Stena Bulk To Invest In VLCCs
Sweden's Stena Bulk will reportedly invest in and manage two new VLCC tankers being built in Japan for Golden Ocean Group, and has an option on a third vessel. Stena…
Russian Icebreaker Operator Predicts Easier Winter Conditions For Arctic Shippers
An earlier forecast that Arctic shipping would face problems from severe weather has not been realized, experts now see no major disruptions to winter shipping.
NNS Wins Two Ship Repair Contracts
Newport News Shipbuilding has been awarded two separate contracts for ship repair work. The first award is for the M/V 1st Lt. Alex Bonnyman, a Military Sealift…
IHI Cuts 1,200 Jobs
Ishikawajima-Harima Heavy Industries Co. Ltd. (IHI) will cut its work force by 1,200 from the current 13,200 by the end of March 2001. A spokesman said the company…
Hanjin Wins $294M In Orders
Hanjin Heavy Industries won orders totaling $294 million to build 10 ships for a Dutch firm, a German firm and one other European company. Hanjin Heavy said in a statement that Dutch firm Vroon B.V.
Baltic Exchange Seeks Mutual Status
The Baltic Exchange -- the world's oldest shipping market -- is seeking mutual status as a means to overcome conflicts between shareholders over the use of assets.
Attica Applies For Route Expansion
Passenger shipping firm Attica Enterprises applied last week to Greece's Merchant Marine Ministry for operating licenses on two domestic routes, promising hefty discounts on fares.
The Storm Before The Calm?
Advances in satellite communication product and service technology seem to have outpaced many of the markets they seek to serve. However, despite some jittery times…
Cyprus Complains To EC About Ship Detention Rates
Senior Cypriot maritime officials fended off criticism from delegates over the Cyprus fleet's detention rate, claiming the flag is being victimized. Cyprus has conveyed…
Panama Canal To Be Run As Business After Handover
The Panama Canal will be run as a competitive business for the benefit of the Panamanian people after it reverts to national control at year's end, the waterway's administrator said.
SS&Y's Atlantic Capesize Index Rises 186 Points
Shipbrokers Simpson, Spence and Young's Atlantic Capesize Index rose 186 points to 3,868 in the week ending Oct. 4. "The upward curve of the index remained steep…
SS&Y's Pacific Capesize Index Unchanged
Shipbrokers Simpson, Spence and Young's Pacific Capesize Index was unchanged at 3,287 in the week ending Oct. 4. "The Pacific is not matching the rapid progress…
U.S. Offshore Rig Demand Continues To Rise
The U.S. Gulf of Mexico offshore rig count is at its highest level in nearly a year, according to Offshore Data Services' weekly mobile offshore rig count. A four-rig increase in the U.S.
Capesize Index Jumps As Rates Rise
The Baltic Capesize Index jumped 39 points to 1,508 last week as caper rates continued to rise worldwide, brokers said. Ilva was reported to have fixed 130,000 tons…
Rates Steady On Tightening Tonnage Levels
Charter rates for crude tankers in the key Middle East market steadied at the beginning of last week after rising over the last few days on tightening tonnage levels.
Kvaerner Sells Norwegian Shipyard
Kvaerner sold its Leirvik AS shipyard in Norway to a unit of Saevik Holding AS. Kvaerner, which plans to quit shipbuilding by the end of 1999 as part of a thorough restructuring…
Oil At Sea Drops Sharply In Q3
Volumes of oil stored at sea shrank sharply during the third quarter with the consequent deliveries to refiners preventing a larger draw in onshore inventories, U.K. consultants Oil Movements said.
Atlantic Container Rates To Soar
Starting next year, the price to ship a container across the Atlantic ocean is to soar, as container shipping lines on the Atlantic will be seeking hefty rate increases s next year.
U.K. Drilling Activity 39 Percent Of 1998 Levels
U.K. offshore oil and gas appraisal and exploration drilling so far this year is only 39 percent of 1998 levels with no significant new drilling activity reported in the week ending Sept.
MMS Awards Contract For Royalty Reengineering
The U.S. Department of the Interior's Minerals Management Service awarded a $47 million, seven-year contract to Andersen Consulting to develop, install and operate…
