Iran Makes $100 B Oil Find, Major Companies Compete For Big Deals
Iran announced its biggest oil find in 30 years last week, a 26-billion barrel field discovered just as the country drives to revive exploration activities and foreign firms compete for big deals.
Louis Cruise Lines Acquires New Ship
Louis Cruise Lines has acquired its seventh cruise vessel, boosting the total capacity of its fleet to 5,803 passengers. The vessel, M/S Mermoz, was bought from Prestige Cruises NV…
P&O Plans to Tackle German Cruise Market
British shipping group P&O plans to enter the German cruise market, one that the company sees as underdeveloped and with huge growth potential. The Peninsular and…
Five Years After Ferry Disaster, Victims' Relatives Still Seek Answers
Five years after the sinking of the Estonia ferry, in which 852 people were killed, relatives of the victims are still seeking the full facts, and some believe that the ship was sabotaged.
Latvian Shipping To Update Aging Fleet
Latvian Shipping has started a renewal of its aging fleet by placing an order for six new tankers, according to the company's president. Andris Klavinsh said the…
Iraqi Oil Sector 'Doing Nothing' To Prepare For Y2K
Iraq's oil industry is not prepared to deal with the millennium bug and may be forced to shut down production and exports at the turn of the year, according to an industry source in Baghdad.
Mobil Prepares To Make Millennium Uneventful
In contrast to people who may still be hoping to find space on a cruise ship, Dan Zivney knows exactly where he'll be on New Year's Eve. He'll be watching for "Y2K…
Adsteam Extends Offer For Holyman
Adsteam Marine Ltd. extended its 80 cents a share takeover offer for ferry and transport group Holyman Ltd until Oct. The offer was to close Sept. 27. The extension followed a rival offer on Sept.
Hitachi Zosen Reports Extra Profit
Major Japanese shipbuilder Hitachi Zosen Corp. will obtain an extraordinary profit of $140 million in the ending in September due to a sale of idle land. It will sell 30,316 sq.
Osprey Reports Disappointing First Half
Osprey Maritime Ltd. reported poor interim results, and announced that the second half would be difficult due to pressure on charter rates. The outlook for Osprey…
Mitsubishi Heavy To Cut 5,000 Jobs, Forecasts Loss
Mitsubishi Heavy Industries Ltd. will cut its work force by 5,000, under a new business plan to be drawn up by the end of October. Under the staff-reduction plan…
Royal Caribbean Prices Public Offering
Royal Caribbean Cruises Ltd. has priced the public offering of 10,800,000 shares of its common stock at a price of $46 11/16 per share. Of the 10,800,000 shares offered…
India Eases Norms For Ship Imports
India has eased norms for the import of ships, the government announced last week. Import of ships by open general license (OGL) under a bareboat charter-cum-demise method…
U.S. Petroleum Inventory Drops, Oil Prices Soar Higher
Oil's eight-month rally hit yet another high Sept. 29 as dealers cited news that U.S. petroleum inventories had dropped to near-three-year lows as proof OPEC supply…
World's First Floating Resort Scheduled To Set Sail In 2001
The world's first ocean-going luxury resort is scheduled to be afloat late in 2001 now that Bahamas-registered ResidenSea has secured financing and found a builder, company officials said.
Drilling Sector May Have Missed Chance For Consolidation
Despite the announcement of a large offshore drilling merger this summer, the fragmented industry may have missed its chance for further consolidation due to a recent swift cyclical upswing…
Frontline Wins Two-Year Fight For Control Of ICB
A two-year battle for Swedish tanker company ICB Shipping ended Sept. 23 in victory for Norway's Frontline - but only after four of 12 ICB tankers are sold to a new group set up by key ICB players.
Improving Rates May Help Shippers Cope With Fuel Costs
Shipowners are now better placed to cope with soaring fuel prices because of growth in trade as Asia recovers from economic crisis, industry sources and analysts said.
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