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Shipping News

Spain sues ABS for US$5b over Prestige
SPAIN has filed a US$5 billion lawsuit against the American Bureau of Shipping , alleging the classification society's negligence played a part in the sinking of the Prestige, a government source said.
Mega arrival
THE world's biggest container ship sailed into Singapore yesterday, setting a new milestone both for the container liner business and the PSA Corp terminals.
Substandard ships face stricter checks
SUBSTANDARD ships and notorious flags of convenience will soon face stricter inspections at some of the world's major ports, a leading marine inspection body said.
Indon cargo ship sinks off Indian coast; crew rescued
THE Indian coast guard has rescued the 22-member crew of an Indonesian cargo ship carrying oil and soda ash which sank in the Bay of Bengal on Friday.

Air and Land Transport

Japan Airlines forecasts 43b yen loss this year
JAPAN Airlines System Corp, Asia's largest carrier, forecast a 43 billion yen net loss this year as the Severe Acute Respiratory Syndrome virus puts people off travelling, forcing it to cut flights six times in the past two months.
Indian carriers in price war to fill seats
Virgin Express pulls out of plans to fly from Paris' Orly

Ship Sales

SHIP SALES
THE impact of the various holidays has left very few sales to report but there are reports of 5 ULCCS and 2 VLCCs being sold for demolition, all with delivery China or Bangladesh, between US$197 and US$201 per ton lightweight.

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Shipping News

Spain sues ABS for US$5b over Prestige
SPAIN has filed a US$5 billion lawsuit against the American Bureau of Shipping , alleging the classification society's negligence played a part in the sinking of the Prestige, a government source said.
Mega arrival
THE world's biggest container ship sailed into Singapore yesterday, setting a new milestone both for the container liner business and the PSA Corp terminals.
Substandard ships face stricter checks
SUBSTANDARD ships and notorious flags of convenience will soon face stricter inspections at some of the world's major ports, a leading marine inspection body said.
Indon cargo ship sinks off Indian coast; crew rescued
THE Indian coast guard has rescued the 22-member crew of an Indonesian cargo ship carrying oil and soda ash which sank in the Bay of Bengal on Friday.

Air and Land Transport

Japan Airlines forecasts 43b yen loss this year
JAPAN Airlines System Corp, Asia's largest carrier, forecast a 43 billion yen net loss this year as the Severe Acute Respiratory Syndrome virus puts people off travelling, forcing it to cut flights six times in the past two months.
Indian carriers in price war to fill seats
Virgin Express pulls out of plans to fly from Paris' Orly

Ship Sales

SHIP SALES
THE impact of the various holidays has left very few sales to report but there are reports of 5 ULCCS and 2 VLCCs being sold for demolition, all with delivery China or Bangladesh, between US$197 and US$201 per ton lightweight.

web site

Shipping News

Spain sues ABS for US$5b over Prestige
SPAIN has filed a US$5 billion lawsuit against the American Bureau of Shipping , alleging the classification society's negligence played a part in the sinking of the Prestige, a government source said.
Mega arrival
THE world's biggest container ship sailed into Singapore yesterday, setting a new milestone both for the container liner business and the PSA Corp terminals.
Substandard ships face stricter checks
SUBSTANDARD ships and notorious flags of convenience will soon face stricter inspections at some of the world's major ports, a leading marine inspection body said.
Indon cargo ship sinks off Indian coast; crew rescued
THE Indian coast guard has rescued the 22-member crew of an Indonesian cargo ship carrying oil and soda ash which sank in the Bay of Bengal on Friday.

Air and Land Transport

Japan Airlines forecasts 43b yen loss this year
JAPAN Airlines System Corp, Asia's largest carrier, forecast a 43 billion yen net loss this year as the Severe Acute Respiratory Syndrome virus puts people off travelling, forcing it to cut flights six times in the past two months.
Indian carriers in price war to fill seats
Virgin Express pulls out of plans to fly from Paris' Orly

Ship Sales

SHIP SALES
THE impact of the various holidays has left very few sales to report but there are reports of 5 ULCCS and 2 VLCCs being sold for demolition, all with delivery China or Bangladesh, between US$197 and US$201 per ton lightweight.

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Shenzhen Customs, YICT to expedite customs declaration MOL and Oman to develop shipping industry APLL names new senior VP IFLN, DSG-Tradevision link up to offer track and trace Revision of the third package for liberalisation of air Evidentiary hearing for Hawaiian concluded UA reports April traffic

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MAY 16, 2003
Daily Bunker market report from Praxis Energy Agents INTERTANKO applauds US steps towards ratifying MARPOL Annex VI Enhanced compensation for oil pollution victims African market review Singapore power company to reduce fuel oil consumption in 2006 Crude falls as US refinery restarts, more Saudi oil in April Rotterdam market back-tracks with bearish crude OPEC President says cuts are likely at June meeting

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MAY 16, 2003
Cathay resumes service to Hong Kong and Fukuoka General director leaves ICF at the end of 2003 Hapag-Lloyd reports third highest profit in company history Sitarail intends to reopen the Abidjan Ouagadougou-route EGL Inc. posts its 2003 first quarter results

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MAY 16, 2003
Moltzaus orders two ferries The Swedish Club closes London office Net wage proposal met with incredulity

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MAY 16, 2003
Hollings and McCain seek GAO probe of port security Senators are concerned about adequacy of security ate ports Bush sends MARPOL protocol to Senate Cleaner air pact nearer to U.S. ratification Maersk orders PSVs in Brazil FELS Setal gets order for two UT745L's with options for two more Repeat orders for world's most powerful medium speed Four Wartsila 6L64 engines have been ordered by Polish shipbuilder Stocznia Szczecinska Nowa Sp.z o.o. for four 18,900 dwt multi-purpose vessels contracted by Spliethoff Bevrachtningskantoor B.V

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MAY 16, 2003
Washington governor signs bill paving way for Boeing dock in Everett TMM Lines adds service between Central America/Caribbean Corps holding eruption program at Bradford Island Visitor Center Pair of Coast Guard cutters heading home from Gulf duty TriMet nets federal funding for Interstate MAX project

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Ousted WWL in new pact WALLENIUS Wilhelmsen Lines is working on an alternative partnership agreement after being forced to leave the Far Eastern Freight Conference. IMO agrees oil spill damages protocol AFTER days of tense discussions, agreement was reached at the International Maritime Organisation on a protocol establishing a third tier of compensation for oil spills. Spain sues ABS for $700m over Prestige disaster THE Spanish government filed suit in New York on Friday afternoon against the ABS, charging it with negligence over its role in the loss of the Prestige and asking the court for $700m in damages for costs already incurred as a result of the casualty, writes John McLaughlin.

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MAY 16, 2003
Korean bank in breakthrough UK retains seafarer pay exemption Iran, Yemen agree to boost shipping Spain files $2.3Bn suit against ABS Swedish Club closes London office Third tier agreement hammered out Port access closed after bulker sinks Senators demand port security probe Maritime Security Program extended Lines hit by box shortage Rafaela S controversy goes to Lords Box scan leads to major drug seizure Rebates drag down PSA profit Pakistan to release Indian crew Australian tax office confirms ruling Iranian port joins food aid outlets Israeli strike talks break down Marseilles builds for cruise growth Security alliance offers advice Precious profit surges Seyang hits profit trail

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MAY 16, 2003
Bush pressed on Maritime Security Act Hollings, McCain ask GAO to see how well administration is fulfilling its obligations under the law. Forwarders think they'll get short end of US Airways regional jet order A move by the airline to deploy smaller, more efficient jets on many routes could signal a fundamental change in the way domestic forwarders move freight. MOL shipping profit falls Bush asks Senate to ratify maritime pollution treaty Judge sets schedule in DHL Airways case TNT joint venture wins Fiat contract Title XI hearing postponed EGL names two new directors GeoLogistics names Loehner SVP Stonepath rebrands international unit New airline passenger weight rules could hurt cargo

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MAY 16, 2003
Cost of customer retention offsets PSA's turnover surge PSA Corp grew turnover 29.5% to S$2.96 (US$1.72) billion in 2002, but suffered a 23.5% drop in net profit to S$560 (US$325) million after spending on customer retention. New levy on vessel calls could fund HK maritime development A study has proposed that Hong Kong impose a HK$200 (US$25.64) levy per vessel call to finance development of the SAR as an international maritime centre. New Cape Town strategy to 'eliminate' terminal congestion CMA CGM's UK east coast feeder service to launch in June Industry approves improvement to 24-hour rule HK Government joins Shenzhen container truck dispute Foreign cross-traders drive out NZ coastal fleet

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MAY 16, 2003
Arison gets $1.7m bonus But overall package stays the same for world's 104th richest man. Guilty plea in Legend case Woman confesses to hoax, but allowed out on bail after pregnancy news. Pollution payout limit agreed IMO conference agrees to lift limit to $1bn as EU gives shipping five years' probation. China oil facility shut down Huangpu oil berth closed, though officials keep mum. TMM defaults on bonds But group wins temporary stay from creditors' action. BDO bid to escape ACLN fails Ruling leaves accountant facing damages suit over collapsed car carrier venture. P&O upbeat on outlook Freight upturn and absence of SARS impact cheers Lord Sterling. Seyang returns to profit Ambitious Korean owner wipes out red ink as it eyes up tanker expansion. Vela fixes Jahre Viking World's largest tanker sails on, cashing in on strong market rates. Stronger rates help Thoresen Thai handysize bulker player says bigger and better fleet contributed to improved profit. Seatrends calls it a day Shipping newsletter sinks after failing to secure a rescue deal. MOL improves fortunes Japanese giant predicts big profit hike for coming year. CSG to ink Dalian VLCC China Shipping Group is following in the wake of compatriots to order larger tanker tonnage. BMT inks Aussie port tie up UK engineering and technology group established management consultancy services joint venture. OMI in cash raising exercise US-listed tanker operator files mixed $250m shelf offering.

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Maersk Sealand starts Mediterranean/U.S. East Coast link European/Middle East carriers raise Kuwait surcharge P&O's Sterling sees better profit prospects this year NYK Line reports higher operating income despite downturn MOL group suffers profit fall in 2002/2003 fiscal year Maersk Sealand names new megaship Safmarine joins Maersk's new pacific link Kalitta cargo plane damages airliner at BWI DOT allows more time for DHL case U.S. government reimburses airlines for security costs DOT highlights intermodal benefits of SAFETEA legislation BIS to develop "best practices" for forwarders to stop cargo diversion Montgomery appointed MTMC chief of staff