Hyundai has record order backlog Korea's Hyundai Engineering and Heavy Industries (HEHI) has recently announced shipbuilding contracts which, it says, are worth a total $960 million for 13 vessels.
$27.4 million submarine contract award modification for NNS
GD take-over of NASSCO gets Pentagon OK The Department of Defense has advised theAntitrust Division of the Department of Justice that it has no objection to General Dynamics Corp.'s proposed acquisition of National Steel and Shipbuilding Co.
Continental sells off grain arm to Cargill US commodity giant Cargill has agreed to purchase rival Continental Grain's worldwide grain business for an undisclosed sum.
Salvarani quits safety post to lead transport drive ROBERTO Salvarani, the architect of Europe's forceful campaign against substandard ships, has quit his post to help reinvigorate the European Union's drive for improved transport links.
Southern Seas planning rise in cover to $500m Fixed-premium P&I insurer Southern Seas is set to raise its level of cover to $500m ahead of the forthcoming P&I renewal.
Safmarine sale deadline set SAFREN expects to draw up a shortlist of candidates to buy Safmarine in the next two to three weeks, and to complete the disposal of its shipping division within about three months.
Vadhavan scheme is abandoned P&O Ports Australia has withdrawn from the ambitious Rs40bn ($950m) Vadhavan private port project, citing inordinate delays by the state administration over creating a conducive atmosphere for the project.
Two more Sanko ships on secondhand market JAPAN'S Sanko Steamship has placed a further two vessels on the secondhand market, as poor freight rates continue to dog the dry bulk and tanker sectors.
Mitch leaves transport in crisis Hurricane Mitch has destroyed many smaller Central American ports, wiped out coastal navigation aids, damaged larger ports and devastated transport infrastructure.
Hurricane aftermath set to shake up reefer markets REFRIGERATED shipping markets face a shake-up after Hurricane Mitch's devastation of banana plantations in Central America.
Colombo commissions transhipment terminal SRI Lanka Ports Authority today commissioned a new dedicated transhipment container terminal for feeder ships at Colombo.
Norwegian bank merger collapses A PLANNED merger between Norwegian banks has fallen through as the parties could not agree on the use of the distribution network of Posten Norge.
Gdansk opens oil terminal THE opening today of the third tanker berth at Poland's Gdansk Oil Terminal will increase the handling ability of the port's Northern Port from 21m tons to 33m tons of oil a year.
Hyundai continues MSC slot charter HYUNDAI Merchant Marine is to continue its present agreement with Mediterranean Shipping Company next year by chartering slots on MSC vessels.
C-Link blacklisted by Philippines SINGAPORE-based shipmanager C-Link has been blacklisted and banned from recruiting Filipino seafarers.
South Korea to curb TBT paints SOUTH Korea's Ministry of Maritime and Fishery will restrict the use of anti-fouling paints containing tributyl tin (TBT).
Banks bail out Jindo Corp CREDITOR banks have agreed to help save South Korea's Jindo group in a deal which involves swapping debt for an equity stake.
California seeks oil-spill contingency plans PACIFIC Merchant Shipping Association has sought proposals for the development of a Californian oil-spill contingency plan.
Petro Ranger allegations 'preposterous' MANAGERS of the hijacked products tanker Petro Ranger have described claims by Chinese authorities that members of the vessel's crew were involved in smuggling as 'preposterous'.
P&O Ports sells Vadhavan stake P&O PORTS has agreed to sell a major stake in India's Vadhavan port project to Reliance Industries.
Swedish flag facing exodus SWEDISH owners have confirmed that seven ships are to be withdrawn from the national flag as a result of the government's 1999 draft budget.
Finnish minister hits back at yards FINLAND'S trade and industry minister has attacked Aker Finnyards and Kv'rner Masa-Yards for blaming the government for problems in the industry.
Seaboard signs Miami deal A LONG-term terminal agreement has been signed between the Port of Miami and South Florida-based Seaboard Marine.
Banana crops devastated by Mitch HURRICANE Mitch has devastated banana plantations in Honduras, Guatemala and Nicaragua.
MUA sues over WA conspiracy The Maritime Union of Australia is sharpening its battle tactics on the western waterfront, mounting a conspiracy case in the Federal Court against the Geraldton Port Authority, former WA Transport Minister Eric Charlton and present state Transport Minister Murray Criddle. Documents lodged in the Federal Court for the MUA on Tuesday seek an injunction to prevent the GPA from privatising its workforce on 31 December. Geraldton's reform program will see it license stevedoring, effectively ending its role of providing stevedoring labor. In a prepared statement the MUA said the Federal Court action would be modelled on the successful court action against Patrick Stevedores.
Deadweight Devil a first for Hobart's Incat Incat Australia launched its largest wave-piercing catamaran from the Coverdale building hall at its Hobart yard on Saturday. A spokeswoman for the company said the launch of the 96-metre, $70 million Devil Cat was on the smoothest in recent times -- a particularly pleasing result given the reduced margins for error involved in launching vessels of that size from Incat's drydock. With a displacement of about 870 tonnes and a deadweight capacity of 800 tonnes, the new vessel is almost capable of carrying its own weight -- an achievement which Incat believes is a world first in vehicle-passenger ferry design.
MIIU mulls carrier grounding The Maritime Incident Investigation Unit is thinking of conducting an official investigation into the grounding of a Panama-flagged woodchip carrier on a sandbank in the Tamar River near Launceston on Saturday evening. However, given that the 50,000 DWT vessel Crimson Venus was successfully freed by tugs on Sunday and embarked on her return voyage to Japan early on Monday morning after passing a Class NK inspection, the MIIU may decide not to pursue the matter. According to the Launceston Port Corporation's chief executive Craig Faulkner, the incident occurred as the Crimson Venus left the port's No 6 berth at 6pm on Saturday. "Basically the vessel was being taken off our No 6 berth after it has been loaded with woodchips, and it was caught by the wind and tide and found its way onto a sandbar," Mr Faulkner said.
SCT runs into new terminal AUSTRALIA'S first private interstate freight train operator Specialized Container Transport has begun its thrice-weekly Melbourne-Perth trains to its new $18 million rail terminal at Forrestfield in Perth. The Melbourne-based company revealed yesterday the long-awaited construction of its Western Australian freight hub was nearing completion, with services expected to be fully operational by mid-December.
Skilled Maritime cruises into Sydney Skilled Maritime Services has made a small foray into the port of Sydney in the area of baggage handling for visiting cruise ships. SMS manager Ken Drake, described the event as "a bit of a first", with the activity previously the sole domain of the Marine Porters Association, which is affiliated to the Maritime Union of Australia. Mr Drake said: "It's all been negotiated with the unions -- there's nothing underhand about it." Mr Drake said Skilled performed their first job last Saturday, on the NYK vessel, Crystal Harmony. He said the deal was on a "job by job" basis, but SMS was looking for more work in the area.
German Enviro Disaster Caused By Burning Freighter An oil slick off the German coast has caused what is being reported as the region's worst environmental disaster in living memory and endangered thousands of sea birds and animals. Oil has been leaking from the wrecked Italian-owned freighter Pallas since it caught fire in the North Sea two weeks ago and came to rest on one of Germany's North Fresian islands.
EuroCom To Get Copenhagen Listing EuroCom Industries A/S (ECI), one of the largest suppliers of communication equipment for the maritime market with a reported turnover of $83.2 million in 1997 will get a listing on the Copenhagen stock exchange. The company is owned 50 percent by SAIT-RadioHolland, 50 percent owned by Germany's STN ATLAS Marine Electronics GmbH.
VLCC Rates Steady VLCC rates were generally steady, as the market awaited the release of Saudi stems for December. Mideast/UKC and Mideast/Singapore rates were pegged at W52.5 ($9.4/ton) and W57.5 ($4.0), respectively, both unchanged, and Mideast/Japan slightly softer at W60 ($7.0).
Sea Containers Earnings Up 35% Sea Containers Ltd. reported a 35 percent boost in third-quarter earnings to $20.8 million and said it reaffirmed fiscal year earnings forecasts of at least $3.00 a share. The diversified marine container lessor which operates passenger transport and hotels said 1997 period included a gain on sale of a hotel property of $5 million, or $0.26 per common share, so the year to year improvement is even greater if this gain is excluded.
Barry Leads Business Delegation To Cameroon A U.S. business delegation led by Washington Mayor Marion Barry is in Cameroon to look at various investment projects, including the development of Douala port.
Cranes Headed For Port Of Tacoma Four container cranes bound for the Port of Tacoma's new Hyundai Terminal project are expected to arrive on Thursday. The cranes are part of the $63 million construction of the port's new container terminal for Hyundai Merchant Marine which will be completed by the end of November.
Shipsales Tanker Sanko Eternal, built 1991, 96,117 dwt, sold for $21 million to Italian based Greek buyers including a timercharter back at $17,000 daily. Tanker Xin Ning, built 1986, 5,940 dwt, sold for $5.2 million to Chinese buyers. RoRo Brabant and Bayard, built 1998 and 1997 respectively, 11,900 dwt and 12,488 dwt ,sold for $98 million en-bloc.
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