CPC Pays Thousands In Demurrage Due To Cracked Hoses
Sri Lanka's Ceylon Petroleum Corporation (CPC) will have to pay thousands of dollars in demurrage daily as it repairs faulty underwater hoses used to unload oil…
Y2K Worries Prompt Cargill To Avoid S. Africa
Cargill U.S.-based commodities giant Cargill Inc. has told South Africa it plans to avoid trading there from mid-December to mid-January because of worries over…
Enterprise Shipholding Rating Downgraded To B2 From Ba3
Moody's Investors Service downgraded its rating for the senior notes of Enterprises Shipholding Corp. to B2 from Ba3. The downgrade reflects Moody's expectation…
Elf Will Only Talk Merger If Totalfina Agrees To Spin Off Chemical Division
Elf Aquitaine Chairman Philippe Jaffre said he will only enter merger talks with TotalFina if TotalFina agreed to spin off the merged group's chemicals activities into a separate company.
Analysts Say Oil Stockpiles Could Vanish By Late Fall
Excess oil industry stockpiles are likely to disappear entirely in October or November as winter demand overwhelms supply constrained by OPEC export curbs, analysts said.
Bulgaria, Serbia River Traffic Resumes
River Danube traffic between Bulgaria and Serbia partially resumed at the end of June, immediately after NATO'S air war against Yugoslavia finished, according to…
IMF Releases World Economy Expectations
The International Monetary Fund has ratcheted up its growth forecasts for the world economy this year and next, as the U.S. economy maintains momentum and key emerging…
Brazil's Container Shipping Sector Undergoes Changes
Brazil's container shipping sector is undergoing another scene change as players in the sector again change partners. Carriers Transroll Navegacao and Alianca Transportes…
Blessey Prepares To Christen M/V Doug Barker
On Friday, September 17, Blessey Marine Services' newest vessel, M/V Doug Barker will moor near the Hilton Hotel for its christening ceremony. Measuring 78 x 28 x 11 ft.
Daewoo Heavy Not Likely To Spin Off Soon
Heavy Industries, one of the 12 Daewoo Group affiliates put under a debt rescheduling program, is not likely to be separated from its parent group any time soon, a creditor bank official said.
Three Tankers Purchased
Unknown Italian buyers recently purchased three 1979 Japanese-built tankers for a total of $5.9 million. The vessels acquired by the Italians were the Sarpindo Palapa (16…
Shell To Sell London Building
Oil giant Royal Dutch Shell said on Monday it was selling its landmark London Shell-Mex House building to privately owned U.S. property group Witkoff Group. Shell…
Holyman Rejects Takeover Bid
Directors of shipping and transport group Holyman Ltd. unanimously rejected a revised takeover bid from tugboat operator Adsteam Marine Ltd., saying it was still below fair value.
Hvide Marine Files Voluntary Chapter 11
Hvide Marine Inc. has submitted a voluntary Chapter 11 filing in the U.S. Bankruptcy Court in Delaware. This filing allows Hvide to operate its businesses in a regular…
Offshore Shares Driving The Oslo Market
Share prices in Oslo rose in August for the sixth consecutive month, and can thus show for positive share price movements for seven out of eight months so far this year.
Tightened Supply, Severe Winter Could Drive Oil Even Higher
Oil importers last week were facing the prospect of a severe winter price spike as OPEC exporters prepared to turn the screw on stringent supply restrictions. Benchmark…
Aframax Charterers Say Size Does Matter
Charterers are benefiting from the increased size of modern Aframax tankers by not having to pay a premium for the extra capacity, tanker owners say. "Analysis of…
Australian Collins Subs Will Not Be As Fast As Expected
Australia's ill-starred fleet of Collins class submarines could dive into action next year after a major refit, although they will end up slower than originally planned…
Tank Tests
The Salvage Association (SA) said last week that it has pinpointed phosphoric acid as another chemical cargo causing some anxiety to marine underwriters, following…
Seaonal Surges Not Enough To Lift Rates From Depression
Sustained strong oil demand growth is required to lift product tanker freight rates out of their current depressed levels, shipbroker Simpson Spence & Young said in a new report.
