Aaserod to spend $400m on fleet US-based Norwegian businessman Bjorn Aaserod is setting up a New York-listed company which will spend up to $400m buying small vessels deployed primarily in the ethylene trade.
Western Bulk charter deal with Sumitomo NORWAY'S Western Bulk Shipping group has reached an understanding with Japan's Sumitomo Corp on bareboat charterparties for four semi-open hatch 45,000 dwt newbuildings scheduled for 1998 and 1999 delivery, writes our Oslo Correspondent.
PSA sees profits boost PSA Corporation, the world's largest container terminal operator, saw profits top the S$1bn ($628.9m) mark for the first time last year despite the economic turmoil in southeast Asia.
Aker results exceed market expectations NORWAY'S Aker Maritime surpassed analysts' expectations on first-quarter financials, and announced it was on course for annual profitability of NKr1bn ($134m) in 2000.
MarAd faces union pressure to back Lykes subsidy-swap TRADE union pressure is growing on the US Maritime Administration to reverse its 1997 decision which stopped Lykes Lines receiving a ship subsidy contract worth $6.3m.
Bank loses crew wages claim A LEGAL bid by a bank to avoid meeting claims for wages by the crew of a ship sold to meet a mortgagee's judgment against the owners has failed. High Court judge Mr Justice Rix has ruled that though the crew may legally have been employed, not by the ship's owners, but by a national seamen's agency, that does not entitle the bank to avoid payment.
LR surplus underlines firm position LLOYD'S Register has taken the unusual step of releasing full financial figures which underline the strength of the world's leading classification society.
Damaged blast tanker up for sale The GNMTC-owned Um El Faroud, pictured after being damaged in an explosion at Malta Drydocks (MDD) three years ago, has been put up for sale according to advertisements in local newspapers. Offers end next Thursday and buyers must remove the damaged tanker within one month of purchase. The explosion at MDD in February, 1995, killed nine dockers. At a hearing in January 1996, blame was apportioned to both MDD and Libyan owners GNMTC. However, shortly after the court's findings, the transport minister ordered a re-hearing of the inquiry.
Silja Oy to retain ownership of Silja Line SILJA Line, the Baltic cruise ferry operator, is to remain a wholly-owned subsidiary of troubled Silja Oy, in spite of plans to enhance shareholder value.
Monaco reveals cruise port ambitions FRANCK Biancheri, director general of Monaco's department of finance and economy, has revealed Monaco's ambitions to become a major Mediterraean cruise port.
Substandard Philippine schools to be closed THE Commission on Higher Education in the Philippines is to close the country's substandard maritime schools.
Frontline 'retains right to sue ICB' PRESS reports in Sweden claim that Frontline has reserved the right to sue ICB Shipping over the planned merger with Astro Tankers
Norden chairman predicts operating loss DANISH bulk shipping group Norden has warned it will report a loss for 1998 because of weakness in the dry bulk and product tanker sectors.
Trygg-Hansa sells to Zurich THE Swedish insurance company Trygg-Hansa has signed a letter of intent to sell its Industrial & Marine division to the Swiss insurance company Zurich Group.
Reward offered for missing tanker THE owner of the 12,357 dwt tanker missing, believed hijacked, in the South China Sea has offered a $50,000 reward via the International Maritime Bureau.
Profits up for U-Ming BOOSTED by contributions from a new investment company, Taiwanese bulk carrier operator U-Ming Marine has reported a 21 per cent increase in 1997 profits.
Shippers query TSA on Japan exemption THE Hong Kong Shippers Council is unhappy with the Transpacific Stabilisation Agreement decision to exempt Japan from the peak season surcharge, but not Hong Kong.
Rainfall eases Panama restrictions PANAMA Canal authorities have eased restrictions on draught following heavy rains that replenished reservoirs.
LA to expand cruise terminal LOS Angeles port has announced a $30m plan to expand its World Cruise Center terminal.
Essar posts profits gain INDIA'S Essar Shipping has recorded a 39 per cent rise in net profits.
Hapag-Lloyd to order four from Korea HAPAG-Lloyd is about to order four containerships from South Korea.
Australia waits on High Court decision AUSTRALIA'S waterfront continues to stockpile containers pending a High Court decision tomorrow on the fate of almost half the nation's stevedore workforce.
Bergesen sells Igloo fleet BERGESEN has sold a fleet of seven lpg carriers and the trading name of the Igloo pool.
PSA Corp profit up SINGAPORE'S PSA Corp today announced a pre-tax profit of S$1.124bn ($702m) for 1997, up 15 per cent on 1996.
International Group presses its case SHIPOWNERS and P&I club managers pressed the case of the International Group of P&I Clubs at an oral hearing in Brussels on April 27.
Anvers: le deuxième accès ferroviaire raccordé plus directement au Rhin d'Acier Le gouvernement flamand, présidé par Luc Van den Brande, a enfin pris une décision dans l'épineux dossier du deuxième accès ferroviaire au port d'Anvers et dans celui du raccord de cette nouvelle ligne au Rhin d'Acier. A Lierre, la nouvelle ligne du deuxième accès se raccordera à la ligne 16 vers Aerschot et Montzen, tandis que le raccordement à la ligne 15 Lierre-Herentals-Neerpelt, c'est-à-dire au Rhin d'Acier, se fera non pas au lieu-dit Kloosterheide à l'est de Lierre, comme le suggérait la SNCB, mais par l'intermédiaire d'une nouvelle ligne parallèle à l'E313 jusque Herentals.
Katoen Natie va gérer la logistique de BP/Appryl BP et Appryl, une filiale de BP et Elf Atochem, vont développer leurs activités dans le port de Grangemouth, en Ecosse. BP va y construire une usine de polyéthylène d'une capacité initiale de 300.000 tonnes, Appryl une usine de polypropylène d'une capacité de 250.000 tonnes. Les deux unités représentent un investissement global de 200 millions de GBP et doivent être opérationnelles d'ici l'an 2000. Près de la moitié de la production additionnelle est destinée au continent européen et sera importée via le port d'Anvers. C'est Katoen Natie qui en assurera la logistique complète. Pour ce faire, la firme anversoise construira une plate-forme logistique à Grangemouth.
La grève se poursuit au Danemark La grève massive qui a débuté lundi au Danemark, s'est poursuivie hier mardi. C'est le mouvement social le plus important depuis 1985. Plus de 450.000 salariés y participent - soit un cinquième de la main-d'oeuvre totale - afin de réclamer davantage de congés. Les transports et l'industrie sont les principales victimes du mouvement.
APEC (Anvers) participe à la création d'un port sec à Kaunas Ce mercredi a lieu la signature, entre les représentants du gouvernement lithuanien et l'entité "Project Group Consultings Kaunas", d'un contrat relatif à la réalisation à Kaunas, ville située au centre de la Lithuanie, d'une grande zone franche, qui cumulera les fonctions de centre de distribution et de port sec. APEC (Antwerp Port Engineering & Consulting), filiale de l'Entreprise portuaire anversoise, fait partie du groupe de consultants belges impliqués dans ce projet.
Pressure builds on MUA Irrespective of the outcome of Patrick's appeal to the High Court, the Maritime Union of Australia is facing mounting pressure from several sources. The latest to officially call on the Australian Competition and Consumer Commission to investigate the need for waterfront reform is the Queensland Minister for Training and Industrial Relation Santo Santoro.
Patrick ships being delayed, ITF claims Shipowners are being directly targeted in the dispute between Patrick and the Maritime Union of Australia, according to the International Transport Workers' Federation. In its latest circular to members, the ITF lists action which has already been taken in support of the MUA around the world.
Navy launches minehunter The second of the Royal Australian Navy's six Huon class minehunter vessels, Hawkesbury, was launched at ADI Limited's yard in Newcastle on Friday. ADI managing director Ken Harris said the design of the vessels, their construction from advanced composite polycarbonate materials and their sophisticated electronic systems made them the world's most advanced composite polycarbonate materials and their sophisticated electronic systems made them the world's most advanced vessels of their type.
Tug charges high, but scope limited Although towage and pilotage charges in most Australian ports fell over the past four years, they are still high compared to overseas ports, according to the Productivity Commission's waterfront benchmarking report. Competition in the Australian towage market was also weak particularly given that in most cases, towage services at individual ports were provided by a single operator in what were generally considered to be "natural monopoly" markets.
Despute between ATN and EMU resolved Rail workers for the recently sold Tasmanian railway business of Emu Bay Railway remain at loggerheads with their employer over redundancy and re-employment issues, with workers continuing a six-day old indefinite strike yesterday. The AMWU, representing 30 workers for the Pasminco owned EBR said workers had rejected redundancy-related concessions made by their employer during crisis talks over the weekend and vowed to keep up its fight against re-signing individual contracts.
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