Maritime Industry Top News
Viking Gets Approval For Evac Chute
In May 2001 Viking received tangible evidence of efforts made in terms of research and development. The U.S. Coast Guard granted Viking its Certificate of Approval…
Mexico Seeks To Lure LNG Projects
Struggling to meet a growing deficit in its natural gas supplies, Mexico is hoping that regulatory changes will lure new liquefied natural gas (LNG) projects by as early as September.
Hyundai Heavy Wins LNG Orders
South Korea's Hyundai Heavy Industries won $340-million orders to build two LNG carriers for Golar LNG of Norway. One of the ships would be delivered by December 2003 and the other by July 2004…
French Tanker Owner To Fold
French tanker operator Copamar said it would have to fold after a French court backed TotalFinaElf's decision to pull out of a five-year charter of two aged tankers.
P&O Cruises Looks To Boost Yield
P&O Princess Cruises, the world's third largest cruise operator, said lower holiday prices would cut revenue yields this year, but added it still hoped to boost…
S. 1214 Causes Concern For Ports
Port Director Mike Leone told members of the Senate Commerce Committee during a July 24 hearing that the "Port and Maritime Security Act of 2001," S. 1214, introduced on July 20…
Clean Tanker Rates Set For Tumble
Rates for clean tankers in the Pacific Basin are set to tumble, undermined by dwindling Atlantic Basin demand displacing a vast fleet of cut-price medium-range ships…
Australian Port Bid Pending
The lead sale consultant for the sell-off of South Australia state's main ports was on Tuesday confident of a good outcome as two final bids were evaluated, but said a final decision was still weeks…
Diamond Offshore Awards $34M In Rig Contract
Keppel FELS Energy & Infrastructure won contracts worth a total of $34 million from subsidiaries of Diamond Offshore Drilling Inc. The contracts awarded to units Keppel FELS Ltd. and Amfels Inc.
SembCorp First Half Down 6%
SembCorp Marine posted a 6.4 percent drop in half-year net profit to S$39.2 million ($21.4 million) from S$41.9 million in the first six months of 2001. The Singapore…
Stolt Offshore Inks $135M Shell Deal
Norwegian offshore contractor Stolt Offshore was awarded a $135 million contract from Shell Petroleum Development Company in Nigeria for pipelay work. The contract…
Panamax Rates Under Pressure
Freight rates in the Atlantic Panamax market remained under pressure and were expected to move even lower in the near term, brokers said on Monday. While Atlantic rates continued to slide…
ITF Targets Liberian Flag
The International Transport Workers Federation (ITF) has launched a campaign to bring down the Liberian shipping flag, which it accuses of bank-rolling a savage conflict in Sierra Leone.
Memco Barge Line Sold
American Electric Power Co. Inc. signed a definitive agreement with Progress Energy Inc. to buy its MEMCO Barge Line Inc. for $270 million, in a deal AEP said would immediately add to its earnings.
Tanker Markets Move Forward, Slowly
Most tanker markets were still inching forward on Monday but the North Sea market was at the end of its rally and was starting to sag again, brokers said. "It's cooled off a little (in the North Sea)…
Over-capacity builds up in transpacific container trade
The addition of substantial new vessel capacity is widening the gap between supply and demand in the transpacific container trade, according to World Liner Supply…
NAVSEA Divers Help Raise History
Naval Sea Systems Command divers, along with National Oceanographic and Atmospheric Administration divers lifted a piece of naval history out of 240 feet of water…
TMN To List Shares
Thai state-owned shipping company Thai Maritime Navigator (TMN) it would list its shares on the Stock Exchange of Thailand in the next three years. TMN chairman of board of directors…
Power Barges Bring New Light To Lagos
Sections of Lagos will receive an unprecedented 22 hours of electricity daily starting next month due to a project by U.S. energy group AES Corp, the head of Nigeria's state power company said.
NSCSA Reports $31M Profit
The National Shipping Company of Saudi Arabia (NSCSA) reported a net profit of 115.7 million riyals ($30.85 million) in the first half of 2001 compared with a net…
