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$500m PSA bonds to pay debt, fund expansion
PSA Corp, a unit of the world's second-biggest container port operator, said it plans to sell $500 million of bonds to help refinance existing debt and fund its expansion plans in Singapore.
Falling China demand hurts freight rates
ASIAN shipping rates have fallen further this week, hurt by a decline in Chinese iron ore imports, but views that demand from China will rebound have tempered the bearish mood and were supporting the market, traders said.
Cosco Singapore wins US$20.5m conversion jobs
BULK shipping firm Cosco Corp, a unit of China's biggest shipping company, said yesterday it had won orders worth US$20.5 million to convert oil tankers as it looks to expand its shipyard business.
Snag-hit container ship rams Bangladesh navy vessels
Susana joins Asia route

Strait Talk

Fresh move to cut ferry disasters
SOME 25 years ago, I spent a lot of time travelling through Indonesia.

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Shipping News

$500m PSA bonds to pay debt, fund expansion
PSA Corp, a unit of the world's second-biggest container port operator, said it plans to sell $500 million of bonds to help refinance existing debt and fund its expansion plans in Singapore.
Falling China demand hurts freight rates
ASIAN shipping rates have fallen further this week, hurt by a decline in Chinese iron ore imports, but views that demand from China will rebound have tempered the bearish mood and were supporting the market, traders said.
Cosco Singapore wins US$20.5m conversion jobs
BULK shipping firm Cosco Corp, a unit of China's biggest shipping company, said yesterday it had won orders worth US$20.5 million to convert oil tankers as it looks to expand its shipyard business.
Snag-hit container ship rams Bangladesh navy vessels
Susana joins Asia route

Strait Talk

Fresh move to cut ferry disasters
SOME 25 years ago, I spent a lot of time travelling through Indonesia.

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China Cosco Holdings stock price at bottom of range Plea for early end to truckers' strike in BC UPS launches `Trade Direct' from Asia to Europe MOL wins environment award Premier Wen calls for Asia-Europe financial co-operation NOL container capacity increases T S Lines plans new service Cathay Pacific to add fourth daily London service Lufthansa Cargo raises fuel surcharge China Southern doubles daily Beijing-HK flights Qantas merger possible, report says

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IRS to train naval architects, surveyors to meet shortage Prices of ship scrap decline SCI to go ahead with 15 pc equity stake sale Over-supply may not be a problem for container shipping-Consultants EU now seeks better textiles market access in India Global finance bodies keen to fund JNPT's expansion programmes TNPCB's NOC for Sethu project not necessary, says Union govt Baalu asks AIMTC to prepare statement of costs for Ministerial discussion Minister hopes to launch int'l flights from Pune in Dec. New Delhi back on Polish airline's map Govt may freeze DEPB benefits to steel exporters Soaring commercial credit indicates industrial boom Karnataka betting big on apparel park in Doddaballapura Customs duty on raw materials used in white goods to be rationalised Nagpur industry keen on new textile park's inclusion in SEZ Surat jewellery cluster adds lustre to export earnings Corporate tax collection shoots up by 227 pc during April 1-June 15 Steps to raise demand for vanilla on anvil-Kamal Nath Plea to halve excise duty on drugs made by SSI sector Interactive meet with Budhiraja, Neera Saggi at IMC on July 1 Seminar on Rules of Origin tomorrow

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JUNE 28, 2005
P&O refinances Boeing and Alaska Airlines announce major aircraft order Con-Way Transportation extends network in Mexico

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JUNE 28, 2005
IACS rules to be published on Oct 15 Tug crew repel boarders in Singapore Strait Oil and gas demand forecasts "unrealistic" Malaysian oil spill

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JUNE 28, 2005
Oman plans giant repair yard

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Marinakis pulls IPO as Wall St cuts up rough THE rot has set in for shipping in Wall Street as investor demands for a price cut are said to have forced Evangelos Marinakis to abandon the planned $250m flotation on the New York Stock Exchange for his family business, Capital Maritime & Trading. STX Pan Ocean seeks $454m SOUTH Korean company STX Pan Ocean is looking to raise up to US$454m from its initial public offering on the Singapore Stock Exchange. Latest portion of Qatar LNG order confirmed LONG anticipated, the latest portion of the largest combined ship order yet was confirmed yesterday, writes Mike Grinter in Hong Kong. MCA hits back over TV 'safety alarm' THE Maritime and Coastguard Agency has hit back at a prime- time television attack claiming that lives are at risk because of its internal problems. BBC World Service signs up for another five years with VT Group VT GROUP has secured a five-year renewal of its agreement to distribute and transmit BBC World Service radio programming globally, writes Hugh O'Mahony.

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JUNE 28, 2005
EU owners 'should flag in EU' EU SHIPOWNERS should register with EU flags, agreed delegates at a conference being held in Madeira reviewing the future of ship registers US reaction to Athos 1 US CONGRESSMEN yesterday passed a measure aimed at preventing oil spills in US waterways like the 2004 accident where the Athos I spilt over 80 tonnes of heavy crude Paranagua repaired after Vicuna THE Cattallini liquid bulk terminal at the Brazilian port of Paranagua has re-opened, seven months after it was closed following an explosion on a chemical carrier Settle dispute, port workers urged BOMBAY High Court has urged Mumbai Port Trust and the 1,500 striking transport workers to settle their dispute quickly Tugs fail to shift Kiperousa EFFORTS to pull the bulker Kiperousa from South Africa's Eastern Cape coast at the weekend proved fruitless, despite the aid of two of the most powerful tugs available Capital withdraws IPO plans CAPITAL Maritime & Trading has pulled plans for its $250M initial public offering, calling into question whether sufficient demand exists for shipping IPOs yet to come to market PSA to raise $297M through bonds EU urges action on scrapping Orkney hub could 'end congestion' Madeira awaits manning approval Madeira wants register independence Nigeria plans tanker strategy Seacor's Seabulk take-over approved ABP posts steady profit progress Algeria resumes UK LNG shipments Picket lines at Vancouver

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JUNE 28, 2005
Pricing power shifts back to truckers As demand continues to run ahead of available capacity, motor carriers once again are calling the shots when it comes to pricing. TACA LA charge still suspended Export ABCs: Foreign Trade Regs and compliance No talks in Vancouver truck strike U.S. wins Korea semicon case Mumbai strike continues PSA investment critical: Lee New Safmarine president MOL shuffles Euro team New Crowley execs, restructuring

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JUNE 28, 2005
Government infrastructure funding on horizon for Canada's ports In a move hailed by shippers and port circles, the Canadian government has introduced amendments to legislation that would provide ports with access to federal funding for key infrastructure projects. High Court moves to resolve Mumbai dispute India's High Court has directed the Advocate General to convene a meeting with all the parties connected to the current dispute in Mumbai to find a solution to the issues. Trade disputes simmer on as Beijing accuses EU over manipulation of shoe trade statistics Cosco Holdings shares scrape bottom of the range Cosatu strikes limited blow on South African ports SPRC seeks partners for Contecar development ABP warns of retail 'destocking' result at Southampton subsidiary Hapag-Lloyd/NYK service to go weekly in September Hamburg Sud's consolidation boosts Columbian hub STX Pan Ocean and Heung-A launch second joint service NZ port has new hub vision Kalmar to maintain Patrick's Brisbane automated terminal MOL (Europe) MD gets new executive board KCTA to hold port sales in Japan to promote Gwangyang

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JUNE 28, 2005
Bottiglieri owns up Michele Bottiglieri appears in US court to admit to false records over waste disposal. Six pack for Star Reefers Oslo listed operator splashes out $117m after deciding ship ownership beats chartering. Pan Ocean shoots for $453m Bulk carrier owner earmarks funds for newbuildings as it sails for Singapore IPO. Capital crossfire Finger-pointing starts over failure of Capital Maritime's $250m IPO, as outsiders claim internal flaws doomed deal. FAV eyes expansion Norwegian industrial group wants to grow its fleet of three general cargoships this year. Angola mulls new port African oil producer could spend $290m on developing new terminal for tankers. Garware gathers resources Indian owner's share issue and sale of older vessel to generate funds for fleet expansion. NIB gets closer to Frontline etc Dutch bank severs ties with Norwegian rep to take control from the Hague. Kiperousa logs to go Salvors to start removing cargo from bulker stranded off South Africa in effort to pull it free. Nigeria plans tanker venture State oil company aims to capitalise on crude export trade through a new shipping company. Capital Maritime pulls $250m IPO Marinakis retreats from deal with investors who expected cut-rate pricing in weakened climate for shipping issuers. Migunov takes control at Prisco Russian owner's Singapore chief the surprise choice as new general director. ACM adopts Schau and Pupkin Broker buys in old Far East hands as it beefs up new Asian shop in Singapore. Labroy nails livestock orders Singapore shipbuilder wins rare newbuilding deal for up to two livestock transporters. India revives SCI stake sale Government to carry out a stock split before offloading 15% share. Cosco Corp converts Singapore shiprepairer wins deal to transform four older tankers into double-hulled vessels. CSG sends tanker for scrap China Shipping Group is using its own domestic subsidiary to send an older vessel for demolition.

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JUNE 28, 2005
APL's box rates, volumes still rising Grand Alliance confirm first Amsterdam call First 5,500-TEU ship to call at Brazilian ports U.S./Puerto Rico carriers raise bunker, intermodal surcharges MOL (China) opens Chengdu office Airlines ranked by quality under new Cargo 2000 benchmarks Lufthansa Cargo raises fuel surcharge Cathay Pacific to add fourth daily Hong Kong/London flights Continental Airlines to start Houston/Bonaire flights TTMA appoints Friehe to board of directors AISA vows to fight for shippers' association NSA rights AISA offers shippers' associations cargo insurance program U.S. shippers spent more than $1 trillion on logistics in 2004 Program helps Mozambique export cashews to U.S. Port truckers on strike in Vancouver Brunswick's Mayor's Point terminal sees 160% cargo growth in May

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JUNE 28, 2005
Russia to increase oil exports in July Russia is scheduled to increase oil exports through all terminals in the Baltic and the Black Sea in July compared ... Shipyard hires more workers and will not close for holiday The A.P. Møller-Mærsk owned shipyard Odense Steel Shipyard is to work more during the summer period. Instead of closing ...

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JUNE 28, 2005
Vancouver bunker suppliers unconcerned by truck strike Disruption to container movement in the port may last a week, but bunker market largely unaffected. US increases single hull spill liability Legislation increases single-hull tanker oil spill liability levels and introduces new rules for US waterways. Shell to divest marine businesses in Ireland The Royal Dutch/Shell Group of Companies (Shell) is in negotiations with a number of prospective buyers for its retail and commercial businesses both in the Republic of Ireland and Northern Ireland, including its marine businesses. Mixed messages over Russian oil taxes Customs officials have predicted yet another hike in export taxes from August 1, while the country's Industry and Energy minister was reported saying that taxes had reached their upper limit. Asian fuel crack weakens further on fundamentals and pricing Asian fuel oil swaps eased further today on softer crude prices, but fundamentals and pricing activities exacerbated losses as the market awaits a slew of incoming arbitrage cargoes in July. 'Royal' barge fleet grows with birth of new princess By a happy coincidence, the arrival in Rotterdam this weekend of the hull for the latest newbuild bunker barge for FTS Hofftrans coincided with the birth of a new Dutch princess, and both will be named 'Alexia'. Rotterdam stable Tuesday morning with continued congestion Tankers arrested for not carrying delivery order Two tankers loaded with fuel oil were arrested by the Indonesian navy for not carrying a Delivery Order onboard.