IBM Granted $168.5 Million Navy Contract
IBM has been awarded a contract of up to $168.5 million by the Naval Sea Systems Command (NAVSEA) to serve as the prime integrator of NAVSEA's Regional Maintenance…
U.S Navy Vessel To Visit China
The U.S. Navy guided-missile cruiser Chancellorsville will visit Qingdao, China, in August as part of a series of such visits between the two countries, the Defense Department said.
Tranz Rail Cuts Back Fast Ferry Sailings
New Zealand rail and inter-island ferry operator Tranz Rail Holdings has cut back the number of fast ferry sailings from three a day to two for the upcoming summer…
Oil Drilling In NW Europe On The Rise
Exploration and appraisal drilling in northwest Europe has shown a sharp increase in 2000 over year-ago levels, industry consultants Arthur Andersen said in a report.
Colombo Dockyard Is Back In Business
Colombo Dockyard Ltd resumed operations on Wednesday after successful negotiations with unions following a week-long dispute. The Sri Lankan ship builder stopped…
25% Of Shipbuilder To Be Sold
Ukraine will sell 25 percent in its shipbuilding company Meridian through a privatization tender in September, the State Property Fund said. The fund said the starting…
European Commission Seeks Legal Action In Subsidy Row
The European Commission taking Spain to the European Court of Justice in Luxembourg over its failure to recover around 111 million euros in what it calls illegal state aid to its shipyards.
Chiles IPO Shelved Indefinitely
Chiles Offshore Inc. postponed indefinitely its initial public stock offering because of market conditions, lead underwriters Credit Suisse First Boston said. The…
Diamond Offshore Raised To
Deutsche Banc Alex. Brown reportedly raised its investment rating on shares of Diamond Offshore Drilling Inc. to strong buy from market perform. Said in a note,…
Aker Wins Bluewater Contract
Aker Maritime's Oil and Gas Technology unit reportedly won a five-year deal with U.K.-based offshore production contractor Bluewater Services worth about 40 million pounds.
Sembcorp Ups Stake In SembCorp Marine
Singapore conglomerate SembCorp Industries Ltd has reportedly acquired another five million shares of SembCorp Marine at S$0.705 each after buying 40 million shares last week.
Royal Caribbean Income Soars 27%
While its stock price remains in the doldrums, Royal Caribbean Cruises Ltd. nonetheless reported a 27 percent rise in second quarter 2000 net income along with a boost in capacity.
Colombo Dockyard Workers In Talks To End Dispute
Colombo Dockyard Ltd. was to hold talks with the labor minister and unions to resolve a dispute that forced the Sri Lankan ship builder to halt operations last week.
Tanker Rates Are
Caribbean crude tanker rates shot through the roof as oil poured towards the United States, brokers said. Typical rates for 70,000 ton upcoast U.S. liftings soared…
Oil Majors Report High Profits
Driven by the sustained high price per barrel of oil, oil majors Chevron and Amerada Hess today announced outstanding financial results for the second quarter. Chevron, the No. 2 U.S.
OceanConnect.com
OceanConnect.com, the global e-commerce marketplace for the purchase and sale of marine fuels and products, began operations on July 25 as the first step in a 90-day launch period.
Erika Pumping Progresses
Pumping began on Sunday to remove an estimated 6,000 tons of fuel from the stern of a sunken tanker Erika. The same volume of fuel was pumped from the front half…
13 Lives Lost With Trawler
A Portuguese trawler has sunk off the coast of Mauritania with the loss of 13 lives, officials reported. Another 13 people are believed to have survived the wreck of the Orcados…
SS&Y Capesize Indices Both Rise
Shipbrokers Simpson, Spence and Young's Pacific Capesize Index rose 76 points in the week ending Monday to 5,060. "The index rose back above the psychological 5…
Gas Prices, Offshore Shares Fall In Tandem
Gasoline prices on the benchmark New York Mercantile Exchange (NYMEX) Monday dipped below 90 cents a gallon for the first time in nearly three months, signaling the end of this summer's red-hot run.
