Restis buys Safmarine bulk and reefer arms for $200m Greece's Restis shipping family has agreed to acquire the bulk and reefer shipping activities of South Africa's Safmarine group, including 13 bulk carriers, in a $200m deal.
Unions rap P&O over election bar on seafarers Maritime unions have accused P&O Group of being undemocratic after it banned seafarers from standing for office on the company's Europe-wide works council in a ballot of its 8,000 UK employees.
Orient Overseas slips into the red Hong Kong-listed Orient Overseas (International) (OOIL) has slipped into the red, announcing a pre-tax loss before exceptional items of $22.2m for 1998, compared with a $3.7m profit the year before.
Shenzen price war hits port operator Port operator China Merchants Shekou Port Service Co said its 1998 profits slumped due to fierce price-cutting among rival ports in China's Shenzhen city.
Bombed Danube bridges cut off Dutch newbuilds A large number of newbuilding inland ships ordered by Dutch owners cannot be delivered as a result of extensive Nato bombing of bridges in the Yugoslavian section of the Rhine-Danube canal.
Chamber warns on stowaways Shipowners and P&I clubs could be set for an increase in the number of displaced people attempting to stow away on board vessels, in the wake of the crisis in Kosovo writes Andrea Felsted.
Libya opens door to US oil firms LIBYA'S energy minister Abdullah Salem al-Badri has wasted no time in inviting US oil firms to return to Libya, two days after United Nations sanctions were lifted.
Norwegian fleet grew by 5% last year Norway's foreign-going fleet ended 1998 on a high note, posting a 5% increase on the year as a whole and 2% during the fourth quarter.
Europe-Far East: le container risque-t-il de perdre le breakbulk de faible valeur? Récemment à une réunion de presse donnée à Londres, Chris Bourne, managing director de MOL (Europe), a évidemment abordé l'épineuse question de l'évolution des taux de fret entre l'Asie et l'Europe. Il a d'ailleurs réitéré ce qu'il nous avait déjà déclaré précédemment à Rotterdam, à savoir que son armement, comme d'autres d'ailleurs, ne gagnent pas d'argent et que les rendements du capital sont dérisoires. Les choses doivent donc changer.
Des maisons du fluvial vont être créées en France Notamment auprès des chargeurs, le transport fluvial français reste encore très marqué par l'image du tour de rôle. La fin de ce régime administré fera donc évoluer les pratiques de tous les acteurs. Il faudra en particulier que l'esprit d'entreprise se développe chez les artisans bateliers.
Les sociétés de ferroutage mettent tout en œuvre pour remédier à la fermeture du tunnel du Mont-Blanc Alors qu'il devient de plus en plus clair que le tunnel du Mont-Blanc ne sera pas rouvert avant plusieurs mois, voire même un an, les sociétés de ferroutage font un maximum pour apporter un début de solution aux problèmes auxquels les sociétés de transport routier, actives de et vers l'Italie, doivent faire face.
Augmentation des délais de starie des produits à manipulation facile Le délai de starie des produits à manipulation facile prévu dans les Conditions d'Anvers 1951 sera augmenté en date du 12 avril prochain et ce, pour une période d'essai de six mois.
Iran To Buy Korean Ships A South Korean bank reportedly approved a $550 million credit to Iran to buy 10 oil tankers from Daewoo. Iran also reportedly ordered eight transport vessels from Hyundai.
WTO Said To Side Against EU In Banana Battle World Trade Organization (WTO) experts are rumored to have ruled that the European Union's new regime for the import and marketing of bananas breaks global trading rules and will have to be changed. Officials in Washington announced that the three experts, acting as arbitrators in a parallel case, also found that the U.S. could impose sanctions on EU goods to the value of $191.4 million to compensate for trade losses caused by the regime. Official word on the conclusion is not yet available.
Impasse Could Force Shippers Out Of NY The governors of New York and New Jersey have reportedly hit an impasse in a battle that could cause the loss of 1,000 jobs and the relocation of two shippers out of the region. The delay of the Port Authority of New York and New Jersey in offering new leases to Sea-Land Service and Maersk Line has reportedly allowed Baltimore to sweeten its offer to build a new hub port for the two companies.
Orient Overseas Sees Improvement This Year Orient Overseas (International) Ltd. does not expect a full recovery in 1999 but sees the container shipping sector improving in the second half.
U.S. Bars Yugloslav Ships The U.S. is said to have begun barring Yugoslav ships from U.S. ports and territorial waters to further isolate President Slobodan Milosevic and protect against spying or sabotage.
U.S. Stocks Steady, Oil Price Declines Oil prices fell on Wednesday after weekly inventory data from the U.S. apparently failed to show an expected decline in crude and petroleum product stocks. Benchmark North Sea Brent blend traded at $14.61.
European Exploration Still Slow Consultants Arthur Andersen said in its Well Report that oil and gas drilling offshore northwest Europe continued slow in the week ending March 31 with one new exploration well started in Denmark marking the only increase over 1998.
Tanker Rates Fall With OPEC Cuts Tanker rates eased last week due to a fall in demand for tonnage caused by refinery maintenance in Asia and cuts in oil production by OPEC/non OPEC producers.
Moody's Downgrades Hvide Marine Moody's Investors Service reportedly downgraded to Caa2 from B1 Hvide Marine Inc's senior unsecured rating on $300 million of 8.375% notes due 2008, to B2 from Ba2 its rating on an amended $166 million secured bank revolver and $112 million of secured bank term debt, and to "c" from "b3" its rating on $115 million of trust convertible preferred stock. The ratings outlook remains negative.
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