US clears Korea of aid misuse Claims that South Korea has been misusing the International Monetary Fund's $58bn rescue package to bail out domestic industries such as shipbuilding have been dismissed by the US government.
Anek issue launched in Athens General investors will tomorrow get a first chance to buy shares in Crete's Anek Lines when the ferry operator launches its initial public offering on the Athens Stock Exchange.
Korea shows faith in shipbuilding South Korea's three leading heavy industry companies have now all committed themselves to a future in shipbuilding as part of the restructuring of the nation's conglomerates.
Broken Hill set for fall in price of coking coal AUSTRALIA'S largest coal exporter, Broken Hill Pty, has confirmed the worst fears of the country's labour unions over the outcome of international price talks.
P&I Club may revive fixed premium plan Plans by the Liverpool & London protection and indemnity club to leave the International Group of P&I Clubs and offer fixed premium liability coverage to shipowners are likely to be revived next year, a leading insurance broker is predicting.
Monarch of the Seas accident probe opens AN investigation into the grounding of Royal Caribbean International's 73,941 gt cruiseship Monarch of the Seas was launched last night by the US Coast Guard and St Maarten authorities.
Newhaven outer harbour plan on hold UNCERTAINTY over the future of ferry services out of Newhaven means the port's '12.5m ($21m) outer harbour development is unlikely to go ahead in the foreseeable future.
Hamburg Süd in new trade link GERMAN shipping group Hamburg Süd has announced a co-operation agreement for the service between the east coasts of North and South America.
CP completes ANZDL buy-out CANADIAN Pacific has completed the acquisition of Australia - New Zealand Direct Line (ANZDL) from its two owners, Bolloré Group of France and Brierley Investments of New Zealand. It is understood the cost of the entire transaction was in the region of $US110 million. The sale includes ANZDL’s container shipping services and brand name in two trades, the United States west coast to-from Australia/New Zealand and trans-Tasman. Also included are ANZDL’s organisation, its containers and chartered ships. ANZDL is now part of CP Ships, Canadian Pacific’s container shipping business. The acquisition will increase CP Ships’ annual revenue and container volume by nearly 15%.
CMA-CGM merger gets the green light THE merger between CMA and CGM can proceed according to a ruling of the Versailles Court of Appeal. Late last week the Court dismissed all claims made by Johnny Saade’s Societe Mistral SAL, ordering it to pay costs. The merger process was interrupted in November by an injunction following action by Societe Mistral SAL. "Since late 1996, CMA-CGM group management has developed a number of industrial synergies by combining agency networks, co-ordinating logistics, providing for common fleet management and creating a central purchasing agency," the group said in a statement.
Record revenue for Brisbane A RECORD operating revenue of $75 million for the 1997/98 financial year has been announced by the Port of Brisbane Corporation following the tabling of its annual report. This result was on the back of a strong container trade growth and a busy year for dredging operations. The Corporation’s chairman, Elizabeth Nosworthy, said that dredging revenue increased by $4 million as a result of greater dredging requirements from northern ports. "The continued success of dredging as a major revenue stream over the past year consolidated our decision to build a new $40 million dredger," Ms Nosworthy said. Earnings before interest and tax were $27 million after allowing for abnormal items of $9.5 million, with a "bottom line" net profit for the year of $11.9 million.
The Suez Canal Authority has announced that it will introduce surcharges on transit tariffs through the Egyptian canal for most major cargo vessels, effective July 15.
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