Signs of firmer price trends With the gains in crude prices seen during the first week of September, there is widespread anticipation that prices for all fuel grades will be firmer in the short term for all major bunker markets.
Nervous European market sees marine gasoil prices bounce back North European and Mediterranean bunker markets have seen a week of some more price volatility than what we have become accustomed to during the sluggish August trade as price movements in marine gasoil (MGO) have taken on a 'life of its own' this week.
The Russian crisis - current repercussions in the marine fuels market Russia's deep economic and political crisis continues to cause concern in the bunker market. In addition to the immediate concern for bunkering companies in Russian ports, there is widespread fear that the country could try to buy its way out of its economic deficit by selling oil and fuel to the international market.
Merger bandwagon rolls on Reverberations after the massive industrial merger between British Petroleum and Amoco are still being felt in oil and gas sectors. After several weeks of rumors in the market, Shell and Texaco have finally come out with an announcement about their plans for a European alliance.
Ship movements - buoyant trans-Pacific trade While bunker prices in Los Angeles have fallen consistently over the past month, figures for container traffic in the port are at record levels.
Korea 'near to revamp' of shipyards South Korea appears to be moving closer to a major restructuring of its shipbuilding industry, the second largest in the world.
Swissair facing major claims SWISSAIR may face huge liability claims in the wake of the crash of its Flight 111 off Nova Scotia, but the company is thought to have considerable insurance cover in place.
Argentina stands firm on dollar convertibility A TEAM of officials from Argentina's economics ministry, headed by minister Roque Fernandez, is now engaged in a vigorous campaign to convince international markets that Argentina is different.
High-tech container scanners sniff out drugs Latin American ports and terminals should invest in new high technology systems to prevent drugs reaching the United States, according to the head of security at the US port of Miami, writes Justin Stares, Buenos Aires.
Indian shipowners seek state support The executive committee of the Indian National Shipowners' Association has voiced serious concern over the state of Indian shipping to surface transport minister Thambi Durai.
Mumbai plays hosts to ports conference The Bombay Chamber of Commerce and Industry will be holding an international conference on 'Indian Ports - Opportunities and Options', at the Taj Mahal Hotel, Mumbai, on November 24 and 25, writes Shirish Nadkarni, India Correspondent.
P&O Nedlloyd crews reach agreement DUTCH officers and crews on board P&O Nedlloyd ships have abandoned plans to strike following agreement reached on bonus payments.
Patrick workforce to be slashed ALMOST half the workforce at Patrick Stevedore will leave their jobs within a week following the end of an eight-month old dispute with the Maritime Union of Australia.
BIMCO appeals to Brazilian on piracy BIMCO has again issued an official appeal to Brazilian port authorities and government ministries to improve its record in countering piracy.
Chemical tanker spills acid cargo MORE than 900 tons of sulphuric acid has been discharged into the sea by a chemical tanker at the Port of Rio Grande in the south of Brazil.
Kværner dismisses rumours KVÆRNER has dismissed rumours that its involvement in offshore projects on the Norwegian continental shelf and in Australia could lead to huge losses.
Intercargo calls for openness in casualty reports INTERCARGO called this morning for more openness in investigating and reporting bulkcarrier casualties.
Danyard reports reduced loss DANYARDS shipbuilding company, part-owned by J Lauritzen Holdings, has reported a reduced pre-tax loss of Dkr 77m ($12m) in the first half.
Productivity boosts JN Port liftings PRODUCTIVITY improvements have been attributed as instrumental in generating the upsurge of container movements moving through Jawaharlal Nehru Port.
Asian influx swells LA throughput THE continuing influx of consumer goods from Asia has allowed the Port of Los Angeles to post its third-highest one-month container total in port history.
Alemán Zubieta sworn in ALBERTO Alemán Zubieta was sworn in yesterday as the first administrator of the Panama Canal Authority, the agency that will replace the Panama Canal Commission at the end of 1999.
BLG refuses loss-making cargo BREMEN/BREMERHAVEN port operating company BLG says it is refusing some loss-making conventional cargo.
German police arrest master for dumping POLICE in the German port of Bremerhaven have arrested the master of a ship over allegations his vessel dumped bags of toxic chemicals that washed up on the Dutch coast.
Hyundai set to launch North Korea cruises SOUTH Korea's Hyundai Merchant Marine expects to have its first cruiseship, the Hyundai Kumgang, in Ulsan on September 10 after taking the vessel over tomorrow at Keelung.
US oil imports on the rise IMPORTED oil takes up a much larger share of US oil consumption than it did during the 1973 oil embargo.
US suspends Russia export credits RUSSIA, one of the largest importers of US grain, was suspended yesterday from a US agricultural export credit programme because of a series of bank defaults.
Ennore project 'at risk' THE Tamilnadu government fears that a delay on the part of the Indian Ministry of Surface Transport (MOST) might jeopardise the Ennore port project.
Steel group secures Sepetiba UNCONFIRMED reports in Brazil suggest that steel producer Companhia Siderurgica Nacional has acquired the port of Sepetiba, south of Rio de Janeiro.
Working party formed An agreement to form a working party on shipping industry reform, if the coalition is returned to power, has been finalised between Workplace Relations Minister Peter Reith and the chief executive of the Australian Shipowners Federation, Lachlan Payne. The working party will investigate the reforms required to create an internationally competitive Australian shipping industry in light of the recommendations of the Shipping Reform Group.
Seafarers endorse company employment Seagoing members of the MUA have this week overwhelmingly endorsed the introduction, by mid-October, of company employment in the Australian shipping industry. According to the MUA's deputy national secretary-elect, Paddy Crumlin, the union's members agreed to terms and conditions of employment of seafarers which will result in reductions in crew/berth ratios in line with the recommendations of the Shipping Reform Group. "Subject to enterprise agreements being negotiated, and having a coherent and objective, non-discriminatory basis for selection (of seamen), and a number of other issues -- which have already been agreed with the employers -- members are prepared to move to enterprise employment," Mr Crumlin said.
Three-way waterfront settlement The three matters standing in the way of a return to relative peace on the Australian waterfront were set to be resolved late yesterday afternoon. A stevedoring industry source told the DCN that, following agreement being reached between Patrick Stevedores and the Maritime Union of Australia to resolve a last-minute delay to the presentation of the EBA agreement to the Industrial Relations Commission, the EBA would be definitely be presented yesterday afternoon. "The MUA set a pre-condition that until the number of maintenance tradesmen was finalised with the maintenance contractor, they wouldn't certify the agreement (on Wednesday) as scheduled," the source said.
Wilhelmsen pulls plug on WBS deal Wilhelmsens has pulled out of a deal at the last minute which would have made it a major shareholder in Western Bulk Shipping, through a share purchase of a 23 per cent interest in WBS via Oslo-based Belships. Wilhelmsens were to have entered into a Share Purchase Agreement with Belships ASA, to purchase a total of 3,203,013 shares at a cost of NOK 26.50 per share. Wilhelmsens' board cited "uncertain markets" as the reason for not completing the purchase, despite its enthusiasm only a week earlier over the "synergies" the purchase offered. DCN understands that the move away from WBS came from Wilhelmsens non-executive directors.
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