Ocean Rig finalises $450m deal NORWAY'S Ocean Rig has pieced together all components of a $450m financing package it hopes will give it a head-start in the semi-submersible rig market, pursuant to its agreement with Sedco Forex.
Box sector plunges Finmare into loss ITALIAN state shipping group Finmare plunged to a Lire70.7bn ($40.4m) loss last year because of poor results from its container subsidiary Lloyd Triestino.
India set to agree ports equity deal INDIA'S government appears to be on the verge of settling for a maximum equity stake of 11% in joint ventures between the country's 11 major ports and private sector companies, of both Indian and foreign origin.
Demanding Suharto resigns Indonesian soldiers with tanks and armoured vehicles stand behind a road block yesterday in central Jakarta where thousands of demonstrators had planned to gather to demand the resignation of president Suharto. Moslem opposition leader Amien Rais called off the mass protest but said he would join students occupying parliament.
US patience runs out in Japan practices storm A US-JAPAN confrontation over Japanese port practices may once again be on the cards as the US Federal Maritime Commission has issued a thinly veiled warning of harsh sanctions against Japanese-flag containerships unless Tokyo implements reforms it agreed last year in the near future.
Harrington retires from Royal Bank of Scotland REX Harrington, one of the giants of ship finance, is retiring as director of shipping at The Royal Bank of Scotland.
China ports boom 'a waste of money' MUCH of the money being invested in China's sea and river ports may be wasted in ill-considered expansion programmes that merely duplicate existing services, the Ministry of Communications has said.
Savings drive helps Zim cut first quarter losses ZIM Israel Navigation Co remained in the red during the first quarter of the year although losses were smaller than a year ago, writes Janet Porter.
Indonesian output 'not disrupted by unrest' PRODUCTION of Indonesia oil and gas has not been disrupted by the country's current political and social unrest, according to a Mobil spokesman.
RCCL newbuildings get 'biggest ever' pods THE biggest podded propulsors yet to be installed on a passenger vessel, will be used for RCCL's four newbuildings.
Hong Kong company to launch Scandinavian service AN UNNAMED Hong Kong company has applied to start a fast ferry service across the Gulf of Bothnia.
Vietnamese owner acquires first large tanker VIETNAMESE state-owned shipping company Falcon Shipping has recently purchased its first tanker for $21m, according to market sources.
Swan Reefer/Irgens Larsen talks miss deadline SWAN Reefer and Irgens Larsen Holdings are still locked in talks over the take-over by the Oslo-based reefer owner of Irgens Larsen and its fleet of eight vessels.
Trasmed slips into the red SPANISH ferry operator Trasmediterranea has reported a first quarter loss despite an increase in turnover.
Poompuhar seeks to charter foreign tonnage POOMPUHAR Shipping, the bulk carrier operator owned by the Tamil Nadu government, has sought permission from India's director general of shipping to charter foreign flag vessels.
Small handysize market 'looking good' THE small handysize market's longterm potential looks good, according to Thai dry cargo tramp operator Precious Shipping Limited (PSL).
Harrington to retire from RBS REX Harrington, director of shipping at the Royal Bank of Scotland, is to retire after 25 years in the sector.
Sharp fall in UK seafarers forecast THE number of UK seafarers is set to fall by one-third over the next five years, captain Jeremy Howard, director of the Marine Society told yesterday's agm.
P&O wins action against MUA P&O Ports has won a court order, preventing the MUA from 'interfering' with the company's operations at the ports of Adelaide and Newcastle.
Cagliari box hub 'operational soon' CAGLIARI'S recently developed container hub could be serving its first international customer as early as next month.
Californian route restrictions proposed ROUTE restrictions may be imposed on vessels travelling between southern California and San Fransisco Bay, according to US Coast Guard (USCG) commander Chip Sharpe.
US tug runs on ultra-low emission diesels A $505,000 demonstration project being carried out in Los Angeles harbour is expected to have major ramifications for Southern California tug operators.
Cayman Islands explains gay cruise ban SIX months after denying permission to a gay-chartered cruiseship to enter port, the Cayman Islands government has issued a statement explaining its decision.
Sri Lanka to order dredger newbuilding SRI Lanka Ports Authority (SLPA) is planning to oprder a new $15m dredger to replace its present outdated vessel.
P&OP threatens to sack dock unionists Relations between P&O Ports and the Maritime union of Australia were deteriorating rapidly yesterday with the stevedore threatening to terminate the employment of the union's members. This followed the MUA's alleged non-adherence to a Supreme Court injunction which prevented the union and its officials from interfering in operations at P&O Ports facilities at Port Adelaide and Newcastle.
Confident SIA orders 10 wide-bodies Less that a week after Qantas revealed that it has deferred its long-range fleet upgrading plans, rival airline Singapore Airlines announced it had agreed to buy 10 wide-bodied A340-500 aircraft valued at $US2.2 billion. The order for 10 of the super long-range aircraft, comprising five firm orders and five options will enable SIA to operate non-stop services for the first time between Singapore and destinations such as San Francisco and Los Angeles.
ITF thanks Fels for 'naming' ships The International Transport Workers' Federation has identified several vessels which it believes were loaded by non-union labour at the height of the dispute between Patrick and the Maritime Union of Australia. The ITF said it "must acknowledge the encouragement and assistance of Prof Alan Fels, chair of the Australian Competition and Consumer Commission in providing this list of scab cargo for dockworkers around the world to support their fellow wharfies 'down under'.
PC looks at coal-rail deals The Productivity Commission may consider recommending the Queensland government set aside existing long-term rail freight contracts for coal producers, Commissioner John Cosgrove told a conference this week. Mr Cosgrove said the state government's announcement a month ago that it had abolished the 2000 moratorium on third-party access to coal-hauling rail infrastructure in the state had made one of the recommendations of his draft report into the black coal industry look almost redundant.
Mackay savors sweet future The Port of Mackay is about to spend $23.6 million on upgrading and expanding its refined bulk sugar facilities in partnership with the Queensland Sugar Corporation. Port of Mackay ceo, Greg Mann said the extension will provide "what is essentially two wharves in line" which will handle refined bulk sugar, giving the port more cargo handling flexibility.
Dangers in ballast approach There is a danger that the current approach to ballast water waste management in Australia could lead to contradictory regulations being imposed on shipping, according to a report on Australia's Ocean Policy released this week by the government. The report said the current voluntary guidelines for ballast water management by those ships entering Australian ports were being amended by AQIS to incorporate the new provisions of the IMO's proposed mandatory guidelines to the included in the MARPOL convention.
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