Eighteen Missing After Ferry Sinks
Eighteen people are missing after a ferry boat sank in the Nile River in northern Sudan. The boat reportedly sank on Nov. 19 while crossing the Nile in the town of Wadi Halfa…
Oil Prices a Nine-Year High As Iraq Suspends Exports
Oil prices rocketed to a new nine-year high on Nov. 22 after Iraq suspended oil exports under its humanitarian exchange program with the United Nations. London January Brent futures opened at $25.90…
Transport Firms To Gain From U.S.-China WTO Pact
The accord between China and the U.S. on Beijing's entry to the World Trade Organization (WTO) will boost trade and benefit transport companies in both countries, industry officials said.
Little Change Seen In Offshore Rig Counts
Offshore rig activity changed little from last week, according to Offshore Data Services' weekly mobile offshore rig count. In the U.S. Gulf of Mexico, 145 of 191…
Fresh Chartering Lifts Outlook For Market
Sentiment was lifted in the dry cargo freight market last Tuesday by both an actual and potential fresh chartering inquiry from grain and coal charterers in particular, brokers said.
Brokers See End To Tanker Slide
A continued slide in Middle East tanker rates to near year lows was expected to end this week by the emergence of Saudi stems and a resumption of Iraqi exports, shipping brokers said.
CGES Sees Oil Levels Nearing Minimum
Oil inventories are getting so tight that commercial stockcover held by oil companies could hit minimum operating levels by early next year, London's Center for Global Energy Studies warned.
Australian Family Uninjured In Pirate Attack
Pirates sprayed bullets into an Australian family yacht near the coast of Yemen and the holidaymakers were eventually rescued by a Saudi Arabian oil tanker, one of the victims said.
Day-Long Strike Deals Blow To Bangladesh Shipping
A day-long nationwide strike called by Bangladesh's opposition parties last Tuesday (Nov. 16) dealt a fresh blow to the country's shipping sector, already hit by political unrest in the country…
Lockout Ends At Canadian Ports
Maritime employers agreed last week to end a lockout at Canada's West Coast ports that stalled millions of dollars in cargo shipments for eight days in a dispute…
Shipbuilders Multitask To Gain Experience, Stay Competitive
Worldwide, the road to success in the ship and boatbuilding market is literally paved with companies that have gone belly up, been acquired or are currently hanging by a literal thread.
Asia Plays Intricate Role In Marine Fuels
The International Bunker Industry Association (IBIA) pointed out the role that Asia will play in the future of the marine fuels industry. As announced at IBIA's…
Variety Of Vessels Acquired
OMI Corp. has agreed to attain one of two Suezmax tankers currently under construction in Korea from Mega Tankers ASA of Oslo. The second tanker is being acquired by Frontline Ltd.…
Hempel Gears Up For Y2K
Known for its place in the marine and industrial protective coatings industry, the Hempel Group is scheduled to open a new state-of-the-art production facility in early 2000.
Transcoastal Marine Third Quarter Results Reported
TransCoastal Marine Services, Inc. reported revenues of $25.7 million for the quarter ended September 30, 1999 compared to revenues of $44.9 million for the same quarter in 1998.
Pegasus Shipping Mulls Restructuring
Panamax tanker specialist Pegasus Shipping is discussing the restructuring of its $150 million 1997 junk bond issue with noteholders. "Pegasus Shipping...is holding…
Stena Buys Scandlines
Ferry operator Stena Line purchased smaller Swedish ferry group Scandlines AB from the state owned railway group SJ for $67.5 million. Scandlines, with 1,180 staff…
Adsteam Performance Ahead of Last Year
Adsteam Marine Ltd. is performing better than in the same period last year, but company officials said no decision has yet been made on or not to sell the firm's stake in Holyman Ltd.
Premuda To Use $30M Bond To Buy Ships
Italian shipping company Premuda SpA has completed a $30.9 million bond issue in order to acquire more ships. The bond issue will give Premuda greater liquidity…
Moody's May Upgrade Royal Caribbean
Moody's Investors Service placed the long term debt ratings of Royal Caribbean Cruises Ltd. on review for possible upgrade based on its improved debt protection measures…
