Frontline eases debt pressure John Fredriksen's Frontline is undertaking an extensive financial restructuring - including the sale of 10 tankers and debt negotiations with its banks - to ease the pressure on its balance sheet.
Merger launches Total into oil elite TOTAL, France's number two oil company, has confirmed a deal to merge with Petrofina of Belgium to form the world's sixth largest oil company - a move that continues the march towards consolidation in the oil and gas industry.
Frontline turns defence to attack John Fredriksen appears to act just as decisively in defence as he does in attack.
Full year breakeven predicted Deteriorating tanker markets have led Frontline to predict a breakeven result in the fourth quarter, writes Tony Gray.
Lines move to cut capacity on key routes Container lines operating between South America, Europe and the US will reduce capacity by as much as 30% over the next month in response to poor volumes triggered by the Asian crisis and chronic overtonnage, it is believed.
Fearful Chinese fisherman Fearful Chinese fisherman Theng Ming makes an appeal from a Puerto Princesa jail on Palawan in the Philippines. He is one of 20 fishermen arrested on Sunday near a reef claimed by Manila in the disputed Spratly Islands. The fishermen say they were fishing in Chinese territory.
Finance funds blamed for boxship glut Demand by German KG funds for fresh container ship projects and by shipyards for orders has been the main cause of the sector's present oversupply, not the Asian economic crisis, a leading German shipowner has said.
German-French French president Jacques Chirac, German chancellor Gerhard Schr'der and French prime minister Lionel Jospin at the German-French summit in Potsdam. The 72nd summit is the first for the German chancellor since his recent election success.
French strikes surprise stevedores' association TWO years of uneasy peace on the French quayside was ended last week by strikes that seem to have taken the stevedores' association, UNIM, by surprise.
Asian cruising bucks economic trend ASIA'S burgeoning cruise industry has managed to buck the region's negative economic trend, according to PSA Corp chairman Dr Yeo Ning Hong.
Frontline loses and wins at ICB FRONTLINE has failed to have two of its representatives elected to the board of ICB Shipping, but has succeeded in ordering an investigation of the board's activities.
Korean builders eye passengership opportunities SOUTH Korean shipbuilders are looking to move even further into the ferry and cruise shipping business, following the slowdown of vlcc construction.
China Shipping moves into South Korea CHINA Shipping is expected to open a sales branch in Seoul during the first quarter of 1999.
Cyprus expels two ships for fraud CYPRUS has expelled two ships from its register for presenting forged safety certificates.
Exodus hits Spanish register LEGISLATIVE changes introduced to Spain's second register have led to an exodus of domestic cabotage vessels from the country's first registry.
Exxon-Mobil merger will affect shipping SHIPPING operations at both Exxon Corp and Mobil Corp are expected to undergo significant change if the merger of the oil giants is approved by the US government.
Hellenic and Rodriquez sign co-operation deal GREEK shipbuilder Hellenic Shipyards and Italian fast ferry designer Rodriquez Cantieri Navali have signed a co-operation agreement.
Seize opportunity to upgrade, Asian owners urged ASIAN shipowners should use the regional economic crisis as an opportunity to upgrade and reposition, said the chairman of the Federation of ASEAN Shipowners' Associations.
FASA issues piracy plea THE Federation of ASEAN Shipowners Associations today issued a plea to regional governments to help crack down on piracy in Asia's waters.
Indian insurance privatisation may be shelved INDIA'S Insurance Regulatory Bill, which would enable privatisation of the insurance industry, is unlikely to be introduced in the current session of Parliament.
Norway to train officers in China NORWEGIAN shipowners are to set up a training centre in China because the Philippines is unable to provide adequate numbers of qualified officers.
Accord de transit historique pour le transport routier lourd à travers la Suisse Mardi matin, l'Union européenne et la Suisse ont conclu un accord historique concernant le transport routier de transit à travers le pays alpestre. L'accord est le fruit d'une concertation intensive et d'un nombre de concessions des deux côtés.
Anvers: Forest Logistics va inaugurer de nouveaux concepts pour produits forestiers Le secteur des produits forestiers a connu d'importantes évolutions au cours des trois dernières années, qui se sont traduites par des concentrations entre producteurs, plus particulièrement en Scandinavie. L'objectif est toujours le même: acquérir des dimensions supérieures afin de faire jouer les synergies et partant, bénéficier d'économies et développer des parts de marché.
Jacobs crée une entreprise de transport de voitures Jacobs Holdings fait à nouveau la une de la presse spécialisée. Il y a quelques semaines, Jacobs reprenait l'entreprise britannique Horizon dans le but de "diversifier dans l'activité de groupage européen". Cette reprise intervenait deux mois à peine après l'acquisition de HSL Automotive, qui a permis à Jacobs d'effectuer une percée dans la distribution automobile. La création d'une nouvelle entreprise logistique en Allemagne doit être considérée comme un complément aux activités de la filiale française SVTV, l'objectif étant de proposer des services de transport spécialisés et transfrontaliers. Un réseau pan-européen devrait constituer la prochaine étape.
P&OSC agreement ratified The Australian Industrial Relations Commission yesterday ratified the P&O Swire Containers Ltd Officers Seagoing Industry Agreement 1998. The agreement covers Australian officers manning the company's containerships engaged in the Australia-Far East trade, the Arafura and the Ariake. The document, which went before Commissioner Redmond, has been backdated to May and will run for three years. It includes a wage increase offset by productivity assessments which will be carried out every six months. The system of assessments, a new system of measuring productivity, is being more widely accepted after Australian officers unions have had the opportunity of testing it in practice.
ANL sale almost wrapped up THE sale of the three major business divisions which comprise the Australian National Line is expected to be finally completed next week, bringing to an end a 10-year saga. Canberra sources say barring "last-minute glitches" final paperwork should be completed shortly, after the clarification of a number of specific issues which have arisen since the federal government's pre-election claim that the sale had been 'completed'.
P&O Australia seeks Jakarta stake P&O Ports Australia is competing with five foreign investors for a 49 to 51 per cent share holding in PT Jakarta International Container Terminal (JICT), a subsidiary of Indonesian state port operator PT Pelindo 11. P&O Ports managing director Richard Setchell said his company would not settle for any less than a 51 per cent stake in JICT which represented a good opportunity for P&O to gain a strong foothold in Indonesia. Captain Setchell said P&O was currently operating out of Irian Jaya and it had unsuccessfully tried five years ago to become associated with a JICT terminal. He said P&O intended to improve port efficiency at JICT and add value in the same way that it did with its other international ventures.
Spirit celebrates fifth anniversary At a ceremony in Devonport yesterday, the TT-Line celebrated the fifth anniversary of the Spirit of Tasmania's inaugural voyage on the Bass Strait run. In that time the 31,000-tonne ship has made 1560 crossings between Devonport and Melbourne carrying about 1.27 million passengers and 400,000 cars. TT-Line chairman Nick Evers noted that the Spirit had not lost a single sailing due to bad weather and had a perfect safety record.
Townsville spill cleaned up A minor oil spill which in the port of Townsville on Sunday has been cleaned up. The spill, estimated to be between 200 and 1000 litres, occurred at berth 1, when the vessel Nichian was pumping 55,000 tonnes of heavy oil into storage facilities. Townsville Port Authority spokesman Darrin Pearce said the pipeline was shut down immediately and a full response team was on site in just over an hour and had been able to contain and clean up all of the oil. Mr Pearce said that Shell Oil was the berth operator and was transferring the product for Queensland Nickel (QNI). He said investigations had revealed a problem in the pipeline used to transport the QNI product.
Exxon Buys Mobil For $76.2M Exxon Corp. agreed to acquire Mobil Corp. for a record $76.2 billion in a stock transaction that will create the world's largest oil company and reshape the industry.
Saudi American Bank Signs $55M Shipping Loan Saudi American Bank reportedly signed a $55 million loan with Saudi Arabian shipping company National Chemical Carriers (NCC) to improve cash flow at the company, the third largest petrochemical carrier in the world.
Frontline Seeks Debt Restructuring Frontline Ltd. is reportedly seeking to restructure some of its debt program in preparation for a market downturn.
Stena Line Mulls Freight Investment Boost Stena Line AB is reportedly considering changing direction and investing more in freight traffic after the Swedish shipping union, Seko Sjofolk, rejected a new wage deal.
Hellenic Shipyards Teams Up With Rodriquez Cantieri Hellenic Shipyards reportedly concluded a cooperation agreement with Italy's Rodriquez Cantieri Navali SpA for the promotion and construction of the latter's advanced technology vessels.
P&O Names New Finance Director Peninsular and Oriental Steam Navigation Co. Plc (P&O) reportedly appointed Nick Luff as finance director effective January 1, 1999.
Total Merges With PetroFina, Shares Plummet Total SA has reportedly merged with PetroFina to become the world's sixth largest oil group, but its shares took an immediate battering on the Paris stock market.
Texaco, Shell Drop Alliance, May Pursue Merger Texaco Inc. is reportedly aiming for bigger and better things in the shape of a merger instead of a mere alliance -- the oil company pulled out from talks with the Royal Dutch/Shell Group to merge their European refining and marketing activities.
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