Newport News facing civil investigation on carrier pricing data In its latest 10-K filing with the SEC, Newport News Shipbuilding reveals that it is facing a civil investigation in relation to cost or pricing data in connection with the contract for the nuclear aircraft carrier REAGAN.
Hvide Marine reports expected noncompliance with bank loan covenants Hvide Marine Inc. yesterday reported that, based on anticipated results for the 1999 first quarter, it does not expect to be in compliance with certain covenants in its bank credit agreement as of March 31, 1999. As a result, the audit report on the company's 1998 financial statements, included in the 10-K Report filed with the SEC, contains a "going concern" qualification from Ernst & Young LLP, Independent Certified Public Accountants.
NOL posts biggest-ever loss Today's Singapore Business Times reports that Neptune Orient Lines (NOL) suffered a record Singapore $438 million loss last year. The results were NOL's first since acquiring APL .
BP Amoco eclipses rival Shell after $27bn takeover of Arco BP Amoco yesterday clinched its well-trailed $26.8bn takeover of the Atlantic Richfield Co (Arco), a move that will create the world's second largest oil company by market capitalisation, ahead of Shell but behind a merged Exxon-Mobil.
Barrow yard under fire for Navy delay BRITISH Defence Secretary George Robertson has demanded an explanation from Marconi Naval Systems over why a '450m ($724m) contract for two Royal Navy ships is up to 10 months behind schedule at the company's yard at Barrow-in-Furness.
Hutchison and P&O in new container port deals Port operating giants Hutchison and P&O have signed two separate deals which strengthen their hold on Asian container hubs.
Royal Caribbean gets outlook upgrade Fast expanding Royal Caribbean Cruises Ltd's strong financial performance has resulted in Standard & Poor's improving the outlook attached to the company's credit rating.
BP Amoco and Arco go back to their roots BP Amoco'S merger with Atlantic Richfield (Arco) creates a $190bn oil giant which fuses companies with roots in both Persia and John D Rockefeller's old sprawling business empire.
Reserved 'Neutron John' is no JR Ewing The man reshaping the world's oil industry likes to puff away on cigars, but little else about Sir John Browne fits the popular image of a magnate made rich by black gold.
Insurers fear high-speed vessel risks MARINE insurers are becoming increasingly concerned about risks to shipping arising from the speed and scheduling of cruise and container vessels, particularly given advances in size and development of these types of vessel.
Cruise companies pull out of Balkan calls CRUISE companies started to take evasive action yesterday as Nato warplanes continued bombing targets in Serbia and Kosovo.
Hvide Marine Drops 50% Hvide Marine's expansion to an armada of 284 vessels worldwide plus historically low oil prices have apparently taken a toll, as the company announced today that, based on anticipated results for the 1999 first quarter, it does not expect to be in compliance with certain covenants in its bank credit agreement as of March 31, 1999. Judgement of the announcement from Wall Street was swift, as the company saw its per share price plummet nearly 45 percent in the first half-hour of trading on Thursday, April 1, dropping from $4/share to $2.50/share.
BP-Amoco Proceeds With Arco Acquisition BP Amoco announced its $26.6 billion deal to acquire Atlantic Richfield Co. (ARCO). Under the terms of the agreement, BP Amoco will exchange .82 of its own stock for each share held by ARCO shareholders.
Colombo Dockyard On Target For 15% Growth New orders for tugboats and heavy engineering plants will reportedly help Sri Lanka's Colombo Dockyard Ltd. enjoy profit growth of up to 15 percent in 1999.
Cargo Traffic Up 12.5% Cargo turnover at Estonia's Port of Tallinn grew year-on-year by 12.5 percent from January to March, to 5.3 million tons from 4.7 million tons for the same period in 1998.
Cruise Lines Cut Calls Near War Zone Cruise lines readying for the Mediterranean summer sailing season are warily watching week-old NATO attacks in Yugoslavia and have begun dropping port calls in the western Adriatic. Holland America Line reportedly is eliminating calls at Dubrovnik on three European cruises by its ms Maasdam scheduled for April and May. Meanwhile, the Azur, a 720-passenger ship operated by First European Cruises, will bypass the port of Korcula, Croatia, on nine week-long cruises between Venice and the Greek Islands beginning on May 15.
Sea-Land Could Be Sold? While CSX Corp. chairman John Snow said the planned restructuring of its Sea-Land Service unit was being done to improve management, he reportedly hinted that it could be sold, simply telling reporters that it is treated like every other business the company is in.
S&P Upgrades Royal Caribbean Standard & Poor's revised the outlook on Royal Caribbean Cruises to positive from stable, reflecting the company's very strong results during 1998, good business trends in the current year, and improving credit measures.
Bombing Blocks Barges Two Romanian barges with 30,000 tons of maize were reported to be blocked in Yugoslav ports on Thursday by the destruction of a River Danube bridge by a NATO bombing raid.
Cammell Laird To Shut Small Shipyard Cammell Laird Holdings Plc said plans to rationalize its North East England operations by closing its smallest shipyard -- at South Shields on the river Tyne -- and concentrating operations at its two main sites.
Great interest in SITL'99. The recent transport and logistics event in Paris formed an important meeting place for the industry this year.
Maritime
Wallenius Lines and Wilhelmsen Lines join up. Another consolidation in the shipping industry is announced with the combining of two major Nordic companies' car and ro/ro activities.
Norasia offers calls at Le Havre also westbound.
ECL is offering a new US east coast/Gulf-South American west coast service.
OOCL enhances STX service.
A new Croatia-Malta/Italy ferry service has been launched.
MSC has a new 4056-TEU vessel and is expanding to the Pacific.
CMA-CGM posted a considerably higher profit in 1998.
MOL is confident on Y2K.
Textainer and Xtra join together.
Transroll refutes the report of "financial difficulties".
Ports and Terminals
Evergreen has signed a contract for an expanded terminal at Tacoma.
The contract for CT IIIA at Bremerhaven has been signed.
A new container facility is planned in Amsterdam.
Shanghai orders Kalmar equipment.
A new computerised port community system, Destin8, has been launched.
Hanjin: 20 years at ECT.
Intermodal
NOL has sold APL's North American stacktrain business.
Formag launches a new express intermodal Odessa-Moscow service.
EU rail liberalisation approaches.
Calendar of events: Intermodal South America 99.
New publications: UIC statistics; Road transport regulating and enforcement bodies.
Aviation
The linking of express networks is another step towards close cooperation between LH Cargo, SIA Cargo and SAS Cargo.
Air France Cargo is maintaining its capacity levels this summer.
Swisscargo will offer a denser network of frequencies.
HeavyLift has new owners after a management buyout.
The SAirGroup is organising its alliances on a central basis.
Emery Worldwide expands its express services for Europe.
Viewpoint: a warning against former state monopolies.
Calendar of events: 11th Frankfurt Air Freight Days.
Great interest in SITL'99. The recent transport and logistics event in Paris formed an important meeting place for the industry this year.
Maritime
Wallenius Lines and Wilhelmsen Lines join up. Another consolidation in the shipping industry is announced with the combining of two major Nordic companies' car and ro/ro activities.
Norasia offers calls at Le Havre also westbound.
ECL is offering a new US east coast/Gulf-South American west coast service.
OOCL enhances STX service.
A new Croatia-Malta/Italy ferry service has been launched.
MSC has a new 4056-TEU vessel and is expanding to the Pacific.
CMA-CGM posted a considerably higher profit in 1998.
MOL is confident on Y2K.
Textainer and Xtra join together.
Transroll refutes the report of "financial difficulties".
Ports and Terminals
Evergreen has signed a contract for an expanded terminal at Tacoma.
The contract for CT IIIA at Bremerhaven has been signed.
A new container facility is planned in Amsterdam.
Shanghai orders Kalmar equipment.
A new computerised port community system, Destin8, has been launched.
Hanjin: 20 years at ECT.
Intermodal
NOL has sold APL's North American stacktrain business.
Formag launches a new express intermodal Odessa-Moscow service.
EU rail liberalisation approaches.
Calendar of events: Intermodal South America 99.
New publications: UIC statistics; Road transport regulating and enforcement bodies.
Aviation
The linking of express networks is another step towards close cooperation between LH Cargo, SIA Cargo and SAS Cargo.
Air France Cargo is maintaining its capacity levels this summer.
Swisscargo will offer a denser network of frequencies.
HeavyLift has new owners after a management buyout.
The SAirGroup is organising its alliances on a central basis.
Emery Worldwide expands its express services for Europe.
Viewpoint: a warning against former state monopolies.
Calendar of events: 11th Frankfurt Air Freight Days.
Great interest in SITL'99. The recent transport and logistics event in Paris formed an important meeting place for the industry this year.
Maritime
Wallenius Lines and Wilhelmsen Lines join up. Another consolidation in the shipping industry is announced with the combining of two major Nordic companies' car and ro/ro activities.
Norasia offers calls at Le Havre also westbound.
ECL is offering a new US east coast/Gulf-South American west coast service.
OOCL enhances STX service.
A new Croatia-Malta/Italy ferry service has been launched.
MSC has a new 4056-TEU vessel and is expanding to the Pacific.
CMA-CGM posted a considerably higher profit in 1998.
MOL is confident on Y2K.
Textainer and Xtra join together.
Transroll refutes the report of "financial difficulties".
Ports and Terminals
Evergreen has signed a contract for an expanded terminal at Tacoma.
The contract for CT IIIA at Bremerhaven has been signed.
A new container facility is planned in Amsterdam.
Shanghai orders Kalmar equipment.
A new computerised port community system, Destin8, has been launched.
Hanjin: 20 years at ECT.
Intermodal
NOL has sold APL's North American stacktrain business.
Formag launches a new express intermodal Odessa-Moscow service.
EU rail liberalisation approaches.
Calendar of events: Intermodal South America 99.
New publications: UIC statistics; Road transport regulating and enforcement bodies.
Aviation
The linking of express networks is another step towards close cooperation between LH Cargo, SIA Cargo and SAS Cargo.
Air France Cargo is maintaining its capacity levels this summer.
Swisscargo will offer a denser network of frequencies.
HeavyLift has new owners after a management buyout.
The SAirGroup is organising its alliances on a central basis.
Emery Worldwide expands its express services for Europe.
Viewpoint: a warning against former state monopolies.
Calendar of events: 11th Frankfurt Air Freight Days.
Great interest in SITL'99. The recent transport and logistics event in Paris formed an important meeting place for the industry this year.
Maritime
Wallenius Lines and Wilhelmsen Lines join up. Another consolidation in the shipping industry is announced with the combining of two major Nordic companies' car and ro/ro activities.
Norasia offers calls at Le Havre also westbound.
ECL is offering a new US east coast/Gulf-South American west coast service.
OOCL enhances STX service.
A new Croatia-Malta/Italy ferry service has been launched.
MSC has a new 4056-TEU vessel and is expanding to the Pacific.
CMA-CGM posted a considerably higher profit in 1998.
MOL is confident on Y2K.
Textainer and Xtra join together.
Transroll refutes the report of "financial difficulties".
Ports and Terminals
Evergreen has signed a contract for an expanded terminal at Tacoma.
The contract for CT IIIA at Bremerhaven has been signed.
A new container facility is planned in Amsterdam.
Shanghai orders Kalmar equipment.
A new computerised port community system, Destin8, has been launched.
Hanjin: 20 years at ECT.
Intermodal
NOL has sold APL's North American stacktrain business.
Formag launches a new express intermodal Odessa-Moscow service.
EU rail liberalisation approaches.
Calendar of events: Intermodal South America 99.
New publications: UIC statistics; Road transport regulating and enforcement bodies.
Aviation
The linking of express networks is another step towards close cooperation between LH Cargo, SIA Cargo and SAS Cargo.
Air France Cargo is maintaining its capacity levels this summer.
Swisscargo will offer a denser network of frequencies.
HeavyLift has new owners after a management buyout.
The SAirGroup is organising its alliances on a central basis.
Emery Worldwide expands its express services for Europe.
Viewpoint: a warning against former state monopolies.
Calendar of events: 11th Frankfurt Air Freight Days.
Great interest in SITL'99. The recent transport and logistics event in Paris formed an important meeting place for the industry this year.
Maritime
Wallenius Lines and Wilhelmsen Lines join up. Another consolidation in the shipping industry is announced with the combining of two major Nordic companies' car and ro/ro activities.
Norasia offers calls at Le Havre also westbound.
ECL is offering a new US east coast/Gulf-South American west coast service.
OOCL enhances STX service.
A new Croatia-Malta/Italy ferry service has been launched.
MSC has a new 4056-TEU vessel and is expanding to the Pacific.
CMA-CGM posted a considerably higher profit in 1998.
MOL is confident on Y2K.
Textainer and Xtra join together.
Transroll refutes the report of "financial difficulties".
Ports and Terminals
Evergreen has signed a contract for an expanded terminal at Tacoma.
The contract for CT IIIA at Bremerhaven has been signed.
A new container facility is planned in Amsterdam.
Shanghai orders Kalmar equipment.
A new computerised port community system, Destin8, has been launched.
Hanjin: 20 years at ECT.
Intermodal
NOL has sold APL's North American stacktrain business.
Formag launches a new express intermodal Odessa-Moscow service.
EU rail liberalisation approaches.
Calendar of events: Intermodal South America 99.
New publications: UIC statistics; Road transport regulating and enforcement bodies.
Aviation
The linking of express networks is another step towards close cooperation between LH Cargo, SIA Cargo and SAS Cargo.
Air France Cargo is maintaining its capacity levels this summer.
Swisscargo will offer a denser network of frequencies.
HeavyLift has new owners after a management buyout.
The SAirGroup is organising its alliances on a central basis.
Emery Worldwide expands its express services for Europe.
Viewpoint: a warning against former state monopolies.
Calendar of events: 11th Frankfurt Air Freight Days.
Nightmare on Broking Street BROKERS FACE a massive loss of commission as fresh evidence emerges that shipowners are dealing directly with oil companies. A spate of spot fixtures by pool partners Frontline and OMI has increased fears in the broking community that more owners may cut them out of chartering deals.
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