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
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
Retailers concerned by the lack of a West Coast longshoremen’s contract will continue to bring merchandise into the country at above-average levels this month but volume will drop from the record set in August, according to the monthly Global Port Tracker report released by the National Retail Federation (NRF) and Hackett Associates, and excerpted here. “The negotiations have made progress and retailers have been stocking up
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
A joint operation by Maritime New Zealand (MNZ) and the New Zealand Defence Force – Operation Moana – has seen 16 fishing vessels operating off the west coast of the South Island boarded and inspected to ensure they are meeting environmental and safety standards.
Yesterday, 16th September 2014, Chirag Bahri, MPHRP's Regional Director for South Asia, attended a ceremonial event organised by the Ministry of Shipping, Bangladesh to facilitate financial help to the 7 Bangladeshi crew members of MV Albedo.
Horizon Shipbuilding, Inc. announced that Mickey Cook has joined the corporation as the Vice President of Operations for the Bayou La Batre shipyard. Cook, one of the founders of C & G Boatworks, where he served as General Manager, brings 38 years of experience in the shipbuilding industry
Brent crude held above $98 a barrel on Friday, heading for its worst week in six as concerns over weak demand outweighed geopolitical worries in the Middle East and Ukraine. * China, Europe oil demand growth slows at remarkable -IEA * Geopolitical tensions ratchet up over Syria
Legislation promotes revitalization of maritime industry through export of liquefied natural gas on U.S. flagged ships Chairman Duncan Hunter (R-Calif.) and Ranking Member John Garamendi (D-Calif.) held a hearing Wednesday that brought together the House Committee on Transportation and
World oil demand growth is softening at a remarkable pace as the European and Chinese economies falter, the West's energy watchdog said on Thursday, while supplies grow steadily, particularly from North America. "The recent slowdown in demand growth is nothing short of remarkable
The troubled German-owned, Liberia-flagged containership 'Vega Auriga', which was last week banned by Australia from entering its ports for three months, has now arrived in New Zealand, where it has been detained, informs ITF Seafarers. The ship – described by the Australian Maritime
Electromagnetic Geoservices ASA (EMGS) has received a contract worth USD 5.5 million from Petrobras for 3D EM data acquisition in Brazil. "With this contract, we are back in a strategically important region for us. We look forward to working with Petrobras again and expect to
The strength of first-half 2014 container flows from Asia to Europe flies in the face of the macro-economic data coming out of Europe, says Drewry Maritime Research (DMR) in their latest ‘Container Insight Weekly’, excerpted here.
Scorpio Ship Management (SSM) has chosen Marlink’s WaveCall Very Small Aperture Terminal (VSAT) services for 75 newbuild tankers and bulkers to be delivered throughout 2015 and 2016. Following a separate contract in 2013 to provide VSAT services for 46 newbuildings and upgrading of the
Launch at SMM Hamburg Radio Holland is a well-known name in the maritime industry, and the company history goes back a long time. Radio Holland was founded in 1916. When Radio Holland became part of Imtech Marine in 2006, the expertise of Radio Holland
A U.S. weather forecaster pegged the likelihood of the El Niño weather phenomenon occurring during the Northern Hemisphere autumn and winter at 60-65 percent in its monthly update on Thursday. The Climate Prediction Center (CPC), an agency of the National Weather Service
China published a set of guidelines to support and develop its shipping industry on Wednesday, sending shares in shipping firms such as China COSCO and China Shipping higher. The world's biggest trading nation is focusing on the shipping industry as it looks to secure its supply chains and
The first newbuild ship in a series of three offshore support vessels (OSVS) for shipowner Groen (Scheveningen), 7-Oceans, was delivered at Damen Maaskant Shipyards in Stellendam, the Netherlands at the end of July. Imtech Marine Netherlands provided all navigation and communication equipment
The board of New Zealand's Lyttelton Port Co. Ltd recommended minority shareholders accept an offer of NZ$3.95 a share offer from the commercial arm of the Christchurch city council. The board backed the offer from Christchurch City Holdings Ltd, which controls 95