European Commission to monitor newbuilding prices for unfair competition The European Commission's DGIII Directorate has published an invitation to tender for services to monitor the shipbuilding market in 1999 and to provide monthly, mid-term and final reports on the newbuilding contracts concluded in the period.
Daewoo set for $400 million cable ship order Daewoo Heavy Industries is reportedly poised to sign a contract to build l3 cable-laying vessels worth US$400 million.
GD completes take-over of NASSCO General Dynamics (NYSE: GD) has completed its purchase of NASSCO Holdings Inc.
Friede Goldman files for NYSE listing Friede Goldman International Inc. has filed an Original Listing Application for the New York Stock Exchange. The company's proposed first day of trading on the NYSE is December 1, 1998, and the company's new trading symbol will be "FGI."
Threat to transatlantic trade fuels renewed crisis for lines OCEAN carriers could find themselves on the frontline of a threatened transatlantic trade war, with dozens of European products targeted for punitive duties by the US, which is taking unilateral action over the European Union's banana import regime.
Holt names ACL board candidates TWO directors of Atlantic Container Line will be retained on the board that major shareholder Holt Group is proposing, writes Janet Porter.
US exports to Asia down 11% CARGO imbalances across the Pacific are worsening, with US containerised exports to Asia continuing to shrink while imports keep growing.
Bremen brokers create new firm BREMEN insurance enterprises Lampe & Schierenbeck and Buse & Schwartze have merged.
Cargill grain buyout to have worldwide repercussions A sense of inevitability surrounds Cargill's proposed buyout of Continental Grain's worldwide commodity busines.
German class society predicts 15,000 teu ships GERMANISCHER Lloyd has predicted that a new generation of containership leviathans are set to ply the world's trade routes in a little over 10 years, with nearly double the teu capacity of the current largest containership.
Hull premiums set for substantial rise SHIPOWNERS have been warned by a Norwegian expert they face substantial increases in hull insurance premiums, as marine insurers come to terms with heavy losses.
Storebrand profits hit by unrest in market NORWEGIAN insurance company Storebrand has blamed capital market unrest for a 37% erosion in nine-month consolidated profit, but said it was still financially strong.
Salvarani quits EU safety post ROBERTO Salvarani, for seven years the head of the Europe's maritime safety campaign, has left his post to take charge of the transport directorate's Trans-European Network programme.
Sea Containers buys ferry business SEA Containers has announced it has signed a contract to acquire another ferry business, but "the company and the vendor have agreed to keep the transaction confidential until closing."
Italian second register attracts 200 ships MORE than 200 ships have applied to join the Italian International Register, according to Confitarma, the Italian owners' association.
Tea-for-oil deal resumed SRI Lanka is to buy $10-12m worth of oil from Iraq, and will resume sales of Ceylon tea, under a barter deal struck by a Colombo delegation that visited Baghdad last week.
Italian inland cruising expands INTEREST in cruising on Italy's inland waterways is growing, following the development of cruises on the River Po by a Swiss operator.
Subic Bay set to beat targets SUBIC Bay freeport has posted Pesos139m ($3.6m) in revenue for the first nine months of 1998, and looks set to beat this year's target revenue.
Philippines 'fines' SGS PHILIPPINES Customs Bureau is to deduct penalties for alleged valuation errors committed by Societe Generale de Surveillance from the firm's fee for next year.
Marine underwriting losses 'inevitable' SEVERE underwriting losses are now inevitable, according to Norway's Central Union of Marine Underwriters.
Shore jobs threatened claim owners FAILURE to develop an attractive career path will jeopardise the seafaring expertise needed to maintain related shore-based industries, Glasgow owners warned.
Port Klang terminals form alliance TWO of Port Klang's three container terminals have agreed a "strategic and operational alliance" to offer their services under a new "North Port" title.
Strike hits Hanjin shipyards WORKERS at South Korean shipbuilder Hanjin Heavy Industries started an indefinite strike yesterday.
FESCO plans $500m fleet renewal RUSSIA'S Far Eastern Shipping Co is planning to spend $500m to renew its fleet.
Knud I Larsen debts dwarf assets DANISH shipping company Knud I Larsen, which suspended debt repayments on October 28, has debts of Dkr1.57bn ($240m), while assets come to only Dkr 90m.
Cruise lines bewildered by booking slowdown CRUISE lines are reported to be bewildered by a slowing in bookings in the US market this winter.
Algoma hit by grain dearth LOWER grain shipments on the Great Lakes, increased shiprepair costs and depressed earnings have hit the third quarter results of Ontario-based Algoma Central Corp.
MUA claims Geraldton conspiracy A PLAN to sack wharfies in the Western Australian port of Geraldton is being tackled head on by the Maritime Union which is lodging conspiracy charges.
VCA in deep over surcharge The Victorian Channels Authority is searching for a more effective method of charging users of the recently deepened channels of the port of Geelong, following a virtual boycott by bulk trades operators which has seen larger vessels staying away in droves. Early this year after the $35 million project was completed, the VCA declared a new channel depth of 12.3 metres -- 1.3 metres deeper than previously -- and established a differential pricing structure to reflect use of the increased depth.
Botany back on even keel Productivity at Port Botany container terminals has returned to levels experienced prior to the dispute over the removal of crane chasers. All sources agree that the situation has improved over the past week, but stressed the need for those levels to be sustained. The commercial director of the New South Wales Road Transport Association, Terry Dene, confirmed that the level of complaints from his members had fallen, and has been taken as a sign of the general improvement in the situation. Truck operators have been among the most forceful critics of the Port Botany facilities.
Court to hear MUA claim The Federal Court will hold a hearing for the Maritime Union of Australia on Wednesday to assess its application for an injunction to stop the Geraldton Port Authority from making its stevedoring workforce redundant. The GPA, which has licensed Cooperative Bulk Handling, P&O Ports and WA Mercentile, to provide stevedoring at the port, will end its involvement in stevedoring on 31 December. The port has offered voluntary redundancies to its stevedoring workers and those who do not take up this option will be placed on the state government redeployment list. The MUA is modelling its action on its court case against Patrick Stevedores earlier this year.
Rail puts Toll ahead Transport giant, the Toll Group, told shareholders at yesterday's annual general meeting that group trading for the first four months of the 1998-99 financial year was above forecast and significantly ahead of the comparable period in the previous financial year. Toll managing director Paul Little said the performance of the Long Distance division had exceeded expectations, particularly its rail operations which continue to benefit from the restructure and cost reduction programs.
AWB backs private rail, but … One of the rail freight industry's biggest customers, the Australian Wheat Board, has thrown its support behind further privatisation of Australia's rail operations, saying the removal of regulation has lowered costs and improved Australia's international grain competitiveness. However, AWB representatives told a public hearing in Melbourne this week that issues associated with rail access, investment and infrastructure, and service and pricing levels still needed to be resolved. The AWB, which was giving evidence before the Productivity Commission inquiry into the "Progress in Rail Reform", also ruled out becoming a freight train owner and/or operator in the short-term.
Daewoo Wins $400M Order Daewoo Heavy Industries Ltd. has reportedly won a $400 million order to build 13 cable laying vessels for the CTR Group Ltd. of the United States.
EU Probes Capacity At Kvaerner's German Yard The European Commission is reportedly investigating whether the German Warnow Werft shipyard owned by Norway's Kvaerner is complying with capacity limits in return for EU subsidies.
P&O Nedlloyd Agrees To Cheaper Crew Deal P&O Nedlloyd has reportedly reached an agreement with seafarers' unions about its plans to replace 330 British and New Zealand seaman with cheaper crew.
CEFOR Warns Of Marine Insurance Losses The managing director of Norway's Central Union of Marine Underwriters (CEFOR), Tore Forsmo, reportedly warned insurers that losses are inevitable in marine insurance this year and premium rates must be raised to reflect exposures.
IUA Formally Launched After LIRMA Vote The International Underwriting Association of London (IUA) was formally launched after members of The London International Insurance and Reinsurance Market Association (LIRMA) voted in favor of a merger with the Institute of London Underwriters (ILU).
Worldscale Predicts Rates Will Fall In 1999 Worldscale flat rates for oil tankers will reportedly fall by between five and seven percent next year.
Holt Group Wants To Take Active Role In ACL Privately-owned U.S. stevedoring and shipping company The Holt Group Inc. will reportedly propose taking a more active role in Atlantic Container Line AB.
Oslo Frets About Plans To Tow Ex-Soviet Warship Norway reportedly expressed concern about Russian plans to tow a rusting aircraft carrier, formerly the pride of the Soviet fleet, past its coast this winter bound for an Indian scrapyard.
U.S. Oil Industry Hopes For Asian Recovery By 2000 The worst of Asia's economic woes could be over and a recovery could be under way by 2000, top U.S. oil executives, meeting at a major industry conference in San Francisco, Calif. reported. And they agreed that the oil industry -- the first industry outside Asia to suffer when Asian currencies and economies began crumbling in 1997 -- will still be in dismal shape if an Asian recovery doesn't start to take place by then.
Chevron Sale Marks End Of California Offshore Oil Saga Chevron Corp. reportedly agreed to sell its share of the Point Arguello offshore oil project -- the center of a decade-long fight with environmentalists in the 1980s and early 1990s -- along with the rest of its California offshore properties. The sale to privately held Venoco Inc. marks the end of a long saga for Chevron that began in 1981 with one of the largest U.S. offshore finds ever, off the California resort city of Santa Barbara, and led to a landmark struggle between the oil industry and environmentalists.
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