Newport News and Avondale to merge The boards of Newport News Shipbuilding and Avondale Industries have unanimously approved a definitive agreement to combine the two companies. The combined company will be known as Newport News Avondale Industries.
Mobil charter link for Hyundai VLCCs GREEK owners, including the Onassis Group, are believed to have secured a deal which will see South Korean-built VLCCs placed on long-term charter to Mobil.
Milford Haven will defend $40m claim MILFORD Haven Port Authority is preparing to fight a potential claim from John Fredriksen's Sea Tankers company for up to $40m in compensation for the Sea Empress oil spill incident.
Elf poised for Nigeria LNG role Nigeria LNG is next month expected to name a new shipping advisor to replace Shell in the $3.8bn West African gas project.
Sea Containers seeks to relocate staff to Belfast Fast ferry operator Sea Containers is asking 130 staff based in Stranraer to relocate to Belfast following its decision to open a new SeaCat service between Troon and Belfast.
Brussels talks on German yards TALKS between European Commission president Jacques Santer and Mecklenburg-Vorpommern state prime minister Harald Ringstorff in Brussels this week have brought few immediate results for the capacity dilemma facing eastern German shipbuilders.
Spain receives warning over tax credits The European Commission sent a formal warning to Spain yesterday over suspicions that Madrid had given more subsidies to its shipbuilding industry than allowed in a 1997 agreement.
France urged to reform ship seizure law A leading French seafarers' union has called on prime minister Lionel Jospin to reform legislation governing ship seizures to ensure that crews are given "super-priority".
Finn Larsen set to step down at Scandlines Finn Larsen, the 78-year old chairman of the newly merged company Scandlines is to step down after just six months in the job. Company sources say Mr Larsen's role was only intended to be transitional and was to bring about the merger of ferry and ro-ro operators Scandlines of Denmark and DFO Deutsche Fährgesellschaft Ostsee of Germany.
MUA, engineers fall out over tugs The Maritime Union of Australia has hit back at claims that some its members were party to the signing of a non-union agreement in the towage industry. The claims appear to be part of the growing rift between the MUA and one of the officer unions, the Australian Institute of Marine and Power Engineers. The claims followed the success of a company called Daltug Pty Ltd in securing a towage contract at the Dalrymple Bay Coal Terminal after the expiry of former arrangements at the end of last year.
O'Hare returns at helm of Cape Line A new shipping service between eastern Australia, Papua New Guinea and the northern Pacific, including Korea and Japan, will start in April. The former managing director of Blue Star Line (Asia) Pty Ltd, Tony O'Hare, is the driving force behind the new service, Cape Line. Mr O'Hare was the founder of Bridge Line which was taken over by the Vestey Group's Blue Star Line to become Blue Star Asia. Blue Star Line was, in turn, taken over by P&O Nedlloyd.
WAFF pushes for Westrail inquiry WESTERN Australia's major rural lobby group, the WA Farmers Federation is calling for a parliamentary inquiry into the proposed sale of Westrail's freight business. The organisation, which fears the sale will result in cutbacks to rural rail services, is seeking support from the chairman of the Legislative Council public administration committee to launch a bipartisan inquiry into the sale. At the end of March the government's Rail Freight Sale Task Force is due to make its recommendations on the sale suggested last July in a scoping study by a consulting consortium.
Waterfront reform to be debated at conference Waterfront reform will be the subject of debate when the 10th Ports, Shipping & Waterfront Reform conference, organised by AIC Conferences, is held in Sydney. The three-day event has attracted prominent industry figures, with the address by Patrick chairman Chris Corrigan likely to be one of the highlights. Mr Corrigan will speak on the company's enterprise agreement, concentrating on how productivity of the Australian waterfront has improved. The Patrick agreement will come under scrutiny by another speaker, Keith Trace, an associate professor of economics at Monash University.
Crackdown on disposal of bulk cargo residues A crackdown on illegal disposal of bulk cargo residues such as iron ore and coal dust from ships accessing the great Barrier Reef and neighboring ports was initiated by AMSA and the GBR Marine Park Authority on 1 January. AMSA chief executive Clive Davidson said increased surveillance would be carried out to stop the practice of some crews washing residues from their ship's superstructure into the sea before they were over three nautical miles from the outer edge of the Reef.
Newport News Shipbuilding and Avondale Industries to Merge Continuing the trend towards consolidation with a loud thud, it was announced yesterday (Jan. 19) that Newport News Shipbuilding and Avondale Industries have approved a merger of the two companies. The transaction creates a leading, broad-based shipbuilding company with estimated 1999 revenues of $2.6 billion and nearly 24,000 employees. The combined company will be known as Newport News Avondale Industries. This stock-for-stock transaction is valued at $35.50 per share to Avondale shareholders, or $470 million, based on Newport News' January 19, 1999 closing price of $29.6875. Using that price, Avondale shareholders would receive 1.196 shares of Newport News stock for each share of Avondale stock. The final exchange ratio is adjustable based on Newport News' share price at closing as described in the accompanying summary. When the dust clears, there will be a five-person executive management committee of the combined company. Bill Fricks will serve as Chairman and CEO. Al Bossier will serve as Vice Chairman while also retaining his position as President and CEO of Avondale. David J. Anderson will serve as Senior Vice President and CFO. Thomas C. Schievelbein will be Executive Vice President, as well as COO of Newport News. Thomas M. Kitchen will be Executive Vice President, and will become COO of Avondale. Bossier and two current outside directors of Avondale will join the Newport News Avondale Industries board.
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