Mitsui O.S.K. Lines Pact to Charter Three 5,500-TEUs(Sept 2) Mitsui O.S.K. Lines has concluded a long-term charter agreement with a shipowner which involves three 5,500-TEU vessels to be delivered in March through September 2001.
The three ships, to be built at Imabari Shipbuilding Co. Ltd., will replace three 3,700-TEU vessels now plying between Asia and Europe, thus completing its fleet assigned on the trade with eight over-panamax vessels, the said three 5,500-TEUs and five 4,700-TEUs now in service.
The company's proposed replacement has been approved by its New World Alliance partners, namely APL and Hyundai Merchant Marine and is congruous with the alliance's long-term fleet expansion plan to maintain the optimum and uniform fleet on each loop between Asia and Europe.
Southwest Asia/Australia Ship Groups to Raise Rates (Sept 1) Three liner shipping consortia serving the trade between the Indian Subcontinent and Australia have decided to increase rates for shipments moving from India, Bangladesh, Sri Lanka and Pakistan, effective on September 6. The increase will range from $850 to 950 per 20-foot container and from $1,700 to $1,900 per 40-foot container.
The shipping groups are the Australia Asia Alliance (AAA) comprising MISC, MOL, OOCL and PIL, the Australia-Asia Express (AAX) whose members include ANL Container Line, APL, NYK and P&O Nedlloyd and the Australia South Asia (ASA) by Evergreen, Hanjin, Lloyd Triestino and RCL.
Knutsen drops lawsuit Golden Ocean, headed by Robert Knutsen, has withdrawn its application to have South African Marine Corporation (SA Marine) wound-up following a Rand250m ($41m) capital injection into SA Marine.
Asia Pacific nations in trade forum Leaders of 21 Pacific Rim countries converge next week on Auckland, New Zealand for the annual Asia-Pacific Economic Co-operation forum. The organisation, which focuses upon free trade and economic co-operation, was established in 1989 and aims to eliminate tariffs by 2020, writes Michael Grey.
Concordia tops list for return on assets THE 1998 tanker market, now no more than a fond memory for today's embattled owners, provided gainful opportunities. According to Clarkson Research, rates for VLCCs averaged a respectable $33,500 per day while smaller relatives the suezmax and aframax sectors harvested $22,200 and $15,600 respectively.
Daewoo shares soar on renewed confidence SHARES of shipbuilder Daewoo Heavy have traded to their daily limit in the past two days of trading as investors reacted to the news that the company's fate is unhitched from the spiralling decline of the Daewoo group.
Giant handler makes debut in Bremen EUROPE'S largest container handling group was born in Bremen yesterday, as Hamburg stevedore Eurokai and the container division of Bremer Lagerhausgesellschaft presented their merged company to the press.
Sharp rise in Brent Spar decommission bill DECOMMISSION costs for the controversial Brent Spar oil buoy have risen sharply according to Shell UK Exploration and Production.
DNV unveils 'virtual shipyard' system DET Norske Veritas yesterday unveiled a digital model-based database designed to provide shipowners with class-related information on the hull, equipment and operations spread over a vessel's entire lifetime.
Gdynia mission in talks over Kvaerner Masa-Yards THE three member board of Poland's Gdynia Shipyards, including president Janusz Szlanta and vice-president Andrez Buczkowski, was scheduled to return last night from a management meeting at Kvaerner Masa-Yards in Finland, writes Rajesh Joshi.
When damage occurs, don't bill Customs When truckers and shippers along the Mexican border complain about cargo damage from inspections, Customs denies liability, citing a case, Kosak v. U.S., that said officers are liable for damage only when negligence is proved.
EU rejects Clinton harbor tax plan, threatens to take US before WTO The European Union is threatening a legal challenge of the U.S. harbor maintenance tax on imports, and has criticized the Clinton administration's plan for a replacement tax.
John Hancock Insurance readies plan to demutualize, and go public
Daewoo may miss interest payment on loans to foreign creditors
American Airlines completes purchase of Reno Air despite pilot dispute
Maritime
Truckers relent on West Coast job action, for now Trucking operations were returning to normal in the Pacific Northwest on Wednesday following a decision by independent truckers to call a 30-day moratorium on their job action at the ports of Seattle and Tacoma. Owner-operators who had refused to serve the ports over the past two weeks released a statement saying they have achieved a partial victory, and will give shipping lines, terminal operators and trucking companies 30 days to develop a program that will result in increased wages and shorter gate times in Seattle and Tacoma.
Two ship lines in vessel-sharing venture Amazon Lines Ltd. and Trade Wind Lines Ltd. have notified the Federal Maritime Commission that they plan to begin a vessel-sharing agreement in South America and the Caribbean. Amazon Lines and Trade Wind Lines would establish a vessel-sharing, slot-chartering or joint sailing arrangement between them, and would engage in joint service contracting.
When damage occurs, don't bill Customs When truckers and shippers along the Mexican border complain about cargo damage from inspections, Customs denies liability, citing a case, Kosak v. U.S., that said officers are liable for damage only when negligence is proved.
EU rejects Clinton harbor tax plan, threatens to take US before WTO The European Union is threatening a legal challenge of the U.S. harbor maintenance tax on imports, and has criticized the Clinton administration's plan for a replacement tax.
John Hancock Insurance readies plan to demutualize, and go public
Daewoo may miss interest payment on loans to foreign creditors
American Airlines completes purchase of Reno Air despite pilot dispute
Maritime
Truckers relent on West Coast job action, for now Trucking operations were returning to normal in the Pacific Northwest on Wednesday following a decision by independent truckers to call a 30-day moratorium on their job action at the ports of Seattle and Tacoma. Owner-operators who had refused to serve the ports over the past two weeks released a statement saying they have achieved a partial victory, and will give shipping lines, terminal operators and trucking companies 30 days to develop a program that will result in increased wages and shorter gate times in Seattle and Tacoma.
Two ship lines in vessel-sharing venture Amazon Lines Ltd. and Trade Wind Lines Ltd. have notified the Federal Maritime Commission that they plan to begin a vessel-sharing agreement in South America and the Caribbean. Amazon Lines and Trade Wind Lines would establish a vessel-sharing, slot-chartering or joint sailing arrangement between them, and would engage in joint service contracting.
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