President Clinton Energizes Oil Price Debate
It’s really quite amazing how one year and an additional $21 per barrel of crude can change people’s attitudes. It was less than 12 month ago that the price per…
Adsteam To Appeal Ruling Regarding Crewing
Towage group Adsteam Group Ltd. will appeal a New South Wales ports authority ruling that prevented it from applying planned reductions in tugboat crews in the state.
Shippers Seek $90M In Restitution
The association of Romanian river shippers said it would sue the Romanian government and NATO over a total estimated loss of $90 million because of the Kosovo conflict.
Carnival Cruise Ship Stricken Again
In what has become an all too familiar scenario, another Carnival cruise ship reported engine problems and ended floating aimlessly while passengers onboard no doubt fumed.
Leif Hoegh Forecasts Higher Profits
Norwegian shipping company Leif Hoegh forecast higher operating profits in 2000. The company reported an operating profit of $23.2 million in 1999, down from $70.97 million in 1998.
OSG Raised To “Buy”
ING Barings analyst Stephen Gengaro raised his rating of shipowner Overseas Shipholding Group Inc. to buy from hold and set a 12-month price target of $28 to $30.
Capesize Indices Rise
Shipbrokers Simpson, Spence and Young's Pacific Capesize Index rose 626 points in the week ending Monday, Feb. 14, to 4,449. "Charterers who had been watching the…
Cargo Ship Goes Down Quickly After Collision
A Portuguese-owned cargo ship sank in 90 seconds after colliding with a larger Italian vessel last Monday, and 13 of its 14 Spanish crew were feared dead, officials said.
Mersey Docks and Harbour Announces Record Profits
Mersey Docks and Harbour Company Plc, the U.K.'s number two port operator last week said full-year profits reached record levels. The group, which owns the Port of Liverpool…
“Old Ship” Fears Drive Tanker Markets Higher
North Sea crude markets held steady mid last week, as a combination of high freight rates and absences at industry functions subdued trade. Dated Brent was assessed…
Capesize, Panamax Markets Remain Firm
The dry cargo freight market remained firm for Capesize tonnage worldwide and for Panamaxes in the east, brokers said mid last week. Conditions remained weak for…
NLNG Buys Two Gas Vessels
Nigeria Liquefied Natural Gas (NLNG) purchased two vessels owned by Duke Energy to transport gas from the Bonny LNG plant. The company said it had long-term chartered…
Germany Will Seek $6.3M From Kvaerner
The European Commission asked Germany to recover $6.31 million in subsidies from Kvaerner ASA because a production ceiling at a German shipbuilding subsidiary had been breached in 1997.
Kvaerner To Sell Shipyards, Maritime Unit
Kvaerner Plc has agreed to sell its maritime and technology unit Kvaerner Maritime for $15.9 million in cash. Separately, the group will also sell its Fjellstrand…
SembCorp Sees Profits Rise, Eyes Business Abroad
Shipyard operator SembCorp Marine Ltd. posted a 9.6 percent rise in 1999 net profit to $46.5 million and expects to maintain profitability this year. SembCorp, which…
Freight Rate Hikes Benefit South Korean Shipping Firms
South Korea’s major shipping companies benefited in 1999 from freight rate hikes and lower foreign debt service costs resulting from the won’s surge against the dollar, analysts said.
Insurers Should Control Ship Classification System: Broker
Insurers should control the ship safety classification process in the light of weaknesses exposed by the Erika’s loss, a senior tanker broker said. Insurance companies…
RINA Testifies In International Erika Probe
Officials of Italian ship safety inspector RINA, which approved the tanker Erika as safe before it sank off France in December, testified to an international inquiry into the disaster…
NOL Upgraded By Salomon Smith Barney
Salomon Smith Barney has upgraded its recommendation on shipping group Neptune Orient Lines (NOL) to a buy from an outperform on the back of its new management and a strong U.S. market.
Star, Carnival Declare Victory In NCL Matter
Star Cruises and Carnival Corp. declared victory in a takeover bid for Norwegian cruise group NCL Holding, saying they controlled more than 90 percent of the shares.
