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
Two men are rescued after their snowmobiles crashed through the ice about a mile offshore on Saginaw Bay near Bay City, Mich., and meanwhile the Coast Guard continue their efforts to keep the users of the ice-bound Great Lakes safe by gathering ice depth data. Snowmobile rescue
The Siberian Department of Spetsstroy of Russia has begun work on the construction of buildings and structures on one of the islands of the Severnaya Zemlya archipelago, commissioned by the Ministry of Defence of the Russian Federation, reports the official agency Arctic-Info.
Import volume at the nation’s major retail container ports is expected to increase 12.4 percent in March as retailers begin to stock up for the spring and the summer season, according to the monthly Global Port Tracker report released today by the National Retail Federation and Hackett
Today in U.S. Naval History - March 10 1783 - USS Alliance (Capt. John Barry) defeats HMS Sybil in final naval action of Revolution in West Indies waters 1933 - Pacific Fleet provides assistance after earthquake at Long Beach, Calif.
By Jan Schwartz, Reuters Troubled German public-sector bank HSH Nordbank will likely need more state aid than previously thought due to deep losses in shipping lending and back taxes, the bank's supervisory board chairman said. The bank, one of the world's biggest shipping financiers
Reuters - East Coast refiners slashed imports of lighter, sweet crudes from countries like Norway and Nigeria last year as they commissioned new rail offloading terminals to increase use of domestic Bakken and Canadian crudes. By mid-year
Texas Marine Unit Uses Yellowfin-built Shallow Water Vessels for Border Patrol missions. Menaced by Mexican drug cartels, the Texas Department of Public Safety operates a fleet of six shallow-water vessels it commissioned in late 2011 and 2012 to patrol its borders
By Oleg Vukmanovic and Jacob Gronholt-Pedersen, Reuters Asian spot liquefied natural gas (LNG) fell this week as demand from Brazil's Petrobras slackened and top Japanese buyers switched to cheaper fuels and relied more on supplies under long-term deals.
The Russian navy will add three new large landing ships next year to the 19 already in service, Defence Minister Sergei Shoigu was quoted as saying on Tuesday. The Russian navy is under scrutiny during a widening international crisis over Crimea
A Coast Guard Dolphin helicopter that was on Washington Island after the crew made an emergency landing on Sunday was recovered Monday and is being transported back to Air Station Traverse City, Mich., to undergo necessary repairs. A six-member recovery team from the air station arrived on
Reuters – Container truck drivers at Canada's largest port have reached a new deal, narrowly avoiding an expanded job action that would have seen some 400 unionized drivers join about 1,200 non-unionized drivers who walked off the job last week.
Container truck drivers at Canada's largest port reached a new deal on Thursday, narrowly avoiding an expanded job action that would have seen some 400 unionized drivers join about 1,200 non-unionized drivers who walked off the job last week.
Seafarers’ charity Apostleship of the Sea (AoS) is helping Ukrainian seafarers establish contact with their families back home following the crisis in Crimea. Some of the seafarers, who had been at sea for the past few weeks, only received news of the trouble when their ships came into
The Philippine Coast Guard reported that three Filipino and three foreign nationals were rescued by the after their speedboat encountered engine trouble on the waters of Barangay Bitaogon, Surigao City, March 4. The passengers, of Filipino, Canadian and Swedish nationalities
Fugro mention they intend to step up investments in their offshore fleet on the back of growth in subsea services reported in its year 2013 financial report, extracted as follows: An in-depth strategic review resulted in the updated strategy ‘Growth through Leadership’