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Royal P&O Nedlloyd posts record profit
CONTAINER shipping group Royal P&O Nedlloyd yesterday posted record 2004 results thanks to thriving demand fuelled by outsourcing to Asia, and predicted a much higher operating profit at its core unit.
Cosco Pacific plans US$353m container capacity expansion
COSCO Pacific Ltd, the world's fourth-largest container leasing company, will spend US$353 million this year to expand its container capacity at a faster rate as demand for sea freight increases.
Frontline cuts General Maritime stake by 31%
FRONTLINE Ltd, the world's second-largest tanker company, cut its stake in General Maritime Corp by 31 per cent after saying last week it may sell shares of the rival oil shipper if no progress was made towards an acquisition.
More radiation detectors for US ports

Admiralty Casebook

A dredger is a vessel: US Supreme Court
THE US Supreme Court last week overruled decisions of a Massachusetts district court and an appeals court, and ruled that one of the world's largest marine dredgers is a vessel although it only has limited self-propulsion.

web site

Shipping News

Royal P&O Nedlloyd posts record profit
CONTAINER shipping group Royal P&O Nedlloyd yesterday posted record 2004 results thanks to thriving demand fuelled by outsourcing to Asia, and predicted a much higher operating profit at its core unit.
Cosco Pacific plans US$353m container capacity expansion
COSCO Pacific Ltd, the world's fourth-largest container leasing company, will spend US$353 million this year to expand its container capacity at a faster rate as demand for sea freight increases.
Frontline cuts General Maritime stake by 31%
FRONTLINE Ltd, the world's second-largest tanker company, cut its stake in General Maritime Corp by 31 per cent after saying last week it may sell shares of the rival oil shipper if no progress was made towards an acquisition.
More radiation detectors for US ports

Admiralty Casebook

A dredger is a vessel: US Supreme Court
THE US Supreme Court last week overruled decisions of a Massachusetts district court and an appeals court, and ruled that one of the world's largest marine dredgers is a vessel although it only has limited self-propulsion.

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CT 10 site undecided, HK government says Company changes name TPG 2004 profits soar Panalpina celebrates 10 years in Vietnam India to stage shipping summit Cross-strait box volumes rise in January NOL wins top company award China Eastern increases aircargo services to Hong Kong FedEx launches daily Shanghai-Frankfurt flight UPS to close Ohio hub, slash 1,400 jobs, report says Weihai Airport opens to foreign air services Air Canada to offer Toronto-Beijing link

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Goodrich Maritime awarded ISO 9001:2000 certificate IWAI may open entire Kollam-Kottappuram stretch of National Waterways-III to cargo traffic this month Sec. 4 amendment keeps shipping industry simmering in hot water Seaways Shipping promotes Capt. Vijay Gopal as CEO of Maxicon & Seamaster Shipping Safeguard duty on tapioca starch imports recommended NY/NJ Port Authority to dredge channels to 50ft this year Kolkata Port hopes to handle 46 m tonnes in 2004-05 Transportation companies to be hit hardest CONCOR going ahead with 3PL services plans Depreciation rate revision means higher taxable profits for corporates Withdrawals under Section 80C are tax-free Exporters now hoping for lifeline from Commerce Minister in NFTP this month-end Corporates set to sew up major profits from dereserved hosiery sector No fringe benefit tax on legitimate business expenses, assures FM Collecting taxes a costly business Taxing fringe benefits will not be left to discretion of I-T officers, assures Rev. Secy IMC awards function today Iran Chamber brings 18-man team for buyer-seller meet & business

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MARCH 3, 2005
MPA to introduce more incentives for double-hulls More incentives introduced to encourage Singapore's bunker industry to move toward a double-hull standard. Rotterdam market firm with crude P&O Nedlloyd profits soar despite rise in bunker costs Container operator reports massive surge in operating profits despite higher bunker fuel prices. Singapore: Sales figures show buyer confidence remains high Latest sales figures show buyer confidence is still good in the world's largest bunker market, with 380 cst sales breaking a record in January. Singapore: Fuel oil stocks dip, distillates rise Egypt seeking 360,000 mt of 180 cst for the bunker market After months of supply problems in the Egyptian bunker market, EGPC is said to be in the market for 360,000 mt of fuel oil for the bunker market.

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MARCH 3, 2005
Eyefortransport conference scheduled for April MAN Nutzfahrzeuge upgrades website US DOT launches pipeline and hazardous materials safety administration WCA concludes 7th annual worldwide conference TIP Services launches truck leasing service Japan Airlines to boost cargo flights Trasmediterranea to connect Barcelona to Livorno Emirates appoints new vice-president cargo-freighters

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MARCH 3, 2005
Frontline ordered to pay US$15.4m over Pertamina deal Euronav buys 4 Metrostar VLCCs for US$477.5m Euroceanica to buy Finaval chemical tankers Samskip buys Geest North Sea Line Horizon set for IPO New liner conference formed Nordic American shares priced at US$49.5 MOL appoints Baltic States' agencies Third tier oil pollution fund enters force Numast applies for recognition at Hoverspeed Shooting and kidnap ends Malacca piracy lull Caithness: shortsea shipping "forgotten" IBIA opens Singapore office PONL profit soars LR's 100 cruise ships

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MARCH 3, 2005
Taylor slams plan to recompete DD(X)

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MARCH 3, 2005
Straits Marine and Industrial opens operation in Port Angeles Jonathan Krebs leaving Sitka economic development board Funding level increases for oil tanker spills Horizon Lines plans to go public Astoria-based cutter heading for South America

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Profits rise sees Royal P&O Nedlloyd 'deliver on its promises' ROYAL P&O Nedlloyd achieved a more than fivefold increase in operating profit last year as cargo volumes grew and double digit increases in freight rates were achieved. "This year has been one of major progress for Royal P&O Nedlloyd," said chief executive Philip Green. Frontline and Goldman Sachs fined over VLCC sale PENALTIES totalling almost $25m are being levied against Frontline and US investment bank Goldman Sachs by Indonesia's anti-monopoly watchdog, the KPPU, in a case relating to an alleged conspiracy over the sale of two state-owned VLCC newbuildings. Euronav in $477m VLCC deal TANKER specialist Euronav is buying four very large crude carriers from Metrostar in a deal worth $477.5m, writes Tony Gray. Scepticism greets market reports of 44-ship Qatar LNG order Reports that South Korea's three leading shipyards have scooped orders for 44 liquefied natural gas carriers worth more than $10bn from Qatar are being treated with scepticism. Costalas buys seven tankers for UK venture FORMER Osprey Maritime boss Peter Costalas has bought seven chemical tankers from Finaval of Italy for a new outfit based in London to take advantage of British tonnage tax, writes David Osler . Riot at Iraq's Khor Al Zubair port forces out AP Moller-Maersk AP Møller-Maersk has withdrawn from Iraq's second-largest port after demonstrators rioted at the site, Bloomberg reports.

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MARCH 3, 2005
Frontline, Goldman Sachs fined INDONESIA'S watchdog group KPPU has levied $15.4M in fines against tanker major Frontline and is demanding $8.6M from Goldman Sachs after finding that the two colluded in a conspiracy to defraud the country No firm overseas plans yet: PTP PORT of Tanjung Pelepas in Malaysia has played down reports that it is planning to invest in greenfield projects overseas Double-hull incentives offered SINGAPORE has unveiled new measures to encourage bunker tanker owners to introduce double-hull vessels to replace existing fleet China Shipping to expand fleet CHINA Shipping Development is planning to beef up its oil and coal carrying fleet with an investment between Yuan4Bn ($483M) and Yuan5Bn this year Rivals enter Indian rail carriage MAERSK India and cargo transport company Transport Corp of India are to move into rail transport of containers and compete with Concor NATS prices share offering NORDIC American Tanker Shipping (NATS), the Norwegian Suezmax owner listed in New York, has priced its offering of 3.5M common shares at $49.50 per share Iran offers Iraq use of ports US-Chinese box imports will grow Seabulk on the upswing Tasmanian ports to regroup Ghost Fleet scrapping will fail Bankrupt Spanish sale reversed SA to introduce tonnage tax Wellington buys into Korea Line Korea-China box rates to rise P&O Ned profits sharply higher

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MARCH 3, 2005
SSA exec to hubs: Boost volume now Operator says terminals must work immediately to increase the number of containers they handle per acre if they are to manage rapidly-growing volumes. Industry: Expand Panama Canal Chertoff calls for DHS review Teamsters protest at Port of Miami Record profit for P&O Nedlloyd FedEx opens Europe-China flight Maersk pulls out of Iraqi port Malaysia port adds cranes

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MARCH 3, 2005
Intra-European merger announced by Samskip and Geest European short-sea operators Samskip and Geest North Sea Line (GNSL) have announced an agreement in principle for Samskip to buy out GSL, consolidating non-Icelandic intra-European short-sea services under GSL management. P&O Nedlloyd minds the gap P&O Nedlloyd's (RPONL) 421% operating-profit increase, to US$401million, was 'momentous' but not 'good', Royal P&O Nedlloyd (RPONL) CEO Philip Green said today, and offered instead a US$300million 'bridging-the-gap' promise. PTP considers greenfield project as its first overseas venture NZ pioneers container log-istics Shenzhen to step up port development to overtake rivals Pyeongtaek wins financial support for berth construction Australian trade balance dire but forecast brighter KMTC adds Inchon to Korea/Thailand service Samudera Shipping posts 18% revenue growth for 2004 Ennshafen expects box-throughput to triple this year Yellow Sea Liners' Committee to raise freight-rates in Korea/China

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MARCH 3, 2005
Euronav snaps up VLCCs Metrostar collects $477m from the sale of four large vessels to Marc Saverys demerged tanker company. Stavanger cuts Exmar stake Norwegian investor sells shares at top of the market. Finaval finds a buyer Euroceanica bids for growth with purchase of seven modern chemical carriers. Green Reefers buys again Norwegian owner follows up Lagoa reefer raid with Thien & Heyenga deal. NATS prices high Owner could have $65m in spare cash to play with if over-allotments exercised in latest offering. Seabulk trounces former record Quarterly income exceeds previous quarter's best after earnings surge for offshore and tanker ops. Greek strike extended Protest over pension rights grounds island ferries until Saturday. Kilia to get facelift Ukrainian Danube Shipping planning upgrade of its shiprepair yard. Frontline, Goldman Sachs fined Fines have been handed down over a controversial sale of two VLCCs by Pertamina. Eidesvik flogs Wilson stake A big fleet of little ships says it plans to be a dividend share. MarAd slammed Draft report finds management process to dispose of 'ghost ships' seriously flawed. Severnav slides into red Romanian shipbuilder hammered by rising costs in 2004. Big jump for P&O Nedlloyd Huge rise in 2004 profit for Dutch containership giant as volumes and freight rates rise. MOL boosts Baltic business Japanese owner teams up with Samskip agencies in Latvia, Lithuania and Estonia. Trico finalises exit-finance Bondholders set to take 90% of equity as company waves goodbye to chapter XI. Sinotrans eyes LNG China's third largest owner has become the latest company to consider moving into gas carriers. Congestion fuels rates China's insatiable appetite for raw materials is making port congestion a major issue. IBIA moves out east International Bunker Industry Association launches Asian expansion with Singapore office. Shipping boom's other factor Hot rates are due not only to China, but to a rare convergence of shipping supply and demand.

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MARCH 3, 2005
P&O Nedlloyd reports record annual results HMM orders nine ships, plans investment Singapore encourages double-hulled tankers Eimskip, Faroe Ship merge Danish companies FedEx starts first express China to Europe flight ATA: January freight volumes up 6.7% Airforwarders Association members to access sales tool Pacer promotes Munn Kuehne + Nagel buys Scottish forwarder Hutchinson bill pushes "smart" boxes, advance data collection Court order stops U.S. restart of Canadian beef imports Taranto container volumes up 15.9% in 2004 Steamship Association of Louisiana re-elects St. Pierre

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MARCH 3, 2005
Merger of Gazprom/Rosneft cleared A process to merge the Russian government gas monopoly Gazprom with the state oil company Rosneft is cleared by the ... Jotun moves sharply ahead Despite eaker results from ship and offshore paints Jotun presented strong results this week. Sales increase by nearly 11 per ... Wilson goes to market Wilson EuroCarriers are ready to be listed in Oslo on March 17th and shares worth NOK 280 million (EUR 34.1 ...