AIOC Awaits Go-Ahead on Caspian Oil Project
The BP-led Azerbaijan International Operating Company (AIOC) said on Wednesday it expected the Azeri government to give a green light in August for the next phase…
Cammell Laird Slashes 93 More Jobs
Struggling shipbuilder Cammell Laird Plc is to cut a further 93 jobs in Britain on the back of over 500 redundancies announced earlier in the year after the group entered into receivership.
American Eagle Tankers Files for IPO
Crude oil tanker owner and operator American Eagle Tankers Inc. Ltd. has filed for an initial public offering that could raise up to $132 million for the unit of Singapore's Neptune Orient Lines Ltd.
Eimskip Braces for Negative First-Half Returns
Iceland's largest shipping company Eimskip warned on Wednesday that rising costs and ballooning foreign exchange losses would have a "very negative effect" on its first-half results.
Newport News Backs $2.1 Billion Takeover From General Dynamics
Newport News Shipbuilding Inc. said Wednesday its board voted to back the $2.1 billion takeover offer from defense contractor General Dynamics Corp. over a rival bid from Northrop Grumman Corp.
Chilean Navy Reassesses Damage From Oil Tanker Spill
An oil tanker that ran aground in a remote southern Chilean fjord in late May spilled 92,600 gallons (350,528 liters) of crude, leaving an oil slick 70 miles (112…
Celebrity's Mechanical Problems Continue
Celebrity Cruises is canceling two cruises on Infinity to replace a ball-bearing unit in the ship's starboard propulsion system. The ship must enter drydock to replace the bearing…
Industrial Espionage Suspected At Wärtsilä
Wärtsilä's unit in Vaasa, Finland, has been hit by a case of serious industrial espionage, a regional paper Pohjalainen reported. "The police are investigating the case…
Frontline To Partake In VLCC Consortium
Frontline Ltd.'s board has finally approved to participate with a 33% interest in a consortium, which will be established to buy 4 VLCCs from Bergesen for a total price of $321 million.
Bulker Under Tow Off Brazil
Arrangements are being made to take the Maltese-flagged bulker Olympus, now off Brazil, under tow, Reuters reported. The 34,995 dwt bulker was involved in a collision…
Fire On Greek Ferry
A fire in the engine room of a Greek ferry carrying 531 passengers and 111 crew from Venice to the Greek port of Patras left the vessel out of control near the Italian coast…
NNS Board Approves General Dynamics Plan
Newport News Shipbuilding Inc.'s board voted to back the $2.1 billion takeover offer from fellow defense contractor General Dynamics Corp. over a rival offer from Northrop Grumman Corp.
Offshore Project To Get Green Light
The BP-led Azerbaijan International Operating Company (AIOC) expects the Azeri government to give a green light in August for the next phase of its Caspian oil production project.
Northrop Grumman Gets $154.9M Navy Deal
The U.S. Navy awarded Ingalls Shipbuilding, a Northrop Grumman company, a $154.9 million contract to begin advance procurement of materials for the construction…
New Class Initiatives Ready For Implementation
Implementation of nine of the ten sweeping safety initiatives announced by ABS, DNV and Lloyd's Register on March 15, 2001 will take place on July 1 as scheduled…
