UAE: $30 Barrel Will Not Trigger OPEC Action
The United Arab Emirates oil minister suggested in remarks published last Thursday that a brief spike in oil prices to $30 would not trigger a response by OPEC to raise output…
Saudi Arabia Will Fill Need Created by Y2K Problems
Saudi Arabia's stands ready to step in and replace any oil supplies that may be disrupted because of Y2K computer problems. " Saudi Arabia's unused oil production…
NOL Shares Drop On Re-Rating Rumor
Shares of Neptune Orient Lines (NOL) fell almost seven percent in heavy trade on talk there was some re-rating of the stock following changes in the Morgan Stanley Capital International (MSCi) index.
USACE Details Mississippi River Lock and Dam Closures
Several locks and dams on the upper Mississippi River will be closed to all navigation from January to early March for maintenance and repairs, the U.S. Army Corps of Engineers (USACE) said.
OPEC Production Falls
OPEC oil production fell 700,000 bpd in November, driven down by deep cuts to Iranian and Iraqi supply. The group's compliance rate with supply curbs improved to…
CPC To Award Two VLCC Crudes
Taiwan state-owned Chinese Petroleum Corp (CPC) is likely to award two VLCCs of West African crudes in its January tender, traders said. They said the grades to…
IEA: Oil Inventories Plummet
Oil inventories fell sharply again in October and stockdraws in major Consuming regions are expected to accelerate in Coming winter months, the International Energy Agency (IEA) said last week.
Daewoo Wins Ship Orders
Beleagured Daewoo Heavy Industries won $230 million in ship orders from Companies in Hong Kong and Europe. Daewoo reported earned an order to build a bulk carrier from Hong Kong's Tai Chong Cheang Co.
CCL: Would Seek Oslo Listing With Successful NCL Bid
Carnival Corp. would seek an additional listing on the Oslo stock exchange if it succeeded in its bid to take over Norwegian cruise firm NCL Holding ASA. Carnival…
NCL Retains Financial Advisers
NCL Holding ASA appointed Orkla Finans and Morgan Stanley as financial advisers following a takeover bid from Carnival Corp. Carnival, the world's largest cruise operator…
Norway Extends Cutback To Q1 2000
Norway, keeping in step with OPEC, will extend a 200,000 barrels per day (bpd) curb to oil output to the end of the first quarter of next year.
Suezmax Rates Set To Soar
Surging Suezmax tanker rates are set to soar if Iraqi exports come back on stream next week, shipping brokers contend. Rates for the one million barrel tankers have…
Bulk Shipping: Profitability Dependent On Safety
Bulk Shipping has been under the international microscope of late, with spectacular structural failures resulting in sudden loss of lives and ships, vexing designers…
Koreans Consider Marine Propulsion Consolidation
Korea Heavy Industries and Construction Corp. said Daewoo Heavy Industries has expressed willingness to join it in a planned ship engine joint venture. A spokesman…
EC Fines Steel Companies
The European Commission (EC) fined eight steel companies a total of 99 million euros after its probe into a cartel in the market for seamless steel tubes used in the oil and gas industries.
Daewoo Heavy President Safe For Now
While many of troubled Daewoo Group’s top executives have been ousted by South Korean creditors who rescued the troubled Daewoo Group from collapse last July, it…
Chuan Hup Buys Three Ships
Shipping company Chuan Hup Holdings Limited bought three vessels for S$5.8 million in cash, boosting its fleet to 146 ships to cater to growing regional demand for shipping.
Storm Damages Odense Crane, Containership
During a strong storm on December 3 a heavy crane at Lindoe shipyard, Odense, Denmark, fell on to a container vessel, the newbuilding No. 170, in dry-dock. The 91…
Turkey To Close Bosphorus Strait For 12 Hours
The Turkish government will close the Bosphorus strait to sea traffic for ships over 3,000 tons for 12 hours from 1600 GMT on December 31 to minimize possible effects…
Suez Canal To Take Larger Ships
Improvements to the Suez Canal will allow ships with a draft of up to 62 ft. to use the waterway by the end of next year, the chairman of the Suez Canal Authority (SCA) said.