May, 1999 Maritime News

NK To Stay Non-Profit Course

May 27, 1999

Despite mounting pressures to merge or demutualize societies, ClassNK, Japan's shipping classification society reportedly intends to remain a non-profit making and independent body.

Preussag In Talks To Form Shipbuilding Alliance

May 27, 1999

Preussag AG is reported to be discussing a shipbuilding alliance -- which would include HDW -- with Sweden's group Celsius.

World's Largest Mutual Marine Insurer Formed

May 27, 1999

The world's largest mutual marine insurer -- or Protection & Indemnity (P&I) Club -- is set to be created this summer after a management company acquisition. The

Asia To Europe Shipping Rates Could Pick Up

May 27, 1999

Container shipping rates from Asia to Europe could be lifted in the second half of 1999 as millennium-related imports put an extra squeeze on limited ship space.

Possible Strike Has Shippers Looking Skyward

May 27, 1999

The possibility of the first dockworkers strike on the U.S. West Coast in 28 years has shippers looking to air cargo as a back-up. The Pacific Maritime Association

Passenger Lines Agree To Merger

May 27, 1999

Passenger shipping firm ANEK Lines reportedly has agreed to merge with Rethymniaki.

Dispute Arises Over Fate Of Sunken Cruise Ship

May 27, 1999

Maritime authorities and insurers are reported to be at odds regarding the removal of the Sun Vista, the luxury cruise liner that caught fire and sank off the Malaysian last week.

Venezuela Revises Down 10-Year Oil Output Target

May 21, 1999

Venezuela has reportedly revised its 10-year oil production capacity target downward by more than a million bpd between 4.8 million and 5.2 million bpd.

ABP Says Opens New Bulk Terminal at Scottish Port

May 21, 1999

A new dry bulk commodities terminal was reportedly inaugurated at the west Scotland port of Ayr.

Saga Says Capable of Staying Independent

May 21, 1999

Saga Petroleum is reportedly fully capable of remaining independent if shareholders reject a takeover bid by industrial group Norsk Hydro ASA, according to company reports.

Malaysia Port Klang Sees 1999 Container Volume Up

May 21, 1999

Container volume at Port Klang, Malaysia's busiest port, is expected to rise to 2.1 million TEUs in 1999 from 1.82 million TEUs in 1998.

OPEC's Indonesia Victim of Supply Cuts-Trade

May 21, 1999

OPEC member Indonesia has reportedly become a victim of the very oil supply cuts it helped to shape, as it has tendered to buy Saudi Arabian, Iranian and Iraqi

Devon to Buy PennzEnergy in $2.42 Billion Deal

May 21, 1999

Devon Energy Corp. reportedly plans to acquire PennzEnergy Co. in a friendly $2.4 billion deal that would create one of the 10 largest independent U.S. oil and gas producers.

Brazil says 42 Firms to Bid For Oil Area Licenses

May 21, 1999


U.S. Oil Drilling Rig Count Up 11, Canada Downs One

May 21, 1999

The number of rigs exploring for oil and natural gas in the United States reportedly rose 11 from last week to stand at 518 as of May 21, and down from 855 a year ago.

Jurong Shares Surge on Newbuilding Order

May 20, 1999

Jurong Shipyard shares reportedly surged more than eight percent, or Singapore $0.60, to a year high of S$8.10 morning on hopes that the yard had won a multi-million dollar new building order.

Cruise Line Signs 10 Year Hong Kong Pact

May 20, 1999

The cruise line unit of Malaysia's Genting Bhd -- Star Cruises Plc reportedly signed a 10-year agreement with Wharf (Holdings) Ltd to berth in Hong Kong.

Seascope CEO To Retire

May 20, 1999

Shipbroking group Seascope Shipping Holdings Plc said that Tom Young, CEO and chairman, would retire from the roles and become non-executive chairman from September 30.

Jurong Reportedly Close To Six Ship Pact

May 20, 1999

Jurong Shipyard is reportedly close to signing an order to build six new containerships.

State of the Art Container Terminal To Come To Amsterdam

May 20, 1999

The Amsterdam Port Authority reportedly has been given final approval to build a new state-of-the-art container terminal. The terminal is said to require a total investment $182.


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