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Patrick 1st half profit rises 8.2% on ports growth
PATRICK Corp, acquired by Toll Holdings Ltd after a battle for dominance of Australia's freight market, said first-half profit rose 8.2 per cent as earnings from ports jumped.
Kawasaki Kisen and Mitsui OSK expect profit fall
MITSUI OSK Lines Ltd and Kawasaki Kisen Kaisha Ltd, Japan's second- and third-largest shipping firms, yesterday forecast larger than expected profit declines for this business year.
Nippon Yusen, Yamato in business, capital tie-up
NIPPON Yusen KK, Japan's biggest shipping line, and leading parcel delivery group Yamato Holdings Co said on Wednesday that they would form a capital tie as part of a sea, air and land transport alliance.
Precious Shipping's Q1 profit falls 51% on fuel, rates
Blast, fire hit Philippine oil tanker under repair

Admiralty Casebook

No blanket exemption from rules in ship collisions: court
NOTHING in the International Regulations for the Prevention of Collisions at Sea provides a broad or blanket exemption from the rules for any situation at sea on the basis that it is a special circumstance, a US appeals court ruled on Monday.

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Shipping News

Patrick 1st half profit rises 8.2% on ports growth
PATRICK Corp, acquired by Toll Holdings Ltd after a battle for dominance of Australia's freight market, said first-half profit rose 8.2 per cent as earnings from ports jumped.
Kawasaki Kisen and Mitsui OSK expect profit fall
MITSUI OSK Lines Ltd and Kawasaki Kisen Kaisha Ltd, Japan's second- and third-largest shipping firms, yesterday forecast larger than expected profit declines for this business year.
Nippon Yusen, Yamato in business, capital tie-up
NIPPON Yusen KK, Japan's biggest shipping line, and leading parcel delivery group Yamato Holdings Co said on Wednesday that they would form a capital tie as part of a sea, air and land transport alliance.
Precious Shipping's Q1 profit falls 51% on fuel, rates
Blast, fire hit Philippine oil tanker under repair

Admiralty Casebook

No blanket exemption from rules in ship collisions: court
NOTHING in the International Regulations for the Prevention of Collisions at Sea provides a broad or blanket exemption from the rules for any situation at sea on the basis that it is a special circumstance, a US appeals court ruled on Monday.

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China to build 2 new port clusters OnePort 'fiasco' losing HK$20m annually E R Schiffahrt newbuild to be chartered by Cosco Singapore seeks to cement economic ties with EU via FTA FedEx sets up subsidiary in Nanjing China aircraft numbers expected to double by 2011 Indian airlines looking to cash in from air cargo business EVA Airways Q1 profit drops

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Allcargo Global Logistics opens own offices in Ahmedabad, Hyderabad & Ludhiana Reliance plans shipping registry in Navi Mumbai SEZ EU urges docked ships to use shore-side power to control pollution India, Korea trade leaps by 50 pc in Jan.-March Int'l symposium on air traffic in Dubai on Sept. 18-19 Airbus to redesign A350 aircraft Rlys may ask DSP to supply more of rolling stock needs C. Rly introduces 3-pronged strategy to lure more freight IATA upset with hike in RNFC An area of dispute goes SEZ status for STPs ruled out Manufacturing sector exports show excellent growth, finds Ascon study Kamal Nath to seal biz cooperation deal with Poland Foreign Trade Policy Analysis: Current Trends - By M. Sreedharan Interactive meeting with Angolan Minister at IMC BCHAA helps beef up security in Nhava Sheva

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MAY 11, 2006
Good diet makes for safer ships, P&I Club says Yangshan to cut port fees Vietnamese yard sets seal on US$1bn deal Farstad Shipping enjoys good first quarter

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MAY 11, 2006
Port of Vancouver USA Commissioners approve purchase of giant mobile crane Transportation Security Administration pulls plug on Aramex, Inter-Shipping Concessions offerings expanding at Portland International Airport Portland port board Oks Rivergate land sale to OMS Celebrity Cruises cancels Alaska cruise of vessel SUMMIT

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Debate still rages over coastal state vessel monitoring PROPOSALS driven by the US to grant coastal states jurisdiction over monitoring ships that do not call have moved forward at the International Maritime Organization, but the permitted range remains a matter for heated debate. China to build 18 tankers for PDVSA VENEZUELAN oil giant PDVSA has signed an agreement with Chinese shipyards to build 18 tankers for $1.3bn. Angelopoulos bulkers bagged by Quintana Quintana Maritime has clinched a much-rumoured takeover of Theodore Angelopoulos' dry bulk fleet, with an announcement of the deal expected as early as today, Lloyd's List can confirm. Nuclear row may deter investors in Iran's vital shipbuilding project IRAN requires a massive investment in shipping at a time when foreign sources of funds may be deterred by the country's nuclear dispute with the West. IMO urged to act on lessons from Star Princess Lessons from the recent fire onboard the Star Princess cruise ship, which left one passenger dead, have been singled out by the UK for immediate global implementation, ahead of the determination of the cause of the fire.

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MAY 11, 2006
NOL profits down nearly 40% SINGAPORE listed liner and logistics giant Neptune Orient Lines has reported a near 40% drop in net profit for 1Q06 as rising fuel costs cut into net income Philippines: typhoon Chanchu awaited TYPHOON Chanchu is reported to be approaching the Visayas (central Philippines) from the southeast and will make landfall tomorrow morning Navy aids Karachi yard recovery PAKISTAN has abandoned plans to privatise Karachi Shipyard and will instead place it under the defence ministry to help revitalise the country's shipbuilding industry TBS blames fall on Katrina TBS International, the bulk-to-breakbulk vessel operator, blamed Hurricane Katrina and a massive rise in the cost of bunkers for a 55% slump in first quarter net profit Iraq unveils refinery plans IRAQ has unveiled plans to set up three more oil refineries in a bid to overcome crunching petrol shortages and combating thriving oil smuggling Builders' risks clauses in revision LLOYD'S revision of its shipbuilders' risks clauses, prompted by spiralling claims as newbuildings increase in value, is expected by the end of the year Welders killed in bunker vessel blast Double duty for Top's Pistiolis Food for thought Toll assumes control of Patrick Corp Russia responds to export incentive Jamaica: congestion surcharge Lauritzen Cool expands in the Med MISC profit falls from peak levels RCCL pod plague continues

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MAY 11, 2006
TSA to unveil port worker ID rules The federal agency said it will publish long-awaited proposed rules for the Transportation Workers Identification Credential in next few days. EU offer could end fight over U.S. subsidies Increase for first-quarter intermodal box volume NOL profits off on higher fuel, inland costs MOL gains despite fuel costs "K" Line net improves Zim opens Asia-Gulf service Caribbean ocean carriers raise fuel surcharge FedEx hopeful on pilot deal

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MAY 11, 2006
Maersk and COSCO rumoured to be Tianjin's Beigangchi partners Masersk Group and COSCO have emerged as the probable partners of IPO candidate Tianjin Port Development Holdings in Beigangchi after signing a port development deal with the Tianjin Government yesterday. Shanghai's Yangshan Port slashes transhipment rates Shanghai International Port Group has reduced its transhipment rates by 22% for International/China costal cargo, and by 53% for Yangtze River cargo starting today. Indonesian owners want further port concentration Japanese ocean carriers warn on freight-rates and costs Hyundai Fortune up for sale St Petersburg's PetroLesPort in new client negotiations Rotterdam Port Alderman post passed to de Boer Chiwan throughput up 19% for January-April Yang Ming's FMS to call at Pasir Gudang, Songkhla and Laem Chabang

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MAY 11, 2006
More Irish Sea strife UK ratings are warning Stena Line over Polish crew on a new Holyhead-Dublin ferry. 'Let's bomb an LNG ship' A US politician says one energy major is proposing a rather direct test of the vulnerability of LNG carriers to terrorism. 'Filthy ferry' targeted An Egyptian ro-ro owner is the latest shipowner to fall afoul of French prosecutors at Brest. Second registry for India? Refinery mogul Mukesh Ambani is trying to put together an Indian second flag based in Mumbai's Special Economic Zone. Bunkers hurt Thoresen Thoresen Thai Agencies recovers from a first-quarter slump but second quarter sales and earnings are still down on the year-ago figure. Top profit soars Evangelos Pistiolis diversifies into real estate as his tanker venture's profit rises more than 50%. Ray deal worth a billion Vietnam's state shipbuilder Vinashin says its newbuilding deal with Ray Car Carriers of Israel is worth $1bn. DryShips at a discount? George Economou vehicle accepts possibility of issuing stock at below market price as it unveils piecemeal share sale. NOL leaks fuel costs Bunker costs drain Neptune Orient Lines (NOL)'s first-quarter profit in a 'more challenging operating envinronment'. Tanker explodes in Philippines Two yard workers hurt after incident on board products carrier. K Line reaches record high But Japanese giant aided by one-off impairment charge in previous year, while fuel costs hit operating margin. Daiichi to a tee Daiichi Chuo Kisen Kaisha of Japan hits forecasted revenue and income on the button but issues profit warning for next year. Shinwa Naiko upbeat Japanese coastal bulker operator's annual profit falls, but forecast better for current year. Farstad flies Tonnage availability leaps 10% in the North Sea but fails to dampen results for Norwegian owner. Torm figures above norm Torm of Denmark calls first-quarter performance "quite an achievement" as profit from vessel sales missing in the period. Wilson halves profit Voyage expenses, finance costs and weaker freight rates all send Norwegian bulker player Wilson's profit south. Oglebay Norton cutting losses Great Lakes bulker owner's performance improves in first quarter as it seeks buyer for fleet. Shinwa sinks Japanese tanker and bulker owner's annual profit slashed, but predicting better things this year. Good times for Iino But how long will it last, as company predicts near-40% decline in profits this year. A baker's dozen Australian authorities detained thirteen ships in April for failing port state control inspections. MOL defies bunker costs Japanese shipowner posts 15.7% increase in full-year results despite difficult trading environment. TBS profits plummet US-listed tweendecker specialist's first quarter spanked by high bunker costs. Rate decline hits Precious Thai bulker player sees first quarter net profits more than halve as charter rates drop by 35%. Summit out of action Celebrity Cruises cancels seven night Alaskan voyage after ship's starboard thruster suffers defect. It could work... Two analysts both give highly provisional nods to potential Quintana-Metrostar deal while waiting for the devil in the details.

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MAY 11, 2006
APL's profits slip 39% in 1st quarter Japanese carriers report profits Conferences to lift Panama Canal transit fees WITASS to reinstate Jamaican congestion surcharge Cathay's cargo up 3.8% in April BNSF chief says railroads need investment tax credit Avramovich joins KCS from DHL Toll gets control of Patrick DP World waits for second bite at U.S. market

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MAY 11, 2006
North sea lifeboats not up to required standard Free-fall lifeboats used on the North Sea oil and gas platforms are not up to required standards. In short ... Polish vessel blamed in the "Vertigo" collision The Polish bulk carrier "Ziemia Lodzka" gets most of the blame for the collision with the Jamaican-registered "Vertigo" in ... Seafarers' eating habits a safety risk North of England P&I club has come to be one of the first to develop dietary recommendations for seafarers ...

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MAY 11, 2006
Bunker fuel boosts Chile exports Increasing price and volumes for first quarter reported. Bominflot strengthens Indian presence with physical position Bominflot will be offering physical deliveries in Kandla and Mumbai from May 15, with other ports being considered for development. Bunkers take big bite out of NOL Group's Q1 result NOL Group and its container line APL suffer bunker setback, while rates have held up better than expected. K-line: Rising bunker prices shaved $228.5 million from profit K-line says net profits up, but operating profit and current profit severely dented by higher fuel costs. Another record result for World Fuel Services WFS off to a good 2006 start as Q1 net income doubles from a year earlier. Crude suppresses Rotterdam activity Singapore: Distillate stocks below 5 million barrels Onhore stocks of middle distillates lowest on record, residual fuels also down. Philippines: 2 injured in oil tanker explosion Two people injured, investigations underway to find out the cause of explosion. Gladstone: Larcom reschedules dry-docking dates Gladstone supplier IBS advises that the dry-docking of its bunker barge has been rescheduled to a later date.