Global Marine Earnings Hit By Soft Drilling Market
Global Marine Inc. reported that its earnings fell sharply in the second quarter and that it expected second half earnings to be significantly lower than those of the first six months of 1999.
Former J.Ray McDermott Executive Charged
A former executive of shipbuilder J. Ray McDermott was reportedly charged with participating in an international bid-rigging conspiracy, the U.S. Department of Justice said.
Hanjin Heavy Wins $160M In Orders
Hanjin Heavy Industries Co. reportedly won $160 million in contracts from Germany to build four container vessels.
Van Ommeren, Clipper In Dry Freight Venture
Van Ommeren, due to merge with domestic rival Pakhoed, announced its Van Ommeren Shipping venture will combine dry freight operations with those of Clipper Group in a new joint venture.
ARCO Chief Receives $27.6M BP Pay-Off
Mike Bowlin, chief executive of the U.S. oil major Atlantic Richfield Co. will reportedly receive a $27.6 million severance payoff when his company is acquired by BP Amoco Plc.
P&O European Ferries Orders £33M Ferry
P&O European Ferries reportedly signed a £33 million contract with Japanese shipbuilder Mitsubishi Heavy Industries to build a new ferry for the Irish Sea.
Kvaerner Faces $125M U.S. Lawsuit
Kvaerner is reportedly facing a damages claim for $125 million following its repossession of a cruise ship four years ago.
Smit Internationale Buys South Africa’s Pentow
Smit Internationale NV reportedly agreed to buy South Africa's Pentow Marine (Pty) Ltd.
Montanari Extends Bid For Skaugen
Navigazione Montanari will reportedly extend the offer period on its bid to take over Norwegian shipping firm I.M. Skaugen by two weeks.
Osprey Obtains Loan Extension
Osprey Maritime Ltd. reportedly reached an agreement with its bankers for an extension of a portion of its loans, currently totaling $370 million.
Germany Gets Cableship Orders
A.P. Moeller ordered two additional cable-laying vessels from its wholly-owned Volkswerft shipyard in Stralsund, eastern Germany. The ship's deliveries are set at end-2000 to early-2001.
Cruise IPO Heavily Oversubscribed
A $16.7 million initial public offering by Cyprus' Louis Cruise Lines was close to 30 times oversubscribed, a company spokesman said.
Kvaerner Agrees To Sell Govan Yard
Kvaerner agreed the terms of its deal to sell the Govan shipyard in Scotland to GEC's defense unit, lifting the threat of major jobs losses there. Kvaerner said…
Trouble In Paradise?
The cruise shipping industry, which has invested billions of dollars in new ships and enjoyed an unprecedented bull run during the last five years, suffered a major…
Govan Shipyard Deal Back On?
It appears that the survival of Glasgow's Govan shipyard is a good bet, as GEC's defense arm is said to have agreed in principle to buy it from Kvaerner. Kvaerner…
Cairncross Shipyard Taken Over
Ernst and Young reported that Cairncross Shipyard in Brisbane - reportedly the largest ship repair facility in the Southern Hemisphere - was taken control of by…
Japanese Foreign Ship Orders Plummet Nearly 25%
Japanese shipyards in June received foreign ship orders for 20 vessels, or 667,500 grt, down 24.4 percent from a year earlier, the Japan Ship Exporters' Association said.
Maersk Line Joins Safmarine on S. Africa/U.S. Route
Maersk Line reported that its ships would join Safmarine and MSC on the express service between South Africa and the U.S. The express service deploys seven vessels…
Oil Edges To 20 Month High
What goes down must come up? The world oil markets have again demonstrated the flair for the dramatic swing, moving higher on Wednesday, powered by stringent OPEC…
New Ferry Service Mulled
The Iceland Steamship Company Ltd. (Eimskip) Iceland's largest shipping company, is considering starting a passenger and car ferry service between Iceland, the Faroe Islands…
