Ceres sells ferry stake to Minoan GREECE'S Ceres group, headed by Peter Livanos, has agreed to cede a majority stake in its fleet of 26 hydrofoils and two catamarans to Cretan based Minoan Lines in a merger of the two companies' fast ferry businesses in Greek waters.
PanOceanic bonds deal sidesteps default threat Financially-pressed PanOceanic Bulk Carriers has secured a deal with bondholders which should ensure that the company does not default on a $6m interest payment later this month.
Bulk market downturn deepens Anangel losses Anangel-American Shipholdings suffered increased losses in the third quarter as the poor bulk carrier market took its toll.
Enterprises contracts knock ratings back Enterprises Shipholding's decision to take over seven newbuilding contracts has knocked its credit rating, writes Tony Gray.
Brazil ports face threat of more strikes NEW strikes throughout the Brazilian port network are expected at the beginning of next year as private port operators are calling for a final showdown with unionised labour.
Bank writ seeks $8m from Ilion owner FIRST National Bank of Maryland has launched the latest round of its continuing legal campaign against the Greek shipowning community, with a writ in London seeking over $8m from the owners of Ilion.
Brussels and carriers close to peace Container shipping lines are very close to a settlement with the European Commission that could mark the start of a new era for the liner trades, industry leaders signalled yesterday.
TT Club sounds alarm over the adequacy of container stowage THE TT Club, the mutual insurer for the through transport industry, has cast doubt on the onboard stowing of containers and the adequacy of container securing systems in the light of the recent storm damage to four of the world's largest container vessels.
Europe best for cruise growth claim EUROPE'S burgeoning cruise market still offers the biggest opportunities for growth, both in deployment and sourcing terms, according to US cruise giant Royal Caribbean International
Greek port workers to strike PORT workers in Greece have announced a five-day strike from December 11 to 15 in protest against planned changes in the corporate status of Piraeus and Thessaloniki ports.
Port productivity claims slammed by MUA CLAIMS of 'world best' productivity rates on Melbourne's wharves have been hotly disputed by MUA boss John Coombs.
Minoan takes control of hydrofoil operator MINOAN Highspeed, a subsidiary of Athens-listed Minoan Lines, has bought a majority 60 per cent stake in Livanos-owned Ceres Hydrofoils at a price reportedly close to $100m.
Gdansk Shipyard sale expected today EMIL Wasacz, the Polish treasury minister, revealed yesterday that there were no obstacles to the transfer today of Gdansk Shipyard to Tricity Shipbuilding Corp.
Asian owners reject Y2K plan ASIAN shipowners have spoken out against a recent proposal to include a declaration of Y2K compliance by masters in their new regional mandatory reporting system.
Star Cruises to seek Nasdaq listing COLIN Au, chairman and ceo of Asian cruise operator Star Cruises, today confirmed his company was looking to gain a Nasdaq listing to fund further fleet expansion plans.
Fredriksen's Hemen takes ten from Frontline HEMEN Holdings, a company indirectly controlled by John Fredriksen, has taken over from Frontline the ten tankers acquired from Cambridge Tankers earlier this year.
PZM workers accept management proposals RADICAL restructuring of operations at Polish Steamship Co (PZM), proposed by the temporary management team, appear to have been accepted by the employees' council.
EU rail investment 'far too slow' LACK of investment in special rail freight projects by the EU and member countries' railway companies is slowing the progress of intermodalism.
Transamerica slashes leasing costs TRANSAMERICA Leasing, the container lessor, has launched a low cost lease alternative for shipping lines and forwarders.
Confusion reigns in Indian insurance CONFUSION over Indian insurance reforms has arisen following conflicting statements by three government spokesmen.
Chevron names first of four new vlccs CHEVRON has christened the first of four double hull vlccs under construction at Samsung shipyard in Koje, South Korea.
San Francisco seeks cruise terminal proposals SAN Francisco has asked developers to submit proposals for the construction of a major new waterfront cruise terminal in anticipation of an increase in cruise activity.
AELA goes ahead with rate rise Shippers in the Australia to Europe trade will feel one of the sharpest rate increases in years when the Australia to Europe Liner Association imposes a general rate increase from 1 February. Despite failing to reach agreement with the Australian Peak Shippers Association, AELA members will apply a general rate increase of $250 per 20 foot container and $300 per 40 foot container for dry cargo as well as $350 per 20 foot container and $550 per 40 foot container for reefer cargo. A subsequent increase will apply from 1 July of $50 per 20 foot container and $100 per 40 foot container for dry cargo only.
Rail lobbies ATC over spending The rail industry has stepped up its lobbying efforts ahead of tomorrow's [fri] meeting in Melbourne of Australian transport ministers, with the release of a new survey which shows the majority of Australians are opposed to heavier and longer trucks on Australia's roads. The Newspoll survey, which was commissioned by the Australasian Railway Association, also found that 91 per cent of survey respondents wanted more money spent on the rail freight industry. According to the survey, 84 per cent of respondents were opposed to the introduction of heavier and longer trucks on Australia's roads. Seven out of 10 participants also believed there were too many large trucks on the road.
IPA sets out trade-offs P&O Ports will withdraw from the third stage of the Stevedoring Industry Award simplification or stripping back process on the condition that agreement is reached with the Maritime Union of Australia on its in-principle agreement and enterprise agreements. This is understood to be one of the conditions set out in the in-principle agreement considered by the MUA's national council last week. The first two stages of the simplification process are now substantially complete and subject to the outcome of a Full Bench decision on leave matters and the outcome of the ministerial review, a point which the document acknowledges.
Officer shortage growing: ISF A deteriorating manpower situation has been reported by the International Shipping Federation (ISF) which has just published the results of an interim manpower survey. The survey, conducted among its member national shipowners' associations, including Australia, indicates that the gap between worldwide supply and demand for officers appears to be growing. Shortages were reported by most national shipowners' associations particularly among engineers.
Howard Smith reviews as Cole steps down Howard Smith Towage yesterday announced an extensive management review aimed at more closely integrating local port operations with the company's international market focus. Howard Smith managing director Dr Ken Moss said the review was part of an ongoing plan to contain costs, improve customer service and build strategic alliances with customers worldwide. "A review was initiated by the chief executive of our Australian towage operations, Dale Cole, as part of an ongoing program of change to improve the organisation's effectiveness," Dr Moss said.
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