Wholesale Port Sell-Off Not An Option
South Africa said it would not go for the wholesale sell-off of ports as they were regarded as strategic assets. Public Enterprises Minister Jeff Radebe said that…
VLCC Rates Hit Highs
Middle East to Asia bound very large crude carrier (VLCC) rates have hit to a new record high beyond the psychological barrier of W200, brokers said on Tuesday.
Dry Bulk Markets Lower
The Baltic Dry Index (BDI) shed seven points to 1,701, the Baltic Panamax Index (BPI) eased four points points to 1,520, the Baltic Handy Index (BHI) dropped eight points to 1…
Mytilineos Eyes Major Stake In Shipyard
Greek engineering and metallurgy group Mytilineos is eyeing a majority stake in Hellenic Shipyards in an effort to penetrate further into Greece's defense industry, a company official said.
IEA: Carbon Emissions Set to Rise Steadily
World energy use will grow by a steady two percent a year from now till 2020, and carbon dioxide emissions which contribute to unwanted climate change will rise at about the same rate.
Insurance Market To Back Reform
The International Underwriting Association, Lloyd's and the Lloyd's Insurance Brokers' Committee have unveiled a jointly agreed program to reform business processes in the London insurance market.
Banking Sector Feels The Effects Of Consolidation
The number of major banks involved in the shipping industry has decreased substantially over the last few years. According to Michael Parker, managing director of Citibank…
SS&Y Indices Drop
Shipbrokers Simpson, Spence and Young's Pacific Capesize Index was down 62 points in the week ending Monday to 6,019. "Another quiet week in terms of inquiry, which…
Ship Pollution Takes Center Stage In Europe
Smoke from Europe's ships is fast becoming the biggest source of acid rain-causing sulfur pollution, a recent report said. By 2010 ships will account for 30-40 percent…
Grain Trading Is Quiet
Grain fixing for Iran continued to hold interest in an otherwise quiet sector, brokers said on Monday. IRISL fixed unnamed tonnage to lift 50,000 tons wheat from St.
Bulker Under Tow
The Malta-flag bulker XL has been taken under tow by a tug and is bound for Singapore, Reuters reported. The 150,661-dwt bulker had been drifting off northwestern…
Abidjan Port Head Axed
Ivory Coast's new government has replaced the head of the country's main port of Abidjan, who was appointed by the former military administration, state media reported.
Iraq
Iraq has set the stage for enough snags in its oil-for-food export program to keep overheated oil markets nervous about possible export disruptions until mid-January…
McKeil Marine Sells Tug
McKeil Marine Ltd. of Hamilton, Ontario has sold its twin screw, 105' x 25' tug Offshore Supplier to Thompson Shipping Co., Ltd. The 910-bhp tug was originally built…
BP Amoco Awards Offshore Contracts
BP Amoco selected two companies to provide $1 billion worth of construction work on a number of its deepwater oil projects in the Gulf of Mexico. The company selected J.
CP Ships Continues New Ship Spending Spree
CP Ships has taken the next step in its major fleet re-building program by signing a contract with China Shipbuilding Corporation of Taiwan for the construction of five geared 3…
IMC To Construct $32.1 Million Chem Tanker
Shipping and trading company IMC Holdings Ltd. on Thursday said it plans to build a $32.1 million chemical tanker in China, scheduled for delivery on May 31, 2003.
EU Blames South Korean Yards For Low Prices
The European Union on Wednesday blamed low prices offered by South Korean shipyards for the depression in the world shipbuilding market and accused Korea of pricing ships at below cost.
P&O Steam Navigation's 3Q Profits Jump
UK shipping company Peninsula & Oriental Steam Navigation Co Plc said on Thursday its 50 percent owned P&O Nedlloyd joint venture had shown a big jump in third quarter…
Intertanko Prepares To Mull EC Proposals
The tanker owners' organization Intertanko, said on Thursday it is ready to discuss proposals by the European Commission to keep ships in port during storms - a…
