Intercargo to vet junk bond issues TOP industry figures have signed up for a new brains trust that will controversially be empowered to speak out over poor quality dry bulk junk bond issues, after several defaults caused by the worst recession in the market for a decade.
UK to close offshore low pay loophole A loophole allowing North Sea drilling contractors to employ workers from the Philippines and Mauritius for as little as 81p($1.30) an hour is to be closed in May when the UK's national minimum wage is applied to installations in UK territorial waters.
Sea Containers to buy 51% of Neptun Sea Containers, James Sherwood's marine and hotel group, has committed euro97m ($105m) to acquiring 51% of Silja Line parent Neptun Maritime.
Global and Amer bonds downgraded Amer Reefer and Global Ocean Carriers have suffered further downgradings of their junk bond ratings.
Salvors and ports welcome Donaldson defence against oil spill prosecutions Lord Donaldson of Lymington's call for amendment to the 1991 Water Resources Act to protect salvors from prosecution provided they act responsibly has been hailed with relief by the industry.
Agencies taking part in major UK spill exercise A major two day pollution prevention exercise, involving the use of a chartered chemical tanker, is underway in the Bristol Channel.
Carriers await Brussels nod for Atlantic body NORTH Atlantic lines have put the brakes on their planned new conference pending tacit approval from Brussels.
New York Suez pact to promote Asia trade route The Port of New York and New Jersey and the Suez Canal Authority have formed a new marketing alliance in a bid to spur growth in the all-water route from Asia to the US east coast.
La FMA insiste sur l'autonomisation rapide et complète du service de pilotage "Il était simplement décourageant de devoir constater comment les pilotes et leurs syndicats ont repoussé l'autonomisation et les intentions du gouvernement flamand, sous menace de grèves." Voilà comment la Fédération maritime d'Anvers (FMA) exprime sa déception dans son dernier rapport annuel concernant l'évolution du dossier des pilotes. La Fédération insiste depuis longtemps déjà sur la réorganisation approfondie du service de pilotage.
Forte hausse du CA et du bénéfice de Norbert Dentressangle en 1998 Le groupe Norbert Dentressangle a enregistré des résultats très satisfaisants en 1998. Le chiffre d'affaires a augmenté de pas moins de 33%, passant de 3,19 à 4,24 mia. de FRF (647 mio. d'EUR), et, au moins aussi important, le résultat net a augmenté dans une égale mesure, passant à 107 mio. de FRF (16,3 mia. d'EUR). La direction du groupe est confiante quant à une poursuite de cette évolution positive. Elle compte pouvoir croître entre autres dans la logistique européenne.
Conti-Lines lance deux nouveaux services d'Anvers vers la COA L'armement belge Conti-Lines, qui s'est spécialisé dans les trafics de lignes régulières essentiellement axées sur le conventionnel/ breakbulk et sur des niches de marché, poursuit l'extension de ses activités en lançant deux nouveaux services au départ d'Anvers, son port de base. L'armement a le vent en poupe: il a réalisé une excellente performance l'année dernière. Son chiffre d'affaires a dépassé la barre des 3 milliards de BEF (74,4 millions d'EUR) et le bénéfice brut s'est inscrit en hausse de 38%. Au cours de cet exercice, l'armement a traité 132 navires, qui ont transporté 2 millions de tonnes de fret. Dans ce contexte, 62 navires ont fait escale à Anvers, où ils ont généré un trafic de 600.000 t, dont 80% au chargement et 20% à l'entrée.
ASP seeks stop to engineers’ campaign ASP ship Management was yesterday attempting to restrain the Australian Institute of Marine and Power Engineers and its officers from pursuing a campaign of industrial action against vessels managed by the company. The parties yesterday resumed a hearing before Commissioner Wilks in the Australian Industrial Relations Commission with the company seeking the imposition of restrictions on the union, its federal secretary and members.
Freight Vic on track with V/LF deal New V/Line Freight owner Freight Victoria met with unions for the first time on Monday but has not yet indicated how many of the 1150 staff in the rail freight organisation will remain with the privatised business. The Rail Tram and Bus Union, which represents the bulk of affected workers at V/Line Freight, said yesterday the final number of staff retained would be unclear until Freight Victoria finalised its contractors for infrastructure and rolling stock maintenance.
Austal’s Oceanfast offer still on the table Austal Ships’ offer to buy troubled fellow builder Oceanfast remains on the table but there is "a fence around" the terms of that offer. In commenting about the sudden suspension of work on Oceanfast’s major tug program, Austal managing director John Rothwell said the terms of the company’s offer did not extend beyond the heads of agreement entered into with Oceanfast directors last month. Austal had offered to underwrite operating liabilities of around $8 million and Oceanfast shareholders would be allocated one Austal share for every 24 Oeanfast shares held by them.
ACCC’s long-awaited Newcastle decision near The Australian Competition and Consumer Commission (ACCC) is expected to announce within days its decision regarding the rationalisation of towage services in the port of Newcastle. The ACCC is considering whether to approve the take-over of Hunter Towage Services by Waratah Towage, ending a five-year struggle over market share in the port.
AWB joins Grainco in Melb terminal Grainco Australia Limited and AWB Limited have formed a joint venture to develop the F Appleton Dock grain facility in the port of Melbourne. Through the joint venture, the two companies will jointly fund the $40 million first stage of the facility.
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