dailypress.com

Anchors await restoration; Newport News shipyard steps up

By Michael Welles Shapiro, mwshapiro@dailypress.com | 757-247-4744 — Sat, 18 May 2013 04:00:00 GMT

When The Mariners' Museum embarked on a project to restore pieces from its "boneyard" full of old boats, cannons and anchors via a fund-raising drive it didn't expect the high level of donor response or the amount of anchor-polishing its under-equipped staff would face as a result.

Senate vote pushes Craney Island port project ahead

By Michael Welles Shapiro, mwshapiro@dailypress.com | 757-247-4744 — Thu, 16 May 2013 04:00:00 GMT

A Senate bill that helps advance the construction of Hampton Roads’ next major ocean terminal, passed overwhelmingly Wednesday.

NN coal terminal to dredge berth to handle giant ships

By Michael Welles Shapiro, mwshapiro@dailypress.com | 757-247-4744 — Wed, 15 May 2013 04:00:00 GMT

With dredging Kinder Morgan's Pier IX will match other area terminals

Houston energy giant Kinder Morgan submitted a proposal to dredge a berth at its Newport News coal terminal to 52 feet from its current 45 feet, which would allow larger "Panamax" ships to dock on either side of its pier.

A port first: box ship drafts 49 feet of water

By Michael Welles Shapiro, mwshapiro@dailypress.com | 757-247-4744 — Tue, 14 May 2013 04:00:00 GMT

The Port of Virginia has outdone itself, when it comes to handling big container ships.

On the move: Peninsula movers and shakers

Sat, 11 May 2013 00:38:00 GMT

Business moves

Williamsburg Environmental Group, Inc. (WEG), a local environmental consulting and engineering firm, has added E. Scott Burroughs, IV to its expert transportation team as a senior environmental planner. His Burroughs, who has more than fifteen years of experience in environmental permitting and compliance and project management, will be responsible for environmental permitting and project management for a wide range of developmental and transportation projects. Prior to working at WEG, Mr. Burroughs served as a project manager/environmental manager for Lorenzi, Dodds & Gunnill, Inc. providing land development and environmental services to a variety of clients. Additionally, during his tenure at Rummell, Klepper & Kahl, LLP, he served as an integral member of the environmental team on the Woodrow Wilson Bridge project.

Ports officials predict financial turnaround

By Michael Welles Shapiro, mwshapiro@dailypress.com | 757-247-4744 — Fri, 10 May 2013 04:00:00 GMT

From a $13.7 million loss to $230,000 in the black

After years of operating at a loss, the combined budget of the Virginia Port Authority and its nonprofit operator is expected to be in the black, according to a draft budget for Fiscal Year 2014.

Doumar orders release of coal-laden ship from Port of Virginia

By Michael Welles Shapiro, mwshapiro@dailypress.com | 757-247-4744 — Thu, 09 May 2013 04:00:00 GMT

A federal judge ordered the Coast Guard to accept a bond payment of $1.5 million in exchange for the release of a coal-laden cargo ship accused of violating environmental laws and docked at the Portsmouth Marine Terminal.

Shipyard increasingly profitable for first quarter of 2013

By Michael Welles Shapiro, mwshapiro@dailypress.com | 757-247-4744 — Thu, 09 May 2013 04:00:00 GMT

Revenue at the shipyard's parent company, Huntington Ingalls Industry, was flat in first-quarter 2013 earnings report released Wednesday, but earnings per share was a penny better than Wall Street estimates.

Judge blasts Coast Guard in hearing

By Michael Welles Shapiro, mwshapiro@dailypress.com | 757-247-4744 — Wed, 08 May 2013 04:00:00 GMT

NEWPORT NEWS—A federal judge blasted the Coast Guard repeatedly for preventing a Maltese-flagged ship from leaving the Port of Virginia as its crew are investigated for allegedly violating environmental laws.

Ford's structure complete after last "puzzle piece"

By Michael Welles Shapiro, mwshapiro@dailypress.com | 757-247-4744 — Wed, 08 May 2013 04:00:00 GMT

If the hull of the Gerald R. Ford aircraft carrier is a massive jigsaw puzzle – a metaphor sometimes employed by its shipbuilders – then the forward end of the catapult is like a corner piece.

Ford launch moved back from July to November

By Michael Welles Shapiro, mwshapiro@dailypress.com | 757-247-4744 — Tue, 07 May 2013 04:00:00 GMT

The Gerald R. Ford aircraft carrier will be launched in November as opposed to July as was originally set in a contract between the Navy and Newport News Shipbuilding, a Navy official said.

Judge to ship owner, Coast Guard: Compromise

By Michael Welles Shapiro, mwshapiro@dailypress.com | 757-247-4744 — Tue, 07 May 2013 00:56:48 GMT

A federal judge on Monday urged lawyers for a coal ship owner and the Coast Guard to come to an agreement so the ship can operate while the government investigates it for an alleged environmental crime.

Records describe fatal accident at Hampton manufacturing plant

By Michael Welles Shapiro, mwshapiro@dailypress.com | 757-247-4744 — Sat, 04 May 2013 04:00:00 GMT

Police and state records shed light on a March accident at Craft Machine Works, where Aleksandr L. "Sasha" Berelovich, a repair mechanic, was crushed to death.

Jurors deliberate in Martinovich trial

By Michael Welles Shapiro, mwshapiro@dailypress.com | 757-247-4744 — Fri, 03 May 2013 00:32:31 GMT

Forewoman asks for more time to consider case

A jury began deliberations in the federal fraud trial of Jeffrey A. Martinovich Thursday, but did not reach a consensus by day's end.

Petters bullish on 2013 for Huntington Ingalls

By Michael Welles Shapiro, mwshapiro@dailypress.com | 757-247-4744 — Thu, 02 May 2013 04:00:00 GMT

With two years under his belt at the helm of Huntington Ingalls Industries, Mike Petters offered a sunny take on the Newport News company's future Wednesday.

Unemployment down in Hampton Roads and its localities

Thu, 02 May 2013 04:00:00 GMT

Joblessness in cities and counties across Hampton Roads fell in March, according to a U.S. Bureau of Labor Statistics report issued Wednesday.

In fraud case Martinovich puts blame on employee

By Michael Welles Shapiro, mwshapiro@dailypress.com | 757-247-4744 — Wed, 01 May 2013 14:45:31 GMT

During extensive questioning Tuesday in his federal fraud trial, former hedge fund manager Jeffrey A. Martinovich told a prosecutor he was misled about the value of a key investment by one of the government's star witnesses.

Customs agents find moth in military shipment

By Michael Welles Shapiro, mwshapiro@dailypress.com | 757-247-4744 — Tue, 30 Apr 2013 04:00:00 GMT

Customs agents found a potentially harmful moth on a military cargo plane bringing equipment from Afghanistan to Naval Station Norfolk.

Hampton Roads economic growth hits sequestration wall

By Tara Bozick, tbozick@dailypress.com | 757-247-4741 — Tue, 30 Apr 2013 01:29:00 GMT

Region could lose up to 6,800 jobs in 2013 because of federal spending cuts

NEWPORT NEWS — The Hampton Roads economy is gradually improving, but defense spending cuts might hamper the region's economic growth.

Martinovich expected to testify Monday in fraud trial

By Michael Welles Shapiro, mwshapiro@dailypress.com | 757-247-4744 — Sat, 27 Apr 2013 04:00:00 GMT

Jeffrey A. Martinovich will take the stand Monday, the last witness in his federal fraud trial.

Business briefs

Fri, 26 Apr 2013 23:55:59 GMT

Smithfield and Continental Grain continue to butt heads

By Michael Welles Shapiro, mwshapiro@dailypress.com | 757-247-4744 — Fri, 26 Apr 2013 04:00:00 GMT

Investor wants Smithfield to sell off hog farms and shake up board

A large Smithfield Foods shareholder made the case Thursday that the Isle of Wight County pork giant needs to trim down and focus more squarely on its profitable packaged meats business, setting the table for a proxy war at the company's next annual shareholders meeting.

Investors for Newport News Shipbuilding's parent company will meet in Miss.

By Michael Welles Shapiro, mwshapiro@dailypress.com | 757-247-4744 — Fri, 26 Apr 2013 04:00:00 GMT

Next week's annual shareholders meeting for Newport News-based Huntington Ingalls Industries will be more of a hike for local investors than last year's event.

Defense witnesses take the stand in Martinovich trial

By Michael Welles Shapiro, mwshapiro@dailypress.com | 757-247-4744 — Thu, 25 Apr 2013 04:00:00 GMT

Witness says Martinovich didn't meddle with valuation of solar company stock

A top deputy of Jeffrey A. Martinovich said Wednesday he was unaware of any role the former financial service company CEO had in inflating the value of a solar company in which a Martinovich hedge fund owned a large stake.

Virginia opens Shanghai trade office

By Michael Welles Shapiro, mwshapiro@dailypress.com | 757-247-4744 — Wed, 24 Apr 2013 04:00:00 GMT

Virginia opened a Shanghai office Tuesday to promote the export of agricultural and forestry products from the commonwealth.