U.S. Navy Awards Contract To Bath Iron Works
The U.S. Navy has granted the DD-21 Shipbuilder Alliance a $238 million contract for the application of Phase II of the design and development of the next-generation destroyer.
Leif Hoegh To Purchase Unicool Shareholding
Leif Hoegh & Co., who owns 49.8 percent of Unicool, has signed an agreement to purchase the 50 percent shareholding in the company owned by South African Marine Corp., effective early January 2000.
Indonesian Ferry Blast Kills At Least Three
An explosion on an Indonesian ferry on Dec. 2 killed at least three people, with 196 passengers rescued, local police said. They said the accident happened minutes…
NCL Turns Down Carnival's $1.7B Takeover Bid
NCL Holding ASA flatly rejected a 30 crown ($3.72) per share takeover offer from Carnival Corp, saying it undervalued the group's potential. NCL officials said it…
Avondale Shipyard Workers Unionize
An arbitrator has certified union representation for 4,100 workers at Litton Industries Inc.'s Avondale shipyard in New Orleans, labor officials said. When Litton bought the shipyard in August…
Secrecy In Tanker Market Said To Be Depressing Rates
Increased secrecy in the tanker chartering market may be pushing rates lower, even though many brokers and owners like the idea of doing private business. Always…
ISM Compliant Ships Make Fewer Claims: Insurer
Protection and indemnity (P&I) and hull insurer, The Swedish Club reported that a study it conducted showed direct evidence that ships complying with the International…
Norway Halts Sunken Ferry's Sister Ship
Citing indications of life raft and release system problems, Norway has withdrawn the operation permit of the sister ship of a high-speed ferry that sank in the North Sea on Nov.
SS&Y Atlantic Capesize Index Climbs 226 Points
Shipbrokers Simpson, Spence and Young's Atlantic Capesize Index rose 226 points to 4,367 in the week ending Nov. 22. "Gains of between five and 40 cents on many routes lifted the index this week…
SS&Y Pacific Capesize Index Down 12 Points
Shipbrokers Simpson, Spence and Young's Pacific Capesize Index was down 12 points to 4,282 in the week ending Nov. 22. "Short-term prospects remain good as the plethora…
Gulf Of Mexico Rig Count Increases
The U.S. Gulf of Mexico offshore rig count continues to rebound, according to Offshore Data Services' weekly mobile offshore rig count. This week, 149 of the 191…
New Workboat Management System Introduced
A system touted as the first fully integrated workboat management system - dubbed GlobeOffshore - will be unveiled by Globe Wireless at the International Workboat Show in New Orleans, to be held Dec.
Panama Canal Y2K Plans Are Progressing Full Steam Ahead
Plans to safeguard Panama Canal operations from Y2K-related disruption are highly advanced, the waterway's administration said last week. The Panama Canal Commission…
Suezmax Market To Be Hit Hardest By Iraqi Export Suspension
Depressed tanker markets will be hit hard by Iraq's decision to suspend crude oil exports for up to two weeks, tanker brokers said. Suezmax tanker rates in the Mediterranean…
Oil Prices At Nine-Year High As Iraq Suspends Exports
Oil prices rocketed to a new nine-year high Nov. 22 after Iraq suspended oil exports under its humanitarian exchange program with the United Nations. London January Brent futures opened at $25.90…
Hyundai Heavy Foreign Ship Orders At $440M
South Korea's Hyundai Heavy Industries Co. won $440 million in foreign shipbuilding orders for 11 vessels so far this month. -Taiwan's Yangming Marine Transport Corp.
Standard & Poor's Puts Stena Line On Credit Watch
Standard & Poor's placed its single-'B'-plus long-term corporate credit ratings, and its single-'B' senior unsecured debt ratings on Stena Line AB on CreditWatch with negative implications.
Handy Rally Ends Before It Gets Started
A brief pre-millennium recovery in the long-depressed Handy size bulk shipping markets appears to have been snuffed out before it got going, brokers said. A rush…
'Great Satan' Blamed for Iran's Y2K Woes
Although its more than 622 years away by their count, Iranians must deal with millennium issues in about 32 days. Iran's 20-year-old breach with the United States…
Another Fantasy Island? Floating Metropolis Plans Move Ahead
A massive $8.5 billion luxury floating metropolis, the biggest boat in history, is reportedly on the verge of being built in the poverty-stricken Central American nation of Honduras.
