Big increase in ship losses The International Underwriting Association of London (IUA) reports a significant increase in the number of vessels totally lost in 1998 compared to the totals for the corresponding period the previous year.
Maritrans seeks patent for double hull process Maritrans has applied for a patent on its process for converting single hull tank vessels to OPA-compliant double hull vessels ... and says it will "vigorously enforce" its rights
FGI first quarter earnings are up In sharp contrast to most companies serving the Oil Patch, Friede Goldman International Inc. (NYSE: FGI) has reported increased earnings of $0.43 per share (diluted) for the quarter ended March 31, 1999, up from $0.27 per share for the same quarter of 1998.
NATO Lets Oil Flow To Yugoslavia The NATO-led peace force in Bosnia on Tuesday said it was not planning action to stop any oil deliveries going via Bosnia's Serb half to neighboring Yugoslavia, despite a NATO oil embargo. A spokesman for the NATO Stabilization Force (SFOR) stressed that no major amounts of oil were being shipped to Yugoslavia from Bosnia. NATO supreme commander General Wesley Clark said on Tuesday that some 10 tankers a day were unloading oil at the port of Bar in Montenegro. He said that prior to international moves to block shipments of oil and oil-based products to Yugoslavia in a bid to starve President Milosevic's military machine of fuel, only two to three ships a day were seen at Bar.
Neptunia Proceeds With Newbuild Plans The recent arrest of its vessel over container leasing debts will not stop Brazilian shipping line Neptunia moving ahead with plans to build two new container ships.
Allied Shipbroking: 3 Tankers, 10 Bulkers Sold Three tankers and 10 bulk carriers were sold last week, Greek shipbroker Allied Shipbroking Inc said in its latest weekly market report. The 1976 Japanese-built tanker Value (32,769-dwt) was sold to Kalkavan of Turkey for $1.5 million while the 1984 Yugoslav-built tanker Elba (16,354-dwt) was acquired by Italian buyers for $7 million and the 1985 Japanese-built Ocean Meg (6,966-dwt) was sold to South Korean buyers for $3 million.
Eight More Canada Port Authorities Established Transport Minister David Collenette announced the establishment, under the new Canada Marine Act, of Canada Port Authorities (CPAs) at the ports of Prince Rupert and Fraser River, B.C.; Trois-Rivieres, Quebec City, Saguenay and Sept-Iles, Que.; Saint John, N.B.; and St. John's, Nfld. "These new Canada Port Authorities will benefit from greater management flexibility, including increased freedom to develop contracts and leases, set tariffs and fees, and borrow money from commercial lenders," said Mr. Collenette. "With greater autonomy, these eight ports will now be able to move more quickly on development projects." Vancouver, Montreal and Halifax were the first CPAs to be established under the Act. Authorities will be established for the remaining seven harbor commissions that will form the NPS as they complete the letters patent process, leading to the full implementation of the Act. In the meantime, the Canada Ports Corporation will continue to directly administer the divisional ports at Belledune, N.B., and Prescott and Port Colborne, Ont.
Saga Threatens To Cancel Rig Contract Saga Petroleum reportedly warned Fred Olsen Energy that it would cancel a lease contract for a drilling rig being built at the Fred Olsen-owned Harland and Wolff yard in Belfast, Northern Ireland, if it was not ready by May 19. Saga said the rig should have been delivered in July 1997. It said that some testing still needed to be done.
Miami Corruption Trial Begins Jury selection began in the corruption trial of former Port of Miami director Carmen Lunetta, who is charged with siphoning public money from the facility he helped build into the nation's top cruise ship port.
New Software Product Introduced Dutch business software company Baan's, CAPS Logistics unit launched a new product, BidPro, aimed at shipping companies. BidPro can be used by shipping companies to organize their transportation requirements, evaluate alternative bids and select bids that meet their requirements.
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