Fincantieri to Cut $330M Over Three Years
Fincantieri SpA will reportedly cut at least $334 million in costs - or between 15 and 20 percent of the total - over the next three years to return to profit. "By 2001…
China Starts Work On Shipbuilding Center
China has begun work on what will become its biggest and most technically advanced shipbuilding center with an annual capacity of 1.8 million tons. The first stage of the shipbuilding center…
Hanjin Upbeat, Eyes Bigger Ships
Hanjin Shipping Co., cautiously upbeat on its prospects, will lease bigger ships as the company turns to profitability this year, its president said. Cho Sooho, the head of the South Korean firm…
OPEC: Too Early To Extend Output Cut Pact
OPEC's president said last week that it was too early for the oil producers' group to explore the possibility of extending a global supply curb pact beyond March.
HK Billionaire Has No Intention To Control Canal
Tensions surrounding the turnover of the Panama Canal from U.S. to Panamanian authority are running high. Last week, Hong Kong-based billionaire Li Ka-Shing said…
Ship's Fire Drill Sparks Massive Search
A fire drill by a ship triggered a massive search operation off the Philippine coast near Subic port last week to locate what was believed to be a burning vessel…
Military Modules To Be Cummins Powered
A large ship arrives off a port devastated by natural or military forces. The ship contains badly needed supplies but the port infrastructure has been destroyed.
Panama, U.S. Try To Smooth Frictions
President Bill Clinton and Panamanian President Mireya Moscoso tried to smooth over frictions last week over the handing back of the Panama Canal and vowed a "new…
New Crude Carrier Delivered
The Ras Laffan, a new Aframax double-hull crude carrier, was delivered to QM Tanker Co., LLC, a joint venture company owned 50/50 by Mobil Shipping and Transportation…
Fincantieri To Build Ferries For Minoan Lines
Fincantieri has signed contracts with Minoan Lines to supply two high-speed ferries for delivery in autumn 2001 and spring 2002. The price for each vessel is about $106 million, Fincantieri said.
NASSCO Named Prime Contractor
National Steel and Shipbuilding Company (NASSCO), a General Dynamics company, has been appointed the prime contractor on $17.4 million in research and development…
Horizon To Construct Upgraded ISTT
Horizon Shipbuilding was awarded a contract to construct a series of 30 ft. (9 m) fiberglass Improved Surface Tow Targets (ISTT) for the U.S. Naval Air Warfare Center…
More Independence Planned For Rotterdam Port Management
The Rotterdam city council recently accepted proposals that will make it possible for the Rotterdam Municipal Port Management to operate on a more independent basis.
Lloyd's Receives Authority From AMSA
Lloyd's Register has been given authority from the Australian Maritime Safety Authority (AMSA) to certify materials and equipment for use on ships registered by the Australian Administration.
Shannon Tugs Signs Three-Year Extension
Shannon Tugs, a 50/50 joint venture between Cory Towage and Marine Transport Services, has signed a three-year extension to its existing contract with Foynes Port Authority.
Finnlines Buys 16.6% Of Transfennica
Finnlines said it had bought forest industry group Stora Enso's 16.6 percent stake in shipping company Transfennica for an undisclosed sum. Finnlines said it and…
Odfjell Takes 50% Of Brazilian Shipper
Norwegian chemical tanker operator Odfjell last week acquired a 50 percent stake in Brazilian shipping company Flumar. Odfjell said the purchase would mean an investment…
UDL Holdings OKs Restructuring Plan
UDL Holdings Ltd., its subsidiaries and controlling shareholder have reached an agreement to restructure and rescue the group, excluding its unit KEL Holdings Ltd.
Bollore May Sell Intertechnique
France's Bollore does not expect lackluster operating income to fully rebound before 2001 and may sell its stake in Intertechnique to boost earnings. Vincent Bollore…
Adsteam Fails To Take Control Of Holyman
Tugboat operator Adsteam Marine Ltd.'s bid for Holyman Ltd. closed on Oct. 18 with shareholder acceptances falling well short of the level Adsteam needed to gain…
