Rate-cutting threatens Taca strategy FREIGHT rates in the Trans-Atlantic Conference Agreement for shipping wines and spirits from Europe to the US have been slashed after at least one carrier broke ranks and offered concessions to the group's biggest customer.
Bullish ABP announces share buy-back scheme ASSOCIATED British Ports yesterday announced a £100m ($164m) share buy-back scheme for 1998 as part of an upbeat full-year financial report.
Amer Reefer clinches $100m in bond issue RAVI Mehrotra's Amer Reefer has successfully raised $100m through the issue of high yield bonds.
Asia crisis may help Malaysia International ASIA'S currency problems could help Malaysia International Shipping Corporation to report a record set of profits for last year.
Spell out port plans, EU told EUROPE'S private seaport operators have told European transport commissioner Neil Kinnock that commission plans to develop a framework on infrastructure charging need more detail.
Bayonne set to launch ro-ro freight service to Southampton THE port of Bayonne is studying the creation of a new ro-ro freight service to Southampton with Le Havre-based Compagnie Viking, writes Andrew Spurrier, Paris Correspondent.
Ugland wins NKr1bn charters UGLAND Nordic Shipping has secured two North Sea shuttle tanker contracts with total value of more than NKr1bn ($132m).
UAE oil storage ban FLOATING oil storage facilities have been banned by the United Arab Emirates from the country's ports and territorial waters.
Judge rules in Lloyd's favour A JUDGE today ruled in favour of Lloyd's in its assessment of the amount of premium owed by 'non-accepting' Names under the Equitas Reinsurance Contract.
Canadian damage claim law expected soon LEGISLATION to increase the level of damage claims that can be made against shipowners responsible for accidents in Canadian waters is expected to become law soon.
Receiver appointed at Metro Trading MOORE Stephens, the London-based accountancy firm, has been appointed receiver for the oil cargoes of Fujairah-based Metro Trading International.
PDV Marina seafarers file formal strike action SEAFARERS employed by PDV Marina have filed a formal strike petition with Venezuela's Ministry of Labour in a bid to gain a 160 per cent pay rise.
Hoverspeed Holyman sets up Dover-Ostend service FOLLOWING its acquisition of a 50 per cent stake in Holyman Sally, Hoverspeed is to operate a Dover-Ostend fast ferry service from March 6 with Holyman.
Former port chairman charged with theft FORMER Pacific Ports Co chairman John Chan has been charged with three counts of theft following investigations into allegations of a HK$81m ($10.45m) fraud.
ABP lifts profit by ten per cent UK port operator Associated British Ports (ABP) has announced a ten per cent growth in pre-tax profits for 1997 to £105.3m ($173m) from £95.8m in 1996.
Mahathir at centre of PSNL sale rumours RUMOURS are mounting in southeast Asia regarding the sale of one of the region's largest fleets by Malaysian shipping tycoon Mirzan Mahathir.
Warnings issued after mines found NAVIGATIONAL warnings have been issued to traffic using Singapore waters after three World War II mines were discovered yesterday by the Singapore Navy.
Korean cargo movements fall in January CARGO movements at South Korean ports have been decreasing this year in the wake of the country's financial problems.
Silja quits Channel passenger operations FINNISH ferry company Silja has decided to pull out of its loss-making passenger operations in the English Channel.
RCCL prices offering at $56.50 per share ROYAL Caribbean Cruises has priced the offering of its common stock at $56.5 per share, with 6m shares being offered.
Cosco bond issue oversubscribed COSCO (Hong Kong) Group says its five-year guaranteed exchangeable bonds were more than ten times oversubscribed.
Sumitomo profits tipped to rise 19 per cent JAPANESE shipbuilder and machinery maker Sumitomo Heavy Industries is tipped to report an operating profit of about Yen15bn ($118m) in the year ending March 31.
McNeece unveils revolutionary cruiseship A REVOLUTIONARY cruiseship has been unveiled by vessel designer John McNeece at the Seatrade Cruise Shipping Convention in Miami Beach.
Export credit to South Korea 'almost exhausted' AUSTRALIA'S state-owned Export Finance and Insurance Corp has almost exhausted its limit in its attempts to underwrite national exports to South Korea.
Feport veillera à ce que les exportations européennes ne soient pas compromises Dans quelle mesure les critères avancés dans le livre vert de la CE sur les ports de mer et les infrastructures maritimes, qui impliquent notamment la prise en charge par les utilisateurs des coûts réels des services et installations, ne vont-ils pas finalement grever par répercussion les prix des exportations européennes au point de les mettre en péril sur les marchés d'outre-mer? "C'est effectivement un de nos principaux sujets d'inquiétude et il occupera une place prépondérante dans le cadre des prochaines discussions", nous a répliqué le président de l'organisation Feport, alors qu'elle présentait son point de vue sur ledit document au cours d'une conférence de presse.
Swisscargo entame ses vols fret depuis Bruxelles Un DC-10 fret de Swisscargo est parti hier soir de Zaventem en direction de New York JFK. Il s'agissait du premier service de fret que la division de fret aérien du groupe SAir assure depuis Bruxelles. D'ici peu, Chicago, Entebbe et Bombay seront également desservis par un vol fret direct.
50-50 chance of new US Liner Shipping Act this year As new liner shipping alliances and mergers create efficiencies and economies of scale, close government scrutiny will be necessary to ensure that the shipping public is not left with too few service options and a trading environment that improperly or unfairly perpetuates increased costs. That was the view of Harold J Creel, jr., chairman of the Federal Maritime Commission (FMC), in discussing current progress in the US Congress to reform the Shipping Act of 1984.
Unitra (Hamme) signe un contrat d'"insourcing" avec Conterm La société Unitra, de Hamme, va organiser les transports routiers de containers pour le compte de l'entreprise anversoise de groupage Conterm. Un contrat d'"insourcing" a été signé à cet effet. Pour remplir cette tâche, le dispatcheur d'Unitra dispose désormais d'un bureau dans le bâtiment même de Conterm à proximité de la darse Delwaide. Pour l'organisation matérielle des transports, Unitra dispose d'un terrain proche, d'une superficie de 1.000 m2, où sont basés les véhicules.
ATN set to buy Emu Bay from Pasminco Metals and minerals producer Pasminco appears set to offload its Tasmanian rail freight business the Emu Bay Railway Co Ltd, to Australian Transport Network. Speculation surfaced last week that ATN were seeking to buy EBR's operations following revelations that a consultant's review into EBR's workshops in Burnie had been completed. Neither Pasminco nor ATN would comment on whether a deal was being negotiated.
Holyman plugs Channel drain Sydney-based international ferry operator and transport group Holyman will end its loss-making Holyman Sally English Channel service, and enter a new joint venture with Sea Containers subsidiary Hoverspeed. Restructuring of the Dover-Ostend operation was foreshadowed on 20 November and originally expected to have been realised by 31 December. Holyman's chairman Richard Austen said following the restructuring of the Ostend service, the company's management team would focus on the "considerable opportunities" for Holyman's profitable specialised shipping and transport services and bulk commodity handling businesses.
British adviser for Vic rail sale The Victorian government has appointed a former adviser to the British Rail privatisation process to its own Transport Reform Unit in an effort to draw on the experience of the UK. It was confirmed yesterday that Roger Salmon, the former head of the UK office of Passenger Rail Franchising has joined the government's privatisation team. It is believed that further sales and financial advisers will be appointed in the lead up to the state's tram and train sell-off process.
Sydney's box trade booming Total container trade through Sydney ports grew by more than 10 per cent in the first six months of the 1997-98 financial year, according to figures released yesterday by Sydney Ports Corporation CEO Greg Martin. Mr Martin described the performance as "outstanding", but said the corporation will be looking cautiously at prospects for the next six months to see what impact the Asian economic situation will have on the port's 12 month results.
TFES draft report may be released this week A draft report of the Nixon review of the Tasmanian Freight Equalisation Scheme could be released for industry comment before next week, according the CEO of the Tasmanian Chamber of Commerce, Tim Abey. He said yesterday that the chamber had organised a meeting of the Tasmanian Shippers Forum to discuss the draft recommendations in the review, which was led by former Transport Minister Peter Nixon.
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