Petrodrill in $1bn bond issue PETRODRILL Offshore, a company associated with US driller Pride International, is seeking to raise $1bn in the junk bond market to support the construction of six deep-water rigs.
Hamburg Sud buys five Alianca vessels German container crosstrades specialist Hamburg Sud has acquired the container and bulk shipping activities of Empresa de Navegacao Alianca, in Rio de Janeiro, for an undisclosed sum.
Strintzis on course for $300m fleet expansion STRINTZIS Lines has cleared another hurdle in its plans to undertake a $300m expansion and modernisation of its fleet.
Oil price affects Statoil half-year results WEAK oil prices contributed to a 44% tumble in half-year net profit at Norway's state-owned major Statoil but the company said it did not plan to cut exploration and development.
Backing for Spanish yard aid SPANISH shipbuilding delivers value for money and a good level of competitiveness, according to a new report which calls for the existing system of subsidies to be retained.
'P&O Nedlloyd Santiago' delivered GERMAN shipbuilder Flender Werft has delivered the 2,169 teu containership Santa Federica, under the charter name P&O Nedlloyd Santiago, to German shipping company Claus-Peter Offen.
Masters split over pilotage suspension MANY ships' masters are choosing to ignore the Portuguese government's suspension of pilotage requirements in the face of industrial action by the country's pilots, instead choosing to anchor until the service is available again.
Marathon's refined results MARATHON has emerged as the only large US oil company to have beaten the current industry gloom, posting second quarter net income of $165m, up from $158m seen in the equivalent period last year.
Finnish unions rule out foreign "cheap labour" THE Finnish Seamen's Union (FSU) has ruled out the use of foreign nationals on home country pay terms for Finnish flag ships, according to union chairman Per-Erik Nelin.
Court upholds cargo handling rate hike THE Manila Regional Trial Court has denied an international lines' petition for a temporary restraining order extension to prevent the Port Authority from raising cargo handling rates.
Yang Ming hints at potential acquisitions YANG Ming, the Taiwanese carrier, is looking at potential mergers or acquisitions.
Evergreen wins Lloyd Triestino FINMARE'S directors has given their approval to the sale of Lloyd Triestino to Evergreen.
Nigerian chief blocks crew release HOPES of release for the 27 Ukrainian seamen stranded on their ship in Sapele, Nigeria, continue to be frustrated by a local chief embroiled in a cargo dispute with the vessel's owner.
NCL adds 11th vessel NCL Holding (NCLH), the Oslo-based cruise shipping company, has added the 11th ship in its fleet.
Development bank demands collateral THE state-owned Development Bank of the Philippines to impose stringent measures in the processing of loans for shipping operators and is demanding real estate as collateral.
Mærsk flags into Egypt MÆRSK Line, the liner shipping unit of the AP M'ller group, has put the 1,092 teu feeder container ship M'rsk Ahram under the Egyptian flag.
Finmare plan is criticised ITALY'S Antitrust Authority has criticised Finmare's restructuring plan, which envisages the creation of a large cabotage operator under the banner of Tirrenia di Navigazione.
Clinton calls transport summit THE Clinton administration and a House committee will hold separate hearings next week on critical freight transport problems facing the United States.
Newport News second quarter earnings rise NEWPORT News Shipbuilding reported this week that second quarter earnings before interest and tax rose 14 per cent to $42m from $37m in the same period last year.
Union Pacific still slowing Californian ports UNION Pacific's continuing troubles are slowing cargo operations in the ports of Los Angeles and Long Beach, with some vessels still experiencing delays of 24-48 hours.
Aliança reveals expansion plans ALIANÇA has set its sights on expansion since, with only five vessels, it can no longer compete with the megacarriers, according to company director Arsenio N'brega.
China Shipping hives off crew management CHINA Shipping Group has effected a major reform in management of its seamen, by setting up and putting into operation a new company, Shanghai Seamen Co.
Malaysia may bind exporters to use home port MALAYSIAN exporters might soon be required by law to use Port Klang instead of neighbouring Singapore, according to a transport ministry official.
Korean-American box trade up by 42 per cent CONTAINERISED cargo shipments from South Korea to North America were up 42 per cent to 211,300 teu in the first half of the year, according to South Korean agents.
Gdansk Shipyard to go to Gdynia consortium AFTER co-ordinating bids for Gdansk Shipyard for 18 months, the yard's receiver has recommended the offer put forward by a Gdynia Shipyard-led consortium.
China tweaks policy to aid enterprise CHINA'S government has announced a series of measures to alleviate the increasing burdens on state-run and private enterprises as a result of the Asian crisis and domestic inertia.
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