Inmarsat faces U.S., Chinese competition in maritime safety [Reuters]
INMARSAT PLC ADR (IMASY)
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Source: Reuters
Inmarsat faces U.S., Chinese competition in maritime safety | Reuters Reuters Staff 2 Min Read LONDON, May 22 (Reuters) - Britain’s Inmarsat will lose its monopoly in maritime safety communications after the International Maritime Organisation gave Iridium and China’s BeiDou Navigation Satellite System the green light to develop competing systems. Inmarsat’s shares fell as much as 14 percent after U.S.-based Iridium said late Monday its network had been recognised as a provider of Global Maritime Distress & Safety System (GMDSS). The stock was trading down 9 percent at 1345 GMT, while Iridium was up 4.7 percent in New York. Inmarsat announced the approval of its own new safety service and congratulated Iridium and BeiDou, the latter of which it said had been successful with its request for GMDSS evaluation by a sub-committee of the IMO. BeiDou could not be reached for comment. Inmarsat said 160,000 vessels worldwide already used its safety service, which it provides at no charge. All
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