Frontline unveils plan to absorb Golden Ocean Bermuda-based Frontline Ltd. has signed an agreement with the Golden Ocean Group Limited under which the two parties will propose a joint plan for a financial restructuring of Golden Ocean. (the "Golden Ocean Plan").
Mosvold orders VLCC Norway's Mosvold Shipping and Samsung have agreed upon the terms of a shipbuilding contract for the building of one ' with the option of further one ' crude oil carrier of about 308,000 dwt
Schat-Harding keeps it safe and simple Schat-Harding has introduced a new series of simple, easy-to-maintain and space-saving boats and davits
ICR marine gas turbine completes development phase An industry team led by Northrop Grumman Corporation's Marine Systems business unit has successfully completed the U.S. Navy's development phase of the Intercooled Recuperated (ICR) WR-21 marine gas turbine engine program.
Petrobras link to newbuildings BRAZIL'S state-run oil and gas giant Petrobras is close to placing its first ship orders since the 1980s as part of continuing efforts to reposition the company ahead of deregulation in the crude transportation industry.
Patibha Yamuna Explosion An explosion in the pump-room has crippled the Indian-registered 1982 built 46,122 dwt tanker Patibha Yamuna. The tanker, burning off the Chinese coast 110 nautical miles northeast of the city of Wenzhou, is being aided by a Chinese rescue ship. China's Maritime Bureau reported that most of the 38 crew members had been picked up by fishing boats in the vicinity, although casualty details were unavailable. The tanker is still afloat and said to be in a stable condition.
Devon to buy Santa Fe Snyder US-based independent oil and gas producer Devon Energy Corp has agreed to buy Santa Fe Snyder Corp in a deal valued at about $2.35bn in stock, plus the assumption of $1bn in debt and other long-term liabilities.
NYK takes stake in water bag company NIPPON Yusen Kaisha has acquired a stake in a Norwegian company that holds the patent on large bags used for large volume ocean shipments of drinking water.
Helicopter safety cover plan IN a shock move, BP Amoco is planning to revolutionise North Sea oilfield safety cover, with helicopters and fast-rescue craft replacing standby vessels.
Mitropoulos in new IMO honorary role INTERNATIONAL Maritime Organisation secretary general William O'Neil has bestowed the honorary position of assistant secretary-general upon his colleague, IMO maritime safety director, Mr E E Mitropoulos.
Credit analysts make business plain sailing BUYING a secondhand car can be a risky business. Thankfully, there are specialist agencies that can look at the historical background of a vehicle and reassure the prospective buyer that it is not only legitimate but it has no outstanding fines or accident history. Shipping is a similarly risky business. With much greater sums of money to win or lose, credit agencies have an equally important role to play within the maritime industry.
Fate stopped a collision from being a disaster I MAY, I think, lay claim to know well the area in which the collision between the Ever Decent and the Norwegian Dream occurred. Perhaps the notion of 'knowing' a certain area of open sea is a little fanciful; what is there to know beyond a few facts?
The airline industry was rocked by news of UAL Corp.'s $4.3 billion proposed takeover of US Airways, not including the $7.3 billion in debt assumption and lease takeover. Cargo, however, is a complete afterthought of the mammoth merger. Still, the United-US Airways deal will create the world's largest airline, twice the size of its closest domestic competitor. The deal still needs to pass muster at the Justice Department, which has proven with the Microsoft case that it is no rubber stamp when it comes to antitrust review. Robert L. Johnson, who runs Black Entertainment Television, appears to be a big winner in the deal as he gains control of Washington National-based DC Air, which would become the largest minority-owned airline.
The Surface Transportation Board is basing its judicial defense of its 15-month merger moratorium on the assertion of a statutory silence or ambiguity that must be decided in its favor. The STB also is asking the D.C. Circuit Court of Appeals to defer to the board's expertise in the matter.
Where is e-commerce going? That's what carriers of all types want to know. E-commerce officials increasingly are placing greater emphasis on fulfillment. One expert contends that shippers prefer to be told the status of e-shipments rather than having to access the information themselves. But the ongoing changes in buying patterns continue to vex carriers who are trying to predict where the market is heading.
A war of words is under way between shippers and the National Classification Committee over whether the classification group should continue to have antitrust immunity. The NCC claims it is willing to form an "ad hoc" committee of shippers to help unravel the process behind the classification of tens of thousands of commodities. Shippers are asking for a moratorium on classification changes. The Surface Transportation Board is weighing all sides of the argument.
Africa could be the next hot market for maritime. Yes, Africa. One Africa-based marketing official calls the continent one just "waiting to be opened." But North American companies need to change their ambivalent attitude toward Africa if they hope to profit from the increased trade. A new law, the Africa Growth and Opportunity Act, is expected to boost African duty- and quota-free exports of apparel to this country from $250 million a year to more than $4 billion annually.
Eagle Global Logistics says it has no plans to pay as much as $20 million in restitution payments in a race and gender discrimination case brought by the Equal Employment Opportunity Commission. EGL Chairman and CEO James R. Crane contends his company has done nothing wrong. He accuses the EEOC of a "one-sided" investigation and admits EGL is "dismayed" at how the case has been handled. Meanwhile, the EEOC has turned its 104-page investigation on EGL over to trial attorneys, who may bring a class action suit against the company.
No big surprises emerged among the comments filed at the Surface Transportation Board on the future of North American rail mergers. Despite obvious differences in the arguments of Burlington Northern Santa Fe Railway and proposed merger partner Canadian National Railway vs. the rest of the Class 1s, the railroads want to make sure the hearing pertains only to merger issues. Shippers, on the other hand, say it's difficult to separate merger issues from larger competitive issues, and that these must be addressed simultaneously.
Four railroads - Canadian Pacific Railway Co., CSX Corp., Norfolk Southern Corp. and Union Pacific Corp. - are purchasing an investment equity stake in Arzoon, an Internet company. Notably absent from the deal were Burlington Northern Santa Fe and Canadian National. But the investment in Arzoon raises many questions. Such as: will railroads come together to offer a unified Internet face to shippers? How will several Internet plays affect railroads and their customers?
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