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Iridium +5.5% as network gets approval for maritime safety

May 22, 2018 9:17 AM ETIridium Communications Inc. (IRDM) StockBy: Jason Aycock, SA News Editor7 Comments
  • Iridium (NASDAQ:IRDM) is up 5.5% premarket after news that its network has won approval for maritime safety, a move that will let it compete in a global ocean market.
  • The International Maritime Organization's Maritime Safety Committee made the determination, a move that Iridium says ends a decades-long satellite industry monopoly.
  • The company's services will get going with a Public Services Agreement between Iridium and the International Mobile Satellite Organization, which will monitor the company's implementation.
  • Iridium had formally begun the process in April 2013.
  • “This is a historic moment for the maritime industry and an honor for Iridium to be the second ever recognized provider for GMDSS services,” said Iridium's Bryan Hartin. “This is the dawn of a new era for mariner safety."

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