Osprey abandons $500m bond issue OSPREY Maritime has dropped plans for a $500m bond issue as a result of the punitive levels of interest now being demanded in the US high yield market.
Asia deals grain blow to Latin America Defaults and cancellations on grain contracts to southeast Asia from Latin America could total $350m, according to shipping sources.
ABP lifts interim profits by 11% Associated British Ports has announced an 11% increase in its interim first half profits, having completed a major restructuring drive.
Clarkson results hit by 'difficult market' HORACE Clarkson, one of the world's leading shipbrokers, has warned it will suffer financially from what it believes is "the most difficult shipping market since the mid-1980s."
Delays force Stena to reschedule new ro-ros LONG delays in the delivery of the first ro-ro vessel in the Stena 4 Runner class currently under construction at Italy's Societa Esercizio Cantieri shipyard, has forced the Swedish operator to re-schedule the destination of the five vessels.
SGF completes takeover of Merzario Genoa-based SGF, the holding company for non vessel-operating freight forwarding, transportation and distribution company Serra Group and General Electric's GE Capital Equity, has completed the takeover of Merzario, writes our Milan Correspondent.
Kuehne & Nagel plans India boost Kuehne & Nagel, the world's largest freight forwarding company, is to set up its own container freight stations in India over the next two years, as part of its expansion plans.
Row erupts at summit on manning A conference on manning in London yesterday saw heated exchanges between the head of the International Transport Workers' Federa-tion and a prominent shipmanager.
Seafarer shortage growing, says ISF THE International Shipping Federation report to be released at the end of this month will show "an increase in the gulf between supply and demand of seafarers."
System 'more sophisticated' says ASA boss WITH the certified agreement of Australia's waterfront coming into effect tomorrow, "the whole system will be far more sophisticated," says the Australian Shipowners Association.
New lng port planned for Gujarat A CONSORTIUM comprising National Telecom of India and Unocal of US has been issued a letter of intent by the Gujarat government for the Rs12bn ($282m) lng-based Maroli port project
New training body for Philippines A NEW organisation that will recommend and process grants given to local educational and training institutions has been formed in the Philippines.
British group eyes Philippine port opportunities PORTS and Terminals Group of the UK says it is interested in developing ports in the Philippines under the build-operate-transfer scheme.
BIFA hits out at French truckers THE British International Freight Association has called on the European Commission to take action following more disruption by French truck drivers at French ports.
PSA Corp earmarks $100m for Inchon SOUTH Korea's Maritime Affairs and Fisheries Ministry says that Singapore's PSA Corp is expected to invest $100m in a multi-purpose wharf project at Inchon.
Gdansk Shipyard agreement signed AN agreement was signed yesterday confirming the sale of Stocznia Gdanska from receivership to new buyers.
Color axes chartered ferry NORWEGIAN ferry company Color Line has decided not to continue the charter for one of the two fast ferries it operates after the end of the present summer season.
Australian wheat harvest nears record AUSTRALIA'S wheat harvest is now expected to be a near-record 23.5m tonnes, according to a new, official forecast.
Australian yards promised boost AUSTRALIA'S A$500m ($295m) shipbuilding industry has been drawn into the nation's general election campaign with the government looking to boost the industry.
ABP reports higher profits UK ports and property investment group, Associated British Ports Holdings (ABP), has reported an 11 per cent increase in profits for the first half of 1998.
Mærsk to upgrade Japan-Australia service DANISH liner operator Mærsk will introduce a fixed-day weekly service between Japan and Australia next month.
ACL seeks new partner ATLANTIC Container Line is looking for a new partner after takeover talks with its biggest shareholder, the US-based Holt group, were suspended for 18 months earlier this month.
Bergensen increases Kv'rner stake NORWEGIAN bulk shipping group Bergensen has increased its holding in the Anglo-Norwegian shipbuilding and construction group Kv'rner.
International Seaports to develop Kakinada THE government of the south Indian state of Andhra Pradesh has awarded the Kakinada port development work to International Seaports Private.
Illness afflicts West Coast cruises HEALTH authorities have reported outbreaks of respiratory illnesses among cruise ship passengers sailing along the British Columbia coast as well as Alaska and the Yukon.
Asian move to reduce US$ dependence INDIA and Malaysia are proposing to move towards trading in local currencies and remove the dependence on the US dollar as the preferred trading currency.
Finmare liquidation goes ahead THE decree issued by Italy's inter-ministerial committee CIPE setting out the restructuring plan of Finmare has been officially listed.
Anvers et Zeebrugge vont former un GIE pour les trafics containérisés La dernière tentative aura été la bonne: les ports d'Anvers et de Zeebrugge sont entrés dans la voie de la coopération, à l'initiative des deux administrations portuaires. Celles-ci vont constituer un GIE (Groupement d'intérêt économique) qui, dans un premier stade, sera axé sur les terminaux traitant les trafics containérisés. Dans le contexte belgo-flamand, on peut considérer cet accord comme historique, car il va manifestement donner une nouvelle orientation à la politique portuaire, qui évoluera ainsi sur un plan plus rationnel, plus logique, d'autant plus qu'il sera possible d'obtenir un rendement beaucoup plus élevé des investissements en infrastructures. Enfin, cet accord ne manquera pas, à terme, d'avoir des répercussions sur les trafics qui intéressent ou sont susceptibles d'intéresser les deux ports en question.
"L'Europe va à contre-sens et perd du temps" En prônant un débat sur l'internalisation des coûts externes et en rêvant d'un transfert modal, l'Europe va à contre-sens et perd du temps. Ceci entraîne un réel risque de perte de compétitivité pour l'économie européenne,a demande en transport. Freiner le développement du transport routier risque dès lors de freiner le développement du PIB européen.
OOCL commande quatre PC de 5.500 TEU L'armement OOCL a passé commande de quatre porte-containers d'une capacité de 5.500 TEU pour livraison en l'an 2000. Deux de ces nouveaux navires, qui viendront renforcer la flotte de 80 unités de la compagnie, seront construits à Taiwan, les deux autres en Corée du Sud. Les nouveaux PC sont destinés aux services de la Grand Alliance. Jim Poon, président et administrateur délégué d'OOCL (Europe), s'est refusé à révéler le montant de l'investissement, se contentant d'indiquer que le contrat avait été conclu à un prix "très attractif".
Applause for TFES boost Bass Strait shippers have enthusiastically welcomed the coalition's commitment to initiate changes to the administration of the Tasmanian Freight Equalisation Scheme while providing it with a $15 million funding boost. Prime Minister John Howard announced in Tasmania on Tuesday that the coalition had decided to accept all of the 16 recommendations of the Nixon review of the scheme.
MPC FoI victory premature The Victorian Labor opposition's claim of a major victory in a fight for the release of Melbourne Port Corporation documents under a Freedom of Information (FoI) request could be premature. The Victorian Civil and Administrative Tribunal's ruling that the MPC was covered by the government's freedom of information laws has not been an impetus for the corporation to delve into its filing cabinets and hand over the documents. A spokesperson for the MPC said: "We have taken independent legal advice on this matter and are still considering our options." The VCAT's ruling is far from the end of the process, and should it wish to the corporation could take its case to the Supreme Court.
Union watches Sandra Marie The MUA is carefully monitoring the movement of the former Australian coastal bulk carrier, the Sandra Marie. The Sandra Marie, formerly employed in the soda ash trade between Port Adelaide and Sydney, has left South Australia for New Zealand with Australian officers and Tongan ratings on board. The former Australian registered ship has been reflagged in Tonga. The vessel's operators while in Australian waters, Intercontinental Ship Management, remain tight-lipped about the vessel or her future. However, according to industry sources once in New Zealand the Australian officers will be replaced with a New Zealand crew and she will enter the trans-Tasman trade. This has caused concern to the MUA according to the union's deputy national secretary, Paddy Crumlin.
Patrick not waiting for 'loose ends' Patrick expects to implement its new enterprise agreement across the country on Monday, irrespective of whether the Maritime Union of Australia comes to an agreement with a maintenance contractor or not. Late yesterday the MUA was again locked in discussions with the maintenance contractor to Patrick, Fluor Daniel, after making good progress on Tuesday. It is understood that the issue of numbers was the major sticking point, with the MUA attempting to ensure that as many of its displaced members secure new jobs with the contractor.
P&O Australia reports good first half P&O Australia contributed Stg 31.6 million to P&O's overall operating profit of Stg 223.6 million during the first six months of the year to 30 June. This was slightly less than the Stg 33.1 million contributed during the same period last year, but represented a rise due to the falling value of the Australian dollar. The group's headline profit before reorganisation costs stood at Stg 151.7 million, well above the Stg 131.2 million recorded in the same six months a year ago. P&O chairman Lord Sterling said the overall outlook for the group continued to be positive.
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