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
A Coast Guard Station Chatham rescue crew saved a kayaker Friday in Chatham Harbor, Massachusetts, after his kayak overturned. Station Chatham was notified at about 6:45 p.m., from a nearby witness that two kayakers were in distress in Chatham Harbor.
Purpose-built accommodation and pipe-lay barge on charter to Petronas equipped with VSAT and L-Band services. Globecomm Maritime has been awarded a contract to provide VSAT connectivity to PBJV Group’s barge Kota Laksamana 101. Globecomm will provide Ku-Band VSAT connectivity with
A commercial fishing vessel from Brownsville is slowly making its way back to port, thanks to some quick actions by its crew and Coast Guard units, informs the US Coastguard, Sector Corpus Christi as follows: The Coast Guard Sector Corpus Christi Command Center received a distress call from the
Iraqi Kurdistan's attempts to export oil independently of Baghdad hit another obstacle on Wednesday, as a Turkish energy official and industry sources said the autonomous region's pipeline to the Mediterranean has been shut for the past week.
Iran's main oil tanker firm NITC will struggle for some time to call at European ports, get foreign insurance and overcome obstacles under western sanctions, even after a top court has annulled its blacklisted status in the European Union.
The United States is weighing its options after a World Trade Organization ruling on a Chinese challenge to anti-subsidy duties imposed on a range of steel products, solar panels and other goods, the office of the U.S. Trade Representative said on Monday.
A typhoon killed at least 10 people as it churned across the Philippines and shut down the capital, cutting power and prompting the evacuation of more than 400,000 residents, rescue officials said. The eye of Typhoon Rammasun, the strongest storm to hit the country this year
ABB, the leading power and automation technology group, has won an order worth about $35 million from Hydro-Québec to upgrade the 350 megawatt (MW) Madawaska high-voltage direct current (HVDC) transmission link, that connects the grids of New Brunswick and Hydro Québec in southeast
The Coast Guard medevaced a 57-year-old woman Sunday approximately 14 miles southwest of Atlantic Beach. Watchstanders at Coast Guard Sector North Carolina in Wilmington received a call from the operator of the 27-foot vessel Poseydon Dive at approximately12:15 p.m
Kenny Wood, now Assistant Rig Manager, Maersk Resilient, recalls on its 31st anniversary an accident in less safety-conscious days that seemed at first to have extremely serious consequences. Here he tells his story: "It’s that time of year when the golf invitations start to come in
Volvo Penta of the Americas today announced the availability of a keel cooling option with D4 and D6 marine diesel engines to meet customer demands in the North American marine commercial market. Volvo Penta is now offering factory-built keel-cooled engines for the entire line of marine
The seafaring Netherlands prides itself on being a trading nation, reluctant to let politics get in the way of a good deal. But since the downing, allegedly by Moscow-backed rebels in eastern Ukraine, of Malaysian Airlines flight MH17 with the loss of 193 Dutch lives
CMA CGM Group is pleased to announce that the CMA CGM MANET will arrive in Sydney International Container Terminals in Australia on July, 22nd. The bottles of Burgundy Wine will then have completed the first part of their trip around the world, that began on June, 14th.
Fugro says that (an as yet unidentified vessel) recently affected by a fire is back in operation. The total time out of operation amounted to seven weeks. Secondly, the company also confirmed that a divers strike in Brazil has reached a negotiated settlement and the divers have
Captain Stuart Miller has rejoined Crowley Maritime Corporation’s TITAN Salvage operations team as salvage master, bringing with him over 30 years of worldwide, hands-on maritime and salvage experience. Capt. Miller will be based in the United States, but will deploy worldwide for salvage