Ocean Marine Mutual goes into liquidation 'with $50m debts' Ocean Marine Mutual has been put into provisional liquidation by Midland Bank over debts rumoured to be in excess of $50m, bringing to an end months of speculation over the future of the troubled independent P&I club.
Beware the vultures Shipowners beware: The vulture funds are circling, and if they have not already, they may soon be trying to buy a major stake in your company.
Earnings set to improve at K Line K Line's earnings will be flat for the current financial year, but observers expect that the coming year will yield a strong improvement on the back of container freight rate rises.
Strong NCL is not up for sale FUTURE potential for Norwegian Cruise Line is so high that sale is not on the agenda at present, despite its low share price, according to chief executive officer Geir Aune.
Hauliers seek talks over EU transport proposals THE Freight Transport Association is to ask for talks with the government, after being told by Lloyd's List that Whitehall was resisting two proposed EU directives promoting combined transport, because of the tax breaks it might offer hauliers.
US examines user-fees THE US House of Representatives' committee on transportation and infrastructure has opened the door to possibly agreeing a new user-fee to replace the controversial 'ad valorem' Harbour Maintenance Tax.
US backlash over Oregon grounding INCENSED by the grounding and break-up just off the Oregon coast of the Panama-flag wood chip carrier New Carissa, a US senator has proposed stiff new restrictions against vessels entering America's territorial sea and the country's navigable waters.
Bombing ships comes back into fashion again Bombing ships is 'in' again. But whether blowing up what you don't like is an effective way to get what you want is debatable, however.
Good progress in MUA, P&OP talks Good progress is being made by P&O Ports and the Maritime Union of Australia in their enterprise agreement discussions in some ports. According to sources close to these sometimes delicate discussions, solid progress has been made in Brisbane, in both terminal and general and bulk stevedoring agreements. Good progress is also reported from Melbourne as far as the general and bulk stevedoring agreement is concerned. No agreements have, however, yet been concluded.
Austal profits slightly ahead West Australian shipbuilder Austal Ships has announced a half-yearly operating profit after tax of $13.976 million. In a statement to the Australian Stock Exchange, the company noted the result was slightly ahead of projections and on target to achieve the $21 million after tax profit forecast when Austal was listed on the ASX in December 1998. It noted that an 86-metre vehicle passenger stock vessel, was expected to be sold by 30 June this year.
Agreement on fast ferries Transport Minister John Anderson has announced an agreement between Australia and Indonesia to hold official-to-official talks aimed at increasing exports of Australian-made fast ferries to Indonesia. This follows a meeting in Bali with his Indonesian counterpart. Mr Anderson said the breakthrough followed an inspection by himself and Indonesian Transport Minister Giri Suseno of two Austal Ships' vessels operating out of Bali's Benoa Harbour for tour operator, Bali Hai Tours.
P&ON, Wilhelmsen box on Two large purchases of containers have been announced in the past few days by P&O Nedlloyd and Wilhelmsen Lines. P&O Nedlloyd has placed orders worth $US55 million for 31,000 TEU of new containers. The order includes 1000 40-foot high cube integral refrigerated containers. The balance of the order is a mix of 40-foot standard, 40-foot high cube and 45-foot high cube general purpose containers.
MP gets hot over koolyanobbing iron A labor MP has claimed that the WA government would waste $21 million on infrastructure to cater for an iron ore trade out of Esperance, if mining company Koolyanobbing Iron decides to change export ports. The company, which is investigating plans to export from Kwinana where it can utilise larger ships, is planning to increase iron ore exports from 1.7 million tonne a year to four million tonnes.
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