Daewoo seals $600m VLCC deal DAEWOO Heavy Industries, one of the most resilient forces in South Korean shipbuilding, has clinched a $600m multiple VLCC contract from Middle East investors who are also considering taking a stake in the yard group.
Den norske Bank to tighten ship lending after losses DEN norske Bank is to tighten its ship lending policy after its recent embarrassing losses in the sector and warns that the outlook for shipping remains grim.
RamRig boss quits as Aker takes $10.6m loss Losses on the hydraulic RamRig lightweight drilling derrick developed by Aker Maritime's Kristiansand-based subsidiary Maritime Hydraulics have led to the unit's managing director Per Møller-Hansen stepping down.
DnB refutes lawsuit threats from Greek owners Den norske Bank said yesterday that it had neither received any of the counter-lawsuits Greek shipowners had reportedly threatened to file against it, nor does it expect any, writes our Oslo Correspondent. "Anyone can file a lawsuit, but we don't believe there are adequate grounds for one," Den norske Bank spokesman Jarl Veggan said.
Ugland sets sights on record profit for 1998 SHUTTLE tanker specialist Ugland Nordic Shipping remains on course for record profit in 1998 and possibly 1999, despite an expected dent in the third quarter figures.
Russian plea for oil firms' patience Russia's deputy minister for Fuel and Energy, V Z Garipov, has asked for patience among foreign investors developing oil and gas deposits in Russia, amid its struggle against the economic slump and low oil prices.
Shortsea box terminal plan at Tilbury THE UK's Port of Tilbury is to invest '2m in the construction of a new container terminal specifically for shortsea operations.
Forth Ports denies Tilbury sale FORTH Ports has categorically denied the Port of Tilbury is for sale in response to industry speculation the Scottish-based ports group had held preliminary talks over disposing of its investment, writes Felicity Landon.
Captured officer held in chains A SRI Lankan seafarer, freed by Tamil Tiger rebels after more than a year in captivity, recalled how he was assaulted by the guerrillas and kept in chains.
Dire market hits SOL Reefers SOL Reefers plunged into the red over the first nine months as a result of what the company described as the worst reefer market for 15 years.
Swedish Orient Line to flag out SWEDISH Orient Line is in talks with the unions regarding the withdrawal of the last five ships still flying the Swedish flag.
Philippines insist on domestic ISM code PHILIPPINE maritime authorities are insisting that domestic operators should abide by the provisions of the ISM Code to prevent future disasters.
Owners warned on transfer pricing MOORE Stephens, the UK shipping and insurance accountant, has warned shipowners that they could be affected by new British tax legislation on transfer pricing.
Hai Sun Hup signs up with Wallenius SINGAPORE-based Hai Sun Hup Group has signed an agreement with Wallenius Lines, the Swedish car carrier operator, to set up a joint venture shipmanagement company.
Sea-Land rejects China's Tianjin proposals SEA-LAND has rejected a Chinese counter-proposal on terminal operations at Tianjin, leaving a long shipping dispute between Beijing and Washington still unresolved.
International Seaports awarded leasehold rights LEASEHOLD rights have been granted by the government of the Indian state of Orissa to International Seaports (India), a joint venture company developing Dhamra port.
Thai launch toll rises to 18 THE death toll from the passenger launch Sandee Maneesup 9, which sank off Thailand on October 20, rose to 18 today when two unidentified bodies were pulled from the sea.
Kværner sells US housebuilder KVÆRNER, the Anglo-Norwegian international engineering and construction group, is selling its US housebuilding activities.
Way cleared for Peru-Ecuador navigation accord A PEACE treaty signed by Peru and Ecuador this week will bring 170 years of border conflict to an end and pave the way for a commercial and navigation agreement.
Holland America targets Latin America LATIN America will be the next big cruise market according to Rolf Klug, vice-president of international marketing and sales for Holland America Line.
Seoul blocks second North Korean project SOUTH Korean authorities yesterday said they had postponed a decision on a second cruise project to the North proposed by Kumgangsan International Group.
North Korea cruise deal near completion CHUNG Ju-yung, the founder and honorary chairman of the Hyundai Group, leaves for Pyongyang today to finalise details for the first cruise service between North and South Korea.
Major Alameda Corridor contract awarded THE Alameda Corridor Transportation Authority has awarded a $712m contract for design and construction of a ten-mile-long trench to improve transport to San Pedro Bay terminals.
Premier Cruises restructuring agreed PREMIER Cruises has reached an agreement in principle between its major shareholders and the committee of bondholders to re-capitalise the company.
Nouvelle impulsion pour EuroBridge Lundi dernier, Tor Line a officiellement lancé son nouveau tonnage sur la route maritime entre Gand et Göteborg. Le nouveau "Tor Scandia" était venu s'amarrer au quai du terminal de Volvo au Mercatordok. Vers la fin de la semaine, un navire jumeau de cette unité, le "Tor Flandria", fera son entrée dans ce service EuroBridge. L'armement suédois, filiale du groupe danois DFDS, transférera au début de l'année prochaine les "Tor Britannia" et "Tor Dania" vers la ligne entre la Suède et le continent. Actuellement, ces deux navires opèrent encore sur l'AngloBridge (Suède/ Royaume-Uni).
Henri Paës & C' vise un CA d'un milliard de BEF en 2000 A l'origine, il s'agissait d'une entreprise d'expédition dont les activités étaient centrées sur le port d'Anvers et le marché belge. Au fil des décennies, la firme Henri Paës & C', qui a gardé son caractère familial - c'est la quatrième génération qui tient la barre - a considérablement évolué, ayant étendu son rayon d'action à l'expédition maritime import-export, au transport routier international, au stockage et à la distribution. Depuis quelques années, sous l'impulsion d'une jeune direction qui a su tirer les conclusions de certaines évolutions en cours et prévisibles, l'entreprise a résolument opté pour une diversification géographique, axée sur la logistique de distribution à valeur ajoutée. Cette stratégie est axée sur deux pôles de croissance: la France et la Pologne. Enfin, cette politique d'expansion va de pair avec une restructuration qui prendra sa forme définitive dès le début de l'année prochaine.
Les Verts veulent interdire aux camions de circuler en Belgique le dimanche Quatre membres écologistes de la Chambre des Représentants belges ont déposé, le 20 octobre dernier, une proposition de loi "promouvant la sécurité routière en limitant le transport de marchandises" (le texte vient d'être publié par la Chambre). Elle prévoit une interdiction de circuler dominicale pour les camions de plus de 7,5 tonnes. Dans l'état actuel des choses, on peut estimer que les chances de voir cette proposition de loi acceptée par le Parlement. sont fort restreintes.
Réunion au sommet des trois associations belges de transporteurs Les trois associations belges de transporteurs vont se réunir le mardi 10 novembre prochain à Bruxelles pour voir dans quelle mesure elles peuvent créer l'une ou l'autre structure leur permettant d'adopter des points de vues communs face aux autorités. C'est ce que nous avons appris à bonne source. La nouvelle nous a été confirmée par Philippe Degraef, directeur de la Febetra.
Botany conflict costing road transport operators The New South Wales government was being given little chance yesterday of resolving problems allegedly affecting Botany Bay container terminals. The state government stepped in yesterday after an increasing chorus of protests about the situation from shippers and truck operators, whose claims contradict those of the terminal operators. The move allowed the central New South Wales branch of the Maritime Union of Australia to tell government ministers what it believed was the problem at the state's premier container handling facility.
No market for pilots A rapidly accelerating supply problem and the high level of professionalism required effectively means there is no market for pilotage and no point in competitive tendering, according to the president of the Australian Marine Pilots Association Captain Steve Pelecanos. In a provocative address to the 36th biennial conference of the Association of Australian Port and Marine Authorities yesterday, Captain Pelecanos told delegates Australian pilots led the world in initiatives such as risk management, performance auditing and advanced skills training, yet pilots were still too often thought of merely as "purveyors of local knowledge".
Efficient transport key to productivity: BHP The business environment for resources companies has never been tougher, and there is little prospect of an immediate turn-around, according to BHP's executive director finance, Graeme McGregor. Addressing a meeting of the financial community in Edinburgh, he said: "Almost all our commodities are at the bottom of the cycle, a situation which we have not encountered before. And in our view, the Asian crisis still has some way to run, so we cannot rule out further deterioration in some markets.
PC documents ANL performance With the finalisation of the sale of ANL Ltd nearing completion, the Productivity Commission has produced a useful summary of the line's performance over the past six years. In its report on the Performance of Government Trading Enterprises, the commission noted that between 1991-92 and 1996-97 ANL had considerable restructuring, withdrew several of its services, divested several of its shareholdings and assets and changed its management structure. It said ANL's principal activity -- the provision of international container shipping services -- represented about 62 per cent of its operating revenue in 1996-97.
Latvian Shipping Blames Losses On Privatization Delay Latvian Shipping blamed its eight-month loss largely on delays in the company's privatization. The firm had earlier planned a profit of $8 million this year, but said it was still doing better than in 1997, when it saw a loss of $4.43 million in the first three quarters alone. Latvian Shipping, which is said to be the world's 19th largest shipper, operates a 67-vessel fleet. Its privatization has been delayed since late 1997 due to unresolved debt claims and political bickering.
Norway To Decide On Oil Cut Status Soon Norway will reportedly decide to keep or ditch its 100,000 bpd oil production roll back following a meeting this week of consuming and producing nations in South Africa.
Hanjin Wins $120M Ship Order Hanjin Heavy Industries reportedly won a $120 million order from Mediterranean Shipping Co. SA of Switzerland to build three containerships.
U.S. August Oil Imports Surpasses Expectations The U.S. imported almost eight million more barrels of oil during August than previously thought, with more crude coming from Saudi Arabia, Venezuela, Iraq and Kuwait, based on final volume numbers compiled by the U.S. Energy Information Administration.
BP To Release Data On Amoco Merger To U.S. British Petroleum will file information next month requested by the FTC regarding BP's proposed merger with Amoco Corp.
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