December, 1999 Maritime News

Early Signs Point To Major Australian Oil Find

Dec 30, 1999

Early exploration work off the east coast of Australia may lead to a major new oil and gas discovery, according to Australian geologists. About 100 large sedimentary

Suez Canal Fees To Remain Unchanged In 2000

Dec 30, 1999

The Suez Canal Authority (SCA) will keep its transit fees unchanged in 2000 for the seventh year in a row. An economic slowdown and fluctuating oil prices were behind the decision to fix the tolls,

Kvaerner Says Shipyard Sale Plans Are 'Well Advanced'

Dec 30, 1999

Kvaerner ASA officials reported that talks on the sale of most of its shipyards were "well advanced," even though the group will not reach its goal of exiting shipbuilding in 1999.

Oil Averages $18 In 1999

Dec 30, 1999

Oil Averages $18 In 1999 Oil prices in 1999 posted a 35 percent increase on average over 1998, in a triumph of output restraints by exporter group OPEC and key ally Mexico.

Commodore Holdings To Purchase Crown Dynasty

Dec 30, 1999

Commodore Holdings Limited will be purchasing, subject to final documentation, the 820-passenger cruise vessel Crown Dynasty, which it presently charters. The ship

Search Still On For Survivors Of Philippine Ferry Disaster

Dec 30, 1999

Rescuers continued their search for passengers of the Philippine ship MV Asia South Korea last week, after it sank in the Visayan Sea before dawn on Dec. 23, officials said.

Intertanko, Worldscale Address Bunker Price

Dec 30, 1999

Intertanko's Worldscale Committee met with Worldscale Association Ltd.'s Management Committee on Nov. 10. The large discrepancy between the current actual bunker

Offshore Rig Utilization Declines Slightly

Dec 30, 1999

Worldwide offshore rig utilization declined slightly since last week, according to Offshore Data Services' weekly mobile offshore rig count. Two less mobile offshore

Crude Tanker Rates Hold Firm Ahead Of Holiday

Dec 30, 1999

Crude oil tanker rates maintained recent strength as markets continued active ahead of the Christmas break, shipping brokers said on Dec. 23. "Aframax and Suezmax

Baltic Indices Fall In Thin Pre-Holiday Trade

Dec 30, 1999

A lack of fresh chartering saw the Baltic indices under pressure, brokers said last week. The Baltic Dry Index (BDI) fell four points to 1,320, the Baltic Panamax Index also fell four points to 1,

US Supreme Court Hears Intertanko Oral Argument

Dec 30, 1999

On Dec. 7 the US Supreme Court heard the oral arguments of Intertanko, the US federal government, and the State of Washington in the State of Washington tanker regulations case.

DOC Lets Offshore Oil Exploration Ruling Stand

Dec 30, 1999

Commerce Secretary William M. Daley has decided to let stand an earlier Commerce Department ruling in support of the state of North Carolina's objections to exploratory drilling off the state's coast.

Canadian Pacific To Acquire TMM's Shareholding In Americana Ships

Dec 30, 1999

Canadian Pacific Limited has agreed to acquire the outstanding 50 percent of the Americana Ships joint venture from its partner, Transportacion Maritima Mexicana SA de CV of Mexico.

Oil Prices Rally On Tight Supplies

Dec 30, 1999

Crude oil prices bolted higher early last week as traders returned from a long holiday weekend to indications that exporting countries may extend the supply cuts

St. Lawrence Seaway Closed Until Spring

Dec 30, 1999

The St. Lawrence Seaway is officially closed to navigation until spring. The last vessel to pass through the Seaway was the chemical tanker Petrolia Desgagnes, which made its way through the St.

Settlement Reached In R.I. Oil Spill Case

Dec 30, 1999

The owner, operator and insurer of the vessel North Cape have agreed to restock 1.24 million lobsters and pay $8 million to restore other natural resources injured

Carnival Passengers Protest After Millennium Cruise Problems

Dec 30, 1999

'Fun Ship' Becomes 'Fear Ship' After Paradise Propulsion Failure Turns Dream Vacation Into A Nightmare About 200 passengers on a millennium cruise to the Caribbean

U.S. Builders Make Waves At Year End

Dec 30, 1999

While consolidations and closures continue to reshape the ship and boatbuilding industry worldwide, 1999 ended on some positive notes, particularly for ship and

French PM Tours Oily Coast, Vows Safety Crackdown

Dec 30, 1999

French Prime Minister Lionel Jospin, touring beaches devastated by oil seeping from a sunken tanker off the Atlantic coast, pledged to press for stricter global safety rules.

Tanker Sinks At Mouth Of Bosphorus

Dec 29, 1999

A Russian-flagged tanker broke in two and its bows sank on Wednesday near the mouth of the Bosphorus, among the world's busiest shipping routes, spilling oil onto Istanbul's residential coastline.

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