Samsung Wins $500 M In Orders
Samsung Heavy Industries Co. has won $500 million in orders to build eight ships for Greek, German and British companies, according to company officials. Samsung…
Oil Jumps As Support For Cut Extensions Grows
Oil prices surged on Friday as traders began to take seriously the prospect of an extension beyond next March of producers' supply curbs. International benchmark…
Energy Department To Watch Energy Supplies For Y2K Mishaps
The U.S. Energy Department will team with industry experts to monitor any disruptions to energy supplies worldwide as Year 2000 dawns, department officials said.
Royal Caribbean Fined $6.5 M For Spill
Royal Caribbean Cruises Ltd. was fined $6.5 million on Oct. 21 for dumping oily bilge water and other pollutants into Alaskan waters. The cruise line was placed…
Latvia Shipping Asks Hyundai To Extend Tanker Deal
State-owned Latvian Shipping has asked Hyundai Heavy Industries for an extension of the deadline for signing a $200 million tanker order. Latvian Shipping is in…
Piracy Rampant In Indonesian Waters
Pirate attacks more than doubled in Indonesia in the first nine months of 1999, prompting the International Maritime Bureau (IMB) to warn mariners to take urgent precautions in Indonesian waters.
Shipping Industry To Face 'Famine'
The shipping industry faces lean times or worse over the next few years, industry experts said at a round table discussion. "I don't see any fat times ahead. I see lean times and perhaps famine…
SS&Y Atlantic Capesize Index Rises 120 Points
Shipbrokers Simpson, Spence and Young's Atlantic Capesize Index rose 120 points to 4,520 in the week ending Oct. 18. "The Atlantic index exceeded 1997 levels on…
SS&Y Pacific Capesize Index Rises 179 Points
Shipbrokers Simpson, Spence and Young's Pacific Capesize Index rose 179 points to 4,378 in the week ending Oct. 18. "After last week's record rise (912 points),…
Offshore Rig Counts Unchanged
The number of mobile offshore drilling rigs under contract is unchanged from last week, according to Offshore Data Services' weekly mobile offshore rig count. In the U.S.
Capesize Markets Quiet, Remain Firm
Capesize markets were quieter worldwide last week, although rates remained firm. Panamax rates made further headway in most areas, and Handysize conditions were…
Increased Activity Can't Budge Moribund Rates
A flurry of activity in the main Middle East large tanker markets failed to move rates from their moribund levels last week, shipping brokers said. However, with…
Mobil Discovers New Gas Fields Of Australia
Mobil's wholly owned subsidiary, Mobil Exploration & Producing Australia Pty Ltd., has found significant new gas resources in the Carnarvon Basin, off the northwest coast of Western Australia.
Kvaerner Appeals EC State Aid Ruling
Kvaerner has appealed against a European Commission ruling that it must repay state aid of $44.8 million for alleged over-production at its Warnow shipyard in Germany during 1998.
Fincantieri to Cut $330M Over Three Years
Fincantieri SpA will reportedly cut at least $334 million in costs - or between 15 and 20 percent of the total - over the next three years to return to profit. "By 2001…
China Starts Work On Shipbuilding Center
China has begun work on what will become its biggest and most technically advanced shipbuilding center with an annual capacity of 1.8 million tons. The first stage of the shipbuilding center…
Hanjin Upbeat, Eyes Bigger Ships
Hanjin Shipping Co., cautiously upbeat on its prospects, will lease bigger ships as the company turns to profitability this year, its president said. Cho Sooho, the head of the South Korean firm…
OPEC: Too Early To Extend Output Cut Pact
OPEC's president said last week that it was too early for the oil producers' group to explore the possibility of extending a global supply curb pact beyond March.
HK Billionaire Has No Intention To Control Canal
Tensions surrounding the turnover of the Panama Canal from U.S. to Panamanian authority are running high. Last week, Hong Kong-based billionaire Li Ka-Shing said…
Ship's Fire Drill Sparks Massive Search
A fire drill by a ship triggered a massive search operation off the Philippine coast near Subic port last week to locate what was believed to be a burning vessel…
