Danish A.P. Moeller shares rebounded on Friday after news of its purchase of Dutch tug and salvage company Wijsmuller Group Holding on Thursday, brokers said. The two A P Moeller stocks, D/S 1912 and D/S Svendborg, traded at 69,500 crowns ($7,898) and 91,500 crowns respectively, 2.2 percent and 1.7 percent up from Thursday's close. The Copenhagen bourse's top 20 index KFX was down 0.4 percent at 316.15. Moeller shares have underperformed the KFX index by more than three percent the past 10 days, dented by news that Morgan Stanley within a year would cut the conglomerate's weight in its Denmark index. "The shares are rebounding on the Dutch news and it seems foreign sale pressure in the shares has faded," a trader said. Moeller's tug and salvage unit Svitzer said on Thursday it would buy Dutch Wijsmuller for around one billion crowns, a source said. The acquisition was seen increasing Svitzer's fleet to more than 220 vessels from the present 70.
Fixing to cover the millennium holiday period is expected to kick-start the Panamax market in the fourth quarter, shipping broker Simpson Spence & Young (SSY) said. "The belief is that the fourth quarter will see a major improvement as people look to fix for the holiday period," SSY said in its latest monthly report. Capesize supply/demand fundamentals were also looking strong for the period, the broker said. However
While the theoretical jury deciding which direction the offshore drilling market will take is still out, recent data suggests that the level of spending internationally will disappoint. Calling a 10.2 percent gain in spending may seem a bit harsh, particularly given the depths to which the market has sunken in the previous two years. But considering that the price per barrel has catapulted from the $10 level early in 1999 to the mid-20's by the beginning of 2000
Kirby Corp. has apparently had success incorporating Hollywood Marine, a move which effectively created the largest inland barge operator in the country. In February, the company reported earnings per share (EPS) of $0.38, versus $0.31 a year ago. While the company appears strong, poised for further growth, there are some concerns as noted in a research report from Lazard Freres & Co. LLC. Management expects the slowing U.S
Caribbean dirty tanker trades have sustained a massive hit, tumbling from W255 at the end of last week to W202.5, New York brokers said. "The holiday doldrums have left a lot of spare tonnage and that has affected rates. With both Christmas and New Year's Day falling on Mondays this year, we've had two short weeks in a row and the market simply couldn't take that," said one dirty tanker broker. He pointed to Exxon's fixture of the 70,000 tonr Lucky Lady from Covenas to the U.S
ABB won a $26m order to supply electrical power and propulsion systems for two next generation ‘Ramform’ vessels, capable of three-dimensional (3D) seismic data acquisition for deep sea resource exploration. The ships will be constructed by Mitsubishi Heavy Industries, and delivered in 2015 to Norway’s Petroleum Geo-Services ASA (PGS), a leading company in marine seismic and reservoir data acquisition, processing and analysis/interpretation services
That is the basic business principle that has sustained Dietmar Wertanzl, senior VP of Fleet operations for Celebrity Cruises, since he began his career with the industry in the late 1970's. Not even 30-years old, Wertanzl began on what was then known as Norwegian America Line's Vistafjord as a dining room steward, so swept up by the magic of sea travel. Wertanzl's philosophy is simple. Treat your employees and customers the way that you would want to be treated
On the night of Thursday, February 15, 1996, shortly after 8pm the 147,000-ton supertanker Sea Empress had begun the final stages of its three-day voyage from Grangemouth, at the mouth of the River Forth, to Milford Haven docks and the Texaco refinery. As it was being piloted into port, the tanker, carrying a full cargo of North Sea light crude, ran aground on rocks in Mill Bay, just off St Ann’s Head, rupturing its oil tanks
The big cruise lines have been steadily filling their rapidly expanding fleets with passengers looking to escape an especially harsh North American winter, but as they get ready to release quarterly results, Wall Street is worried that ticket prices may not be high enough. Analysts are expecting profit declines for the winter quarter from the top three cruise lines, starting with industry leader Carnival Corp., which plans to release its fiscal first-quarter results on Wednesday (March 21
Mitsubishi Heavy Industries, Ltd. (MHI) gets additional order to build 2 seismic vessels for Norway's Petroleum Geo-Services ASA (PGS). The order for the two vessels was placed upon exercise by PGS of the option right that was provided when two same type vessels were ordered to MHI in April 2011. The two newly ordered vessels are scheduled for delivery in the first and second half, respectively, of 2015. With this latest order
The United States is set to slap anti-subsidy import duties on Mexican sugar after a preliminary decision expected to be formally annouced later on Tuesday, the president of Mexico's suger chamber said ahead of the ruling. The decision to slap duties on sugar imports from Mexico is backed by U.S
Mexico's Economy Ministry said on Tuesday a preliminary decision by the United States to impose anti-subsidy import duties on Mexican sugar was a setback in trade relations between the neighbors and pledged to fight the decision. The Mexican ministry said the government would continue to defend
The latest Barometer Report from Trelleborg has revealed a huge gap in the maintenance requirements of port owners and operators, and the support that suppliers are able to provide. While 75% of those surveyed think that it’s essential or important to have the supplier involved in the
Eastern Shipbuilding Group, Inc. (ESG) informs that a steel hull replica of the historic Gloucester Fishing Schooner COLUMBA has been launched at its Panama City, Florida, shipyard with employees, dignitaries and guests in attendance. The original COLUMBIA was a 141’ classic Gloucester
South Korean shipbuilders have shown signs of picking up after overtaking their Chinese rivals to regain the top spot last month, according to Yonhap News Agency. However, the sum of new orders in the January-July period lags well behind China rivals.
Coast Guard rescue crews assisted the crew and passengers aboard the Provincetown IV Ferry, which was disabled near Scituate, Massachusetts, Wednesday. Watchstanders at the Sector Boston Command Center received notification at 4:06 p.m
Brent crude fell below $104 a barrel on Thursday, after briefly bouncing off a 13-month low the previous day, on ample supplies and concerns about weak demand despite the ongoing political turmoil in Iraq and Ukraine. * Ample supplies keep pressure on oil prices
Trading firm Trafigura and Abu Dhabi sovereign wealth fund Mubadala said on Thursday their Brazilian port for exporting iron ore will start this year, in response to a steelmaker with a contract to use the port that said the opening could be pushed back to 2015.
Shares rise 5 pct after improved guidance, better quarter than expected. Maersk indicates more buybacks after first in its history. Efficiency, cost savings boost Maersk Line compared to rivals. Denmark's A.P. Moller-Maersk announced the first share buy-back in its 110-year history on Tuesday
S. Korea's DSME says it is to provide naval vessel production and management consulting services for British defense company BAE. Under the terms of the agreement, DSME will conduct investigations on 11 areas of shipyard operations for BAE Systems Surface Ships Ltd
Offshore accommodation rig provider Prosafe reported second-quarter earnings below expectations on Thursday and said that its short-term market outlook is weaker as oil firms cut back on exploration spending. Prosafe's operating profit fell 20 percent to $55 million
NSWC Panama City hosted a two-week demonstration in July that verified Sailors' ability to conduct maintenance on the Littoral Combat Ship's Mine Countermeasure Mission Package without the assistance of civilian scientists or engineers.
Last week, engineered heavy lifting and transport company Mammoet lifted a new attraction at the NASA Space Center Houston to a greater height. As thousands of onlookers watched, a 250-foot tall Mammoet crane lifted a 122-foot long space shuttle replica three stories high to its resting place atop
Otto Marine says it has clinched AUD57-million worth of charter contracts in Australia for two of its large deep water AHTS vessels. Otto Marine Limited, which owns and operates a large fleet of offshore support vessels, with shipyard and other specialized offshore services
Australia's Queensland government has backed away from controversial plans to allow a cruise ship terminal to be built on state-owned land on the Gold Coast, according to the 'Brisbane Times'. Deputy Premier Jeff Seeney announced on Tuesday that in response to community concerns