American Classic to pay more for cruise ships In a filing yesterday for an offering of 3 million common shares, American Classic Voyages Co. (AMCV) revealed that it has significantly increased the amount it expects to spend for two "world class" cruise ships.
First Wave gets barge contract FirstWave's Newpark Shipbuilding has been awarded a contract by Canal Barge Company, Inc. of New Orleans, Louisiana, for the construction of ten double skin tank barges
Kvaerner facing big shipbuilding losses KVAERNER, Europe's largest shipbuilder, has admitted it faces significant losses on the construction of the world's biggest cruiseships which it has under construction for Royal Caribbean Cruises.
Govan may get MoD ferries lifeline ON THE day poor results seemingly left a questionmark over unprofitable Kvaerner yards, Britain's Ministry of Defence gave a massive hint that a major ferry order could go to the company's Kvaerner Govan facility, writes David Osler.
Liner slowdown leaves Wilhelmsen unchanged A slowdown in the last two months of 1998 for its flagship liner division left annual operating profits at Norwegian shipping group Wilhelm Wilhelmsen unchanged from a year earlier.
Burst banks THE Deutsches Eck square in Koblenz at the confluence of the rivers Moselle and Rhine was flooded yesterday after heavy rains affected inland waterways around the Rhine, leaving some barge traffic unable to move beyond Duisburg.
Metric plans go pear-shaped THE NEW mandarins of the European Commission in Brussels are often accused of having a mania for standardisation, but as regards measurements of length, weight and volume in the shipping industry, they have hit two seemingly insurmountable obstacles: the irregular shape of the Earth and American tradition.
Benefits move by Polish register POLSKI Rejestr Stakow, the Polish register of shipping, is making a determined attempt to restore cargo insurance benefits lost after changes in its international status.
UK repairers call for level playing field UNFAIR competition threatens to prevent the UK's resurgent shiprepair and conversion industry from achieving its full potential, the country's two leading yards warned yesterday.
Developing nations hold on to share of seaborne trade DEVELOPING countries as a whole have maintained their share of world seaborne trade, despite contraction in several Asian economies and fluctuations in Africa, a new report has indicated.
UA hitting BHPT vessels THE BHP Transport fleet will be hit by industrial action as a result of the company's decision to pull out of the trans-Tasman. DCN sources confirmed yesterday that members of the Maritime Union of Australia intended to take protected industrial action on two vessels, the Iron Yandi in Port Kembla and the Iron Sturt at Risdon. The action will be taking place over the next few days and is expected to delay the sailing of each vessel by 24 hours. It is likely that other vessels could also be affected as part of this rolling action which is to protest against the withdrawal of two of the company's ships, the Iron Flinders and the Tasman Chief.
NR, BHP steeled for the long haul NATIONAL Rail has signed a massive $1.5 billion contract with its biggest customer BHP for the transport of steel products between BHP Steel's main manufacturing and distribution centres across Australia. BHP and NR yesterday announced that the new agreement -- the largest single steel movement in Australia with potential for up to 750,000 tonnes a year -- would operate from 1 July 1999 until the end of 2007.
UK pulls ahead of Aust for Howard Smith Towage Howard Smith has posted an 11 per cent increase in its net profit to $52.6 million, for the six months to 31 December 1998, compared to $47.25 million in the same period in the last financial year. The company's half year profit is almost reached its 1997-98 annual net profit of $64.42 million. Directors says a dividend of 17 cents a share will be paid on 1 April. The company says restructuring changes in the first half, including the divestment or closure of non-profitable operations in the engineering division, sale of the ships agency business, and new business integration, boosted pre-tax earnings.
Patrick profits revive Patrick Stevedores parent Lang Corp has released unaudited profit figures for the first quarter to 31 December, 1998, showing net earnings of $10.1 million. Profit before interest and tax was $18.30 million while the pre-tax outcome was $13.80 million, chairman Gilles Kryger told shareholders at the company's annual general meeting in Sydney. "This improvement in profit goes some way to restoring the balance sheet and providing a more satisfactory return on funds employed than has been our experience in the past," he said.
V/Line losers vow continued interest TWO of the losing shortlisted bidders in the Victorian government's bumper $163 million V/Line Freight sale have expressed disappointment in the outcome, but vowed to continue expansion across Australia's rail freight network. Industry observers have also questioned whether the successful bidder, Freight Victoria, would be able to make a satisfactory return on its investment, given that its bid was $43 million more than its nearest rival. Tranz Rail, part of the losing Australian Transport Network group, confirmed in a statement that ATN bid a non-conditional and fully-financed price of $120 million for the freight business.
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