Wednesday, December 20, 2000 Maritime News

Passenger Ship Sinks Off Virginia, Crew Rescued

Dec 20, 2000

A Panamanian-flagged ship carrying a crew of 34, but no passengers, sank off the coast of Virginia on Sunday after its engine room flooded, a U.S. Coast Guard spokeswoman said.

American Superconductor Choses Alstom For Navy Project

Dec 20, 2000

American Superconductor announced the selection of Alstom Power Conversion Inc. of Philadelphia as its subcontractor in a program to design an ultracompact high-temperature

Seascope Announces Results

Dec 20, 2000

British shipbroking group Seascope Shipping Plc expects year pre-tax profits of 1.8 million pounds, against two million last year, after contract delays impacted results.

Grounded Tanker Refloated

Dec 20, 2000

A grounded Norwegian oil tanker carrying 450,000 barrels of crude oil was re-floated near the Venezuelan coast and left for the U.S. Tuesday night, authorities said.

Oil Price Dives

Dec 20, 2000

U.S. stocks of crude oil, gasoline and heating oil grew last week according to the Energy Department on Wednesday, which was more bearish than Tuesday's industry report, analysts said.

Tanker Rates Near Bottom

Dec 20, 2000

Tanker rates in the Caribbean have been free-falling all week, but the bottom is looming closer, brokers say. "They're about W307 today, but they're starting to firm up" said a U.

$29.9M Approved For U.S. Shipbuilding Loan Guarantees

Dec 20, 2000

Congress has approved $29.9 million for the Maritime Loan Guarantee Program, or Title XI program, a $27.9 million increase over the President's Fiscal Year 2001 budget request.

Tanker Battle Snared In Court

Dec 20, 2000

Stelios Haji-Ioannou's tanker company Stelmar is poised to swoop on a fleet of modern petroleum products tankers but the deal has become ensnared by a bitter legal battle.

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