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Government divestment plan lifts Daewoo shares
South Korea will privatise state-invested firms including Daewoo Shipbuilding and Marine Engineering, its finance minister said yesterday, lifting shares of the world's No 3 shipbuilder by 5 per cent.
Baltic index falls further as Aussie congestion eases
The Baltic Dry Index, a measure of shipping costs for commodities, had a seventh straight decline as vessel congestion eased in Australia.
DRPA to refinance debt worth US$358m
The Delaware River Port Authority (DRPA), one of the last municipal borrowers to issue auction-rate bonds, will refinance US$358 million of the debt this week, more than five months after the market collapsed.
Royal Caribbean's net profit falls to US$84.7m

Strait Talk

A sinking feeling for smaller shipping lines
THE international shipping market has always been notable for entrepreneurs who have come along, set up lines and flourished.

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Shipping News

Government divestment plan lifts Daewoo shares
South Korea will privatise state-invested firms including Daewoo Shipbuilding and Marine Engineering, its finance minister said yesterday, lifting shares of the world's No 3 shipbuilder by 5 per cent.
Baltic index falls further as Aussie congestion eases
The Baltic Dry Index, a measure of shipping costs for commodities, had a seventh straight decline as vessel congestion eased in Australia.
DRPA to refinance debt worth US$358m
The Delaware River Port Authority (DRPA), one of the last municipal borrowers to issue auction-rate bonds, will refinance US$358 million of the debt this week, more than five months after the market collapsed.
Royal Caribbean's net profit falls to US$84.7m

Strait Talk

A sinking feeling for smaller shipping lines
THE international shipping market has always been notable for entrepreneurs who have come along, set up lines and flourished.

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Bidding war begins as NOL openly bids for Hapag-Lloyd APL reveals June container volume and revenue up 13pc Shekou, CIQ set up green passage for Olympic cargo at CCT OOCL renews US Customs-Trade Partnership Against Terrorism certificate Maersk turns to Yiwu International Logistics Centre for transshipments Canadian National, CP team up for Vancouver yard switching Staten Island ExpressRail performs well in first year CEVA integrates global businesses with four new heads JAL launches charters from HK to Haneda Airport, Tokyo Air New Zealand's starts Auckland-Beijing service Air Canada to reduce flight frequency yet again

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Schenker India proves its ODC logistics expertise once again FEFC carriers gain as Asia-Europe trade grows GE Shipping to enhance presence in offshore segment Passenger vessel built at HSL sets sail for Lakshadweep KoPT's Diamond Harbour CT cost estimates double We facilitate trade & solve problems, clarifies Customs chief Rlys' Q1 freight revenue surges by 22 pc Velji Dosabhai ships 20 export boxes from ICD-Ankleshwar to JNP Cost-effective facility for trade Tea exporters now face regulations IMF predicts 8 pc GDP growth in 2008 Exim Bank to raise Rs 17,000 cr. this fiscal Ficci wants changes in NAMA draft Duty drawback made simpler Nama-11 rejects move to limit flexibility on tariffs at WTO meet

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Ceva announces worldwide integration of business units New shipping services from Russia to Western Europe Swiss acquires Servair Dachser and Seacon Logistics found joint venture

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JULY 22, 2008
Pirates seize bulker NOL bids for Hapag-Lloyd Singapore to aid Indonesian ferry safety OW continues training programme Draught survey warnings

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JULY 22, 2008
Derecktor Shipyards Connecticut files for Chapter 11 Shipping industry protests Hebei Spirit detentions Somali pirates seize 52,454 dwt bulker NOL makes bid for Hapag-Lloyd container business

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Investors shrug off doubts over NOL's Hapag-Lloyd bid NOL'S stock rises despite earlier concerns that it may overpay for the German line. NOL talks down Hapag-Lloyd takeover value Wei resigns as chairman of third Cosco unit HE stepped down as chairman and director of Hong Kong-listed Cosco Pacific to concentrate on leading Cosco Group. New IEX India-US service set to replace old IDX route OOCL, Hapag-Lloyd, CMA CGM, NYK and APL to launch new service on August 8.

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JULY 22, 2008
Kremlin divvies up Sakhalin-1 gas GAZPROM has climbed down from demanding sole rights to sell all of the gas from the Sakhalin-1 scheme. Singapore investigates bunkering AT LEAST one bunker supplier ' Gas Trade ' is being investigated in Singapore on suspicion of unauthorised transfer of fuel from a terminal, Fairplay 24 has learned RCCL ties layoff to price rise ROYAL Caribbean Cruises chairman Richard Fain has acknowledged today that the company's 400 layoffs were a painful but necessary reaction to unprecedented operating difficulties in the cruise sector Security tactics spur suit A LAWSUIT filed against Princess Cruises and US law enforcement agencies alleges that two passengers were the victim of civil rights violations during a security scare

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JULY 22, 2008
ILWU contract talks progress, but frustrations remain at dock slowdowns No union labor agreement yet, but both sides say progress is being made on reaching a new multi-year labor contract for West Coast ports. Evergreen, Port of Baltimore in 10-year agreement NOL bids for Hapag-Lloyd Storm to hit Brownsville port Record Norfolk Southern net New project liner service connects Asia, WCSA UPS profit slides 21% Insurers bid for Panama Canal advisory services New vessel expands Caytrans breakbulk service US offers farm support cuts OOCL joins Indamex lines

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JULY 22, 2008
LA productivity 'down 40%' as contract talks continue NOL confirms indicative non-binding bid for Hapag-Lloyd Dolly upgraded to hurricane but oil price still eases DP World issues trading update

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JULY 22, 2008
Arlington jumps Edward Terino-led tanker owner posts 34.9% boost in second-quarter profits. Euronav orders Belgian owner books three tankers at South Korea's Samsung Heavy Industries. Royal rise Richard Fain-led Royal Caribbean's stock posts big gains Tuesday after the cruiseship owner unveiled cost-cutting measures. Doubly Maersk Maersk Line Limited paid $11m each for a pair of vessels exclusively brokered by another AP-Moller Maersk arm. Ampal wants all US-listed company makes bid for remaining stake in Gadot Chemical Tankers and Terminals. Profits galore Euronav reports its best-ever first-half results as tanker rates surged. Korea roasted Nation under fire for unjust and unreasonable detention of two officers cleared of causing the Hebei Spirit oil spill. Suape swells Brazilian port sees 18.7% cargo surge in the first half as dry-bulk and project cargoes jump. Ocean Rig de-lists DryShips pulls Ocean Rig off the Oslo Stock Exchange after taking full control of the company. Wei off again Cosco Group chief walks away from second chairmanship in two days after quitting his post at Cosco Pacific. Oman, not again! This time French Navy come to aid of UAE ship off Oman after Lehmann Timber ordeal ends. Supramax seized Somali pirates may have landed biggest catch to date with reports a Japanese bulker is hijacked. Any takers? No bids yet as WSF tries to sell its four Steel Electric veteran ferries on eBay. Tallink warns Fuel bills have doubled since September, leaving Estonian ferry player at a loss this year. STX adds one Korean shipbuilder books a VLCC newbuilding from Europe for $153m. Chinese takeaway Malaysia's Global Carriers picks up $20m product tanker at its old favourite, Ningbo Shipyard, with tasty delivery date. DSME on song South Korean shipbuilder bags record sales in the second quarter lifting its bottom line by 13%. RCCL axes 400 Soaring fuel costs send profit slumping and staff out the door as RCCL also pulls out of student programme. Vroon breezes in Dutch owner has ordered two wind turbine installation ships at Cosco Nantong in China. Full speed ahead Sale of share in Daewoo Shipbuilding to go ahead 'immediately', Korean finance minister says. GSI thinks big Takeover of Wenchong yard to give major boost to Chinese shipbuilder's 2008 profit Price of progress NOL has bid for Hapag-Lloyd but analysts fear it will pay over the odds to gain control. Derecktor files US ferry builder enters Chapter XI bankruptcy protection to settle dispute over ship delivery. Ray eyes yards Israeli car carrier king Ravi Ungar wants to build up to seven shipyards in Vietnam Fiji fury Construction company stuck on remote island with 13 trucks for two days after chartered ship ups and leaves. SCI's bonus State owner plans to issue extra share for every two held, most of which will go to the government. Engines galore MAN wins 18 engine order from AP Moller for recent boxship orders at Hyundai. BGP near order Chinese geophysical company poised to contract seismic streamer newbuilding. More SapuraCrest John Fredriksen's Seadrill takes another nibble of Malaysian offshore player. Extras aid NOL BAF and higher backhaul freight rates help lift revenues at Singapore liner operator.

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JULY 22, 2008
NOL, Hamburg consortium vie for Hapag-Lloyd Senate wants Kings Point audit, citing possible misuse of funds Suez Energy proposes U.S.-flag re-gas ship for LNG import plant ESPMC-WITASS implementing heavy box surcharge CMA CGM U.S. subsidiary makes three changes Horizon Lines names director of investor relations UPS 2nd quarter profits tumble Forward Air reports improved results Canadian Pacific Railway sees profits decrease WTO finds against Chinese treatment of imported auto parts NFTC warns against clouding Doha talks with IP rights issues Marsh, AIG offer new supply chain disruption insurance Chinese auto components exports to India soar Stanley awarded $3 million USTRANSCOM contract Feds donate dredge fill for new Charleston terminal

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JULY 22, 2008
Chinese fuel oil imports slump High prices blamed for collapse in demand. Bunkering fumes draw new complaints Undesired side-effects hard to avoid despite Gibraltar's 'very well regulated' bunker industry. New main number for Global Fuels & Lubricants Global bunker market report Rotterdam market firming quickly New bunker facility boosts throughput Novorossiysk port says bunker transshipment complex is making an impact. Trading manager appointed to Chemoil's Singapore team New recruit has background in regional oil products trading, derivatives and brokerage. Bunker prices rebound in Asia Demand reported to be average. Bunkerworld welcomes panelist to Risk Management forum Sri Lanka's biggest supplier to lose Colombo tank facilities Supreme Court orders holding company to return a block of port land to the government. HPCL offers end-August fuel oil cargo The 380-cst cargo likely to be sold at a firm price due to a tight East Asian market.