Oil slump hits home in Kuwait Crippled by the deterioration in global crude oil markets, Kuwait has announced a 28.5% drop in first quarter 1998 oil revenues.
Grupo Libra tax deal may revive Brazil shipbuilding Grupo Libra, the Brazilian ports and shipping company, has signed a tax deal with the state government of Rio de Janeiro which is likely to lead to the rebirth of the country's shipbuilding industry.
Malaysia and Lion Republic square up on shipping spoils THE sensitivity barometer has been rising in Singapore in the past few weeks. Relations with their former countryment and neighbouring state Malayusia have hit a new low.
Japanese shipping companies hit target profits RIDING on the sagging yen, plus falling bunker oil prices, four major Japanese shipping companies have indicated that they achieved the targets for their pre-tax profits for the first quarter period of the current financial year.
US strikes mar oil projects in Sudan PLANS for major oil developments in parts of southern and central Asia and in Sudan have been thrown into doubt by the US missile attacks against alleged terrorist bases.
US harbour tax change soon THE Clinton Administration is expected, perhaps as early as this week, to submit finally its long-awaited proposal for replacement of the reviled Harbour Maintenance Tax, which last March was declared unconstitutional by the US Supreme Court.
Think tank for the state we should be in WE live in a volatile, uncertain world; a world that is in political, economic, financial and technical terms one that is in transition. Uncertainty is part of the human condition, but change is taking place at such a pace that we really do not have much clue as to what is happening.
Stolt expects Gulf of Mexico growth STOLT Comex Seaway executives anticipated a rapid expansion of the company's activity in the deepwater Gulf of Mexico market following this week's $218m acquisition of Houston-based Ceanic Corp.
Another Tasman forwarding shake-up THE trans-Tasman forwarding market appears to be heading towards further consolidation, with revelations that Mainfreight International Ltd - part of New Zealand's Mainfreight Transport group - has formed an alliance with Melbourne-based global forwarder ISS Express Lines. Neither company could be contacted for comment by DCN press time on Friday, but it is believed that the alliance will involve Mainfreight buying out ISS Express Lines, in a deal worth up to $5 million.
Sticking points narrowed down LAST WEEK'S discussions between Patrick and the Maritime Union of Australia on a new enterprise agreement have narrowed down the number of differences between the parties, but it may be impossible for them to overcome the last half a dozen or so. Industry sources claim the number of outstanding issues on Friday was between three and four according to the company, and seven or eight from the union's point of view. It is understood that while Patrick was advocating the referral of these issues to the Australian Industrial Relations Commission, such a move was being opposed by the MUA. The union does not want the Commission determining the fate of its members, particularly after the number of differences between the company and itself has been reduced from about 130 to no more than half a dozen.
P&O Nedlloyd results slip THE SECOND quarter operating results for P&O Nedlloyd have fallen, affected by weaker revenue and the impact of the Asian crisis. Operating profit fell to $US22 million ($A37.29 million), compared to $US36 million in the second quarter of 1997. The economic situation in Asia deteriorated since the first quarter and was not expected to improve in the near future, the shipping line said. It noted that throughput had remained strong in spite of the Asian situation and the line was continuing to make further cost savings.
Owners cool on Reith jibe The Australian Shipowners Association is 'playing a straight bat' to apparently provocative comments by Workplace Relations Minister Peter Reith last week which inferred the industry's long-sought fiscal support package will not be forthcoming. During a speech at Spillcon'98 in Cairns and in a later interview with DCN, Mr Reith appeared to reiterate a hardline opposition to Shipping Reform Group recommendations for government help to place Australian ship operators on a financial par with international competitors, first expressed at AMSA's Australian Shipping conference last year in Melbourne.
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