Friday price explosion in major ports In the process of last minute market calls this Friday (11/9), a source said that markets have gone crazy today. After a long period with extremely depressed price levels, the gains in crudes and nervous markets have combined forces to produce a jump in prices.
Fuel squeeze in Fujairah As several Fujairah bunker suppliers have seen fuel oil inventories diminish, prices have soared in this major bunkering port. Several suppliers are now unable to take any new nominations for delivery before the 15th or 16th of September.
Rebates for bunker only calls introduced two ports Effective 1 September, 1998, the Manzanillo and Lazaro Cardenas Port Administration authorities have agreed to a 50% discount in port dues on all vessels calling for bunkers only.
Shell gives up IFO 380 supplies in Hong Kong The extremely competitive market in Hong Kong has made Shell decide to temporarily withdraw IFO 380 from this marine market.
Magnatronics announce version 3 of Bunkering This is a software programme aimed at all suppliers, traders and brokers in the marine industry, and it covers the full operation of bunkering from inquiry to invoice.
NOL facing substantial interim loss Neptune Orient Lines (NOL), the Singapore national carrier, will make a loss this year due to continued weak freight rates and the economic turmoil in Asia.
Minoan order for Fincantieri Greek ferry operator Minoan Line has placed an order worth a potential $260m with Italian shipbuilder Fincantieri for two 2,000 passenger cruise ferries.
Cargo writers need to know more about non-marine risk CARGO underwriters need to improve their knowledge of the non-marine cargo risks they face in the light of increased landside exposure, a senior figure in the London cargo market has urged.
American underwriters report losses The American Institute of Marine Underwriters added its voice yesterday to the marine insurers reporting fierce competition and reduced profits.
Fresh action urged on US port upgrades MORE must be done to upgrade US ports as the country becomes increasingly dependent on international trade, Rodney Slater, the US transportation secretary, said at the weekend.
S Africa controls lifted SOUTH Africa has taken a further decisive step in the transition towards an open shipping market, by lifting controls over the transport of a huge volume of liner service fresh cargoes.
Lauritzen expands gas carrier fleet LAURITZEN Group member Lauritzen Kosan Tankers will today name its two gas carrier newbuildings at Hyundai Heavy Industries in Ulsan.
Pacific Carriers sees interim profits leap Pacific Carriers, the Robert Kuok-owned Singapore shipping group, has reported a leap in interim profits thanks partly to the strong US dollar and associated trading activities.
Marfret revives Middle Eastern links MARFRET, the Marseilles-based liner operator, has announced a revival of links with the Middle East and North Africa, with plans for two new liner services.
Panama dumps controversial certificate PANAMA is planning to abolish the controversial transitional certificate of competency, which has been strongly opposed by Filipino seafarers.
UK chases Indian port contracts THE UK ports industry is keen to develop industrial and container terminals in India, and is currently holding negotiations with a number of Indian companies.
Collenette calls for pilotage review CANADA'S transport minister David Collenette has asked the Canadian Transportation Agency to conduct a review of the controversial, 'overpriced' pilotage system.
Malta Shipbuilding stung for $5.8m compensation MALTA Shipbuilding has received two 'garnishee orders' claiming 'm2.2m ($5.8m) in compensation for the cancellation of two trawler orders for Norwegian owners.
US underwriters take a mauling THERE has been a dramatic deterioration in underwriting results in 1997, according to Richard Desimone, chairman of the American Institute of Marine Underwriters.
VP Gore opens APL's Seattle terminal US vice-president Al Gore and transportation secretary, Rodney Slater officially opened the new APL terminal at the Port of Seattle on September 13.
Crackdown on smuggling lifts commodity prices RENEWED efforts by Chinese authorities to crack down on smuggling into China have helped to boost commodity prices on local markets.
Senate committee hears of changes to Jones Act TESTIMONY on a bill that would modify the Jones Act will be heard by the US Senate's Commerce Committee today.
Leif Hoegh sells liner business LEIF Hoegh, the Norwegian shipping group, is to sell its liner activity, Hoegh Lines, and four multipurpose vessels to Lubeck-based Egon Oldendorff.
Indian breaker decides to repair vessel instead SEALAND Shipping and Exports, an Indian shipbreaking company, has repaired a vessel acquired for scrap and plans to load cargo for South Africa.
Market turmoil has changed view of marine risk UNDERWRITERS' perception of marine risk is likely to have been changed by a reduction in investment income caused by the recent turmoil in the world's stock markets.
Slimmed Patrick 'will not cope with throughput' AUSTRALIA'S slimmed down stevedoring labour force will not be able to cope with cargo volumes, according to the MUA.
EC denies P&O Nedlloyd penalty speculation SPECULATION that Brussels is to fine P&O Nedlloyd '25m ('42m) for its part in price fixing by the Trans-Atlantic Conference Agreement has been flatly denied by the Commission.
Le ministère néerlandais des Transports reçoit 12 mia. de NLG supplémentaires pour l'amélioration de l'accessibilité Le gouvernement néerlandais a libéré 12 mia. de NLG supplémentaires pour garantir l'accessibilité des Pays-Bas. Un supplément de quelque 600 mio. de NLG est en outre prévu pour l'assainissement du lit des rivières, qui seront approfondies par la même occasion. C'est ce qu'ont annoncé la nouvelle ministre des Transport Tineke Netelenbos et la secrétaire d'Etat Monique de Vries lors de la session explicative au sujet du budget de leur ministère, qui sera exposé lors de l'ouverture de l'année parlementaire.
Assurance maritime: un marché de plus en plus compétitif Quelque 500 assureurs maritimes venus des quatre coins du monde sont réunis cette semaine à Lisbonne pour y participer à la conférence annuelle de l'International Union of Maritime Insurance (IUMI) et y discuter des problèmes et défis que rencontre le secteur. Le marché de l'assurance maritime traverse à nouveau une période de chute des taux et d'assouplissement des conditions de souscription, à tel point que sa rentabilité est à nouveau gravement menacée. Certains souscripteurs, notamment belges, refusent toutefois de suivre le (mauvais) exemple souvent donné par les grands marchés et tablent sur une relation à long terme avec courtiers et clients, ainsi que sur la qualité de leurs services, pour développer leurs activités, nous ont expliqué Etienne Haenecour et François de Maeyer, les président et vice-président de l'Association des Assureurs maritimes (ABAM).
Les ministres européens des Transports se penchent à nouveau sur le transit Une réunion informelle des ministres européens des Transports a lieu aujourd'hui et demain à Feldberg en Autriche. Les sujets suivants y sont à l'ordre du jour: l'harmonisation des règlements, la poursuite de la libéralisation du marché du transport et ses conséquences au niveau de l'emploi, des conditions sociales, de la sécurité ainsi que la création d'une réglementation-cadre visant à limiter l'impact du transport routier sur l'environnement.
Termont: "Gand a droit à sa part" L'échevin du port de Gand, Daniël Termont, a exprimé lors d'une réunion de la communauté portuaire vendredi soir, son irritation concernant certains aspects du groupement d'intérêt économique entre Anvers et Zeebrugge pour le secteur containérisé. D'après lui, "cet accord ne se limite pas au secteur containérisé. Il contient des accords poussés qui nuisent aux intérêts du port de Gand."
Patrick 'extremely pleased as EBA begins PATRICK yesterday declared that it was extremely pleased with the manner in which its new enterprise agreement was implemented. A Patrick director, Bill Clayton, told DCN there were only minor incidents, one in Brisbane and one in Sydney and these were quickly resolved to the satisfaction of the company. Both related to safety issues which were resolved in Patrick's favor once safety authorities were called in. Mr Clayton said he was extremely pleased that the agreement was working and, in particular, that the same work was being performed with roughly half the workforce required previously.
Contship, FANAL in N American tie-up In a move which may signal an unsatisfactory end to negotiations between CP Ships and Delmas/Brierley Industries over a possible sale of ANZDL, Contship Containerlines and Far Eastern Shipping Co have announced a tie-up in the North America-Australia/New Zealand trade. Although several rounds of talks about possible co-operation have been held over the past twelve months, formalisation of the deal appears to have taken local management of both lines by surprise and details yesterday were scarce. According to a statement issued in the UK on Saturday (Australian time) on behalf of Contship and FESCo, a vessel sharing agreement has been reached, although the deal reached appears to be more of a slot charter/exchange than a VSA. "Under the arrangement, due to commence in November and subject to U.S. regulatory approval, Contship Containerlines will gain access to container slots on the fixed-day weekly service of FESCo Australia North America Line via the US West Coast," the statement said.
Holyman loss follows write-downs HOLYMAN recorded an operating loss, after tax and abnormals, of $44.747 million in the half-year to 30 June, according to the latest report on the Sydney-based transport group's fluctuating fortunes. Chairman Richard Austen said although the $44.747 million loss compared with a profit of $204,000 over the same period in 1997, the latest result followed a continuing major overhaul of operations designed to shed non-core businesses and re-focus Holyman's corporate outlook on its shipping and transport operations. He said the directors had, therefore, written down the value of non-core assets to reflect their expected earnings and market value.
Toll deal near AGGRESSIVE transport giant Toll Holdings appears set to add one of Australia's largest road express operations to its broad transport group after launching a takeover bid for Mayne Nickless's troubled Ipec and Jetsroad business. It is believed that a heads of agreement for Toll to acquire the recently merged express freight businesses was to be completed late yesterday [14/9] following a Mayne Nickless board meeting. The takeover, which continues Toll's ongoing program to grow by acquisition, was thought likely to be announced to the Australian Stock Exchange late last night ahead of today's release of the company's 1997-98 annual results in Melbourne.
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