Japanese yards trim operations Nihon Keizai Shimbun reports that major Japanese shipbuilders have begun to trim operations in response to a to a plunge in new orders since last fall. The current order backlog will take 18 months to perhaps two years to fill, but shipbuilders will slow the pace of construction in the view that longer-term demand has topped out.
FirstWave 1998 revenues reached $82 million FirstWave Marine, Inc. today reported that revenues for 1998 totaled $82 million, an increase of 137% over 1997. The increase is primarily due to acquisition and operation of five additional shipyards during the last year.
Far East yards vie with Europe for Queen Mary Cunard's new luxury cruiseship, which is to be constructed under the Queen Mary project, could be built by Far Eastern yards.
Kvaerner sells off HeavyLift Kvaerner has raised $19m through the sale of its aviation heavylift operations, writes Tony Gray.
HMM set to unveil profits surge THANKS to narrowing losses in the container trades and cheaper bunkers, Hyundai Merchant Marine will announce a surge in net profits when the company meets shareholders on Friday.
Ramco earnings down on increased turnover ABERDEEN-based Ramco Energy, the independent energy company focused on the Caspian region and central and eastern Europe, posted its preliminary results for the year ended December 31 1998 with a 14% rise in turnover to '7.2m ($11.6m) but a dip in profits.
Brunei forms company to develop LNG fleet THE government of Brunei has set up a new shipowning company to build up its liquid natural gas carrier fleet.
Australian producers form gas sales venture SOME of Australia's biggest natural gas producers have formed a new venture to market Australian liquefied natural gas to customers outside Japan.
Tilbury owner eyes second box facility FORTH Ports is to launch a feasibility study into prospects for a second riverside container terminal at the Port of Tilbury.
Ex-Mimosa sold for scrap NORWAY'S Bona Shipholding has sold for demolition its giant oil tanker Guardian which was at the centre of a major pollution alert four years ago, writes Emily Redding. Pakistani breakers have purchased the 357,649 dwt ultra large crude carrier, built in 1977, for $121 per ldt or $5.1m. Pictured above under her previous name, Mimosa, the ship hit the headlines when a crack appeared 10 m below the waterline while fully laden with crude off Shetland in January 1995. Fortunately the cargo tanks remained intact and the crude was transferred safely. The gaping hole on her port side which measured 80ft by 20ft and the 45 ft by 15ft gash on her starboard side were thought to have been caused by a collision with a submerged object. However a Norwegian court later judged that steel weakness was the probable cause of the cracks. Operated at the time by Peter Smedvig, the vessel underwent $3m repairs to replace some 350 tonnes of steel at Lisnave in Portugal two months later. Since March 1996, the tanker has been used as a storage vessel at the Al Shareen terminal, Qatar.
Focus back on Eastern Basin Newcastle's Eastern Basin Distribution Centre will again this week become the focus of industrial attention after the timber carrier Western Condor comes alongside on Thursday. The facility has been the subject of dispute over manning between Toll Logistics, the operator of the facility and the Maritime Union of Australia. Toll continues to insist on using members of the Transport Workers Union on the wharf apron, limiting the role of the MUA to the vessel's hook.
Anderson backs Aust fleet future Transport Minister John Anderson has indicated he is not be averse to providing Australian shipowners with the fiscal support they have been lobbying for since the government rescinded the rebate on crew's PAYE tax payments made by shipowners whose vessels operate on international trades. But he has warned the amount of support might be influenced by the government's GST-driven taxation reform.
Howard Smith to shunt Goninan rolling stock Howard Smith's 100-year-old railway rolling stock business A. Goninan & Co Ltd is for sale, it was announced yesterday. Managing director Ken Moss said Howard Smith intended to withdraw from engineering and adjust its investment portfolio around distribution and towage, both of which generated strong cash flows.
ABB wins Vic maintenance Freight Victoria's outsourcing program for V/Line Freight took another step yesterday, with the signing of a contract with railway engineering group ABB to provide rail track maintenance across Victoria's 4200km of country rail track. Chief executive Marinus van Onselen confirmed the multi-million dollar deal, saying there was keen interest from a number of engineering groups to provide the rail track maintenance task.
Aratere takes up normal service Following two months of uncertainty about her reliability, TranzRail's new 150 metre passenger/freight ferry, Aratere, has entered normal services across Cook Strait. The Aratere first encountered problems on her delivery voyage from Astillero Barerras' yard in Vigo, Spain, when she had to be repaired in Panama to fix a fault associated with a rubber coupling between one engine and its propeller shaft burning out.
Exxon Wins Environmental Plaudits 10 Years After Valdez Exxon Corp. may still be an ecological enemy to some environmental groups 10 years after it spilled 11 million gallons of oil in Alaska's Prince William Sound, but a recent report indicates it tops its peers as far as environmental management is concerned.
Bulgaria Hopes To Sell Indebted Shipyard Bulgaria's Foreign Investment Agency have reportedly located potential investors for Varna shipyard.
Smit Internationale Orders Four More Tugs Smit Internationale NV reportedly ordered four more tugs for its Rotterdam port operations from Dutch Damen Shipyards.
German Barge Traffic Up At 236.5M Tons In 1998 German barge traffic in 1998 reportedly rose to 236.5 million tons, up 1.3 percent from 1997.
Ugland Closes Swansea Dry Docks Ugland International Holdings Plc (UIH) reportedly closed its loss-making Swansea Dry Docks unit in south Wales.
Ocean To Go Ahead With Ivorian Deep Water Oil Well Ocean Energy Inc. will reportedly drill the East Grand Lahou prospect on its deepwater Block CI-105 offshore Ivory Coast by the end of May or the beginning of June.
Italy's ENI Not Planning Big Mergers ENI, Europe's third largest publicly traded oil and gas company, reportedly has no big mergers planned but remains open to alliances and acquisitions as long as they did not substantially change the size of the group.
Carnival Sees Possible Y2K Risk From Outside Computers Carnival Corp. reportedly expects to handle any operational glitches caused by year 2000 computer problems at a cost of about $16 million but says it cannot rule out mishaps from third-party computers.
- Via Raffaele Paolucci 17r/19r - 16129 Genoa - ITALY
phone: +39.010.2462122, fax: +39.010.2516768, e-mail
VAT number: 03532950106
Press Reg.: nr 33/96 Genoa Court
Editor in chief: Bruno Bellio No part may be reproduced without the express permission of the publisher
- Via Raffaele Paolucci 17r/19r - 16129 Genoa - ITALY
