Newport News OKs Share Buyback Program
Newport News Shipbuilding Inc. has approved a $100 million share repurchase program, adding to a $100 million buyback plan authorized last June. The new plan will be implemented over 2000 and 2001.
Kvaerner Faces New EU Subsidy Probe
The European Commission has launched a probe into whether a German subsidiary of Anglo-Norwegian engineering and shipbuilding group Kvaerner Plc received excessive subsidies from Germany.
Carnival, Star Team Up To Buy NCL
Carnival Corp. and Malaysia's Star Cruises surprisingly joined forces in a battle to buy Norwegian cruise firm NCL Holding. The two companies dropped a bidding war…
Norway Rules Star Share Buying Legal
Norway's Industry Ministry gave Malaysia's Star Cruises a boost in a takeover battle for NCL Holding by saying Star's share buying did not violate Norwegian law.
Icebreaker Frees Trapped Cruise Ship
An Argentine Navy ice breaker battled to free a U.S.-operated cruise liner with 186 people aboard which is trapped in a field of ice off the coast of Antarctica on Jan. 31.
Lack Of Boats Delays Ivorian Plane Crash Search
Ivorian divers searching for wreckage of the Kenya Airways Airbus that crashed on Jan. 30 were forced to use a borrowed boat after an absence of suitable government…
Croatia To Aid Exports By Subsidizing Shipbuilding
The Croatian will subsidize the ailing shipbuilding industry to boost the country's stagnating exports, officials said, adding that while Croatia has few products it can export…
Exxon Tightens Tanker Chartering Rules
Exxon-Mobil has toughened its policy on using tankers more than 20 years old, shipbrokers said. The company has adopted a policy of accepting vessels more than 20…
Caland Preliminary Profits Up 4.7%
Dutch shipbuilding and engineering group IHC Caland Nv reported that 1999 preliminary net profit rose 4.7 percent from the previous year, and officials said they…
Norway To Rule On Star Bid
Norway's Industry Ministry is likely to make a ruling before Feb. 4 regarding a bid by NCL's board to deny votes to Malaysia's Star Cruises. NCL, the target of a bid war between Star and U.S.
ACT Gets Loan For Hong Kong Terminal Construction
Asia Container Terminals Ltd. (ACT) has signed a $437 million project financing agreement backing the construction and development of Container Terminal 9 at Tsing Yi Island in Hong Kong…
Safmarine Adds Three Ships To Schedule
South African shipper Safmarine will add three more ships to its current schedule serving the Mediterranean and Africa on Feb. The new ships bring the number of…
EU Launches New Kvaerner Shipyard Aid Probe
The European Commission is expected to start a probe into state aid to a German subsidiary of Anglo-Norwegian engineering and shipbuilding group Kvaerner Plc. The…
China Executes 13 In Piracy Case
China has executed 13 people for clubbing 23 seamen to death and throwing their bodies overboard in the country's biggest piracy case in 50 years, news reports said.
Planned Tanker Age Curbs Seen As Insufficient
Age limits being imposed on tanker chartering by oil companies do not address the use of ships like the Erika, which broke up off France in December, shipping industry sources said.
Ship Safety Database Set Up To Prevent Future Erikas
European maritime administrations signed an agreement to set up a central shipping safety database aimed at eradicating dangerous vessels. The Equasis system will…
TotalFina Drops More Cash Oil Spill Recovery
TotalFina plans to add $4.5 million for tourism promotion to the $120 million it has already pledged to clean up the December fuel spill from its chartered tanker Erika.
NCL Aims To Block Star Bid
NCL Holding plans to block a takeover bid from Star Cruises, accusing it of skirting the law and buying NCL shares. Officials of NCL, which is the target of a bid war between Star and Carnival Corp.…
SS&Y's Capesize Indices Drop
Shipbrokers Simpson, Spence and Young's Pacific Capesize Index fell 45 points to 4,060 in the week ending Jan. 24. "A fresh decline in the Pacific Capesize Index…
Chartering Conditions Dull Throughout Atlantic Sector
Chartering conditions were dull throughout the Atlantic sector of the dry cargo freight market, brokers said. Capesize activity was very limited and Panamax rates…
