Mississippi senators back Litton bid Senators Trent Lott and Thad Cochran say they'll do what they can to convince the Department of Defense to approve the acquisitions of Newport News Shipbuilding and Avondale Industries by Litton Industries.
Seacor Smit buys marine communications unit from Kværner Seacor Smit Inc. has acquired Marinet Systems Limited ("Marinet") from Kværner Plc. in a deal worth approx $4.89 million.
Restructuring at Chinese shipbuilding giant To promote competition, the China State Shipbuilding Corp. ( CSSC), is being restructured into two large corporate groups
Liberia says maritime advisory board will meet "soon" A high-level advisory board that will assist in the running of the maritime policy of the Republic of Liberia is hoping to have its first meeting fairly soon.
Norsk Hydro bids $2.2bn for Saga NORWEGIAN industrial giant Norsk Hydro yesterday cracked open the country's deadlocked energy sector by launching a hostile NKr17bn ($2.23bn) takeover bid for independent oil and gas producer Saga Petroleum.
Serbs in Kosovo 'withdrawal' THE Yugoslav army supreme command said it had ordered some of its forces to start withdrawing from Kosovo, the official Tanjug news agency reported yesterday.
Fred Olsen companies ease share terms for suezmax tanker sales FRED Olsen group companies Bonheur and Ganger Rolf have agreed to accept about 1.16m fewer shares than first planned in daughter company First Olsen Tankers for the sale of suezmax tankers Knock An and Knock Clune.
Cho Yang deal sees Allianz win control of First Life Insurance GERMAN insurance group Allianz has agreed with the shipping and transport group Cho Yang to take over the majority of Korean life insurer First Life Insurance. The precise level of ownership has not yet been decided. Allianz declined to give details of the price, writes Herbert Fromme.
Defunct cargo pact is outlawed by Brussels A capacity management agreement between lines operating in the Europe/Asia trades disbanded in 1997 was formally outlawed by the European Commission yesterday.
Europe/Asiarates set for an increase Shippers face more rate increases in the trades from Europe to Asia as cargo volumes continue to recover, writes Janet Porter.
Alang breakers reprieved as sages defer doomsday INDIA'S prophets of doom have not been put off by the failure of doomsday to strike at the shipbreaking centre of Alang on Saturday as they had predicted.
Clarke leaves Consultative Shipping Group ROGER Clarke has officially stepped down as chairman of the Consultative Shipping Group after eight years, writes Joel Glass, Washington.
EU Clears Maersk Buy Of Safmarine From Safren The European Commission reportedly cleared plans by Maersk A/S, the container liner subsidiary of Denmark's A.P. Moeller, to buy Safmarine Container Lines NV from South Africa's Safren.
Docenave, Transroll To Link Coastal Service Transroll Navegacao will reportedly team up this week with bulk carrier Docenave to provide a new coastal shipping service for South America's east coast.
EU Formally Bans Defunct Europe-Asia Ship Pact The European Commission reportedly banned a now-defunct agreement between leading container shipping lines to limit capacity on routes from Europe to the Far East.
Texaco In Spotlight Amid Speculation Of Takeover Texaco shares will reportedly be the focus of renewed takeover interest this week amid speculation that exploratory talks with Chevron might lead to a merger of the two oil giants.
SembCorp Logistics Sells Wah Kwong Stake SembCorp Logistics Ltd. reportedly sold all its 23.35 million shares in Hong Kong's Wah Kwong Shipping Holdings at HK$5 a share for total proceeds of about S$23 million.
Hydro Bids For Saga Norsk Hydro reportedly launched a surprise bid for oil firm Saga Petroleum.
BP Amoco, Elf, Exxon Win Angolan Oil Block Stakes Angola has reportedly approved the allocation of three drilling licenses to BP Amoco, Elf Aquitaine and Exxon Corp.
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