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Shipping News

War-risk rating removal good news for region
THE lifting of 'war risk' premiums on insurance policies taken out by shipowners for vessels passing through the Strait of Malacca must come as most welcome news for the littoral states.
Sea-freight prices hit 14-month highs
STRONG global economic growth, rising steel prices and no let-up in buying from China pushed raw materials sea-freight prices to 14-month highs on Monday, defying analysts' predictions of a downturn.
Precious Shipping's Q2 profit falls 51% to 768.6m baht
PRECIOUS Shipping pcl, Thailand's biggest sea-transportation company by market value, said profit fell 51 per cent in the second quarter as freight revenue declined and it paid more for marine fuel.
Calmer seas soon?

Port Shots

Port Shots
OVERSEAS Shipholding Group, the largest US-based oil tanker owner, said second-quarter net income fell to US$60.2 million from US$114.2 million a year earlier.

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Shipping News

War-risk rating removal good news for region
THE lifting of 'war risk' premiums on insurance policies taken out by shipowners for vessels passing through the Strait of Malacca must come as most welcome news for the littoral states.
Sea-freight prices hit 14-month highs
STRONG global economic growth, rising steel prices and no let-up in buying from China pushed raw materials sea-freight prices to 14-month highs on Monday, defying analysts' predictions of a downturn.
Precious Shipping's Q2 profit falls 51% to 768.6m baht
PRECIOUS Shipping pcl, Thailand's biggest sea-transportation company by market value, said profit fell 51 per cent in the second quarter as freight revenue declined and it paid more for marine fuel.
Calmer seas soon?

Port Shots

Port Shots
OVERSEAS Shipholding Group, the largest US-based oil tanker owner, said second-quarter net income fell to US$60.2 million from US$114.2 million a year earlier.

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Box throughput at major China ports rises 22.4pc in H1 NYK renames Macau agency FedEx opens Qingdao branch BAX Global opens satellite hub in Tokyo for Epson Fujian, Taiwan to step up logistics co-operation ICTSI net earnings up 16pc in Q2 China Postal launches Seoul service Ocean Airlines to offer Shanghai flight Great Wall begins flying to Seoul from Amsterdam UAE cargo carrier signs on for CCNhub services

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GE Shipping to seek more time for demerger of offshore unit DGAD moots stiff anti-dumping duties on Chinese, Thai tyres Pulses import nudging 9 lakh tonnes Cotton exports likely to surpass targe Massive heave for Mundra Port & SEZ Orissa state body favours Posco's plan for captive port near Paradip After the lull, a flurry of activity at Vizag Port Dedicated services at Tuticorin Port, user-friendly facilities highlighted TPT's feat par excellence! Cochin Shipyard to set up small shipbuilding unit Cochin Port clocks 41 pc growth in April-July cargo throughput Road transporters still carrying more loads than Railways, finds study CONCOR throws open ICD-Ankleshwar Global cotton production projected to trail consumption; prices seen firming up Wheat import duty may be scrapped MMTC to invite tenders for one lakh tonnes ECGC to set up factoring services subsidiary Forex reserves swell by $ 675 m

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Gefco names Christoph Becker as line-haul manager OOIL reports turnover increase and drop in profits British Airways World Cargo raises revenues Denmark's Euro Shuttle files for bankruptcy Schenker Arkas represents BAX Global in Turkey

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AUGUST 8, 2006
ITF targets global port operators American port demand set for continued growth Farstad charters Deep Sea Supply buys Bourbon vessel

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AUGUST 8, 2006
BIW gets $115.8 million Navy award

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Insurers drop Malacca Strait as war risk Malaysia and Singapore have won an ill-tempered year-long spat with Lloyd's to declassify the Strait of Malacca as a war risk zone. Middle East turmoil sends Israel cargo risk premiums awry CARGO markets are in disarray over the Middle East turmoil, with views differing sharply on the extent of the threat to shipments. UN oil spill team arrives in Syria THE first United Nations pollution experts arrived yesterday in Syria to evaluate the heavy fuel oil spill that started in Lebanon three weeks ago. Tanker spike looms as BP leak reality sinks in BROKERS and owners were yesterday predicting another tanker spike as the full impact of BP's pipeline leak in Prudhoe Bay began to sink in and the fragility of the market became apparent .

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AUGUST 8, 2006
Tankers hit by Mississippi closure LOUISIANA 08 August ' Tankers heading for or departing from an Exxon terminal have been hit hardest by the closure of the Mississippi River to deep draught vessels, although some dry cargo vessels are now being affected Higher costs halve OSG profits A significant rise in expenses combined with lower rates in certain segments halved Overseas Shipholding Group's 2Q profits Firemen rush to Lloyd Werft blaze FIRE broke out this afternoon in the cargo hold of the reefer vessel Cala Palma, which is undergoing extension work at Lloyd Werft in Bremerhaven Malacca strait dropped from risk list LLOYD'S Joint War Committee has dropped the Strait of Malacca as a whole from its war risk list Caribbean carriers plan rate hike CARIBBEAN carriers are planning a general rate hike next month to cover growing equipment and insurance costs OSG unveils CNG venture OSG is joining TransCanada Corp in a strategic partnership agreement to bid to become the first operator of a compressed natural gas vessel PNSC seeks tankers, bulker Balearia stops peak season service Great Eastern directors think again Superfast sells ro-pax to Veolia S Africa bunker shortage bites deep Corsica Ferries in alliance with CMN General average on APL Italy Johan to be listed as Swee Joo Singapore to import LNG

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AUGUST 8, 2006
Retailers expect peak container traffic to last through October Container traffic now at peak volumes, but despite the unusually heavy demand, new report forecasts only occasional congestion issues. Port of Tacoma issues $100 million in bonds Lloyds drops Malacca Straits from war-risk list Freeport to join CSI BIS to meet on China exports Portland drops railyard plan Lines raise India-Europe rates CMA CGM opens Cimex service India sets road project for new container hub

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AUGUST 8, 2006
HMM chases share-sale gains from Geveran Hyundai Merchant Marine has asked former shareholder Geveran Trading to return profits gained from a share sale, in accordance with South Korea's insider trading rules. Monsoon siltation hits JN Port throughput capacity UPDATED:One hurdle for ABP deal remains, following EC and Court approvals CIMC sees profit slump in H1 Puerto Nuevo players call for development decision US reviews its GSP regime Bangladesh garment exporters decide on contempt of court suit ANL gains Delmas agency in Australia Three typhoons gather on the Pacific

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AUGUST 8, 2006
Pipeline to profit "It's all Alaska," says one analyst as investors push up US-listed tanker stocks across the board. Alaska effect begins OSG says five VLCCs have been taken on subjects for voyages from Arabian Gulf to US West Coast. Down but up OSG's second quarter beat analysts' consensus by 5%, and should be well received despite puzzling aframax weakness. Wilson buyout battle Kristian Eidesvik bid to gain full ownership of Norwegian mini-bulker fleet fails to impress Ole Henrik Nesheim. Precious profit chopped Huge fuel bills and lower freight rates lead to 51% fall in second-quarter income at Thailand's Precious Shipping. Profit halved at OSG Tough second quarter for US-listed tanker giant as weaker rates, high expenses and a loss on vessel sales hit home. Malacca risk downgraded London underwriters remove Strait of Malacca transits from war threat list but premiums still payable for NE coast of Sumatra. Aker seals bunker deal French bunkering company Maritima orders two tankers at Aker Yards for EUR 20m. Slick response Officials in Greece use forensic testing to try to determine guilty party in oil spills off coast of Athens. Kleven turns it around Norwegian shipyard Kleven Maritime reverses 2004 loss to record small pre-tax profit in 2005. Jinhui takes another Oslo-listed bulker player confirms purchase of another 2000-built handymax, this time from Norden. Aussies hold a dozen Shell-owned products tanker among twelve ships detained in Australia during the month of July. Deep Sea ups fleet Norwegian offshore vessel operator adds another ship as John Fredriksen lifts stake in company. Quintana profits fall 22% US-listed bulker player sees decline in profits despite more ships and moderately higher rates.

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AUGUST 8, 2006
Caribbean shipowners plan rate hikes Water pumping begins on "Cougar Ace" OSHA restarts maritime safety advisory committee First pair of Evergreen "green" ships call simultaneously on L.A. Groups join forces to defeat cargo crime at Johannesburg airport Great Wall Airlines adds Seoul to Amsterdam/Shanghai service Southwest names Van de Ven chief of operations Memphis chassis pool open EGL's 2nd quarter profit up 16.5% Bush administration considers future of GSP benefits WFP keeps shiploads of food aid flowing to Lebanon OSC: North American port throughput to rise 85% within decade NASSCO gets biggest contract ever from U.S. Shipping Partners Port of Portland abandons intermodal facility plans

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AUGUST 8, 2006
Boom times for barge company K-Sea announcing record profit based on expanding fleet. LA hosts 'green' ships 'Environmentally-advanced mega ships' showcasing environmental features in California. Aker Yards to build two new bunkering vessels Delivery scheduled in 2008 to French firm that has already taken delivery of three similar vessels. Greeks hunt bunker spill perpetrator Beaches fouled by two slicks thought to come from a ship, though Lebanese source has not been ruled out. Imarex July bunker transactions unchanged, value up $113.4 million worth of bunker transactions recorded in July. More bunker firms join Imarex Oslo-based maritime exchange welcomed four new trading and clearing members in July. ARA market a little firmer Tuesday morning Singapore traders deem bunker prices too high Market remains flooded by fuel oil with not enough buying activity. Bunker costs induce 96% drop in profit for carrier firm South Korea's largest carrier firm posts dismal Q2 profit on rising bunker costs and lower freight rates.