North Sea Tanker Market Leads Boom
Tanker markets around the world soared this week, led by the North Sea market where rates swelled by nearly a third as supply dried up for end-month loading dates.
ADSB Signs Strategic Agreement With Halmatic
Abu Dhabi Ship Building (ADSB) has formed a strategic agreement with Halmatic Ltd., U.K. According to ADSB's managing director, Lawrence Holliday, the agreement…
Alfa-Laval Establishes Presence Onboard World's Largest Liner
Swedish engineering company Alfa-Laval, which is known for its heat transfer and fluid handling will ensure that Cunard's Queen Mary 2 will be self-sufficient of…
House Committee Approves $30 Million For Title XI Guarantees
The House Committee on Appropriations approved a bill that would provide $30 million for Title XI loan guarantees in Fiscal Year 2002, the highest level of Title…
Hutchison To Hold 45 Percent Stake in Container Port Project
Hutchison Whampoa Ltd. would directly hold about 45 percent, not 65 percent, of the phase three of the Yantian container port project in the southern Chinese city of Shenzhen…
Turkish Boat In Distress Off Greek Islands
A Turkish boat with 68 people on board has issued a distress signal south of the Greek island of Rhodes, the Greek Merchant Marine Ministry said on Thursday. "It…
Orders at South Korean Yards Down 36.9 Percent
South Korean shipyards won shipbuilding orders of 4.2 million compensated gross tons (CGTs) during the first half of this year, down 36.9 percent from a year ago…
Cammell Laird Axes 187 More Jobs
Struggling shipbuilder Cammell Laird Plc, which is in receivership, has announced a further 187 jobs cuts in Britain on top of over 600 previously announced redundancies.
Grand Bahama Shipyard Floating Dock Departs Cascade General
Grand Bahama Shipyard's Floating Dock No. two, known as the form Portland Floating Dock No. four, left the Cascade General Portland Shipyard in Oregon on Friday…
BAE and Vosper Thornycroft To Divvy Up 45-Ship Order
The British government said on Tuesday it would split a new order for Type 45 destroyers for the Royal Navy between BAE Systems and Vosper Thornycroft. But BAE,…
NKK, Kawasaki Tap Top Investment Banks To Negotiate Merger
In order to help negotiate its pending merger with Kawasaki Steel Corp., NKK Corp., has called upon Goldman Sachs Group Inc., while Kawasaki has reportedly hired…
Economic Slowdown Contributes To NOL's Downgrade
GK Goh Securities has downgraded Neptune Orient Lines (NOL), the world's sixth largest container shipper, to hold from buy due to the economic slowdown that is expected…
MAAG to Supply Gearboxes for IZAR-Built Norwegian Naval Vessels
Danish engineering group FLS Industries on Tuesday said its Swiss-based MAAG unit won a 120 million crown ($13.8 million) order to supply gearbox systems to a Spanish shipbuilding group.
India's Coastguard Saves Abandoned Cargo Ship Crew
India's coastguard rescued 30 crewmen who abandoned a Vietnamese cargo ship carrying 13,200 tons of potash fertilizer on Tuesday after it began sinking off the east coast of India…
$35.4 Million Dredging Contract Will Provide Post Panamax Access at Dubai Port
Dubai's Jebel Ali port has awarded a 130 million dirhams ($35.4 million) contract to Belgium-based Dredging International to make the port accessible to "Post Panamax" super-container vessels…
Flender Werft Receives Containership Orders
Hamburg-based shipping company, Claus-Peter Offen has placed a double order (with an option for one more) with Flender Werft Aktiengesellschaft for the construction of 3,600 teu containerships.
Atlantic Market Freight Rates Fall Steadily
Freight rates continue to fall in the Atlantic market as fresh grain enquiry failed to compensate a slowdown in demand, shipbrokers said on Monday. Brokers reported…
Noble Drilling Rig Damaged in Severe Weather
Noble Drilling Corp. said on Monday that the Noble Jimmy Puckett, a 300-ft. independent leg cantilever jackup rig, was damaged when it encountered severe weather while under tow in Indian waters.
New Technology Debuts in Oslo
NorShipping 2001, held in Oslo, Norway in early June, once again proved to be a dynamic exhibition complete with some of the more influential personnel in the marine…
Forging Ahead
Despite a marked drop in shipbuilding volume during the past decade to lower cost competitors in the East, Germany's marine market has maintained it adherence to…
