AlliedSignal And MTU Combine For Industrial And Marine GT Business
AlliedSignal and MTU München, a subsidiary of DaimlerChrysler Aerospace, have agreed to form a $100 million joint venture company named Vericor Power Systems. The new company will market…
EU Adopts Anti-Dumpings At Sea Rules
European Union transport ministers approved rules which aim to prevent ships from dumping waste at sea. The new law will require all EU ports to build adequate facilities…
FastShip Signs With NASSCO For Construction Of Fleet
FastShip has signed a Memorandum of Understanding with National Steel and Shipbuilding Company (NASSCO), a subsidiary of General Dynamics, for the building of the…
Baltic Indices Down; Freefall To Continue
The Baltic indices all posted losses yesterday, especially the Panamax-driven ones, and word in the market is that the fall will continue. The recent turnaround…
U.S. Coast Guard Says Will Not Close Ports For Y2K
American ports will not be ordered to close between the end of 1999 and the beginning of the year 2000 because of millennium-related computer failure fears, the U.S. Coast Guard said last week.
Cape Hatteras Lighthouse To Move Soon
Crews on Tuesday were making final preparations to move the historic Cape Hatteras lighthouse, the nation’s tallest brick lighthouse, from its perch on an eroding…
Ferry Service Canceled
New Zealand rail and ferry operator Tranz Rail is canceling the winter schedule of its Cook Strait fast ferry service, the Lynx, from mid July. The service, using the leased catamaran the Condor 10…
Teekay Shipping Chairman Steps Down
Teekey Shipping Corp. said its chairman, Axel Karlshoej, will resign from the board because of work demands at his company, Nordic Industries. Karlshoej will be replaced by C.
Benor Buyout Balk
Benor Tankers Ltd. said that U.S. shipping company General Maritime Corporation will not proceed with its offer to buy all outstanding shares in the company. In late May…
Maersk Line To Order Five Containerships
Maersk Line will reportedly build five new container ships at the group’s Odense Staalskibsvaerft shipyard. The new vessels, all of the big S-type class, are scheduled for delivery in 1999 and 2000.
Energen Agrees To Sell Offshore Properties
Energen Resources Corp. reportedly agreed to sell its interests in 40 federal Gulf of Mexico blocks to Bellwether Exploration Co. for about $22.3 million.
BG Wins Preliminary Israel Offshore Permit
BG Plc has reportedly won a permit for preliminary oil and gas exploration assessment rights to part of a substantial offshore Israel concession.
Bergesen Chairman Sells Shares In Company
Petter Sundt, a board member of Norwegian shipping firm Bergesen, reportedly sold 537,443 A shares in the company for 121.36 crowns each.
Swiss Re To Launch Joint Lloyd''s Hull Insurer
Swiss Re, Lloyd's underwriter Chartwell Re and marine mutual insurance manager Thomas Miller are reportedly setting up a new joint venture marine insurance syndicate at Lloyd's.
ThyssenKrupp Says No Rush To Sell Shipyards
ThyssenKrupp AG reportedly intends to hold onto its profitable shipyard business until a buyer was prepared to pay what the group wanted for it.
Kvaerner To Build Two Tankers For Odfjell
Kvaerner ASA will reportedly build two 37.500 dwt chemical tankers for Norway's Odfjell at its Kvaerner Floroe shipyard.
German, Hong Kong Firms To Build Bahamas Shipyard
Lloyd Werft shipyard and Hong Kong-based conglomerate Hutchison Whampoa Ltd. will reportedly join the Grand Bahama Port Authority to build a $70 million ship repair yard in the Bahamas.
Oil Giants Rally To Landmark Brazil Auction
International oil companies reportedly rallied to Brazil's first-ever oil exploration auction, putting up a surprisingly high $93 million for the right to explore…
Teekay Completes Bona Shipholding Acquisition
Teekay Shipping Corp. has completed its cash and stock acquisition of Bona Shipholding Ltd. Under the deal, Bona’s shares were converted into a right to receive…
Dutch Offshore Activity On The Rise
Offshore oil and gas drilling continued to increase in the Dutch sector in the week ending June 9, with the rest of northwest Europe lagging behind last year’s levels…