EU Set For Full Probe Into Exxon, Mobil Merger
The European Commission's (EC) competition department will reportedly launch an in-depth probe into the proposed $87 billion merger of U.S. oil majors Exxon Corp. and Mobil Corp. later this month.
Ugland In Restructuring Deal With Swan
Ugland International Holdings Plc reportedly entered into agreements to restructure Norway-based refrigerated vessel (reefer) operators Swan Reefer ASA.
Elf Bid For Saga Give Norway Headache
Elf Aquitaine's bid for Norway's Saga Petroleum is reportedly giving Norway's minority government a gigantic headache by threatening its cherished goal of keeping Saga in Norwegian hands.
ABB Gets EU Nod For Alstom Venture
ABB Asea Brown Boveri Ltd reportedly received approval from the European Commission to complete a proposed 50-50 joint venture with France's Alstom SA.
Daewoo Heavy Wins $180M Italian Order
Daewoo Heavy Industries Co Ltd reportedly won a $180 million order from Italy's Moby Lines to build two luxury car-ferry ships.
Swire Pacific Unit Buys Four Vessels
Swire Pacific Offshore, a Singapore-based unit of Hong Kong listed Swire Pacific Ltd, is reportedly investing more than $50 million to buy four new vessels.
NK To Stay Non-Profit Course
Despite mounting pressures to merge or demutualize societies, ClassNK, Japan's shipping classification society reportedly intends to remain a non-profit making and independent body.
Preussag In Talks To Form Shipbuilding Alliance
Preussag AG is reported to be discussing a shipbuilding alliance -- which would include HDW -- with Sweden's group Celsius.
World's Largest Mutual Marine Insurer Formed
The world's largest mutual marine insurer -- or Protection & Indemnity (P&I) Club -- is set to be created this summer after a management company acquisition. The…
Asia To Europe Shipping Rates Could Pick Up
Container shipping rates from Asia to Europe could be lifted in the second half of 1999 as millennium-related imports put an extra squeeze on limited ship space.
Possible Strike Has Shippers Looking Skyward
The possibility of the first dockworkers strike on the U.S. West Coast in 28 years has shippers looking to air cargo as a back-up. The Pacific Maritime Association…
Passenger Lines Agree To Merger
Passenger shipping firm ANEK Lines reportedly has agreed to merge with Rethymniaki.
Dispute Arises Over Fate Of Sunken Cruise Ship
Maritime authorities and insurers are reported to be at odds regarding the removal of the Sun Vista, the luxury cruise liner that caught fire and sank off the Malaysian last week.
Venezuela Revises Down 10-Year Oil Output Target
Venezuela has reportedly revised its 10-year oil production capacity target downward by more than a million bpd between 4.8 million and 5.2 million bpd.
ABP Says Opens New Bulk Terminal at Scottish Port
A new dry bulk commodities terminal was reportedly inaugurated at the west Scotland port of Ayr.
Saga Says Capable of Staying Independent
Saga Petroleum is reportedly fully capable of remaining independent if shareholders reject a takeover bid by industrial group Norsk Hydro ASA, according to company reports.
Malaysia Port Klang Sees 1999 Container Volume Up
Container volume at Port Klang, Malaysia's busiest port, is expected to rise to 2.1 million TEUs in 1999 from 1.82 million TEUs in 1998.
OPEC's Indonesia Victim of Supply Cuts-Trade
OPEC member Indonesia has reportedly become a victim of the very oil supply cuts it helped to shape, as it has tendered to buy Saudi Arabian, Iranian and Iraqi crude…
Devon to Buy PennzEnergy in $2.42 Billion Deal
Devon Energy Corp. reportedly plans to acquire PennzEnergy Co. in a friendly $2.4 billion deal that would create one of the 10 largest independent U.S. oil and gas producers.
Brazil says 42 Firms to Bid For Oil Area Licenses