Marsh & McLennan bids $2.04bn for Sedgwick MARSH & McLennan strengthened its position as the world's largest insurance broker yesterday with the announcement that it was making a '1.25bn ($2.04bn) recommended cash offer for the Sedgwick Group.
Cruiseships reflagged by Cunard CUNARD yesterday reflagged three major cruiseships and considered switching a fourth to a new register.
Marsh & McLennan offer ends Sedgwick speculation Marsh & McLennan's recommended cash offer of '1.25bn ($205bn) for the Sedgwick Group, announced yesterday, brings to a close months of speculation over the future of the international insurance broker.
Willis Corroon bid cleared BRUSSELS has given the go-ahead for a $1.4bn bid for UK-based insurance broker Willis Corroon.
Clubs seek further rate cuts PROTECTION and indemnity clubs will be seeking further reductions in the cost of reinsurance next year.
Tugmaster 'abandoned submarine' A TUGMASTER who had worked a 100 hour week was so tired he abandoned a nuclear submarine in the Tamar, an industrial tribunal heard.
Marsh & McLennan to acquire Sedgwick SEDGWICK, Europe's largest independent insurance broker, has succumbed to a '1.25bn ($2bn) takeover bid by US insurance group Marsh & McLennan.
Filipino union accuses Panamanian registry THE Panamanian registry has been accused by the Filipino seafarers' union of altering its rules to extract more money from its members.
Group reinsurance 'set to fall' FURTHER reductions are expected for the International Group's (IG) reinsurance programme, according to London Club manager A Bilbrough.
Tanker aground in Bosphorus A TANKER ran aground in the Bosphorus at about 0830 local time (0530 GMT) this morning, closing it to traffic in both directions, although it had reopened to small vessels this afternoon.
OMI sells suezmax US BULK shipping company, OMI Corporation has completed its transaction with Knutsen OAS Shipping of Haugesund, Norway for the sale of the suezmax, Tanana.
Nordic plan for offshore personnel carrier A TEAM of five Scandinavian companies are working on a design for a fast ship that could replace helicopters in transporting personnel between offshore installations and the shore.
Aker Maritime to buy engineering firm AKER Maritime, the listed marine equipment and shipbuilding group controlled by Aker RGI, has agreed to buy the British offshore engineering firm Genesis Engineering Consultants.
Gesco to launch 'fleet expansion drive' INDIA'S largest private shipping company, Great Eastern Shipping (Gesco), is taking advantage of the current recession for fleet expansion.
Heads roll at Stena Line BO Severed, the new md at Stena Line, has axed six senior executives and disbanded the group's 18-strong management team after the group reported a heavy loss for the first half.
Low water brings Rhine restructuring LOW water levels in the Ruhr region of the Rhine have led to a major restructuring of waterway freight services, with a larger number of smaller vessels being used.
Analysts gloomy over Aussie dollar AUSTRALIA'S dollar has recovered marginally from its 12-year low yesterday, but analysts say there is worse to come.
IMB launches 'rapid response service' A RAPID Response Investigation Service has been set up by the International Maritime Bureau.
Krona flotation 'not expected to hit shipping' INTEREST rate increases in Norway and the flotation of the krona are unlikely to have a major impact on the shipping industry, shipping observers say.
Gordon challenges Philippine court ruling RICHARD Gordon has defied a Philippine appellate court ruling, nullifying his reappointment as chairman of Subic Bay Metropolitan Authority.
FMC reaches Shipping Act settlement THE US Federal Maritime Commission has settled five compromise agreements with common carriers and freight forwarders for alleged Shipping Act violations.
Hindustan to slash workforce INDIA'S state owned Hindustan Shipyard is to shed more than 40 per cent of its massive workforce as part of its revival plan.
Hamburg port workers in decline HAMBURG'S falling general cargo throughput has led to a significant reduction in the number of stevedores at the German port.
Hanjin (United Alliance) préparerait sa venue en direct à Anvers La récente mission portuaire anversoise qui s'est rendue en Corée du Sud s'est révélée particulièrement intéressante, dans la mesure où certaines affaires ont des chances de se concrétiser. Ainsi qu'évoqué précédemment le constructeur automobile Daewoo s'est montré fortement intéressé par les propositions anversoises en ce qui concerne l'implantation d'un centre de distribution, projet qui pourrait aller au-delà de ce seul type de trafic. D'autre part, il s'avèrerait que l'armement Hanjin, membre le plus important de la United Alliance, envisagerait très sérieusement de diriger en direct sur Anvers un des trois services sur l'Asie.
Air France: quatre dossiers très délicats pour la rentrée Les dirigeants d'Air France abordent la rentrée avec du pain sur la planche. Ils devront en effet gérer quatre dossiers délicats: l'ouverture du capital; les négociations sur les 35 heures; l'éventuelle reprise de la compagnie AOM; les conséquences des mouvements sociaux du début de l'été.
Le CBRB demande la suppression de la licence d'exploitation belge Dans une lettre adressée au nouveau ministre du Transport néerlandais Tineke Netelenbos, l'organisation professionnelle CBRB (Centraal Bureau voor de Rijn- en Binnenvaart) demande à la ministre de vérifier auprès de son collègue belge "dans quelle mesure les aspects disproportionnés de la licence d'exploitation belge pour les unités étrangères et l'affectation peuvent être corrigés et ramenés à un niveau admissible dans un système acceptable".
Patrick, MUA reach agreement One of the major obstacles to peace between Patrick and the Maritime Union of Australia has been removed after the reaching of a new enterprise agreement. The agreement, the wording of which was being finalised yesterday afternoon, could be implemented as soon as 7 September. The breakthrough came after one of the parties gave ground on issues which were previously contested. One of the parties told DCN that there was sufficient incentive for both sides to ensure that agreement was reached. The resolution of outstanding issues means that the Australian Industrial Relations Commission, which provided some conciliation, will not have to become involved in arbitration.
ANZDL sale talks in progress SYDNEY: Speculation about the sale of the Australia-New Zealand Direct Line to CP Ships has strengthened with the first official confirmation that talks are underway. The general manager of ANZDL in Australia, Brian O'Dea, confirmed yesterday that negotiations between the French (Delmas) and New Zealand (Brierley Investments Ltd) shareholders of the shipping line and the Canadian line are in progress. Mr O'Dea was commenting following strengthening reports from Europe that such a sale was being discussed. However, contrary to those reports, he said that no sale has yet taken place. Mr O'Dea said the reports are so strong that customers have already started congratulating him on the development. However, according to industry sources in Europe an announcement of the sale is expected in the not too distant future.
PHPA holds off on new stevedoring arrangements The Port Hedland Port Authority has postponed plans to privatise stevedoring at the port due to lack of interest. The port authority will now issue an interim non-exclusive licence for 12 months with the port's existing stevedore, Pilbara Stevedores. PHPA general manager Ian Hutton said the Authority decided to postpone the process because only one company responded to an invitation to present a detailed expression of interest proposal. Mr Hutton said two companies had been shortlisted and invited to submit detailed proposals to the port following the initial invitation for expressions of interest in February.
Non-rolling stock of Goninan to be divested Howard Smith confirmed yesterday that it would divest the non-rolling stock activities of its engineering business A. Goninan & Co. Howard Smith, which disposed of its shipping interests last year, said earlier this year it was reviewing Goninan's non-rolling stock activities with a view to divestment of those activities which did not offer adequate growth and profit prospects. "Goninan's large-scale restructuring will see the divestment of non-core activities and re-focusing on its strengths in railway rolling stock in Australia and overseas," Howard Smith managing director Ken Moss said yesterday. Dr Moss, who also released the group's 1997-98 financial results, said Goninan would emerge from the $25 million restructure better equipped to compete in the Australian and Asian markets for rolling stock contracts.
MUA concern over Wyndham plans The Maritime Union of Australia is concerned that WA government plans to privatise the remote north-west port of Wyndham will see the union workforce ousted from the port. MUA WA branch secretary Terry Buck said he'd been told that the government was awarding preferred tenderer status to the Ord River District Co-operative which had indicated it wanted to replace the union workforce with its own employees. Mr Buck said there were five MUA members employed at the port on a permanent basis. "There hasn't been any consultation on this," Mr Buck said. "We are very keen to ensure that this does not happen."
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