Maritime Industry Top News
Chiles Offshore Announces 4Q Results
For the fourth quarter ended December 31, 2000, the Chiles Offshore reported net income of $4,401,000 on revenues of $16,752,000. In the corresponding quarter ended December 31…
BV Pushes Tanker Safety Initiatives
Bureau Veritas (BV) is to work within IACS to develop tanker safety initiatives proposed by OCIMF and Intertanko. OCIMF and Intertanko have held a series of individual…
SembCorp Posts Small Profit Rise
SembCorp Marine Ltd. (SCM), Singapore's largest ship repairer, posted a small rise in its 2000 net profit, in line with market expectations. SCM, 63 percent owned…
Ship Sales
Molat - (built 1977) 37,836 dwt sold for $1 million. Sea Resource - (built 1977) 27,000 dwt sold to Taiwanese buyers for $1.35 million. Neptune Akabar - (built 1986) 21…
USN Procedures Under A Microscope In Wake Of Trawler Sinking
The U.S. Navy, eager to keep its submarines hidden as much as possible, rejected three official recommendations aimed at preventing collisions like the one that…
Seascope, Braemar Agree To Merge
Seascope Shipping Holdings Plc agreed to merge with Braemar Shipbrokers Ltd., to help strengthen its position in the London and international shipping markets. Seascope…
Panamax Slide Should Continue
Panamax owners are unlikely to experience any relief from the current slide in earnings until March. February load freight rates have fallen further as a result of reduced enquiry…
Rivers Are On The Rise
Water levels on U.S. Midwest rivers were rising after recent warm temperatures and weekend rains mixed with snow hit the upper Midwest but no navigational problems were expected, river officials said.
GE Marine Starts Engineering For Eighth LHD
GE Marine Engines has received partial funding from Ingalls Shipbuilding, Pascagoula, Miss. to begin the engineering work on equipment to be used on the U.S. Navy's eighth LHD Wasp-class large-deck…
New Floating Production System Report Is Available
According to a new report by IMA, there are 121 floating production systems in operation or available as of February 2001. This is an increase of almost 90 percent…
Navy Rejects
The Navy rejected safety experts' recommendations that U.S. submarines be required to use "active" sonar before surfacing to avoid collisions like the one that sank a Japanese trawler off Hawaii.
Tragic Mishap Downs Japanese Trawler
As hopes of finding survivors faded, anguished relatives of the nine Japanese missing after a surfacing U.S. submarine sank their trawler off Hawaii pleaded to have…
Cunard Considers Pacific Runs For QE2
Cunard Line will likely pull the Queen Elizabeth 2 from its traditional trans-Atlantic runs and possibly redeploy the storied cruise ship in the Pacific once the…
Leaky Oil Tanker Departs Valdez
An oil tanker that leaked some oil from a small crack while in port departed with its cargo on Sunday from the Valdez terminal of the trans-Alaska pipeline, Reuters reported.
CMB Downgraded
KBC Securities downgraded CMB to "accumulate" from "buy" because it does not expect the Belgian shipping company to significantly outperform the market. KBC said weakening U.S.
China Oil Demand Expected To Rise
Chinese crude oil demand is expected to average 5.03 million barrels per day (bpd) in 2001, or five percent higher than in 2000, the International Energy Agency (IEA) said.
Italian Authorities Continue Ship Search
A ship, called the Davis, believed to be carrying as many as 180 illegal immigrants was still missing on Monday, after sending a distress signal from waters off southern Italy on Saturday evening…
COSCO Investment Seeks New Opportunities
COSCO Investment (Singapore) Ltd. is looking at opportunities to invest in the shipping business in China and in Southeast Asia. These opportunities involve "outright purchase or co-investment…
Offshore Rig Utilization Is Up
Worldwide offshore rig utilization rose this week due to increased drilling rig demand in Europe and the U.S. Gulf of Mexico, according to Offshore Data Services (ODS).
Are VLCC Rates Poised For Rebound?
Very Large Crude Carriers, which were scraping the bottom of the freight market at the end of January, look set to make a comeback as the pool of available tonnage runs dry.
