EU Approves CP Ships Acquisition

Wednesday, October 12, 2005
TUI AG and CP Ships Limited jointly announced that TUI's proposed acquisition of CP Ships has been cleared by the European Union and that the regulatory review period in China has expired. Regulatory approvals under competition legislation in certain other countries in which the companies carry on business are pending. The EU approval granted by the European Commission's competition directorate, is contingent upon the withdrawal by TUI's Hapag-Lloyd from two agreements, the Transatlantic Conference Agreement (TACA) and the US South Europe Conference (USSEC). TUI intends to combine Hapag-Lloyd and CP Ships to create the world's fifth-largest container shipping company. TUI anticipates completion of its offer in October, 2005.

Shipbuilding

COSCO Delivers PSV and Two Jack-up Rigs

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MN100: All American Marine, Inc.

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ACE Winches Bags Order from Vard

Deck machinery specialist ACE Winches said it has been awarded a spooling contract with Vard Group AS for Norway’s largest construction vessel.   The scope of work includes the spooling of two 3,

Finance

Norsepower Secures Funds for World’s Largest Rotor Sail

Norsepower Oy Ltd., today announces that it has been selected to receive €2.6M in funding to further its research and development of the Norsepower Rotor Sail Solution technology.

Cosco Eyes Spanish port of Algeciras

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UASC's Dismal Performance

United Arab Shipping Company (UASC), which is close to merging with Hapag-Lloyd, revealed enormous deficits and a massive debt in its key financial figures, says Alphaliner.

 
 
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