Mitsui Marine, Sumitomo To Merge
Sumitomo Marine & Fire Insurance and Mitsui Marine & Fire Insurance have agreed to merge by April 1, 2002, in a move that would create Japan's largest non-life insurer.
Iraq: Oil Prices Not Too High Yet
Iraqi Oil Minister Amir Muhammed Rasheed said that oil prices were not too high and accused the United States of overreacting to the rally. Rasheed also said that…
Surplus Of Chemical Tankers To Reduce Earnings
The world's fleet of chemical tankers has risen by 25 percent over the last four years, leading to a tonnage glut and the specter of reduced revenues for shipowners, an industry report said.
IEA Concerned By Tight Oil Supply
The Governing Board of the International Energy Agency last week discussed the current restraints on world oil supply, the significant decline in oil stocks worldwide and the sharp rise in oil prices.
Pirates Beware: The Gurkhas May Be Lurking
A British firm is offering shipping companies the services of up to 300 ex-British Army Gurkhas to combat piracy, particularly in Asia. Anglo Marine Overseas Services Ltd.
Cruise Relations Get Chilly In Alaska
After a decade that saw the size of Alaska cruise ship crowds triple and pollution from the massive vessels foul area waterways, state officials are moving to blunt…
Washburn & Doughty Develops New Methods In Handling Large Contract
Washburn & Doughty Shipyard of East Boothbay, Maine is preparing to launch Tracy Moran, the fourth in a series of six Z-Drive Tugs under construction for the Moran Towing Corporation of Greenwich…
FY 01 Civil Works Budget Proposes $4.06B Program
President Clinton's budget transmitted to Congress includes $4.06 billion for the USACE Civil Works program. In addition, the program will include $322 million in…
Finnish Yards Impact Kvaerner '99 Results
Kvaerner ASA announced a record 1999 pre-tax loss, hit by restructuring costs and weak non-core operations, but forecast an upturn at its core businesses in 2000.
Chiles Offshore Enters Into Arrangement
Chiles Offshore LLC has begun a bareboat charter arrangement with Perforadora Central of Mexico City, who is the owner of the Mobile Offshore Drilling Unit, Tonala.
Unitor Secures Significant Orders
Unitor, Norway's international ship supply specialist, has garnered its largest ever single order for ships equipment with a $6.8 million contract from Poland's…
Townsend Bay Receives Dive Boat Order
Townsend Bay Marine LLC, a yachtbuilding and repair company based in Port Townsend, Wash. has received an order from Fr. Lurssen Werft of Bremen, Germany, to build…
Aker Develops New Division
Aker Maritime aims to provide cost effective solutions for deepwater drilling and production riser systems through its Riser Solutions Group. The group, which is headed by Jeff Mesamer…
LR Appoints New Commercial Director
Gael Lewis was elected commercial director at Lloyd's Register (LR), effective February 14. In this newly created position, Lewis, who joined LR as manager, special projects this past December…
OPEC Output Increase Could Cause Tanker Shortage
Any easing of OPEC oil output restraints would be unlikely to create a shipping shortage despite charterers currently avoiding older tankers, ship brokers and analysts said.
INTERTANKO: Use Erika to positive effect
The breakup of the Erika off the French coast in severe weather on 12 December 1999 and the subsequent spillage of 14,000 tonnes of her heavy fuel oil cargo have…
IEA: Expressing Concern Over Tight Oil Supply
At a scheduled meeting today, the Governing Board of the International Energy Agency discussed the current restraints on world oil supply, the significant decline…
Navrom Vessels Sold At Auction
PriceWaterhouseCoopers, liquidator of Romanian state-run shipping company Navrom Constanta, said it sold six Navrom-owned cargo vessels at an auction in the Black Sea port of Constanta.
Tanker Detained In U.K.
An Italian classed oil tanker has reportedly been detained at the U.K. port of Felixstowe after an inspection found a number of defects, the UK Maritime & Coastguard Agency said.
Capesize Rates Firm
Capesize rates firmed again worldwide but brokers said charterers were increasingly conducting business under the counter. Panamax rates were also firmer east of…
