Shipping elite to hold talks on ties SHIPPING'S powerbroking elite are to hold a London summit later this month, in a bid to hammer out closer co-operation between them.
Canberra still fighting on THE former P&O cruiseship, Canberra, refuses to die even though she was taken out of service and sold for scrap 12 months ago, writes David Mott.
$130m investment boost for Voltri Voltri Terminal Europa, the Genoa-based container hub operator, is pushing ahead with a Lire210bn ($130m) investment programme under the guidance of its new majority shareholder, Singapore's PSA Corp.
Operating loss at Belships SHARPLY reduced product tanker activities and drastically weaker gas tankers profits has pushed Norwegian bulk shipping group Belships to an operating loss for the first eight months of this year, although the group's overall losses were trimmed.
NOL begins charm offensive STUNG by mounting local criticism over its huge losses, Neptune Orient Line has gone on the offensive with plans to raise money and cut its high gearing.
US imposes tax on Brazil-flag vessels THE US has decided to punish Brazil for allegedly discriminating against US-flag vessels by establishing a second maritime register.
EU plans new ports waste disposal laws CONCERNS that inadequate port facilities handling waste from ships has encouraged masters to empty unwanted polluting material into the seas has sparked the proposal of European rules to deal with the problem.
Petromin to sell bulkers Romanian shipping company Petromin is to auction three panamax bulk carriers at a sale in the UK to ease its debt burden.
Sydney hit by go slow PRODUCTIVITY at the Port of Sydney has slumped because of an unofficial 'go slow' by Maritime Union of Australia members, according to the Sydney Ports Corporation.
Foreign-built ships suffer US setback SENATOR John McCain has withdrawn legislation that would have allowed foreign-built cruise ships to carry passengers between US ports.
Ingalls wins Classic order INGALLS Shipbuilding, a division of Litton Industries, has emerged as the choice of American Classic Voyages for construction of its two 1,900-passenger, 71,000 gt cruise liners.
Missing master found dead THE search for the master of the roro ferry Princess of the Orient, which sank on September 18, ended yesterday in a Manila funeral parlour.
Victoria energy crisis eases AUSTRALIAN manufacturers have begun a staggered return to production following a 12 day energy shutdown caused by a gas plant explosion in the state of Victoria.
Skaugen losses deepen NORWEGIAN gas carrier and lighterage tanker group, I M Skaugen, suffered a net loss of Nkr 56m ($8.3m) in the third quarter, compared with a Nkr 4m loss in the same period last year.
Norwegians to stage general strike ABOUT 1.2m Norwegians are expected to join a two-hour general strike on October 15 in a protest against the government's draft budget
Sulpicio agrees to pay for cleanup SULPICIO Lines has agreed to pay for the cleanup of the oil spill from the Princess of the Orient, following pressure from politicians and non-governmental organisations.
DnB issues profit warning DEN norske Bank (DnB), one of Norway's leading financial institutions, has issued a profits warning following a loss of Nkr 500m ($64m) on its shipping portfolio.
Calypso case settled THE owners of Jacques Cousteau's famous ocean research vessel, Calypso, have reached an out of court settlement with Kwong Soon Engineering Yard in Singapore.
FASC chief slams alliances VICHARN Nivatvongs, chairman of the Federation of ASEAN Shippers' Councils, today slammed 'inadequate' regulations governing relations between shippers and shipowners.
Drydock chief cannot confirm appointment PROF Noel Zarb Adami could not confirm his re-appointment as chairman of Malta Drydock (MDD), despite receiving a ministerial request to deal with matters needing urgent attention.
NOL ready to sell APL stake NEPTUNE Orient Lines "does not dispute" it has been looking to sell a minority stake in American President Lines, and that one offer has been rejected over price.
Chemical tanker orders go to Japan Two Panamanian owners have placed orders for chemical tankers with Japanese yards.
$5m for Philadelphia port improvement TIOGA Marine Terminal, Philadelphia, has received a boost with the release of nearly $5m from from capital budget funds for expansion of refrigeration space.
US sends 'REB war' mission to Brazil A US mission will arrive in Brazil on October 14 to discuss the 'REB war'.
Ganger Rolf acquires Mercur Tankers GANGER Rolf, a publicly listed shipowning company controlled by Norwegian shipowner Fred Olsen, has acquired 88 per cent of the shares in Mercur Tankers from former parent Loki.
Marad invites domestic breaking bids MARAD is inviting domestic bids for 25 vessels, which must be scrapped within 24 months of delivery.
Sydney waterfront nears 'boiling point' The Sydney waterfront was rapidly approaching boiling point yesterday as employers contemplated legal action against the Maritime Union of Australia and some of its officials. Patrick director Bill Clayton said yesterday that the company was contemplating legal action against the union. P&O Ports director, Australia and New Zealand, Andrew Burgess, confirmed that a go-slow was in place at the company's Port Botany facility, but limited himself to noting that negotiations about the situation were being held at both, federal and state levels of the union.
FPA beats budgets, freezes charges Fremantle Port Authority customers have been promised that port charges for ships and cargoes will not rise for the rest of this financial year following strong container trade growth and better than budgeted financial results. The promise is made in the port's 1997-98 annual report where it posted an after-tax profit for the year of $7.5 million -- a figure that was $1.2 million ahead of budget. The port's profit before tax and abnormals was $12.7 million, with a dividend of $1.2 million being returned to the WA government. The port's rate of return on assets is 7.4 per cent compared with a target of six per cent. The debt to assets ratio has been reduced from 89.2 per cent in 1992-93 to 30 per cent in 1997/98.
Govt urged to act on promises The three peak bodies representing the shipping, road and rail transport industries have welcomed the re-election of the coalition but have urged it to act swiftly to implement its election promises. The Australian Shipowners Association's chief executive, Lachlan Payne, said yesterday that having achieved a position on the required direction of reform with the previous Coalition government, the industry was now in a position to continue negotiations on the basis of an established and constructive policy platform. Crucial to that process would be the establishment of the working group which the industry and then Minister for Industrial Relations, Peter Reith, agreed on 3 September should be established after the election to consider the reforms required to create an internationally competitive shipping industry.
FreightCorp plans near activation Interstate rail freight competition along the eastern seaboard appears to be intensifying further, with the NSW-owned operator FreightCorp revealing it expects to be running regular interstate services both north and south of NSW very shortly. A spokeswoman for FreightCorp did not wish to comment yesterday on when the proposed interstate services would begin, but she admitted that considerable progress had been made with customers and access organisations to allow the long-awaited services to start. There has been strong industry speculation that FreightCorp could start a regular Sydney-Brisbane intermodal service with stevedore Patrick. There are also rumors that FreightCorp wants to run intermodal services on the Sydney-Adelaide and Sydney-Melbourne routes in partnerships with Australia Southern Railroad and V/Line Freight respectively.
PDVSA Tapped By Government State-run oil company Petroleos de Venezuela SA's cash flow or investment will not be affected by the $980 million dividend extracted last month by the Venezuelan government to close its gaping fiscal deficit.
Kuwait Drafts Ship Confiscation Rule Kuwait has drafted a law to confiscate ships used to violate U.N. trade sanctions imposed against its former occupier Iraq. Confiscation orders will be referred to Kuwait's Court of Cassation for a final ruling.
Mersey Docks Mulls Steel Terminal British port operator Mersey Docks and Harbour Co. reportedly will develop a steel terminal at Birkenhead Docks with Denholm Shipping Services.
Inmarsat Sets Date For Privatization Inmarsat's assembly of member governments, meeting in Greece, agreed by consensus that Inmarsat, an internationally-owned cooperative, will become a public limited company on April 1, 1999. The new structure comprises two entities: a public limited company that will seek an initial public offering (IPO) within approximately two years of formation, and an intergovernmental body to ensure that Inmarsat meets its public service obligations, including the GMDSS. The new company, which will be located in London, will be governed by a 15 member fiduciary Board of Directors consisting of the CEO and 14 non-executive directors, three of which will represent developing countries.
Tanker Forecasts To 2005 Poten & Partners, a New York headquartered ship and cargo brokerage and consulting firm has released Tanker Prospects for the 21st Century, a forecast of tanker rates to 2005. The 208-page report covers worldwide economic activity, oil demand, and crude oil flows for five classes of tankers. Projected demand for each class of tanker is compared to projected supply to arrive at a supply/demand balance, forming the basis for a rate forecast. Future rates are subject to a number of cross-currents. While the Asian Contagion has made a dramatic change of economic activity in several Southeast Asian nations, oil consumption is still expected to grow in Asian nations not significantly affected by the Asian Contagion plus Europe and North America. This does not sound particularly negative for tanker owners, but another cross current is significant growth in short haul oil from Latin America, West Africa, North Sea, offshore Gulf of Mexico. This will shorten the average voyage length reducing dependence for Middle East crude in the Atlantic basin. In the Pacific.
Shipping Fee Transparency Called For The Federation of ASEAN Shippers Councils (FASC) called for an international mechanism, recognized at law, to force shipping lines to make their charging policies more transparent.
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