Bona-Teekay merge will create world's largest Aframax tanker fleet The board of Bona Shipholding Ltd, Norway, yesterday announced an agreement that will see Bona amalgamate with a wholly-owned subsidiary of Teekay Shipping. The proposed deal will create the world's largest Aframaxtanker fleet. It has been recommended by the Bona board and approved by the Teekay board. The merger will create a combined entity with 76 vessels and more than 3,000 onshore and seagoing employees.
Newport News Shipbuilding lowers Y2K budget In an SEC filing, Newport News Shipbuilding Inc. has revealed that has lowered the amount budgeted for Year 2000 compliance to $4-6 million compared to an earlier estimate of between $5 million and $10 million.
Seamen's Church Institute files petition for release of Ukrainian seamen held hostage in Nigeria The Center for Seafarer's Rights, legal advocacy arm of the Seamen's Church Institute, New York, has filed a petition to the United Nations High Commissioner for Human Rights' Working Group on Arbitrary Detention in Geneva, Switzerland. It seeks to secure the release of four Ukrainian crewmen taken hostage nearly two years ago by a local Nigerian chief.
Now Carnival looks to East A SECOND leading cruise company has been to the Far East to negotiate a ground-breaking contract for new cruiseships.
War risk zones declared Yugoslavia, Bosnia-Herzegovina and Croatia have officially been declared war zones, representing a risk to shipping, by the London market committee responsible for analysing war hull risks.
Poor market conditions keep Jinhui in the red Dry bulk operator Jinhui Shipping and Transportation continues to suffer from the poor market conditions recording an operating loss before exceptional items of US$590,000 for 1998, which is a slight improvement on the $3m loss reported in 1997.
Gray role at Felixstowe FORMER Contship Containerlines deputy managing director Chris Gray will tomorrow take the helm at the port of Felixstowe.
Alarm over Caribbean vessel safety IT WILL take four to five years to bring the hundreds of Caribbean-owned non-convention cargoships plying between the island nations of the region up to the standard required by the Caribbean Cargo Ship Safety Code, says IMO consultant James Leak.
Japan Energy set to invite tanker tenders Tenders will be invited by the Japan Energy Corporation in May for the operation of 12 of the firm's 23 tankers.
Moody's Monitors BP Amoco/ARCO Merger Moody's Investors Service is reportedly closely monitoring developments in the discussions between BP Amoco Plc (rated Aa1) and Atlantic Richfield Company (ARCO) (rated A2). A merger between the two companies may reinforce BP Amoco's Aa1 long-term debt rating and operating profile.
Dutch Smit Int. In Belgian Alliance Smit Internationale is reportedly entering an alliance with Unie van Redding- en Sleepdienst (URS) to cooperate in providing harbor towage services, salvage and wreck removal and coastal towage services.
GE Shipping Looks To Buy Ships Great Eastern Shipping Company Ltd. is reportedly interested in expanding its fleet and may buy second hand ships by raising debt, a senior company official said on Tuesday.
U.S. Shipbuilder To Respond To Audit Charges Newport News Shipbuilding Inc. is reportedly fighting a civil probe of its accounting and billing methods for the aircraft carrier USS Ronald Reagan by several federal agencies.
SembCorp To Focus On Non-Core Asset Sale SembCorp Industries Ltd., the merged unit of Singapore Technologies Industrial Corp. and Sembawang Corp., reported flat 1998 earnings of $53.5 million but said it expects profit growth of 20 percent for 1999.
Daewoo Heavy Wins $320M In Orders Daewoo Heavy Industries Ltd. has reportedly won orders to build two semi-submersible drilling rigs worth $320 million from Petrodrill N.V.
U.K. Oil Task Force To Reveal Drilling Rule Changes Britain's oil and gas task force will reportedly announce its first measures aimed at revitalizing the country's energy sector. Drilling and licensing will be among the areas affected by the new changes.
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