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Shipping News

Asian shipowners mull overhaul of association
AN overhaul of the Asian Shipowners Forum may be necessary if Asian owners want a greater say in international maritime affairs, the head of the Australian Shipowners Association told the Forum's members recently.
Cosco expects weaker freight rates
CHINA Cosco Holdings Co, a shipping company marketing a US$1.66 billion stock sale, said freight rates could fall 'significantly' because shipping capacity is rising, contradicting comments made earlier by its chairman Wei Jiafu.
Gulf tanker rates rise as supply of idle ships shrinks
THE cost of shipping crude oil from the Persian Gulf rose the most since May 3 as the pool of so-called very large crude carriers ready for hire in the Persian Gulf shrank.

Admiralty Casebook

No recovery of legal costs that are part of salvage lien
AN APPEALS court in the US has ruled that a salvage company cannot recover its legal costs as part of a salvage lien that it sought to recover through an action in rem against the vessel that it salvaged.

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Shipping News

Asian shipowners mull overhaul of association
AN overhaul of the Asian Shipowners Forum may be necessary if Asian owners want a greater say in international maritime affairs, the head of the Australian Shipowners Association told the Forum's members recently.
Cosco expects weaker freight rates
CHINA Cosco Holdings Co, a shipping company marketing a US$1.66 billion stock sale, said freight rates could fall 'significantly' because shipping capacity is rising, contradicting comments made earlier by its chairman Wei Jiafu.
Gulf tanker rates rise as supply of idle ships shrinks
THE cost of shipping crude oil from the Persian Gulf rose the most since May 3 as the pool of so-called very large crude carriers ready for hire in the Persian Gulf shrank.

Admiralty Casebook

No recovery of legal costs that are part of salvage lien
AN APPEALS court in the US has ruled that a salvage company cannot recover its legal costs as part of a salvage lien that it sought to recover through an action in rem against the vessel that it salvaged.

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Grand Alliance expands transpacific, Asia-Europe services Maersk partner acquires shares in AP Moller-Maersk Ports of Auckland container movements up in May Qingdao port cuts down energy costs Savi tests RFID technology on cargo shipments MOL appoints new MD and deputy MD Tianjin Jan-May trade up 26 per cent Okay Airways and Korean Air in JV cargo talks Nippon Express to start air cargo charter service Dragonair launches services to Urumqi Macau casino boss to buy into new airline

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De-tariffing of marine hull insurance rates brings down premiums sharply Cruise demand set to exceed supply Asian shipbuilders to benefit from falling steel prices Shrimp cos open units in US to boost exports PM to inaugurate Sethusamudram project work on July 2 Foreign dredging cos' attempts to join INSA may prove futile 1,500 transport workers on strike in Mumbai Port ICD-Dighi ably handles 1st LCL consolidation box, ODC cargo & import shipment by road PSU transport cos concerned over vague clause in FBT Act Second annual Sino-International Freight Forwarders Conference draws over 800 cargo transportation executives Truckers not to ply on June 28 Indian Economic Update Law on dumping duty to be amended to conform with WTO guidelines India lobbying hard to retain EU's GSP benefits Fieo stresses need for I-T exemption to DEPB Commerce Ministry report identifies snags to export growth

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JUNE 23, 2005
Malacca Strait piracy mastermind suspect arrested UK MCA pounces on ship to ship transfer operation Chunnel squeezes ferry passenger figures Geest adds capacity GL's new drawings service to meet USGC rules

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JUNE 23, 2005
TTS supplies panel lines for Chouest yards in U.S. and Brazil Korean shipbuilders may build WIG craft

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JUNE 23, 2005
Containers zooming through Port of Portland terminal Vietnam Airlines buying Boeing 787-8 Dreamliners Port of Everett backs annual Fourth of July events Port of Bellingham holds airport disaster exercise Con-Way Transportation expanding in Mexico

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Brussels bid for seat at IMO collapses in political disarray A FORMAL proposal requesting European Union membership of the International Maritime Organization has been dropped after lobbying by member states, it emerged yesterday. TBS share offer is third in a row to suffer price cut SHIPPING does not seem to be the flavour of the month in Wall Street any more as TBS International became the third aspirant in a row forced to cut the price of its initial public offering. Eagle Bulk's Nasdaq debut will not wipe out debt EAGLE Bulk Shipping has debuted on the Nasdaq market after pricing its initial public offering at $14 a share, the lower end of the $14-$15 range, leaving the company a little more in debt than was expected earlier, writes Rajesh Joshi in New York. Wei out of line: Cosco disowns chairman's views DIRECTORS of China Cosco Holdings, which is due to list in Hong Kong on July 4, have been forced to distance themselves from upbeat pronouncements regarding the company's future expressed by chairman Wei Jiafu.

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JUNE 23, 2005
China Cosco plays down forecast CHINA Cosco Holdings, which is soon to be listed, has distanced itself from upbeat comments on the container shipping market made this week by Cosco Group chairman Capt Wei Jiafu China-US battle for Unocal A TRANS-PACIFIC bidding war has broken out for leading US oil independent Unocal after China National Offshore Oil Corp announced a surprise $18.5Bn offer yesterday IPOs bow to pricing pressure WANING market conditions have forced a second initial public offering to reduce pricing, while a third has just reduced its targets significantly India grants Sri Lankan concessions SHIPPING between India and Sri Lanka is to get a boost with India granting further concessions to the island nation under the existing bilateral free trade agreement Fonterra fine on APM/RPONL merger THE Maersk/PONL merger is not likely to affect the logistics arrangements of dairy major Fronterra of New Zealand, despite reports to the contrary, the company says OSC, MOL sign tanker JVs THE Oman Shipping Co (OSC) and MOL of Japan have signed long-term joint venture agreements to operate two newbuild tankers First-quarter loss for Aboitiz Rostock shuts dusty terminal Delo sells Novorossiysk stake New chairman at Sea Malta Caribbean still needs help with security plans Canadian grain crop reduced Senator's earnings up 80% Recovery signs for Transmanche Four killed in tanker blast Korea Gas to buy 6% of Yemen LNG

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JUNE 23, 2005
Shenzhen to double boxes by 2010 The port complex, one of the largest trading gateways for the U.S., expects to almost double its overall container capacity to 25 million TEUs. Hanjin rate index up in May Charleston record Higher 4Q for FedEx Senator results increase Hope for Hub: Analyst Canada OKs gov't. port funding SC risk increasing: Insurer Baltimore, Africa ports in pact Air Canada boosts China freight

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JUNE 23, 2005
Cosco Holdings IPO fails to arouse investors' fervour Beijing-based Cosco Holdings, which will close its retail subscription tomorrow, has received a lukewarm reception from investors in Hong Kong. China: bilateral talks with US will solve textile rows Russia invited to join Gulf land-bridge project APL and Great White Fleet take a second bite at Port Everglades RCL upgrades Korea/Singapore service P&O Nedlloyd to launch Korea/Japan feeder link Blow struck for Fremantle rail link International traffic boosts Kombiverkehr's volumes Slot specialist Senator's operating result soars MOL Asia appoints new MD New NZ vessel will chase international business Danone exports flowing from Fos Distriport

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JUNE 23, 2005
Hudner unloads products oldie Sale of 24-year-old tanker should offset cash used in purchase of newer OBO unit earlier this week. Eagle dips, but... Bulker stock's debut is not nearly as bad as one financial website makes it appear. UK passenger numbers falling Ferries carry fewer domestic and international passengers in first quarter of 2005. TBS forced to slash IPO price Firm's target price reduced by 30%, while share sales by Joe Royce et al also radically cut. Cosco contradicts chairman Company admits profits could fall significantly in 2006 despite Wei Jiafu's claims of 'golden growth'. Ontario finds its Spirit Lakes fast ferry finally close to relaunch after nine-month layup. Mizzi quits Sea Malta Maltese owner's chairperson steps down in row over sale to Grimaldi group. Tanker detained off UK Ship-to-ship transfer on hold after Maritime & Coastguard Agency finds fault with Greek aframax. SNAV targets Croatia Italian ferry owner launching two new routes across Adriatic to capitalise on tourist business. Oman and MOL launch tanker jv Longterm lng partners form two new tanker operating companies. No Rocknes prosecution Prosecutor says there is insufficient evidence to pursue charges against Norwegian mapping agency. Yard workers killed in blast Four men have died in explosion on Maritima Aragua tanker in Trinidad. Chong acquires more of Vita Links Island Holdings founder takes stake in Singapore shipowner and property group to over 8.5%. Dutch salvage probe ends Smit in clear as Dutch competition authority calls off anti-trust investigation after finding no evidence.

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JUNE 23, 2005
Senator Lines' operating result up 76% Sinotrans drops ship, ports on Pacific link Maersk Sealand adds capacity to Far East/Mexico loop MOL shares will no longer trade in Europe Vietnam Airlines to buy four Boeing 787 Dreamliners L-3 to supply Thailand X-ray equipment for air cargo Con-Way expands in Mexico U.S. ready to commit $20 million to WCO cargo security effort Industry coalition protests proposed U.S. "deemed export" changes Report: Global agricultural export competition will intensify U.S., Vietnam enhances agricultural trade relations Canadian wheat production to drop 2 million tons Bush administration offers 50,000 tons of food aid to North Korea Winn-Dixie ditches DCs GT Nexus adds Web-based commercial documents system Board OKs Charleston capital projects Canada amends maritime transport act Ports of Baltimore, Banjul, Takoradi to cooperate

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JUNE 23, 2005
Half a million tons to Danish flag D/S "Norden" of Copenhagen has hoisted the Danish flag on the largest dry cargo ship in the Danish register ... EC drops radical class measures The European Commission (EC) will drop plans to separate the private and public sector functions of the classification societies and ... "Rocknes" insurers continue legal proceedings P&I Club Gard and Norwegian Hull Club continue their legal proceedings against the Norwegian government, represented by Norwegian Coastal ...

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JUNE 23, 2005
Oil pierces $60 barrier, settles just under Crude settles off highs after rallying on continued fears of global over-demand; markets overlook smaller than expected US inventory draws. MARPOL sampling location clarified in Panama A more flexible approach adopted but bunker suppliers guided by shipowner requirements. LA dockside times reduced in decongestion drive Port authorities easing shore-based congestion, but bunker suppliers say business will be unaffected by quicker turnarounds. Energy shortage could see Huangpu fuel oil imports double Fuel oil imports into southern China's Huangpu could double in June as a massive energy shortage is set to hit the region between July and September. Triton announces expansion into new markets Turkish branch of Triton has established direct links with marine fuel suppliers in Libya, North Africa, and in Baku in the Caspian Sea. Trinidad: Coast guard refutes oil spill claims An oil spill resulting from a chemical tanker explosion in Trinidad has left officials baffled as to the source of the spill. Scotland: Company defends unpopular STS plans The company behind ambitious plans for a ship-to-ship transfer operation on the Scottish coast has hit out against opponents of the scheme, after two local councils recently rejected the proposal on environmental grounds. Outlook tight and firm in Rotterdam Indian Oil Corp targets Singapore Petroleum Company Officials at Indian Oil Corp. have said that the company is eyeing a 26% stake in Singapore Petroleum Company, with a possibility of assuming management control in the future. Fuel oil on detained tankers 'clearly legal' State oil company Pertamina has confirmed that fuel carried on three tankers detained by the Indonesian Navy last week was in fact legal. Singapore fuel stocks fall, bunker demand stays soft Several Singapore traders predict below-average bunker sales volumes this month as high prices is hurting spot sales. Busan: Gains in container traffic, dips in bunkering South Korea's Busan port had a slight increase in container traffic last month, but traders said bunker sales volumes are expected to fall this month due to uncompetitive prices. Police foil attempt to sell tanker's diesel Malaysian police have arrested a man accused of plotting a hijack on an oil tanker and planning to sell off its marine diesel Singapore: Enough suppliers to meet bunker demand The MPA says the number of bunker suppliers is enough to meet bunkering demand in Singapore and there is no need for more new players for the time being. US bunker market watchful despite crude slip North American suppliers factoring 'floating rates' to allow for crude volatility in July deliveries.