NOL bullish despite first-half downturn Neptune Orient Lines (NOL) confirmed the markets' worst fears yesterday when it plunged to a thumping S$240.7m (US$140m) loss for the first half of this year.
Keppel faces major restructuring Keppel Corp, the diversified marine based conglomerate, plans to restructure and slash loss-making operations, the company revealed yesterday, writes Edward Ion, Asia Editor, Singapore.
Stelmar share offer 'on hold' Stelmar Tankers' initial public offering (IPO) has been put on "temporary hold" as a result of the turmoil in world markets.
Stolt Comex seeks new earning areas Subsea contractor Stolt Comex Seaway has expressed confidence that it will remain immune to the shrinkage of oil firm exploration budgets for at least two years, provided the oil price does not remain low for an extended period, writes Rajesh Joshi, Oslo Correspondent.
Philippine officials battle with oil spill PHILIPPINE maritime officials are battling an oil spill caused by the sinking of the passenger ferry Princess of the Orient on September 18.
Star will proceed with newbuildings MALAYSIAN-based Star Cruise will not cut back on its $1.5bn four ship newbuilding programme because of the Asian financial crisis and may even build a 100,000 ton vessel in future. President and chief executive, Colin Au has told Lloyd's List. "We have signed for four ships and we will build them," he said.
Japanese insurers face $525m loan loss JAPANESE insurers have revealed they have at least $525m in problem loans to Japan Leasing Corp, the institution heading for a massive corporate collapse.
P&O Nedlloyd Rotterdam is named P&O Nedlloyd has dismissed fears about overcapacity at the naming ceremony of its third mega-containership in Rotterdam yesterday writes Emily Redding, Rotterdam The third of the four new Southampton class 6,690 teu vessels ordered by P&O Nedlloyd (pictured) was christened P&O Nedlloyd Rotterdam by the HRH Princess Margriet of the Netherlands.
O'Neil issues cruise safety warning BILL O'Neil, secretary general of the IMO has issued a warning over the safety of the new generation of 5,000 passenger cruise ships.
Filipino ROs intensify campaign FILIPINO radio officers (ROs) have formed a new union, and intensified their campaign for a license upgrade, in the light of the forthcoming implementation of GMDSS.
NOL slumps into red SINGAPORE shipowner NOL suffered a S$63m ($37m) operating loss for the first six months of 1998, and a registered net loss of S$241m.
Australian gas crisis worsens A THIRD car-maker has announced it is suspending production in Australia in response to an energy crisis which analysts predict could cut almost half-a-point off the nation's gdp.
Spliethoff in $320m ship deal DUTCH shipping group Spliethoff will invest $320m in ten multi-purpose ships, following a deal with UPM-Kymmene, the Finnish forestry group.
Bank seizes Russian reefer DSF, the Copenhagen-based shipping bank, has had the 4,000 dwt reefer Orion seized in the Port of Aarhus for non-payment of debt.
Kværner shares slide UNEASINESS over the future of Kværner continues to mount as the company's shares have fallen sharply and a bond launched last week yielded 40 per cent at issue.
Georges boosts Panama Canal's power PANAMA Canal Commission (PCC) has had an unexpected boost from Hurricane Georges, with rainfall swelling Gatun Lake, allowing the power plant to restart after a longterm hiatus.
Pipavav shipbreaking project to be spun off GOVERNMENTAL approval has been given to the proposal of the Gujarat Pipavav Port to spin off shipbreaking from its integrated port project.
CCNI stages expansion drive THE Chilean Interocean Navigation Company (CCNI) last week received the fifth of six new Conbulker B-577s for mixed bulk and container transport.
Indonesia restructures oil business ALL seven of Indonesia's oil refineries owned and operated by state oil and gas company Pertamina will become separate business units from next month.
Puerto Cabello shifts radioactive boxes TWO twenty-foot containers, containing 15 kilos of radioactive material, arrived by road on September 25 at the Venezuelan naval base docks in Puerto Cabello.
LOOP closed by hurricane THE Louisiana Offshore Oil Port, 20 miles off the coast of Louisiana, remained closed for the third consecutive day yesterday as hurricane Georges swept through the US Gulf Coast.
Election outcome: waterfront waits The outcome of Saturday's federal election will be watched on the waterfront with greater interest than perhaps any other sector of industry. According to industry sources there is some apprehension about the possibility of a change of government and the effect which such a change could have, particularly on the two stevedores. While Patrick has implemented its new enterprise agreement after a bruising confrontation with the Maritime Union of Australia, P&O Ports has yet to enter into serious discussions with the union.
Carter says ALP rail policy 'closer to mark' While both of the major parties' rail industry policy statements fall short of what is required, the Labor Party's statement is closer to the mark, according to Rail 2000's executive director Mark Carter. Commenting on the release of the ALP's policy, Mr Carter said that on the critical issue of the provision of funding for national track upgrades, the ALP's commitment to provide $400 million for the Australian Rail Track Corporation -- including $150 million over three years specifically to improve the Adelaide-Melbourne corridor -- was clearly superior to the coalition's allocation of only $250 million.
COSCO's Qingdao calls a Sino-the-times IN A move reflecting the increasing liner service trend to a wider range of direct Chinese port calls China Ocean Shipping Co has announced a further strengthening of its principal Australian service with the additional of fixed-day weekly calls at Qingdao from mid-November. The line, which is replacing three "old and slow" cellular vessels in its six-ship Sino-service, with three 19-knot ships from next month, will then offer Australian shippers and consignees a direct weekly sailing from/to four Chinese ports, Xingang, Qingdao, Shanghai and Hong Kong.
Gas crisis: shippers brace for fallout WITH industry largely at a standstill across Victoria until gas supplies are restored, the shipping and transport industries are bracing themselves for the inevitable trickle down effect to hit their businesses. While it is still early days, the general consensus is that as manufacturing industry product stocks dwindle business will slow down considerably.
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