Korean bankers pull LNG funds SOUTH KOREA'S massive LNG newbuilding programme is under threat after local banks pulled the plug on funding for a series of 13 ships under construction in Korean yards.
Troubled PanOceanic seeks to buy ships PANOCEANIC Bulk Carriers, the financially-troubled shipp-ing company which raised $100m in the junk bond market, has proposed a rescue package which includes a 50% expansion of its fleet.
Norway's top bank suffers dry bulk loss A SECOND quarter loan loss of NKr82m ($10.8m) on shipping related to the dry bulk sector contributed to a 21.7% decline in half-year net profit at Den norske Bank, Norway's largest bank.
P&O Nedlloyd 'set to table' $22m profit P&O Nedlloyd is forecast to report a net profit of $22m for the second quarter of the year, reversing a loss in the first three months of 1998 but still representing a small decline from the corresponding period of 1997.
Cherbourg stowaway alert PORT of Cherbourg is making systematic searches of all trailers using the Pandoro freight service to Wexford in Ireland following the discovery of 59 Romanian stowaways in two trailers which were about to be taken on to one of the company's ro-ro vessels shortly before its departure last Sunday.
Floods force suspension of Yangtse services Changjiang National Shipping's operations on the flood-plagued Yangtse River are not likely to return to normal until mid-August at the earliest, a company spokeswoman has said.
Szczecin has bullish outlook POLISH shipbuilder Szczecin Shipyard expects 1998 to be the best year in its history.
Norac to come under wing of new Transport Interior Group THE Norwegian supplier of doors and wet-rooms for cruiseships, Norac, is being absorbed into the newly created Transport Interior Group, set up via a management buyout led by principals from Norac parent Stormbullkonsernen with the backing of Swedish venture capital group Industrial Development and Investment.
NUIL ousts Essar from Maroli project ESSAR Investments has lost out to Netalco-Unokcal India in its bid to win the Rs 90bn ($2.1bn) Maroli port project.
Gore praises Kvaerner US vice president Al Gore has poured praise on the Anglo-Norwegian shipbuilding and construction group Kvaerner, which will operate the Philadelphia's former naval yard.
Croatian owner put on danger list LONDON-based Marine Debt Management (MDM) today issued warnings about Croatian shipowner Slobodna Plovidba (SP).
Mystery yacht heads for Malta REPAIR work has started on Malta Drydock's No3 dock, prior to the removal of wrecked tanker Um El Faroud, to make way for an unnamed super yacht.
Cory in talks with Tug Malta CORY Towage executives recently visited Malta to discuss the possibilty of a joint venture with Tug Malta, which plans to expand operations beyond Malta.
Greens threaten Weser blockade ENVIRONMENTALISTS and fishermen today announced they will blockade the Weser estuary if the government approves dumping plans for 350,000 m' of TBT contaminated mud.
Direct chart reader gets OK from US THE first Direct Chart Reader for digital nautical charts (DNC) has been successfully demonstrated by Litton Sperry and US National Imagery & Mapping Agency (NIMA).
Financial chaos hits Subic Bay CONFUSION and financial chaos continue to reign over Subic Bay freeport zone, as the two contenders for the top job wage war over who will run the Subic Bay Metropolitan Authority.
Dournier Luffhart bails out PMMA A GERMAN company, Dournier Luffart, has come up with a rescue plan for the state-run Philippine Merchant Marine Academy, where standards have fallen.
Liverpool to increase grain capacity CAPACITY at the UK's largest grain terminal, Seaforth in Liverpool, is to be increased by 27,000 tonnes to meet increased demand.
Anglo-Eastern buys out Perkapalan ANGLO-Eastern Ship Management has successfully bought out the Malaysian company Perkapalan, according to Singapore media reports.
CMA in sharing talks with Norasia FRENCH Compagnie Maritime d'Affrètement (CMA) is currently discussing co-operation on European, Mediterranean, Middle-East and Far East trades with Swiss company Norasia.
MUA and Patrick end dispute THE Maritime Union of Australia has signed an agreement with Patrick stevedoring, formally ending their six-month dispute.
Carnival orders two more for $900m MIAMI-based Carnival Corporation has reached an agreement with Italian shipyard Fincantieri Cantieri Navali Italiani for the construction of two 102,000-ton cruise ships.
House passes deregulation bill THE US House of Representatives yesterday approved a sweeping bill to deregulate international container shipping.
Lloyd's to collect from Names THE Society of Lloyd's can now send in the bailiffs to collect its debts from 'Non-accepting' Names.
La CPF constate un revirement dans la politique portuaire flamande L'analyse des forces et faiblesses des ports flamands par la Commission Portuaire Flamande (CPF) a mené à un revirement prudent de la politique portuaire flamande. C'est ce que son président, le Prof. Dr. Willy Winkelmans, constate dans le rapport annuel 1997 de la CPF, véritable ouvrage de référence sur l'activité portuaire flamande de l'année écoulée. Le rapport constate en outre l'influence accrue de l'Union européenne sur la politique et les législations maritimes, ainsi que les conséquences négatives du fait que le rail soit toujours une compétence fédérale.
TDG a presque achevé son programme de désinvestissement Le groupe britannique de transport et de logistique TDG (Transport Development Group) a vendu ses filiales néerlandaises Cargoboss et Van Daalen au management de ces entreprises. Par ailleurs, la filiale allemande Vereinigte Spediteure a également été vendue. C'est ce qu'a annoncé la direction de TDG lors de la publication des résultats semestriels. Martin Llowarch, le président de TDG, a dit que cinq des sept sociétés prévues ont désormais été vendues. A bonne source en Grande-Bretagne, nous avons appris que les deux sociétés restantes devraient être vendues dans les tout prochains jours.
Evergreen va renforcer ses positions en Méditerranée L'armement taiwanais Evergreen accentue son ancrage en Europe, plus particulièrement dans le sud, en Italie. Outre la reprise récente de l'armement italien Lloyd Triestino avec lequel il collaborait déjà étroitement dans le cadre de services intéressant les relations Méditerranée-Far East-Pacifique nord-ouest, Far East-Méditerranée-Europe du Nord et Singapour-Australie, il s'implante à Tarante où il va réaliser un hub d'une capacité de 2 mio. de TEU, qui sera accessible à tous.
MUA signs but ACCC holds key FOLLOWING what MUA national secretary John Coombs described as an "unbelievable attempt at brinkmanship" by Patrick, to make around an additional 200 MUA members redundant, the union yesterday afternoon signed the long awaited deal which could see an end to the current waterfront dispute. Mr Coombs told the DCN however, that although the latest hurdle to a resolution had been overcome, the deal still hung very much in the balance in terms of ACCC chairman, Allan Fels', decision regarding the MUA's call on him to drop potential subsequent legal actions over the union's alleged breaches of the Trade Practices Act's secondary boycott provisions.
Austal Ships buys Image Marine Group AUSTAL Ships has acquired West Australian shipbuilding company, the Image Marine Group, as part of an aggressive growth strategy that will result in it manufacturing a broader range of ocean-going craft. Austal's management has not revealed the purchase price of Image, only that the terms of the sale will see Image director and company partner Mark Stothard acquiring a shareholding in Austal. The acquisition will see the Image Marine Group continuing to operate under its banner and under its present management team of general manager Bill Milby and sales and marketing director Mark Stothard.
PC inquiry 'may be premature' GIVEN upcoming major changes in the industry's structure, Treasurer Peter Costello's announcement yesterday that the Productivity Commission will undertake an inquiry into progress in rail reform and report its findings within 12 months could be premature, according to Rail 2000 executive director Mark Carter. Mr Carter said the commission may also find that submissions presented to the inquiry were virtually the same as those made to several other recent, similar inquiries such as the parliamentary 'Role of Rail" inquiry.
BHP slag helps Kembla 'survive and grow' PORT Kembla is about to undertake a major expansion of its port facilities in a joint project with BHP. The development at the Inner Harbour, will be centred around the area presently occupied by a casting basin and other land holdings in the vicinity. The Port Kembla Port Corporation and BHP Integrated Steel Works will reclaim 30 hectares of port side land using recycled slag from steel production to develop a westward extension of the multi-purpose berth.
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