Early Signs Point To Major Australian Oil Find
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
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'
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
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. International…
Commodore Holdings To Purchase Crown Dynasty
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
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
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
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
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 markets are still bouyant…
Baltic Indices Fall In Thin Pre-Holiday Trade
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
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
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
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.
Settlement Reached In R.I. Oil Spill Case
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…
Oil Prices Rally On Tight Supplies
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…
Tanker Sinks At Mouth Of Bosphorus
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.
St. Lawrence Seaway Closed Until Spring
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.
French PM Tours Oily Coast, Vows Safety Crackdown
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.
U.S. Builders Make Waves At Year End
While consolidations and closures continue to reshape the ship and boatbuilding industry worldwide, 1999 ended on some positive notes, particularly for ship and…
Carnival Passengers Protest After Millennium Cruise Problems
Paradise, carrying 2,600 passengers, developed an engine problem after leaving Miami on Sunday for a seven-day cruise, forcing Carnival Cruise Lines to cancel visits…