Marine insurers under pressure MARINE insurers on the London market are coming under such strong competitive pressure that they have scaled back on some of their tough risk management measures for cargo cover.
Court set to rule today on Melbourne union dispute AUSTRALIA'S Industrial Relations Commission is expected to rule today on stevedore Patrick's application for a return to work order against the Maritime Union of Australia and 170 workers who walked off the job two weeks ago.
Storli cautious over prospects had a robust financial year in 1997 but expects lower rates and world economic trends to dampen this year's results.
Transocean in drillship order HOUSTON-based Transocean Offshore has confirmed it has ordered a new deepwater drillship from the Spanish shipbuilding yard Astano.
Investors keep faith with shipping GERMAN investors poured Dm3bn ($1.6bn) into shipping-related investment funds in 1997, confounding those who said the downturn in shipping would lead to more caution.
Yarrow may split off Scotstoun operation CLYDESIDE warship builder Yarrow is considering setting up a separate business for commercial repairs and refits at its Scotstoun yard.
Work nears completion on 'Glomar Explorer' REPRESENTING its fourth major conversion contract within the sector in the last two years, US shipyard Atlantic Marine is close to completing the conversion of the former CIA spy ship Glomar Explorer, built in 1972 to recover portions of a sunken Russian nuclear missile submarine, into an ultra-deepwater drillship.
Steel-Kit shows speed in first repair venture WHEN a South American ship lost her rudder in a storm recently, shipyards in Japan and South Korea were quoting 90 days for a replacement.
Fremantle throughput shows major increases FREMANTLE has joined ranks of fastest growing container ports.
Oil pollution liability cover wins major discount A SUBSTANTIAL reduction in the cost of excess oil pollution liability cover for this year's renewal has been achieved.
Yangming plans third series of newbuildings A SPOKESMAN for Taiwanese operator Yangming has told Fairplay that a third series of containership newbuildings are currently on the planning agenda.
Saint John cuts tariffs SAINT John, New Brunswick, has cuts its tariffs for 1998 in a bid to attract more traffic.
Irish minister to fight for duty free IRISH public enterprise minister, Mary O'Rourke, is to argue for the retention of duty free sales when she meets the UK and German transport ministers.
ICTSI revenue hit by currency turmoil REVENUE at Manila-based International Container Terminal Services Inc (ICTSI) is expected to fall as a result of the lower trade volume brought about by the currency turmoil.
Medcentre to buy six more cranes DIRECTORS at Medcentre Gioia Tauro have approved an amendment to the ten-year business plan allowing for a Lire150bn ($83m) investment in six more post-panamax cranes.
Italy and Russia plan east-west corridor TRANSPORT ministers of Italy and Russia meeting in Moscow last week agreed to develop the east-west sea corridor
Halla workers protest over layoff accord WORKERS from Halla Engineering and Heavy Industries led South Korean union protests yesterday to voice their rejection of an accord to legalise mass layoffs.
Greece to boost marine education GREECE has announced measures to modernise and upgrade the country's marine education system.
Sembawang cuts Jurong Shipyard holding SEMBAWANG Corp has sold 5m shares equating to 3.59 per cent of its holding in Jurong Shipyard Ltd, ostensibly to make the company more "healthy".
Storli wins appproval for new name SHAREHOLDERS in the Bergen-based chemical carrier group Storli have approved the board's proposal to change the parent company's name to Odfjell.
Frontline pledges an 'opportunistic strategy' FRONTLINE, the Bermuda-based tanker company headed by John Fredriksen, has unveiled its future opportunistic investment strategy.
AMSA lowers its fees ANNUAL savings of about A$1.7m ($1.15m) are expected to flow to the shipping industry following a reduction in Australian Maritime Safety Authority (AMSA) fees.
Venezuelan port sets new deadline THE Venezuelan port of Guanta in Anzoategui state has set a new deadline for bids to run the port.
Le trafic sur le canal Albert a augmenté de 4,6% en 1997 Malgré quelques semaines de gel qui ont entravé la navigation sur le canal Albert au début de l'année dernière, le trafic sur le canal a augmenté l'an dernier de 4,6% par rapport à 1996. Cette évolution positive est due à la progression notée par d'importants flux de marchandises comme les matériaux de construction, les minerais et les engrais. Le transport de containers a également noté une croissance explosive.
KLM va vendre ses actions Frans Maas La compagnie aérienne KLM envisage de vendre sa participation de 25% dans la société d'expédition et de logistique néerlandaise Frans Maas (Venlo). Le président de celle-ci, Henk Benjamins, nous a confirmé la nouvelle, et a précisé que Frans Maas aura son mot à dire dans le choix de l'acquéreur. "Nous préfèrerions qu'il s'agisse d'une vente répartie entre plusieurs investisseurs institutionnels visant le long terme", nous a-t-il déclaré au téléphone.
Tough times ahead for marine insurers, ILU warns Marine insurance faces a daunting future if rates slashed by unbridled competition do not return to sensible levels, the Institute of London Underwriters (ILU) warned in stark terms. Nigel Jenkins, the outgoing chairman, reported that rates had once again been forced down to uneconomic levels. Claims in 1997 totalled GBP 1,800 million, against premiums of GBP 1,200 million, the eight successive year of negative cash flow. "It is no longer a matter of pointing out the pitfalls ahead, the markets have well and truly fallen into them", he said.
Westerlund établit un nouveau record en 1997 Après une chute du volume de tranbordement de 4,86 à 4,74 mio. de t en 1996, le groupe Westerlund a poursuivi sa progression l'année denière. Le manutentionnaire de produits forestiers a enregistré un transbordement de 5,29 mio. de t (+11,6%) et un CA de 2,61 mia. de BEF (+8,8%), avec un résultat positif. Dans les deux cas, il s'agit d'un nouveau record. La croissance devrait se poursuivre en 1998: l'entreprise a transbordé 440.000 t au cours du mois de janvier, un tiers de plus qu'au cours du même mois de l'année précédente. Le groupe réalise ses ambitions internationales.
NSW bows to rail unions THE NSW government has caved in to union pressure and cancelled the contestability of rail maintenance throughout the state until July 1999 to allow the Rail Service Authority "to get its own house in order" and "protect the jobs of more than 4000 rail workers". In a controversial move which is expected to outrage current private rail infrastructure providers, NSW Premier Bob Carr announced yesterday[10/2] he had suspended the Rail Access Corporation’s contestability of rail maintenance until 1 July 1999.
Airlines may take Sydney to ACCC THE FEDERAL Airports Corporation’s proposed increases in charges on international and regional airlines at Sydney airport could be the subject of a submission to the Australian Competition and Consumer Commission, according to the Board of Airline Representatives. Following an industry meeting in Sydney on Wednesday, it was reported that the FAC proposes to increase charges on international and regional airlines to pay for its $709 million airport improvements for the 2000 Olympics.
Patrick holds fire - for now PATRICK is considering when to apply the full weight of the law to the Maritime Union of Australia, according to a director of the company, Bill Clayton. "That is part of our private thinking," Mr Clayton told DCN yesterday with reference to the company’s successful bid to obtain a certificate under section 166A of the Workplace Relations Act. This allows the stevedore to pursue the union and its members for damages through civil action, a move which has apparently prompted many members of the union to register their assets in the name of their spouses.
P&O N paid Stg 60m for Blue Star P&O NEDLLOYD paid about 60 million pounds sterling for the container shipping business of Blue Star Line and its subsidiaries. In a statement from London, the company said the acquisition was subject to due diligence and was expected to take two months to complete. It would be financed out of P&O Nedlloyd’s existing facilities.
AIRC: Corrigan’s "shock" revelation The PATRICK/MUA Section 127 hearing before the Australian Industrial Relations Commission continued on Monday before Commissioner Ross, in a courtroom packed to the rafters offering standing room only. The audience, mostly there to see Patrick managing director Chris Corrigan give evidence, were not disappointed with his "shock" revelation that he had discussed the option of dismissing the workforce on mass, with federal government advisers at a meeting in the company's Sydney office.
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