Aker Yards Q4 losses exceed forecast Norwegian shipbuilder Aker Yards reported heavier-than-expected losses for the fourth quarter yesterday and fired chief executive officer Yrjo Julin after failing to manage soaring costs in its busiest-ever year.
Dry bulk rates seen extending gains Shipping rates for commodities may extend their gains because of China's demand for coal and iron ore and the start of the South American grain exporting season.
HK carrier's net income quadruples Pacific Basin Shipping Ltd, Hong Kong's largest bulk carrier, said that 2007 net income more than quadrupled after China's surging demand for raw materials pushed cargo rates to a record. Net income jumped to US$472.1 million, or 30.1 US cents a share, from US$110.3 million, or 8.3 US cents from a year earlier, the Hong Kong-based shipping company said in a statement to the city's stock exchange yesterday. Sales rose 90 per cent to US$1.18 billion\. \-- Bloomberg
Aker Yards chief Julin steps down NORWEGIAN shipyard chief executive Yrjö Julin resigns with immediate effect as company posts $13.2m pre-tax loss.
Labour shortages begin to bite at Aker Yards
Box line giants consolidate Pacific services MAERSK Line, Mediterranean Shipping Co and CMA CGM are joining forces in an effort to gain operating efficiencies.
US oil guzzlers feel the pain US motorists finally appear to be pulling back on consumption due to higher gasoline prices, a negative for tanker markets
OSG, Aker relations fraying? OSG and Aker Philadelphia, the duo driving Jones Act expansion, are headed to arbitration over a contract dispute. Full story
Oil slick clue to Rezzak's fate TURKISH authorities who searched for any clue for the missing ship Rezzak have found an oil slick in the Black Sea where the ship is believed to have sunk with 25 Indian sailors onboard. Full story
CSAV back in the black CHILE'S Compania Sudamericana de Vapores has jumped back into the black reporting $117M profits in 2007, compared with losses of $58M the year before. Full story
Boluda gets ready to battle IN a major reshuffle, leading Spanish owner Boluda Group has established a subsidiary company that brings the Boluda Group's liners Full story
Lines share transpac Danish container liner Maersk Line joins Mediterranean Shipping Co and CMA-CGM in a vessel-sharing agreement in the transpacific trade.
Ansac Orient worth $39.5m Handysize bulker in the fleet of Imabari Senpaku is sold to undisclosed buyers.
Marad scraps trio US Maritime Administration pays shipbreakers $1.1m to recycle three reserve fleet vessels.
US closes OSG probe Waste oil and records investigation of New York-based owner's tankers is closed nearly a year after the US company reports on itself.
Viking deal reached ITF and Finnish Seamen's Union in out-of-court settlement with ferry operator over flagging-out case.
Molaris faced fraud case Company documents show Quintana Maritime boss was cleared in a Greek court over a EUR 1.2m fraud allegation.
Tango scores $65m Handymax bulker is sold to Greek buyers more than a month after a $71m deal reportedly fell apart.
Seatruck orders ro-ro quartet Clipper-owned freight player goes for four-deckers at Flensburg in Germany.
Frenzel's merger deal dead Plans to bring Hapag-Lloyd and its parent under one roof killed off by shareholder revolt, sources say.
Star Pacific had "pre-existing corrosion" Accident probe shows bad weather made Carnival-owned cruiseship's condition worse off New Zealand last year.
Globus trio in waiting George Karageorgiou is banking on a bumper dry-cargo market in the second quarter with three ships standing by for when rates head north.
Hebei Spirit accusations fly Hosco and Samsung do battle in court case arising from Korea's worst oil tanker spill.
Hext gung-ho on ro-ros Pacific Basin chief executive says bulker owner entered ro-ro market before it gets too hot.
HHI bags record Nearly $6bn worth of new orders in February sees South Korean giant set new milestone for world shipbuilders.
Voulgarakis issues open invite Shipping minister seeks to cash in on London's tax wrangles and bolster the presence of Piraeus on the international stage.
Oman to launch ferries High-speed service to cut out drive from Khasab through UAE to Muscat.
'Chronic shortage' at China yards Lack of components parts such as engines could delay or scupper newbuilding deliveries, Pacific Basin warns.
Eships adds two Abu Dhabi tanker owner branches out into LPG with order at STX in Korea.
Nynas buys bitumen ships Swedish refiner teams up with domestic operator Frederiet for Chinese double.
Pac Basin bags a packet Hong Kong bulker owner sees profit soar as bulk market spikes and it bags sale-and-leaseback cash.
Karageorgiou cashes in AIM-listed Globus Maritime sees larger fleet bring in greater rewards in 2007.
Aker Yards overstretches Norwegian shipbuilder blames weaker annual profit on "operational challenges" caused by big orderbook.
Aker eyes fourth Freedom ship A bit of good news for struggling yard group, as it nears cruiseship deal with Royal Caribbean.
Julin pays the price Aker Yards searching for new boss after Yrjo Julin agrees to leave following "disappointing" fourth quarter loss.
Green seals charter Norwegian owner signs up reefer for seven years with domestic operator Zahl.
Itaguai back to full strength Brazilian mining company Vale says iron ore shipments from its terminal have returned to normal.
STX finance plans dismissed Analyst at Goldman Sachs says move would divert management away from core shipping business.
Free Jupiter returns Ion Varouxakis-led bulker player says handysize bulker is back in action after completion of repairs.
ZIM upgrades Sirius Israeli container line says it is enhancing its links between the Mediterranean and South America.
SMA warning on "invisible" AIS vessels During the end of last week, a Swedish pilot boat noticed that position data transmitted from one vessel through the AIS system could not be received by another vessel. The Swedish Maritime Administration, SMA, issued a navigational warning and soon ...
Royal Caribbean may order a fourth Freedom vessel Aker Yards and Royal Caribbean Cruises Ltd. have agreed about the basis on which a fourth ship in the 158,000 GT Freedom class could be ordered. If the deal is closed the vessel would be delivered in the second half ...
Mærsk and Catering Union makes peace A. P. Møller-Mærsk and the union for catering officers Dansk S'-Restaurations Forening (DSRF) has made peace after the heavy signals upon the notice of lay off for 164 Danish catering officers. In a joint statement the two parties ...
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