Excel set for court wrangle over US bank ultimatum EXCEL Maritime Carriers and the First National Bank of Maryland are headed for a possible clash in the English High Court, triggered by the bank's issue of a default ultimatum which the American Stock Exchange-listed shipping company says has had the effect of condemning its fleet to unemployment.
Albatros struck rock, says Bahamas body A FLAG state report into the grounding of Vlasov-controlled cruiseship Albatros off the Scilly Isles last year concludes that the vessel struck a rock pinnacle after turning too widely to gain the leading line for the passage through St Mary's Sound.
Cargill bid for rival may hit problem US government and Congressional antitrust warnings could spell trouble for the planned acquisition by US agricultural leader Cargill Inc of the worldwide grain assets of its arch-rival, Continental Grain Company.
Yangtze lock date A permanent ship lock at the site of Three Gorges Dam project on the Yangtze River will be completed within five years, an official of the company financing the project said. Lu Yongmei, president of the China Yangtze Three Gorges Project Development Corp, announced that five Chinese companies will share procurement contracts worth Yuan460m (US$60m) to supply equipment needed to build the lock.
Negros Navigation restructures debts STRUGGLING with soaring operating costs and interest rates, Negros Navigation Company is consolidating operations and restructuring debts in order to survive.
Pontoon time PONTOON TIME: the seven-storey superstructure for the next container carrier newbuilding on order from Hamburg-Sud is floated on a pontoon to Emden, Germany, by the Polish tug ODYS. The journey from Holm Contruction in Gdansk was interrupted due to storms at Cuxhaven.
Sea-Land here next month Sea-Land Service's new Australian relay operation will begin tomorrow -- with an inaugural departure from Long Beach for arrival in Sydney on 21 December. The US giant on Friday confirmed it will take slots on Maersk's weekly, fixed-day East Coast Australia-Far East service and link with its own multiple line-haul services on trans-Pacific, inter-Asia and Asia-Middle East-Europe routes. Sea-Land will take 125 40-foot slots (250 TEU) each way on each Maersk sailing, with 40 slots allocated to standard and hi-cube reefers targeted at the US. In order to provide fastest transits, northbound cargo will be hubbed over Yokohama, while southbound boxes will be relayed over Kaohsiung.
P&O Nedlloyd profit up 20 per cent P&O Nedlloyd recorded an operating profit of $US30 million during the third quarter of 1998, 20 per cent up on the comparable result of $US25 million for the same period in 1997. This compares to an increase of 11 per cent in throughput and a reduction of four per cent in average revenue per TEU. According to the Anglo-Dutch shipping line this clearly demonstrates that significant cost savings are being achieved. The increase in interest, minorities and other items for the third quarter compared to the previous year largely reflects the financing cost of new ships, the line said. The line noted that "headline profit" remained the same as for the third quarter in 1997 which, in effect, shows that increased volume and cost savings fully offset reduced rates, higher interest charges and the cost of Asia's financial crisis.
BSA bid 'under study' A proposal by P&O Nedlloyd to accommodate Blue Star Asia volumes within the Australian Northbound Shipping Conference agreement has been held over by member lines for further consideration. DCN understands a further principals' meeting will be held on 8 December to consider additional information which has been sought from P&ON. The original P&ON proposition was discussed at last week's annual consortium meeting at Sanctuary Cove, at which members apparently agreed to "roll over" the current agreement indefinitely, despite suggestions during the course of this year that some lines were pushing for major changes.
CS, Fesco tie delayed Implementation of the proposed vessel sharing agreement between Contship Containerlines and FESCo Australia North America Line has been delayed by what is being characterised as "discussion over detail". The lines announced in mid-September that from this month Contship would take slots on the weekly FANAL Australia/New Zealand/Pacific Islands-US West Coast service. In return FESCo would secure space on the US East Coast-Noumea/NZ/Australia leg of the round-the-world service Contship mounts with CGM and Marfret on a 10-day frequency.
MUA council reviews P&OP IPA The national council of the Maritime Union of Australia gets under way in Sydney this morning with P&O Ports' reform agenda one of the main topics of discussion. According to P&O chairman Richard Hein, the company is confident it will shortly be in a position to sign an in-principle agreement which covers the reform framework. While discussions between the stevedore and the union have been conducted in secrecy, with even the most senior executives claiming the issue was "too hot" to discuss, it is understood that the document being considered by the council this week will be a general position paper which refers to the transfer to annualised salaries and some outsourcing, not including maintenance.
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