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Moody's affirms PSA Corp's AAA credit rating
PSA Corp's AAA credit rating has been affirmed by ratings agency Moody's, despite its parent PSA International being put on a credit watch, following the announcement last Friday of its decision to buy a 20 per cent stake in the port assets of Hong Kong's Hutchison Whampoa for US$4.39 billion.
Turmoil in Iraq put MMM's plans on ice
PLANS by Malaysian Merchant Marine Bhd to help rebuild the Iraqi Oil Tankers Company's fleet have stalled until the political situation in Iraq improves, a top company official said yesterday.
Panama unveils canal expansion plan
PANAMA unveiled an ambitious US$5.25 billion plan on Monday to expand its famous canal to handle a new generation of mammoth cargo ships and oil tankers.
Behemoth on the water

Strait Talk

Scope for PSA to expand as port boom continues
SINGAPORE port operator PSA International's purchase of 20 per cent of Hong Kong-based Hutchison Whampoa's port business, though puzzling, is certainly an interesting move.

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Shipping News

Moody's affirms PSA Corp's AAA credit rating
PSA Corp's AAA credit rating has been affirmed by ratings agency Moody's, despite its parent PSA International being put on a credit watch, following the announcement last Friday of its decision to buy a 20 per cent stake in the port assets of Hong Kong's Hutchison Whampoa for US$4.39 billion.
Turmoil in Iraq put MMM's plans on ice
PLANS by Malaysian Merchant Marine Bhd to help rebuild the Iraqi Oil Tankers Company's fleet have stalled until the political situation in Iraq improves, a top company official said yesterday.
Panama unveils canal expansion plan
PANAMA unveiled an ambitious US$5.25 billion plan on Monday to expand its famous canal to handle a new generation of mammoth cargo ships and oil tankers.
Behemoth on the water

Strait Talk

Scope for PSA to expand as port boom continues
SINGAPORE port operator PSA International's purchase of 20 per cent of Hong Kong-based Hutchison Whampoa's port business, though puzzling, is certainly an interesting move.

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Senator to introduce Asia-Med service OOCL, Simatech to launch new Gulf-India-Straits service Daniel Richner takes over from father at M+R Spedag Group Regal Maritime upbeat about Iraq prospects World's first passive IC box tag with temperature sensor developed Kuehne + Nagel Q1 net profit up 46pc Chittagong congestion reported PSA to replace container truck fleet China Southern resumes Pyongyang, Moscow services UPS Q1 net income rises 10.5pc Lufthansa Cargo to raise fuel surcharge

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OOCL announces new Gulf-India-Straits (GIS) service w.e.f. May 10 Marine hull policy premia to rise by 40 pc King Box rules the waves! Merrill Lynch, Lazard ready to finance Iran-Pak-India gas pipeline project PPT felicitates Port users, bestows excellence awards Albatross CFS commences operations at ICD-Dadri Boxtrans Logistics signs MoU with CONCOR Payment of licence fees through EFT mode made compulsory Apeda to set up market facilitation centre in Netherlands Banks plan to form consortium to fund SEZ projects RBI fixes rates for pre & post-shipment credit in foreign exchange Finance Ministry seeks details of abatement for levy of excise duty S&P gives Exim Bank BB+/B rating AIAI to hold meeting with Istanbul Mayor today Nicaragua invites Indian business with tax holidays

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Iberia CEO Mullor resigns Business good for Hamburg Süd in 2005 Aeroflot joins SkyTeam Kuehne + Nagel acquires groupage business from F.W. Deus Poste Italiane eyes IPO and reports good results in 2005 Open skies between UK and Canada CargoSmart reduces prices Transpotec Logitec 2006

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APRIL 25, 2006
Panama set for US$5.25bn Canal expansion Camillo Eitzen inks newbuilds deal ANL boosts AAX service LR classes Qatar LNG giants

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APRIL 25, 2006
Keppel FELS in Indonesian fab yard venture Panama Canal unveils expansion plan

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Panama unlocks path to $5.25bn canal expansion AFTER seven years of exhaustive studies the Panama Canal Authority has finally revealed a $5.25bn expansion project that, if approved by voters, will transform the world's key trade routes. Woodside plans $4bn LNG orders ORDERS for up to 18 liquefied natural gas carriers are planned by Australia's Woodside Petroleum in a newbuilding programme that could be worth about US$4bn. Brussels ready to act alone on recycling THE European Commission is prepared to act on ship recycling in advance of the development of rules agreed through the International Maritime Organization. Hyundai Merchant shares take rocky ride as Fredriksen increases stake SHARES in Hyundai Merchant Marine had a roller-coaster ride yesterday, surging by about 14% in morning trade amid takeover talk after it emerged that Norway's John Fredriksen had indirectly become the firm's largest shareholder, writes Keith Wallis in Hong Kong.

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APRIL 25, 2006
Transpetro tanker prices tumble SHIPYARD directors in Rio de Janeiro, Brazil, have shaved millions of dollars off the asking price to build 26 tankers for state run operator Transpetro Finnlines to cut capacity FINNLINES, the Helsinki-based freight ro-ro, feeder container ship and stevedoring group, is to cut capacity on some of its services after 1Q06 profit fell to €6.1M ($7.3M) NY ferry official sentenced for lying JOHN Mauldin, a former New York ferry port captain, has been sentenced for lying to investigators about the two-pilot rule Gemini costs brings OMI down US tanker operator OMI Corp saw first quarter profits fall by 16% as a result of a $15M increase in charter hire expenses related to its Gemini Suezmax Pool Hamburg Süd calls for consolidation GERMAN carrier Hamburg Süd is calling for a consolidation of liner services on key north-south routes that were swamped with capacity last year Temporary halt on strategic reserve growth JUST one day after the US Department of Energy initiated plans to hike the Strategic Petroleum Reserve, President Bush has called for a temporary halt to SPR deposits Al Salam transcript 'deeply distressing' Naval error led to sinking, claims SCI Panama unveils canal expansion plan Boluda unveils Marseilles yard plan Malacca strait pirates lay low PIL to float ship finance fund

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APRIL 25, 2006
Panama Canal to double capacity Panama proposed a $5.25 billion expansion that will add a third lane and double capacity of the canal by 2014. DHS to screen port workers Stevens, Inouye to speak at container gala Union Pacific rolls out chassis pool for ocean shipments Hamburg Süd revenue gains, but outlook is less certain Forum mulls Miami port access BNSF profit surges Northwest ups fuel fee Norfolk Southern revises fuel surcharge YRC profit expands Strong Q1 for Con-way

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APRIL 25, 2006
Hutchison Whampoa to buy stake in Tianjin port IPO Hutchison Port Holdings parent Hutchison Whampoa, which has just agreed to sell 20% of HPH to PSA, will take a strategic stake in Hong Kong IPO candidate Tianjin port. Duisport marshals defences against Raiders of the Logipark Duisburg port authority Duisport is marshalling defences against the prospect of becoming a Deutsche Bahn subsidiary, after DB board member Diethelm Sack confirmed interest in a majority share. Panama Canal auctions show premium potential Terminal operators ink deepsea agreement, amid hinterland investments Masterfoods gives cool reception to 20ft reefer shortage Montreal sees 2006 box growth despite Q1 decline HMM Q1 results beat expectations Gwadar port to have export zone

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APRIL 25, 2006
Not ours! Italy's BNavi says it's not the manager of ship whose master was arrested for intoxication, but V Ships subsidiary is. Forward looking? Then you'd better look elsewhere, pal, as OMI Corp won't have anything to say about the future of the market, its vessels or its trade routes. Fyhr not Jefferies confirms departure of Magnus Fyhr, dean of shipping equity analysts, and elevation of Doug Mavrinac in his place. Finnlines to wield axe Finnish ro-ro owner to cut capacity and staff in bid to rein in costs. Good times, for now... Profit up at Hamburg Sud but stark warning issued on the effect of over-capacity on freight rates in 2006. OMI builds Petrobras link Brazilian energy giant emerges as charterer of OMI suezmax Cape Bonny as Stamford owner wins upgrade from Dahlman Rose. Hoegh profit tumbles Soaring fuel costs bite Leif Hoegh as operating profit slides, but new vessels should add revenues this year and next. Great Eastern takes the money Indian owner sells 1996-built MR tanker, but has five more on order. Cut that out! A Nordic environmental pressure group is seeking a total ban on sewage discharged by vessels operating in the Baltic Sea. Detentions rise in Japan Port state checks round up 30 deficient vessels during March. Ferry official lied after crash Former New York employee sentenced to probation following 2003 accident that left 11 people dead. Shun Tak in reverse Hong Kong fast ferry company sees profits and revenues fall back in 2005. Taiwanese turnaround First Steamship of Taiwan gets back in the black through vessel sell-offs despite lower freight sales. Big plans for Panama Canal Panamanian people to decide on $5.25bn proposal to add extra lane by 2014, which would allow ships of up to 170,000 dwt and 12,000 teu to transit vital waterway. Up and down at HMM Korea's Hyundai Merchant Marine sees shares fluctuate on news of profit drop and John Fredriksen stake. PIL plans shipping fund Singapore's Pacific International Lines said to be planning country's first shipping investment trust. Three more pirate attacks The International Maritime Bureau (IMB) reiterates its concerns about piracy at Chittagong anchorage with another attempted raid. All smiles at Grieg Bergen bonanza as the Grieg group celebrates its best ever annual result. Crew rescued from sinking cargoship Four men from general cargoship picked up by other vessel involved in collision off Swedish island of Gotland. Fredriksen closes on HMM Tanker titan now largest shareholder in Hyundai Merchant Marine after snapping up more shares. GSI up on completions China's Guangzhou Shipyard International sees 2006 first quarter net profits more than triple. Yantai eyes Oslo Chinese shipbuilder looks to Norwegian borse to raise $150m and may also list in Singapore.

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APRIL 25, 2006
Liner shipping revenue up at Hamburg Sud CMA CGM (America) to revise Indamex bunker prices monthly Cargolux's profits propped up by sale Continental's results improve with $66 million 1st quarter net loss Lufthansa Cargo, Cargolux to raise fuel surcharges NWA Cargo to raise fuel surcharges Singapore Aircraft Leasing Enterprise orders 10 Boeing 737s Norfolk Southern to revise fuel surcharge California land ports to be included in automated truck manifest program NRF slams SOS container scanning bill Scottish & Newcastle hands over U.K. distribution to Kuehne + Nagel Lighter companies get break on hazmat transport rules Brittin joins GlobalWare Solutions Kuehne + Nagel to buy DEUS's groupage business Schenker opens branch office in Chongqing Panama Canal announces expansion plans APM Terminals to buy 30% stake in Eurogate's JadeWeserPort Savannah opens new container berth Forest product shipments may stimulate backhaul growth at Longview Marseilles-Fos' throughput up 5% Dunkirk's 1st quarter box volumes up 3% Houston commission approves RPM installation

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APRIL 25, 2006
Four saved after collision On Tuesday morning, The Danish-flagged 555-DWT coaster "Marina-S", built 1970, sank after a collision with the Swedish ... Additional work for Consafe on Sakhalin Göteborg-based Consafe Offshore has secured an additional agreement to the charter of the floatel and service rigg "Safe Bristolia ... Fabricius buys three chemical tankers Rederiet Fabricius A/S is expanding its fleet ' again! This time the company has purchased the entire fleet from Jens ...

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APRIL 25, 2006
US to free up more oil, bring prices down President Bush stopping purchases for strategic reserve, pushing for more refineries. US: New marine lubes company seeks 'super hub' status A newly formed marine lubricants company in the US reveals ambitious goal of being a super hub for the marine market. SPC posts Q1 profit decline Weaker refining margins and US dollar depreciation hit profits at one of Singapore's top-ten bunker suppliers. Bunker team changes at PDVSA One newcomer and one transferral announced. Rotterdam numbers back down from record high SGX announces launch of OTC clearing facility SGX will offer OTC clearing of transactions on Singapore fuel oil 380 cst and 180 cst swaps. Singapore: Bunker prices firm in balanced market Suppliers noted good bunker availability and healthy demand.