Junk bonds 'increasing failure risk' THE rampant growth of high yield debt in shipping has come under renewed fire at a top level shipping finance forum in New York.
Ferry operator Minoan may bid for Cretabank GREECE'S largest ferry operator, Minoan Lines, may be a surprise participant in bidding for a state-controlled bank for which offers must be submitted by next Monday.
Setback for India fleet plans THE absence of fiscal support for the Indian shipping industry in the budget will badly affect fleet acquisition plans, leading shipowners have predicted.
P&I club criticises US over oil spill handling A PROTECTION and indemnity club has hit out at the widening gap between the US and the rest of the world over the handling of oil pollution claims and criticised the behaviour of the US Coast Guard.
Urgent action sought on safety of ships CALLS are growing for substantial changes in ship design, to produce more "survivable" bulk carriers and ocean-going vessels in general.
Kinnock warns on EU support programme EUROPEAN transport commissioner Neil Kinnock has said he sees an agreed programme of transport infrastructure for European Union applicants in eastern Europe costing Ecu90bn ($100bn), writes Nigel Tutt, Brussels.
'Technical hitch' delays ILU/LIRMA merger THE approval required from members of the Institute of London Underwriters (ILU) for the proposed merger of the ILU and LIRMA has been delayed "a few weeks" by a 'technical hitch'.
MUA warns P&O P&O Australia has been warned it will face renewed industrial strife if it tries to pressure the Maritime Union for a labour deal to match the MUA's new agreement with Patrick Stevedoring.
RCCL sends new tonnage north ROYAL Caribbean has announced plans to position its two newest ships in Alaska for the 1999 summer season.
Australian commodity exports on the slide AUSTRALIA'S commodity exports will be seriously eroded by the continuing Asian financial crisis, according to new official data.
Shipping has a credibility problem, says Saether THE shipping industry suffers from a credibility problem because most of the world's merchant fleet sails under flags of nations that do not have a maritime administration, says NSA chief.
Decision time for new Sri Lanka hub SRI Lanka must decide soon on building its second international seaport as time is running out for Colombo, international port experts said yesterday.
Thai shippers call for rate protection law THE Thai National Shippers' Council has called for the introduction of a law to protect shippers from unjustified freight rate increases.
Korea-China shipbuilding exports soar EXPORTS of South Korean shipbuilding materials and equipment to China have seen a sharp increase this year, according to the Korea Shipbuilding Materials Cooperative (KSMC).
Hyundai raises funds HYUNDAI Merchant Marine of South Korea is negotiating with a United States owner to sell and charter back three of its 4,800 unit car carriers.
Unions sit down with flags and owners HISTORY was made in Oslo yesterday, when for the first time representatives of the owners, the flags and the unions sat down together in public.
US sanctions curb Indian Coast Guard training SANCTIONS imposed on India following its recent nuclear tests, have led to the cancellation of US training schemes for Indian Coast Guard officers.
Chung Ju-yung promotes North Korean port CHUNG Ju-yung, founder of South Korea's Hyundai Group is promoting plans for a world-class port in the North Korean city of Wonsan.
UN approves $300m oil restructuring deal with Iraq THE United Nations has approved a request from Iraq to use $300m from its oil revenue to redevelop its oil industry infrastructure.
Kandla limps back to normal CYCLONE-devastated Kandla port, where all functions have remained suspended for about ten days, is limping back to normal.
NYK's liner business set to decline CONTAINERSHIP trades will probably account for less than 40 per cent of NYK's turnover by next year, according to its cheif economist.
Breakdown hits Indian ore exports EXPORTS of iron ore from India's east-coast port of Visakhapatnam have come to a standstill following an equipment failure.
Subic Bay chairman challenges sacking RICHARD Gordon, chairman of Subic Bay Metropolitan Authority (SBMA), is challenging his dismissal by incoming Philippine President Joseph Estrada.
Bergesen sells 24-year-old lpg carrier NORWEGIAN bulk shipping group Bergesen has sold the 1974-built lpg carrier Hemera.
Leghorn to double container capacity DARSENA Toscana, the main container facility at the port of Leghorn, will double its capacity after a Lira 53bn ($30m) investment is completed in five years.
Conflict rages in wake of cyclone CONFLICT continues to rage between the government of Kutch district and the Kandla Port Trust over who is to blame for the deaths of thousands of people in the recent cyclone.
Les transporteurs routiers anversois tirent la sonnette d'alarme Les transporteurs routiers en ont ras-le-bal d'être le bouc-émissaire, alors que les poids lourds seront toujours nécessaires pour pouvoir continuer à vivre dans un Etat-providence. Ils demandent davantage de concertation avec et de bonne volonté de la part des autorités et des donneurs d'ordres afin de résoudre les problèmes existants. Au cours d'une conférence de presse à Anvers, ils ont critiqué les créneaux horaires trop limités, le Just-in-Time ("Just in Trouble"), la mauvaise organisation des travaux routiers et le manque de chauffeurs bien formés.
Seatrade lance un service de retour sur l'Afrique du Sud Le 30 juin prochain, l'armement Seatrade, un des grands spécialistes des trafics reefer, assurera d'Anvers le premier départ d'un service de ligne régulier à destination de l'Afrique du Sud. Il s'agit d'un service de retour qui a recours aux navires reefer qui amènent des fruits dans le port scaldien. L'armement est coutumier de ce genre d'opérations au départ de l'Europe du Nord.
La SNCB dévoile les premiers détails sur la reprise de THL "En reprenant THL, ABX est en mesure de développer une forte position sur son marché domestique et d'utiliser celle-ci pour devenir un acteur à part entière sur la scène européenne. C'est une étape dans l'itinéraire qui doit mener la SNCB au statut de global carrier au niveau mondial." C'est en ces termes que le patron de la SNCB, Etienne Schouppe, a résumé lors d'une conférence de presse à Cologne la stratégie qui a incité la compagnie des chemins de fer belge à racheter Thysssen Haniel Logistik (y compris la moitié de Bahntrans).
Sydney follows suit Sydney’s waterfront workers, members of the Maritime Union of Australia employed by Patrick yesterday followed the lead set by their Melbourne colleagues and voted in support of the agreement between their union and the company. The vote, which is expected to be followed by Brisbane tomorrow and Fremantle next Tuesday, has endorsed the document which is now set for signing early next month. Prior to a vote being taken at the five and half hour meeting MUA’s national secretary, John Coombs, told his members they had no option but to endorse the deal.
Wharfies feel need for speed Waterfront workers employed by Patrick in Sydney and Melbourne will have to maintain a productivity level of 20 lifts per hour if they are to qualify for incentive payments. The productivity requirements at the company’s facilities in Brisbane and Fremantle are slightly lower. The agreement between Patrick and the Maritime Union of Australia will introduce a productivity incentive scheme which will replace all existing agreements and arrangements, monetary or otherwise. The scheme will operate on a shift basis covering all shifts worked from the first on Saturday to the twilight one on Friday inclusive.
Austal Ships delivers first vessel to Greece Austal Ships has delivered its first fast ferry to Greece, a 46 metre catamaran for Ceres Hydrofoil John Service. The vessel, the Flying Dolphin 2000, marks the beginning of a fleet renewal program for the company widely known throughout the Mediterranean as Ceres Flying Dolphins.
EBA talks complete this week Negotiations between the Australian shipping industry and the maritime unions over the implementation of an enterprise employment agreement are expected to be completed this week as transitional arrangements coving the employment of seafarers expire at the end of this month, according to the Australian Shipowners Association.
National Rail seeks new business Sell-off target National rail has set up a new business division called BulkFlow in a bid to secure more new business in new and existing markets, and provide its steel customers with their own exclusive management. BulkFlow which will join NR’s four other divisions - Intermodal, SteelLink, SeaTrain and Trailerail - will have responsibility for most of the non-steel freight business now in Steel-Link as well as other train load business.
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