Maritime Industry Top News
Mersey Docks and Harbour Announces Record Profits
Mersey Docks and Harbour Company Plc, the U.K.'s number two port operator last week said full-year profits reached record levels. The group, which owns the Port of Liverpool…
“Old Ship” Fears Drive Tanker Markets Higher
North Sea crude markets held steady mid last week, as a combination of high freight rates and absences at industry functions subdued trade. Dated Brent was assessed…
Capesize, Panamax Markets Remain Firm
The dry cargo freight market remained firm for Capesize tonnage worldwide and for Panamaxes in the east, brokers said mid last week. Conditions remained weak for…
NLNG Buys Two Gas Vessels
Nigeria Liquefied Natural Gas (NLNG) purchased two vessels owned by Duke Energy to transport gas from the Bonny LNG plant. The company said it had long-term chartered…
Germany Will Seek $6.3M From Kvaerner
The European Commission asked Germany to recover $6.31 million in subsidies from Kvaerner ASA because a production ceiling at a German shipbuilding subsidiary had been breached in 1997.
Kvaerner To Sell Shipyards, Maritime Unit
Kvaerner Plc has agreed to sell its maritime and technology unit Kvaerner Maritime for $15.9 million in cash. Separately, the group will also sell its Fjellstrand…
SembCorp Sees Profits Rise, Eyes Business Abroad
Shipyard operator SembCorp Marine Ltd. posted a 9.6 percent rise in 1999 net profit to $46.5 million and expects to maintain profitability this year. SembCorp, which…
Freight Rate Hikes Benefit South Korean Shipping Firms
South Korea’s major shipping companies benefited in 1999 from freight rate hikes and lower foreign debt service costs resulting from the won’s surge against the dollar, analysts said.
Insurers Should Control Ship Classification System: Broker
Insurers should control the ship safety classification process in the light of weaknesses exposed by the Erika’s loss, a senior tanker broker said. Insurance companies…
RINA Testifies In International Erika Probe
Officials of Italian ship safety inspector RINA, which approved the tanker Erika as safe before it sank off France in December, testified to an international inquiry into the disaster…
NOL Upgraded By Salomon Smith Barney
Salomon Smith Barney has upgraded its recommendation on shipping group Neptune Orient Lines (NOL) to a buy from an outperform on the back of its new management and a strong U.S. market.
Star, Carnival Declare Victory In NCL Matter
Star Cruises and Carnival Corp. declared victory in a takeover bid for Norwegian cruise group NCL Holding, saying they controlled more than 90 percent of the shares.
North Sea Aframax Rates Rise
North Sea Aframax rates sky rocketed on Friday as continuing pressure to charter modern tonnage strengthened all tanker markets, shipping brokers said. Rates as…
Aker In Talks to Sell Aker Base Unit
Aker Maritime is in talks to sell a 32.5 percent stake in its Aker Base unit to supply ship owners Simen Moekster Shipping and Eidesvik Holding. Aker Maritime, which…
Fincantieri Gets $800M Order From HAL
Holland America Line, owned by cruise giant Carnival Corp., ordered two $400 million ships from Italian shipyard Fincantieri Cantieri Navali S.p.A. for delivery in 2003 and 2004, the company said.
France Takes Steps Toward Safer Ships
Transport Minister Jean-Claude Gayssot supported a French industry charter to tighten oil tanker safety aimed at making oil spills like the recent Erika disaster a thing of the past.
Campaigns Aim to Restore Historic Landmark Vessel
The schooner Adventure, a U.S. National Historic Landmark, has been selected as an Official Project of Save America's Treasures, a public-private partnership between…
Bermuda Voices Concerns About Ship Size
Bermuda's transport minister came out against allowing a new generation of huge cruise ships capable of carrying up to 3,000 passengers to dock at the islands.
Australian Tugboat Crewing Dispute Escalates
Australian towage operators threatened by foreign competition were at standstill with the Maritime Union of Australia (MUA) last Tuesday as a dispute over tug boat manning levels escalated.
Kelly Services Launches New Division
With the U.S. labor market at its tightest in three decades, the demand for talented engineers is at an all-time high, and as a result, more and more companies are…
