Tanker Rates React To OPEC
Tanker rates to the West firmed as charterers and operators took on board the implications of OPEC's decision to raise oil output, brokers reported. Rates of W68.5 ($11.50 per ton) for 280…
USCG Sets Safety Zone Around Shell Rigs
The U.S. Coast Guard will establish safety zones around seven of Shell Oil's Gulf of Mexico high-production oil and natural gas platforms, at the company's request…
BDI Up 9
The Baltic Dry Index (BDI) rose nine points to 1,660, the Baltic Panamax Index gained four points to 1,557, the Baltic Handy Index firmed six points to 1,157, and…
OPEC Strives For $22-$28 Barrel
Venezuelan Energy and Mines Minister Ali Rodriguez said that OPEC had agreed to defend a price band of $22 to $28 per barrel for its basket of crudes in a bid to stabilize prices.
Ferry Builder Bought
Babcock International Group Plc unit Babcock Engineering Services said it has bought high-speed ferry manufacturer FBM Marine Holdings (UK) Ltd from the Hong Kong Parkview Group.
Frontline Buys Two Tankers
Norwegian shipping firm Frontline is to buy two 1993 tankers from Wilh. Wilhelmsen for a total of $90 million in shares and cash. It will reportedly pay Wilhelmsen…
SS&Y Capesize Indices
Shipbrokers Simpson, Spence and Young's Pacific Capesize Index fell 45 points to 5,284 in the week ending March 27. "The Pacific sector remains tight, with owners…
Offshore Rig Count
U.S. The Gulf of Mexico rig count continues to rebound, and this week reached its highest level since July 1998, according to Offshore Data Services' weekly mobile offshore rig count.
Dry Bulk Trends
The dry cargo freight market was generally little changed last week, with Capesize conditions remaining basically steady but quiet, brokers said. Panamax activity was brisk from South America…
Strong demand for VLCC tankers in the Middle East failed to create a massive breakout in rates, but owners were happy as bunker fuel prices continued to fall, brokers said early last week.
Strikes Hinder Finnish Trade
Finnish exports and imports were almost at a standstill last week as a strike over a wage claim by transport workers supported by stevedores and seamen went into a second day.
Bulknet.com Gets Backing For Internet Site
The chief executive of Bulknet.com will shortly close a $25-$30 million round of financing for his month-old Internet site, which he hopes will dominate online bookings for chemicals shipping.
Norway's Jotun Makes 'Quantum' Strides
With TBT paints on the endangered list due to environmental concerns, shipowners must find an alternative method to keep ships coated and efficiently clean. Jotun believes it has the answer.
EU Welcomes Tighter Rules
European Union transport ministers welcomed proposals to tighten safety rules for oil tankers in the wake of the disastrous Erika oil spill off France's Atlantic coast last year.
The End Of Title XI?
On October 1, 1993, President Clinton announced his shipyard initiative, a five-part plan to assist shipyards in transitioning from their primary role as builders of Jones Act vessels and U.S.
Fincantieri To Build Ferry For SNCM
Italian shipbuilder Fincantieri has signed a contract with France's SNCM to build a 44,500 gt ferry to be used mainly on the Marseilles to North Africa routes. The new vessel will be 574 ft.
Bergesen To Buy LNG Carrier From Daewoo
Bergesen DAY. ASA plans to buy a liquefied natural gas (LNG) carrier from South Korea's Daewoo Heavy Industries Ltd. for approximately $150 million, company officials said.
Coflexip Stena, Kvaerner Finalize Acquisition Plans
Coflexip Stena Offshore, along with Kvaerner, is finalizing the acquisition of the business of Houston-based pipeline engineering company Kvaerner R.J. Brown (KRJB).
COSCO Pacific Reports Profit Increase
COSCO Pacific Ltd. reported its net profit rose 3.7 percent in 1999 from a year earlier to $134.08 million and added that it would step up investment in 2000. The company…
Tanker Groups To Pool Vessel Marketing
Two major clean oil product tanker operators will form a vessel pool to market each others ships on opposite sides of the world. Japan's NYK Line and International Product Tankers Ltd.