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Shares Surge

Finnlines Shares Surge

Shares in Finnlines surged last week, with analysts crediting the rise to growing European economic activity and Finnlines' recent deal to buy a stake in shipping group Transfennica. "One reason for the rise could be that it (the share) has fallen quite significantly and has stayed almost unchanged after other cyclicals started to recover," said analyst Ritva Ojala at Conventum. The initial push for the share could have come from Finnlines acquisition of 17% of shipping company Transfennica and agreement with papermaker Stora-Enso to transport its products.


Frontline Shares Surge

Shares in Norwegian tanker group Frontline rose 6.8 percent on Tuesday despite planned oil output cuts by OPEC, buoyed by strong chartering rates and a presentation of the company in New York. Frontline was trading at 157 Norwegian crowns per share, up from 147 crowns at Monday's close. It hit an all-time high of 170 crowns in November after rallying in 2000 from a January low of 36.9 crowns. The Oslo Bourse was up 1.4 percent at 14.00 GMT


NOL Management Changes Causes Shares Rally

Shares of shipping and logistics group Neptune Orient Lines Ltd. (NOL) surged almost 10 percent last Tuesday on optimism over recent management changes, dealers said. "We are buying on the back of increasing confidence in the market, higher assurance that the Fed will not be doing anything drastic and hope that NOL's new management would bring positive changes," said one dealer. In late September, NOL announced the hiring of more senior executives from Sea-Land Services as senior officials


NOL Shares Soar On Management Change News

Shares of shipping and logistics group Neptune Orient Lines Ltd. (NOL) surged almost 10% on optimism over recent management changes, dealers said on Tuesday. Late September, NOL said it had hired more senior executives from Sea-Land Services as senior officals for its container transportation arm, APL. The move were seen as positive and reinforced the shipping group's commitment to grow its European and North American presence. Flemming Jacobs is NOL's new chief executive officer.


Seoul Shares Rise; STX Shipbuilding Surges

Seoul shares closed 2.3 percent up earlier this week, their biggest daily percentage gain in three weeks, as STX Shipbuilding surged after buying a stake in a Norwegian ship builder, while Apple's strong results boosted tech stocks, according to a Reuters report. STX Shipbuilding Co (067250.KS) surged by the daily limit of 15 percent to $74.17 after it announced the purchase of a 39.2 percent stake in Norway's Aker Yards (AKY


IHC Caland Cut

Dutch broker Amstgeld cut is recommendation for Dutch shipbuilding and engineering group IHC Caland to "Underperformer" from "Neutral". Amstgeld said it expected the company to show a "gap" in 2001 profits, as no major floating production and storage unit orders were recorded in the second half of 2000. Although the company will profit from a renewed surge in the oil and gas sector, shares will be hit by the disappointing 2001 situation, Amstgeld said in a note to investors. – (Reuters)


Share Offer Will Fund Shipping Expansion

China State Shipbuilding Co. said it has completed a private offer of $1.6b worth of new shares to strategic investors to fund expansion. The company sold 400 million new shares to eight investors including its state-owned parent at $3.99 a piece, less than one-eighth of its current share price, according to a filing to the Shanghai Stock Exchange. The share placement was initially announced in January by Hudong Heavy Machinery Co


Containership Bremen Express Named

Hapag-Lloyd is naming the containership Bremen Express in Bremerhaven. The patron of the 335m long mega containership capable of carrying 8,749 standard containers is Hilde Herwig, wife of Thomas W. Herwig, managing partner of the long-established Bremen logistics company Röhlig. With its Bremen Express, Hapag-Lloyd has expanded its fleet to 142 containerships with a total capacity of over 514,000 TEU. It has ordered another 15 identical vessels from the South Korean Hyundai Heavy


Oil Tanker Rates Soar

Photo: Polyar Tankers AS

 The cost of shipping crude surged to all destinations, amid speculation that bookings are increasing to load crude.   According to a report in Bloomberg, the oil tanker rates soared to the highest in seven years amid an acceleration in the number of bookings and signs that the ships are being delayed when unloading due to a lack of space in on-land storage tanks.   Day rates for 2 million-barrel carrying ships sailing to Japan from Saudi Arabia


COSCO 'bidding' for Orient Overseas

Photo: Orient Overseas Container Line Limited

Chinese conglomerate Cosco Group is in talks to acquire smaller rival Hong Kong-based rival Orient Overseas Container Line Co. ( OOCL), Chinese media outlet Caixin reported quoting people familiar with the matter.   The state-owned China COSCO  will compete with Evergreen Marine Corp. from Taiwan and France’s CMA-CGM SA in the takeover bid, but COSCO was more likely to win the deal, a source from COSCO told Caixin.  


Hampton Roads Transit Christens New Ferry

(Photo: BMT)

Virginia’s Hampton Roads Transit (HRT) has christened its newest passenger ferry, the first of three to be delivered to the agency as part of a $7 million program to replace the fleet’s aging vessels, the newest of which was delivered in 1990 and the oldest of which has been in service


Abu Dhabi Ports: No Immediate Plans for a Listing

(Photo: Abu Dhabi Ports)

Abu Dhabi Ports has no plans to launch a public sale of shares in the short term, the chief executive of the state-owned company told Reuters on Tuesday. "There are no immediate plans to go public," Mohamed Juma al Shamisi said when asked if the company planned to sell shares and a


ReCAAP, OCIMF Sign Asian Anti-Piracy MoU

ReCAAP Information Sharing Centre Executive Director Masafumi Kuroki (L) and OCIMF Director Andrew Cassels affirm shared interest and collaboration with MOU. Photo provided by ReCAAP Information Sharing Centre

The safety of navigation is vital to the safety, security and economic activities of all stakeholders traversing sea routes in Asia—the region with some of the busiest seas in the world.    Recognising this shared interest, the Regional Cooperation Agreement on Combating Piracy


Diana Containerships Announces 1-for-6 Reverse Split

Photo: Diana Containerships Inc

 Diana Containerships, a global shipping company specializing in the ownership of containerships, has announced that its Board of Directors  has determined to effect a reverse stock split of the Company’s common shares, par value $0.01 per share, at a ratio of one-for-six


Indian Maritime Associations Join Task Force

Photo: Maritime Association of Shipowners Shipmanagers and Agents (MASSA)

 Concerned with declining market of Indian seafarers industry despite having high population in comparison to its rival countries, representatives of leading shipping associations in the country have joined a ‘task force’ or committee formed by Directorate General of Shipping of


Iran Raises Oil Exports to West, Almost on Par with Asia

© Evren Kalinbacak / Adobe Stock

Iran's oil exports to the West surged in May to their highest level since the lifting of sanctions in early 2016 and almost caught up with volumes exported to Asia, a source familiar with Iranian oil exports said. Iran, which used to be OPEC's second biggest oil exporter


Dry Bulk, Tanker Newbuilds on the Rise -BIMCO

© Nightman1965 / Adobe Stock

Tanker and dry bulk vessel newbuild contracts have been signed at an increasing pace so far in 2017, with newbuild activity for the first half of 2017 surpassing the same period last year by 20 percent. According to BIMCO, 5.9 million DWT was contracted in May 2017 and 3


Korean Shipbuilding Parts Export to China Surge

© lnzyx / Adobe Stock

China's imports of shipbuilding parts and equipment produced by South Korean firms surged this year, Yonhap reported.   The report quoted Korea Trade-Investment Promotion Agency (KOTRA) saying that China's imports of South Korean shipbuilding parts and equipment reached US$28


The Impact of Future Global Tides on Energy

Photo: The National Oceanography Centre (NOC), the Natural Environment Research Council (NERC)

 The first comprehensive study of the impact of global sea-level rise on tides has implications for future coastal flood risk, harbour management, and the long term planning of tidal energy sites.    This research, published in Continental Shelf Research by scientists at the


TUI Sheds Its Stake in Hapag-Lloyd to Focus on Tourism

Photo: Hapag-Lloyd

Europe's largest tourism group TUI Group said on Monday it had sold its stake in container shipper Hapag-Lloyd, bringing to a close plans for the sale of non-core businesses in order to focus on its tourism operations.   TUI Group has been investing in more of its own hotels and cruise


US to be World's Biggest LNG Exporter by 2022

Pic: Shell

 The International Energy Agency predicted that the US will become the world's No. 2 exporter of liquefied natural gas by the end of 2022 with a capacity of 3.7 trillion cubic feet per year, second only to Australia.  The U.S. is already the world's largest producer of natural gas


James Troop Celebrates 150th Anniversary

L-R Robert Pollock, Bob Troop and Derek Bate in Coburg Dock (Photo: James Troop)

Liverpool diesel-engine sales and maintenance specialists James Troop & Co is celebrating its landmark 150th anniversary with a surge in new business and export sales.   The family-run company based in Runcorn is one of Liverpool’s longest-standing maritime and industrial


GOGL Adds Dry Bulk Vessel

Golden Shui. File Photo: Golden Ocean Group Ltd

 Golden Ocean Group (GOGL) says that it has taken delivery of one dry bulk vessel, Q Deb.   "GOGL announced that it has entered into agreements to acquire 16 modern dry bulk vessels in an all-share transaction where the Company will issue in aggregate 17


Golden Ocean Adds Golden Keen

Photo: Golden Ocean Group

 Golden Ocean Group (GOGL) has announce that it has taken delivery of the last vessel, Q Keen (to be renamed Golden Keen), hence all 16 vessels are now delivered.    Golden Ocean has issued 1,050,000 consideration shares to Quintana Shipping Ltd


Activists Protest near Oil Rig in Norway's Arctic Sea Area

Environmental activists protested on Friday near an offshore rig contracted by Statoil in the remote Norwegian Arctic, where the firm is looking for oil and gas deposits.   The Nordic country wants to open up northern areas for exploration to offset declining production in the south






 
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