Wilhelmsen drops Western Bulk deal NORWAY'S Wilh Wilhelmsen has reversed its decision to purchase 23.5% of Western Bulk Shipping from Belships ASA, claiming that the world has become "a more uncertain place" in the week since the preliminary agreement was signed.
Investors nervous as stock markets slump STOCK markets around the world plummeted on fresh Russian and Far East worries, despite a range of government measures aimed at curbing speculation.
Frontline reports record interims Frontline yesterday unveiled record second quarter and first-half profits.
Russian president Boris Yeltsin . . . Russian president Boris Yeltsin greets US president Bill Clinton with a bearhug before the start of their talks at the Kremlin yesterday. The two-day summit is expected to be overshadowed by Russia's worst crisis in years.
Siremar opts for monohull duo ITALIAN regional operator Siremar plans to commission two high-speed monohull car ferries next year on routes to the Eolian Islands, off the northern coast of Sicily.
Tecon One gets Customs bonded warehouse status TECON One, the Santos container terminal, has been granted Customs bonded warehouse status by the Brazilian Government.
Court fight looms for Chile ports Chile's maritime chamber will go to the supreme court in order to prevent the country's port privatisations going through under existing conditions, according to managing director Rodolfo Garcia.
Gordon loses Subic Bay fight SUBIC Bay Freeport chief Richard Gordon faces forceful eviction today after suffering a major defeat at the Supreme Court which yesterday rejected his petition to remain as chairman.
Hanjin expands in China SOUTH Korea's Hanjin Group, which owns Hanjin Shipping and national flag carrier Korean Air, has announced a major expansion of its transport business in China.
ACH survival hangs in the balance THE future of French shipyard Ateliers et Chantiers du Havre (ACH) hangs in the balance if the conclusions of a recent report on the ailing company are to be believed.
Asia crisis bad for Knud I Larsen KNUD I Larsen, the Danish feeder containership and chemical carrier owner, forecasts that the Asian crisis will have an increasing negative effect on markets for both vessel types.
Mercur Tankers sees interim profit shrink REPAIRS to a roro vessel and high maintenance costs for the 564,000 dwt ulcc Jahre Viking, have eaten into the profits of Mercur Tankers.
Canada's economy hit by Asian crisis CANADA'S booming economy has hit the skids thanks to the economic woes in Asia and Russia.
Japan approves Philippines loan JAPAN's Overseas Economic Co-operation Fund has approved a yen20bn ($146m) loan package for the Philippines' domestic shipping modernisation programme.
Sepetiba under the hammer THE sale of Sepetiba port in Brazil will begin at an auction on September 3.
Libya-Italy link opens after 15-year hiatus LIBYAN operator General National Maritime Transport Co (GNMT) launched a ferry service between Tripoli and the Sicilian port of Catania last month.
Chokhani 'may have closed for good' CHOKHANI International, the Chennai-based ship repair company, might not reopen for business, observers now believe.
Wilhelmsen backs off from WBC deal WILH Wilhelmsen has backed off from a plan to acquire a 23.5 per cent stake in the Bergen-based handysize bulker operator Western Bulk Carriers.
Frontline revives ICB merger plan FRONTLINE has revived plans to merge with ICB Shipping after reporting strong growth in first half earnings.
Holt and ACL put bid plans in ice PLANS for the US-based Holt Group to bid for the remaining shares in Atlantic Container Line have been put on ice.
IMO promises no more regulations IMO secretary-general William O'Neil yesterday assured maritime executives that the IMO had no intention of producing more regulations.
Massive job losses follow ferry merger ABOUT 1,800 jobs will be cut following the merger of the ferry companies DFO of Germany and Scandlines of Denmark.
USCG finalises ISM rules THE US Coast Guard has finalised rules requiring certain vessels on international voyages to include their ISM code certification status in notice of arrival messages.
South Korean banks resume shipbuilding loans SOUTH Korean banks have allowed two Korean shipping companies to begin drawing on shipbuilding loans for the first time in several months.
US agriculture exports dip sharply A DRASTIC cut in commodity prices rooted in the Asian crisis will reduce US agricultural exports for the 1998 financial year to $52bn.
Colombo plans road fund levy COLOMBO's municipal council is planning to impose a levy on import and export containers carried to and from Colombo Port to help fund road development.
Lines seek lasting reform solutions IT IS imperative that sustainable solutions are found to make Australia’s waterfront internationally competitive and that integrated transport systems become a reality, according to Liner Shipping Services ceo Llew Russell. Speaking at the Plastics and Chemicals Industries Association annual convention in Queensland yesterday, Mr Russell lay the blame for waterfront inefficiencies squarely at the feet of the Maritime Union of Australia.
EBA heads for certification Following its ‘reluctant endorsement’ by rank-and-file at stopwork meetings yesterday and Monday, the EBA between the MUA and Patrick is expected to be certified this afternoon by the Australian Industrial Relations Commission. Waterfront sources said yesterday that while details of the agreed document could not be discussed until it was ratified by the commission, it was understood the union leadership had had to employ ‘hard-sell’ tactics to convince members to accept major changes to their conditions of employment. Sources said, however, that those changes could be described as "revolutionary" and in line with the reforms the industry believed were required to institute major improvements in waterfront productivity.
Welcome for ALP bounty commitment The ALP’S election commitment yesterday to extend the Shipbuilding Bounty until the OECD Shipbuilding Agreement, or a similar agreement, is ratified, was welcomed by a key industry player, John Rothwell of Austal Ships. He said the ALP’s commitment at this early stage of the electioneering process should "give the government a bit of hurry-up" in terms of announcing its decision on whether to extend the bounty past its present sunset date of 30 June 1999. It is understood that the report of the Shipbuilding Industry Review Panel, which was presented to Industry Minister John Moore at the end of July this year, recommends that the bounty be extended in line with the ALP’s policy position on the issue.
Future in steel looks bright STEEL shipbuilding is experiencing a revival on the nation’s most concentrated shipbuilding strip at Henderson as various builders win contracts to build steel fishing trawlers, tugs and steel-hulled passenger ferries. Western Australian Commerce and Trade Minister Hendy Cowan said a recent industry strategy launched by the Department of Commerce and Trade showed that many of Australia’s tugs and fishing trawlers were reaching the end of their lifespan and could be replaced. The industry also had great potential to expand its role in repairing and refitting, both for the navy and for vessels servicing offshore oil and gas development. He said new 49-metre steel-hulled vehicle passenger ferry built by Tenix Shipbuilding for Kangaroo Island-Sealink pointed to an important future role for steel vessel construction as part of WA’s world-class shipbuilding industry.
Adsteam - looking for growth by acquisition Adsteam Marine Limited has completed its first year of operation as a listed company -- recording revenue and profit increases. Earnings before tax and abnormals were $27.5 million, an increase of 11.3 per cent, compared to $24.7 million in the previous year. The higher EBIT was in excess of the $26.8 million forecast in the company’s prospectus. Adsteam’s managing director David Ryan said the further improvement in the full year was pleasing considering the uncertain environment created during the second half by the Australian waterfront unrest and the financial problems in Asian countries. He said revenue and earnings growth throughout the year was helped by the acquisitions of Barbican Marine on 1 July last year and Burns Philp Shipping Agencies in early February.
Shippers are moving goods earlier and perhaps causing an earlier peak freight season than in the past, top trucking executives say. The situation is particularly acute on the West Coast. Imports from Asia are up, trucks have become a hot commodity and some carriers are able to capture premium rates as shippers fear a capacity crunch. Normally September and October are the biggest months for most truckload and LTL carriers. But this year the peak season has moved up a month or two in some lanes.
The General Accounting Office is delving into the touchy subject of captive rail shippers and rates. After hearing from a number of shippers who receive service from only one rail line, Congress asked the GAO to look into the situation. The report, due in February, actually will cover two issues: railroad rates and service, and the effectiveness of the Surface Transportation Board. A questionnaire has been sent out to as many as 2,000 shippers and all replies will be treated confidentially, the GAO said.
Marty Lawson of Harley-Davidson Transportation Co. is this year's grand champion at the annual ATA National Truck Driving Championship. Besides honoring the nation's top drivers, trucking executives and the lobbyists took time to listen to some of the drivers' insights into current problems on the highways. It's another way savvy modern-day transportation companies are trying to involve their drivers more and prepare for an expected onslaught of freight in the next several years.
Southern Air Transport is involved in an interesting shell game of "Guess Our Merger Partner." On the same day the company announced its planned sale to Fine Air Services had fallen through, SAT said it would become part of Kitty Hawk Inc. Kitty Hawk, which made its first major airline buy of American International Airways one year ago, has jumped back into the acquisition game in the hopes of beefing up its widebody freighter wetlease service. Kitty Hawk says it is just buying the plum pieces of the debt-ridden airline and got it at a good price.
Union Pacific Railroad has asked that its Tennessee Pass route through Colorado be taken off its abandonment list to give it the option of reopening it in the future to alleviate capacity restraints. But the future may be sooner rather than later, as industry insiders indicate that the railroad may be on the verge of a new contract with Geneva Steel, moving steel slabs north to Utah and finished steel south to Mexico. Coal shippers also applaud the move, which could mean opening a much needed coal route to and from electric utilities.
Maersk and Sea-Land are taking a new approach to deciding which East Coast port best suits their needs for the next generation of huge containerships. North American ports have long known they need to get serious about handling megaships in the next decade, but the Maersk/Sea-Land double team may get some ports to start making changes. Others, like the port of Philadelphia, know they don't have the space or the resources to build a "Disneyland" for containerships, so they bid on a small targeted piece of business.
Produce distribution in Mexico is undergoing a major structural change as supermarket chains take a bite out of the market share of Mexico's traditional, small produce shops and stalls. Supermarket growth in Mexico is exploding, reports the U.S. Department of Agriculture. The number of such stores has grown from fewer than 700 in 1993 to 3,850 by 1997 with new stores opening each week. At the same time, convenience stores featuring fresh produce also are growing. These two events are affecting how produce moves from the farm to the consumer as food retailers begin to force changes in the country's distribution system.
Most transportation companies believe they will be ready for the millennium bug, according to a recent survey by KPMG Peat Marwick LLP. An informal survey of several transportation companies by Traffic World appeared to back up KPMG's results. Companies polled by Traffic World were on their way to achieving compliance, with staff dedicated to solving the issue. Most had hired outside consultants to help achieve readiness and were planning or had performed audits of their Y2K plans. Transportation companies, overall, appear to be in the middle of the pack for achieving compliance, said KPMG analyst Jay Hamilton.
Shipping lines may take cargo to pay off third party debts. At least that is what one freight forwarding company found after it had discovered that its freight, turned over to a consolidator, was going to be sold on the open market by Maersk lines to try and recover money owed to the shipping line by the consolidator. The Federal Maritime Commission says it is hearing these sorts of complaints more frequently and often intercedes to help resolve disputes.
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