Brussels accuses Korea of aid abuse THE European Commission yesterday accused South Korea of using International Monetary Fund (IMF) aid to undercut shipbuilding prices.
Kvaerner yards 'need new orders urgently' KVAERNER, Europe's biggest shipbuilder, yesterday said its Kleven and Govan shipyards were in urgent need of new orders to maintain full capacity next year.
Hanjin Shipping plans $200m domestic bond issue Hanjin Shipping is planning a $200m domestic bond effort to take advantage of improved local investment sentiment and eased domestic interest rates, according to a senior Hanjin official who explained that the proceeds would be used to build up a cash reserve.
DSR Senator gets further investment TO shore up the loss making subsidiary DSR Senator, another $20m injection is planned shortly, which Hanjin expects will be the final outlay. In addition to the purchase price, Hanjin has already poured Dm375m ($228.7m) into the company.
South Korea set to launch P&I club SOUTH Korea is preparing to launch a home-grown protection & indemnity club in an effort to provide better service and more moderate rates for its coastal shipping concerns.
DFDS buys North Sea Line from Fred Olsen POOR financial results and global economic uncertainty have forced Norway's Fred Olsen & Co to sell its traditional North Sea Line to Danish shipping line DFDS.
Shanghai set to float port box stevedore THE Port of Shanghai has announced plans to float its container stevedoring business on the Shanghai Stock Exchange during the first half of 1999.
Mr Rais to organise student protests Indonesian Moslem leader Amin Rais addresses followers outside Jakarta's Al-Azhar mosque yesterday. Mr Rais said he would organise student protests to topple president B J Habibie if political reforms were not introduced. Students resumed their anti-government protests yesterday as authorities detained high-profile government critics after a week of bloody riots.
Dutch demand grows for qualified staff A RELAXED tax policy for Dutch shipping has boosted owners' fortunes, but side effects include a growing demand for qualified sea and shore staff.
Unicool restructures reefer business UNICOOL, the reefer holding company owned by Safmarine of Cape Town and Norway's Leif Höegh, is to launch a new reefer ship pool called "Arctic Reefers".
Successful test run for North Korean cruise HYUNDAI cruiseship, the Hyundai Kumgang, arrived safely in North Korea yesterday following a successful test run for the start of its historic inter-Korea tours.
DFDS buys Olsen's North Sea Line DFDS, the Copenhagen-based shipping and haulage group, has acquired Fred Olsen's North Sea Line with effect from January 1, 1999.
Big spill as Chinese tankers collide AN oil slick more than 10 km long and up to 50 m wide is threatening marine life after two Chinese oil tankers collided near the mouth of Pearl River.
Keppel and Hitachi Zosen agree new merger terms SINGAPORE'S Keppel Corp and Hitachi Zosen Singapore (HZSL) have further revised the terms for the merger of their shipyards.
Producer boards argue their cases PRODUCER boards in New Zealand will this week put their case against deregulation to the government.
Haldia to become repairer SHALIMAR Works is to set up a shiprepairing facility at Haldia dock.
Neptun's rights issue under-subscribed NEPTUN Maritime, the Finnish ferry group, raised Fmk493m ($97m) through a rights issue, leaving part of the issue unsold.
Mobil may scrap vlcc fleet MOBIL Oil is preparing to scrap its 1974-built vlcc Saudi Glory, prompting speculation that its entire 1970s vlcc fleet will follow.
NZ meat exports shrinking NEW ZEALAND'S two leading meat exporters retrenched last week in the face of declining stock numbers and falling export returns.
Trailer Bridge launches east coast service TRAILER Bridge, the company founded by containerisation pioneer Malcolm McLean, has christened a ship that will serve Puerto Rico.
China to support Hong Kong's shipping efforts CHINESE authorities are to support Hong Kong's efforts to become an international maritime centre.
Concern mounts over missing cargoship CONCERN is mounting over the fate of the crew of a general cargoship that disappeared from contact in Asian waters more than seven weeks ago.
Forty feared drowned after Indonesian ferry sinks ABOUT 40 passengers and crew members have been reported missing, presumed dead, after an Indonesian ferry sank in heavy seas.
Patrick looks more positive AUSTRALIA'S number two stevedoring business, Patrick, may have turned the corner for its parent company after a troubled year.
Kværner pre-tax result collapses KVÆRNER has announced a pre-tax loss of Nkr1.15bn ($153.5m) in the first nine months of the year, compared with a profit of Nkr903m a year earlier.
Gibraltar port hit by weekend strike GIBRALTER Port has reopened this morning 'as a gesture of goodwill' after being hit by strike action over the weekend.
Grain drop hits V/Line Freight result THE soon-to-be-privatised V/Line Freight Corporation suffered an 18 per cent fall in revenue in 1997-98 after a 50 per cent drop in export grain traffic during the year. According to the corporation's first annual report, V/Line Freight finished its first trading year with lower freight revenues of about $100 million for the 1997-98 year and an operating deficit of $15.3 million. The results, which were tabled in Victoria's parliament last week, came as the state government prepares to cull its list of private groups bidding for the loss-making business. Final bids from shortlisted consortia for V/Line Freight are expected to be made in coming weeks, with a preferred bidder expected to be announced in late January.
Fuel slug holds back NR National Rail productivity levels -- once an area of regular criticism by its customers -- were now at or close to international best practice in several areas, according to an independent study by its external auditors Ernst & Young. The results of the study, released in part by NR yesterday, show that freight output per NR employee per year was only one-fiftieth (or 2.5 per cent) lower than the largest profitable US railroads, and two-thirds higher than the best in Canada. The study also found that NR labor was only 28 per cent of total costs (taking into account employees of outsourced contractors) compared with 33 per cent for US railroads.
Austal scores third French contract Austal Ships has won a third contract to supply a vessel to French maritime group, Compagnie Chambon. The WA-based shipbuilder will supply a 60-metre luxury cruise catamaran, due for delivery in October, to Rivages Croisieres. Rivages Croisieres is a sister company to L'Express Des Iles, Chambon's French Caribbean fast ferry operation which already operates one 48-metre Austal car ferry and will take delivery of a 40-metre passenger catamaran at the end of the year. The vessel will be named Rivage St Martin and it will operate from the French Caribbean island of St Martin and will be used for nine-day coastal cruises.
VTA future uncertain The long-term future of VicTrack Access, which only took over ownership and management of Victoria's entire non-electrified rail network in July last year, remains uncertain. The access authority said in its first annual report, which was tabled in state parliament last week, that it expected to transfer the majority of its responsibilities to other bodies by the end of 1998-99. This would result in an 80 per cent reduction in the corporation's staff. VicTrack recently transferred ownership and responsibility of the state's interstate rail network to the Australian Rail Track Corporation for five years. According to the report, VicTrack will continue to provide asset management and train management services to the ARTC in the short term.
Wisconsin falls on 'foreign' results US-based rail giant Wisconsin Central, which holds a 33 per cent stake in Australian Transport Network and a 24 per cent stake in Tranz Rail, has blamed the poor overall performance of its foreign entities for a 9.3 per cent fall in the group's net income for the third quarter of 1998. According to the results, Wisconsin reported net income of $US19.4 million ($A30.79 million) for the third quarter of 1998, a decrease of $US2.0 million, or 9.3 per cent, from the third quarter of 1997. The third quarter results included record North American operating revenues and record income from North American operations, but were offset by reductions in the company's equity in net income of foreign affiliates.
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