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…
CMB Rated 'Market Performer'
Bank Degroof has upgraded its rating on Belgian shipping company CMB to "market performer," and raised the company's earnings forecast for both 1999 and 2000. A…
Danish Shipping Profits Drop
Danish shipping's gross profits fell three percent on an annualized basis to $965 million in 1998, hit by falling freight rates and the economic downturn in the Far East…
Container Shippers Seek Rate Hikes
A group of container-shipping companies will reportedly seek rate increases of between 10 and 15 percent next year on cargo traveling to the United States from Asia.
U.S., Brazil Close To Shipping Pact
A shipping agreement, which was expected to be signed last Wednesday between the U.S. and Brazil reportedly will provide equal access to government business and…
CMB Expects To Sell Naviga Insurance
Belgian shipping company CMB expects to sell off its Naviga insurance unit within the next three months and book a significant capital gain, Finance Director Patrick De Brabandere said.
Seacor Smit Announces Third Quarter Results
Seacor Smit Inc. announced net earnings for the third quarter ending Sept. 30 of $5 million on revenues of $71.9 million. Results for the quarter included a charge…
Illegal Port Shut Down
Syrian authorities closed down an illegal port built by President Hafez al-Assad's disgraced brother Rifaat in the Mediterranean port city of Latakia, official sources said.
