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Shipping News

Overcapacity may revisit in end-2006: analysts
A global capacity crunch in container shipping is not likely to ease until mid-2006, but by the end of that year the industry could find itself once again facing its over-capacity nemesis with the delivery of some 100 'super post-panamax' ships.
Light-asset strategy benefits APL
LOW newbuilding prices and surging container demand from last year may have led to a record two million TEUs of box ship orders in 2003, but for Neptune Orient Lines' container division APL, a light asset strategy is the way forward.
PPL wins US$118m jack-up rig job
SEMBCORP Marine subsidiary PPL Shipyard has clinched a US$117.6 million contract for the building of a Baker Pacific Class 375 jack-up rig for Norwegian company Mosbarron Ltd.
ThyssenKrupp, OEP to merge shipbuilding units
GERMAN heavy industry giant ThyssenKrupp said yesterday it has agreed to merge its shipbuilding business with Howaldtswerke Deutsche-Werft , currently owned by US investment fund One Equity Partners .
Malaysian Lumut Port's Q1 volumes swell 58%
CARGO throughput at Malaysia's Lumut Port rose significantly by 58 per cent in the first quarter of 2004 compared to the same period in the preceding year.
TANKER MARKET
PERSIAN Gulf oil tanker rates for shipping crude to Asian refiners, little changed yesterday, may rise as oil companies and traders book vessels for the middle of June amid limited supplies.

Air and Land Transport

BA's operating profit jumps 37% to 405m
BRITISH Airways plc posted a better-than expected annual operating profit yesterday thanks to deep cost cuts and a pick-up in travel demand and said revenues should improve by 2 to 3 per cent this year.
Australia's Virgin Blue posts 47% surge in profits
Air Canada and unions miss pact deadline
Air China IPO expected by year-end
On-demand model best runway to future
LOG Book

web site

Shipping News

Overcapacity may revisit in end-2006: analysts
A global capacity crunch in container shipping is not likely to ease until mid-2006, but by the end of that year the industry could find itself once again facing its over-capacity nemesis with the delivery of some 100 'super post-panamax' ships.
Light-asset strategy benefits APL
LOW newbuilding prices and surging container demand from last year may have led to a record two million TEUs of box ship orders in 2003, but for Neptune Orient Lines' container division APL, a light asset strategy is the way forward.
PPL wins US$118m jack-up rig job
SEMBCORP Marine subsidiary PPL Shipyard has clinched a US$117.6 million contract for the building of a Baker Pacific Class 375 jack-up rig for Norwegian company Mosbarron Ltd.
ThyssenKrupp, OEP to merge shipbuilding units
GERMAN heavy industry giant ThyssenKrupp said yesterday it has agreed to merge its shipbuilding business with Howaldtswerke Deutsche-Werft , currently owned by US investment fund One Equity Partners .
Malaysian Lumut Port's Q1 volumes swell 58%
CARGO throughput at Malaysia's Lumut Port rose significantly by 58 per cent in the first quarter of 2004 compared to the same period in the preceding year.
TANKER MARKET
PERSIAN Gulf oil tanker rates for shipping crude to Asian refiners, little changed yesterday, may rise as oil companies and traders book vessels for the middle of June amid limited supplies.

Air and Land Transport

BA's operating profit jumps 37% to 405m
BRITISH Airways plc posted a better-than expected annual operating profit yesterday thanks to deep cost cuts and a pick-up in travel demand and said revenues should improve by 2 to 3 per cent this year.
Australia's Virgin Blue posts 47% surge in profits
Air Canada and unions miss pact deadline
Air China IPO expected by year-end
On-demand model best runway to future
LOG Book

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Export of hi-tech China products to rise this year Shanghai and Hamburg sign port partnership agreement Bright prospects for China, US logistics co-operation Foreign trade up 36pc at Tianjin Port Panalpina sees FY2003 revenue growth, income decrease Cosco Corp. Singapore posts net profit of SGD11 million SIA reports FY2003 net profit of SGD849 million Boeing, Nippon Cargo finalise 747-400 freighter agreement AirBridge offers services linking China with Europe Globe Express Services opens new China offices Air France Cargo raises fuel surcharge to US$0.23 per kg

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Eurogate, MSC join hands to form MSC Gate Bremerhaven Norasia offers new Shanghai Express service - ...provides fast transit time between China & USWC CP Ships starts new Asia-N America service Safmarine names first of 3 new vessels purpose-built for trade with Africa CSCL to introduce five 8,100-TEU ships on Asia-Europe trade lane soon Strong rates propel P&O Nedlloyd back into profit MOL to launch 3rd China-Australia loop ECU-Line service GE Shipping takes delivery of Handymax carrier Mercator Lines pays 50 pc on good fiscal results Adopt proper strategy to bag global orders: Shipping Secy tells shipyards Tea exports to WANA region expected to go up in 2004 ...exports up by 25 pc during January-March 2004 Exim Bank to lend $ 150 m to Africa, Asia, CIS countries Exim Bank to provide $ 10-m credit to West African states 4 box loads of eggs exported from TN every day! Kakinada port project sails into murky waters IOC wants to bring in large crude tankers to Paradip Port China's economic boom rubs off on Namakkal truck operators Forex reserves crossed the $ 118-billion mark Credit policy today Hot-rolled coils: Steel units chill it out, hope for import duty cuts Furnace oil, naphtha cost more now Reforms OK, but not privatisation CBEC issues clarification on tax application on engineering consultancy services AIAI hopes new govt will pursue economic reforms Pharmexcil becomes operational VCTPL organises blood donation camp

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MAY 17, 2004
Bunker prices break new ground in major markets Fuel oil prices in the the world's major bunker markets yesterday reached highs that have not been seen for months, while gas oil prices in both Fujairah and Singapore hit the highest levels since Bunkerworld began recording prices in 1998. Raided supplier continues scaling down Lungshan Petroleum has returned a substantial part of its chartered barge fleet but says it will continue to compete. Latest Gibraltar price gains depress demand Rotterdam firm and rising after morning trade No let up as crude prices continue to soar Crude continues to rise today with experts sceptical of any short-term relief. Claims of false bunker consumption dismissed by court Charterer fails to provide sufficient evidence to prove case against ship owner of 'mis-described' bunker fuel costs.

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MAY 17, 2004
OMI set to acquire Stelmar Stelios and siblings sign separate agreement supporting transaction ThyssenKrupp and HDW yard merger ahead Declaration of intent signed Forty year old tug gets major makeover Bollinger Quick Repair completes repowering and life extension

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MAY 17, 2004
Port of Tacoma sees lift record at North Intermodal Yard Seattle firm sells rescue boat to Wantagh Fire Department Fort Vancouver Seafarers Center accepting director applications Sea-Tac Airport wins court nod for environmental mitigation plan Man receives jail time, fine for false calls to Coast Guard

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OMI and Stelmar in merger talks to create tanker giant OMI and Stelmar Shipping are in merger discussions which could create a tanker giant with more than 80 ships and a market capitalisation of about $1.3bn. Philippines crew firm set up STELMAR has announce the formation of a new crew management company in the Philippines, chiefly to supply in house recruitment needs, writes David Osler. Paris MoU plans radical overhaul of inspections THE Paris Memorandum of Understanding on Port State Control, in close co-operation with the European Commission, revealed yesterday it had embarked on a fundamental review of the way it targets and inspects ships. The Ilknur 2 - a suitable case for treatment THE case of the Ilknur 2, a Turkish-flag general cargo vessel detained in Gibraltar last Thursday, illustrates perfectly the need for change, writes Brian Reyes. Deutsche Schiffsbank pays out record loans DEUTSCHE Schiffsbank paid out the highest volume of shipping loans ever last year, totalling €2.3bn ($2.7bn). This contrasts with €1.8bn in the previous year, the bank said. The strong rise came despite the weak US dollar against the euro. Design fault blamed for collapse of QM2 walkway THE collapse of a shipyard walkway giving access to the Queen Mary 2 last November, which left 15 people dead and 28 injured, was due to a design fault, according to court-appointed investigators.

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MAY 17, 2004
Root and branch review of Paris MoU PORT state control authorities within the Paris MoU are planning a fundamental overhaul of their inspection regimes in a bid to reduce the burden on good operators Cape Africa heads for False Bay REMOVAL of the remaining fuel oil has prompted the lifting of restrictions that kept the stricken bulk carrier Cape Africa from the South African coast Evergreen in Bilbao hub talks EVERGREEN Marine Corp, the Taiwanese container shipping giant, is in talks with the Basque port of Bilbao over use of a new Atlantic transhipment hub 148 safe in gambling ship blaze GAMBLING became hazardous off the Florida coast yesterday when the cruise vessel Sun Cruz V caught fire US commission assesses LNG danger DANGERS posed by Liquefied Natural Gas are addressed in a report issued on Friday by ABS Consulting at the behest of the US Federal Energy Regulatory Commission Ferries in port as typhoon strikes THOUSANDS of ship passengers in various ports in the Philippines have been stranded as typhoon Nida (local name Dindo) continues to batter the country LeConte salvage moves ahead End of the line for Festival Cruise NYK posts record results VLCC market to remain strong German shipbuilders agree to merge October 05 opening for Deurganckdok RCCL opens Bayonne cruise terminal

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MAY 17, 2004
Lines: Service needs 'stable' rates Carrier service on both legs of the trans-Atlantic is not "sustainable" unless carriers can get stable pricing, shipping executives say. FMC signal coming on NVO confidentiality ruling New ships will sink rates under capacity 'tsunami' British Airways cargo revenue off Report cites ACE cost overruns Hong Kong air, rail manifests go electronic U.S.: Reforms crucial for Russia WTO bid OOCL deploys 'largest' containership in trans-Pacific New chairman for MC Shipping Mexican, U.S. legislators conclude trade talks Study urges Hong Kong to lower logistics costs TOTE's Deaver adds president title Exel appoints two Asia Pacific COOs

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MAY 17, 2004
China Shipping's LA terminal makes history as it opens to cold ironing cargo ships In a major environmental development, a containership is due to plug into shore-side electrical power at the port of Los Angeles for the first time today. Canada West Coast box backlog soars again The number of containers from Asia grounded on Canada's West Coast due to rail car shortages has once more soared above 10,000TEU, roughly double last week's backlog. CMA CGM reorganises Pacific services NYK Line profits boom Hanjin Heavy Industries predicts fall in demand for medium-sized vessels New services boost Hupac's growth Freight rates between Japan/Hong Kong and South Africa are to increase

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MAY 17, 2004
Stelmar execs took illegal loans Goodfellow, Molaris forced to pay fines, refund company after 'apparent' violation of US securities laws. 'Full but fair' OMI paying an estimated $520m for Greek tanker owner Stelmar. Stelmar sets up in Manila OMI takeover target establishes crew management company in the Philippines. New life for ex-ROC ship Olympia Voyager to operate within Iberojet Cruceros fleet. HDW sold to ThyssenKrupp One Equity offloads German yard to Blohm+Voss and Nordseewerke owner. Paris MOU to widen net European port state control grouping plans big inspection regime shake-up. Bulker lightened off Brazil Spring Peacock expected to be refloated shortly to clear channel for big ships. Daesun losses widen First quarter figures show Korean shipbuilder went further into red to 31 March. Tough start for GNV Italian ferry owner cannot improve on last year's loss-making first quarter. Scotland mulls new ferry deal Deadline passes for bids to replace NorthLink's services to the Northern Isles. Higher costs hurt Crowley US tanker and boxship owner moves further into red in first quarter as expenses rise. Knightsbridge sees record start Hot tanker rates see Frontline-managed VLCC fleet achieve "highest quarterly earnings ever". LNG 'nimbys' flag up study New report from FERC attempts to look at risk posed by LNG shipments. NYK records record results Japanese shipowner rides high on Asia freight boom tide. Seyang sneaks up Korean shipowner logs massive first quarter profit hike. IHI bleeds red ink Japanese yard and machinery maker forecasts unprofitable 2004 for shipbuilding division. Australia warns on flashback explosions Design of bulk carrier's boiler contributed to burn injuries to ship's engineers. Owners return to ASRY Bahrain repairer says there has been a "resurgence" in international owners returning to the yard. Court case aids Seabulk profit Cash from legal settlement boosted US tanker owner's first quarter earnings. KLC bounces back Korean bulker and LNG carrier owner jumps into profit with a strong first quarter. Cape Africa to be towed inshore U-Ming ordered to put up $25m to cover emergencies for damaged capesize. Chinese cargoship sinks Vessel goes down near Chittagong with fertiliser cargo but crew safe.

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MAY 17, 2004
NYK posts record revenue, profit FEFC reports cargo boom in Asian trades with Europe, Med Carriers postpone start of Asia/U.S. East Coast all-water service Connecticut Maritime Association elects Drakos as president House Committee passes postal reform measure Deutsche Post acquires two U.S. mail service companies TNT expands express coverage, sales in Norway AirBridge Cargo starts China/Russia/Europe link Small cargo plane crashes near BWI Railroad revenue gains to continue in 2004, Hamberger says Train dispatchers to vote on labor deal with CN FMC reviews 11 OTI applications, revokes 17 licenses U.S. apparel importers blast Vietnam quota cutbacks U.S. soybean shippers back shrimpers against antidumping petition State Department bumps Thailand off eligible wild shrimp exporters list DHL Worldwide Express pays $208,250 fine to USDA ITC OKs dumping duties for Chinese color television imports U.S., Japan to resume beef trade talks Panama agents gain more time to comply with Canal data collection system Inbound containers up 13 percent in Long Beach Tacoma sees record intermodal yard traffic North Atlantic ports group will meet June 2-4 in Philadelphia MEBA president Davis faces West Coast challenger Durda, former NY-NJ port publicist, dies at 63

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MAY 17, 2004
Fiskerstrand to build new ferry for Rømø-Sylt traffic Förde Reederei Seetouristik (FRS) has on behalf of Römö-Sylt Linie GmbH (RSL) signed a contract for a newbuilding from ... Hike for Polish coal exports The Chinese demand for coal keeps prices at a high level (around USD 70/ton). During this year's first four ... New DFDS-name to the first Swedish Flower-class vessel "Tor Begonia" was the name to Flensburg Schiffsbau Ges newbuilding number 724, which was launched today. The newbuilding it the ...