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| MAY 6, 2005 |
Shipping News
- Botched cargo theft a wake-up call for ports
THE recent hijack of an Indonesian vessel and botched million-dollar cargo theft has exposed serious flaws in the security of Malaysia's Pasir Gudang port and is a wake-up call for the region's ports, according to the Kuala Lumpur-based IMB Piracy Reporting Centre.
- Norwegian firm wins Venice LNG terminal deal worth US$900m
AKER Kvaerner, a Norwegian oil services and engineering company, said the contract to build an import terminal for liquefied natural gas near Venice in Italy is worth US$900 million.
- Bangladesh urged to build deep-sea port
BANGLADESH has become more cost-competitive for foreign investors, but high corporate tax and transportation costs were holding back a bigger flow of overseas capital, a Japanese trade survey said.
Admiralty Casebook
- Court finds ship blast intentional, rejects insurance claim
THE insurer of a bulk carrier need not pay a claim for US$4 million because the vessel's owner had intentionally caused an explosion to make a fraudulent insurance claim, the English High Court ruled last month.
Port Shots
- PORT SHOTS
TEEKAY LNG Partners LP, a natural-gas shipping venture of the world's largest oil tanker owner, plans to raise US$132 million from a stock sale as demand for energy surges.
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| MAY 6, 2005 |
- CP Ships buys out Borg International Freight Services
- FEFC increases BAF charges
- NYK expands north Europe to Mediterranean Service
- Major Aussie clothing retailer fined for evading customs duty
- Transport industry needs to change to meet new challenges, says NOL
- AADA puts up bunker surcharge
- BNSF records freight revenue rise in Q1
- ANA Group 2004 net profit climbes 9 per cent
- China Airlines offers direct Taipei-Vienna service
- NWA installs new CFO
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| MAY 6, 2005 |
- NSCSA reaffirms its commitment to Indian trade
- Anti-terror measures have paid rich dividends, says TT Club
- IPBCC serves notice of rate hike from June
- Thais scouting for investment opportunities in West Bengal
- Exporters find an ally in Shrimp Task Force in US against dumping duty
- Pak to import meat, vegetables duty-free from India
- Automobile exports register 31 pc rise in 2004-05
- FinMin leaves JNPT 2 options to finance channel deepening project
- Rail freight, cargo shipping cross target
- FIF members firm on boycotting A. P. Moller Group on all-India basis from May 9
- 10-year tax holiday for promoters; units to get 100 pc exemption for 5 years
- Policy on setting up JVs with foreign investors spelt out
- AEPC seeks restoration of drawback rates to pre-January 19, 2005 level
- Official study proposes fresh look at criteria for imposition of anti-dumping duty
- New drawback rates will raise leather exports to $ 4 bn by 2010—CLE chief
- Fieo, GEA hail decision on drawback rates
- Chidambaram prunes molasses excise duty
- Assocham sees scope for trebling pharma exports
- MMTC to set up 6 FTWZs
- Tirupur’s share in garment exports up by 10 pc in 9 years
- Export Import Workshop starts admissions for 17th batch
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| MAY 5, 2005 |
- High bunker costs affecting tanker market
Market analysts predict downward pressure on shipowner earnings
- Yukos restructuring will lead to massive cuts
Finance and management centre expected to be first casualty of Yukos restructuring plan, followed by exploration and production, and refining and marketing.
- UAE: ADNOC offers 380 cst fuel oil export cargo
UAE refiner continues to offer spot export cargoes while sidelining in the Fujairah bunker market.
- DNVPS suggests checklist for Marpol VI sampling procedures
With just two weeks to go before Marpol Annex VI comes into force, several fuel testing agencies have tried to help operators understand the ins and outs of Marpol compliant sampling procedures, an area that has caused considerable confusion and raised many questions among suppliers and buyers around the world.
- Former Soviet Union fuel oil exports up sharply in March
Improved weather conditions through the Baltic and Black Seas have prompted exports of fuel oil from the former Soviet Union to increase sharply.
- WFS: Marine segment revenues double in Q1
Marine segment revenues more than doubled in the first quarter, however the company also reported unrealised losses on the hedging of fuel inventories and open purchase commitments.
- Singapore: Fuel oil stocks down, bunker market remains tight
- New global director for ExxonMobil Marine Fuels
ExxonMobil Marine Fuels (EMMF) has recently appointed Andy Wescoat as Director, Global Marine Fuels, replacing Jaime Spellings, who held the position since November 2002.
- Singapore accedes to all six Marpol Annexes
Singapore has shown its commitment to safeguard the marine environment by acceding to all six annexes of Marpol.
- Alternative power facilitates PTP development
The Port of Tanjung Pelepas (PTP) will be getting an alternative source of power supply that would further boost the port's future development.
- UAE shipping firm considers fleet replacement
State-owned shipping company may replace its fleet of vessels with double-hulls to comply with IMO regulations.
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| MAY 5, 2005 |
- Car carrying boosts Wilh Wilhelmsen
- Odfjell reports strongest ever quarter
- NOL president calls for "seamless supply chain"
- More firms sign up for Imarex
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| MAY 5, 2005 |
- Hornbeck to convert sulfur carriers to world's largest OSV's
- Owner pays $76,150 for garbage bag
- Cuba to be partner in new Venezuelan naval repair yard
- Teekay LNG prices its IPO to raise $132 million
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| MAY 5, 2005 |
- Two new tenants headed for Kalama River Industrial Park
- Golden Ocean Group agrees to take over charter of Louis Dreyfus fleet
- Seattle grade school students spruce up Chittenden Locks
- Alaska Airlines wins LA to Mexico City flights
- NYK looks to China for new source of seafarers
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| MAY 6, 2005 |
- Tanker market faces three years of famine warns analyst
THE tanker market is likely to be the first shipping sector to suffer an oversupply of tonnage, leading to earnings declines for the next three years, Citigroup Smith Barney tanker analyst John Kartsonas has warned.
- World-Wide hails the best of its 50 years
RECORD tanker markets helped to make 2004 “the best ever” for World-Wide Shipping it has emerged amid celebrations of the Hong Kong tanker giant’s founding 50 years ago this year, writes Julian Bray.
- Market warms to Teekay’s IPO as expectations are beaten
THE debut of Teekay Shipping’s long-awaited liquefied natural gas initial public offering has been greeted warmly by the stock market after the issue emerged at a higher price than initially expected and with more shares being sold, writes Tony Gray.
- OSG hints at more orders
OVERSEAS Shipholding Group could order up to five additional US-flag product tanker newbuildings on its own account, writes Rajesh Joshi in New York.
- Barroso passes liner review to Barrot
European Union Transport Commissioner Jacques Barrot is expected to take charge of the review of liner conference shipping legislation following the latest round of pass-the-parcel.
- How troubles on ill-fated Norway reached boiling point
BOILER troubles on the Norwaywere a long-standing and well documented problem before the fatal quayside explosion in Miami two years ago, a US federal docket has suggested.
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| MAY 5, 2005 |
- SNCM confirms emergency sales
FRENCH state-owned ferry operator SNCM has confirmed it is to sell assets of €13M ($16.8M) to avoid bankruptcy in the short term
- Pacific Sky cruises cancelled
P&O Cruises' has cancelled two cruises on Brisbane based Pacific Sky as repairs to the ship's gearbox will take longer than expected.... Full story
- TEN rates hold steady
TSAKOS Energy Navigation managed a moderate boost in profits during its first quarter, despite lower revenues.... Full story
- OSG results skyrocket
OVERSEAS Shipholding Group raked in more profits during the first quarter of 2005 than during any previous full year in its history, 2004 aside.... Full story
- Trasmed buys TMA flagship
TRASMEDITERRANEA, Spain's largest ferry and cargo operator, is to purchase the ro-pax Atalaya de Alcudia from Transportes Maritimos Alcudia in Majorca.... Full story
- Algoma posts stronger quarter
ALGOMA Central, the Canadian tanker operator, posted improved earnings in the first quarter, due to increased activity in Great Lakes and ocean operations.... Full story
- P&O Ports ditches COO Baillie
- Odfjell fined for pollution
- Longshore union faces challenges
- Australia resumes Saudi livestock
- HK insists on third party cover
- Transchart head leaves for Mercator
- NCL's Norway: not safe
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| MAY 5, 2005 |
- LA boxes to grow 9.9%: Report
Despite growth, nation's largest container complex should be able to avoid the severe congestion that occurred last year.
- Halterm volume off
- C-TPAT raises COAC issues
- McKeon new Port Newark harbormaster
- British Airways, IFLN in partnership
- D.C. hazmat ban overturned
- Union Pacific sets $295M upgrades
- Mega air-cargo property deal
- Expeditors profit increases
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| MAY 5, 2005 |
- Baillie emerges as casualty in P&O Ports boardroom scuffle
Alistair Baillie, P&O Ports (POP) MD and chief operating officer, has been made redundant in what appears to be a boardroom putsch.
- Thaw in India/Pakistan relations sees trade growth and new service
- Group of six calls upon EC to be flexible with Marco Polo budget
- Two developments mooted for Port of Kandla
- EBRD looks for Russian re-sourcing in auto industry
- Hamburg eyes greater North America trade
- Canada-UK eastbound box rate increase
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| MAY 5, 2005 |
- OSG turns huge profit
New York owner parlays US tax break, integration of Stelmar fleet into record $165m earnings for first quarter.
- TEN reports best 1Q
Vessel sale, higher TCE helps Tsakos company top 2004 figures.
- Maritrans in patent win
Victory for US tanker owner in battle over single to double hull conversions.
- Pirate attacks down
But experts say decline in Indonesian incidents may be due mainly to effects of Tsunami.
- Sheepgate over
Australians and Saudis settle their differences and agree to resume livestock trade.
- Profits up at Algoma
Addition of new bulker and tanker tonnage has begun to add to Canadian owner’s bottom line.
- Pacific Sky faces further delay
Ship will be out of action until 18 June after P&O Cruises Australia cancels two more cruises.
- NOL volumes up 11%
Continued strong demand and new services help boost throughput at Singapore national flag carrier.
- Chong resumes Vita purchases
Links Island Holdings founder continues to build position in recently listed Singapore shipowner.
- Clampdown on Cook Strait
New Zealand’s Maritime Safety Authority lays down the law to ferries after recent spate of incidents.
- Teekay LNG prices IPO
Tanker owner’s gas carrier spin-off looks to raise at least $132m from initial public offering.
- Sea Humber rescued
Ferry and lifeboat combine efforts to stop broken down British registered coaster going aground.
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| MAY 5, 2005 |
- Shipping companies must expand supply chain capabilities
- CP Ships' stock price rises amid rumors
- China Shipping overtakes COSCO as biggest Chinese box carrier
- SITC next in line to enter transpacific
- MarAd approves vessel flag transfer, two scrappings
- American Airlines' cargo up 3.1% in April
- Volga-Dnepr adds Kandahar, Herat to Afghan network
- Rotterdam builds feeder container terminal
- China Shipping signs Nansha port venture
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