Overseas Shipholding To Purchase Two VLCCs
Overseas Shipholding Group Inc. on Tuesday said it will buy two very large crude oil carriers (VLCCs) from Bergesen D.Y. ASA for a total of $156 million, through its joint venture with Frontline Ltd.
Northrop Grumman To Comply With DOJ's Information Request
Defense contractor Northrop Grumman Corp. said on Tuesday that it will comply with a request from the Department of Justice for additional information on its proposed…
Panamax Freights Rise, Pacific Rates Hold
Panamax freight orders picked up for Atlantic tonnage on Tuesday while Pacific rates continued to hold strong, shipbrokers said. In the short-period market, the 75…
Piracy Hits New Heights
Pirate attacks rose 57 percent in 2000, and were nearly four and a half times higher when compared with 1991 according to a report by the ICC's International Maritime Bureau (IMB).
An Artistic Interpretation
In the distance, storm clouds drop their torrent upon the sea as the ship breaks through heavy seas. The number on her bow — 85 — disappears and reappears with each crest of the waves.
World Industry Drives Freight Rates Up
In 2000, freight rates turned out at a significantly higher level than during the previous year. On an average basis, tripcharter rates for Capesizes (150,000 dwt) more than doubled to $17…
MITAGS Chooses STN Atlas For Major Upgrade
The Maritime Institute of Technology and Graduate Studies (MITAGS), of Linthicum Heights, Md., has awarded STN Atlas a contract to upgrade one of MITAGS' full mission simulation systems.
Texas Maritime Academy Ship Simulator Attracts All Levels
Marine industry operations will grow and develop with highly trained workers as a result of the expansion and upgrade of the Full Mission Ship Simulator used by the Texas Maritime Academy.
Tests Prove CLT Prop Characteristics
The CLT propeller recently underwent real-world testing, which proved, according to its designer and manufacturer that the propeller can help to reduce or eliminate…
New Launching Platform for Navy
The Navy has entered a new era of ship construction in Bath, Maine. The introduction of an innovative construction and launching platform brings some of the most…
Innovators Recognized at Patent Ceremony
Outstanding creativity in science and engineering were recently honored by a U.S. congressman and senior Navy officials. Keynote speaker U.S. Rep. Roscoe G. Bartlett…
State of the P&I Market: As Stocks Drop, Rates Will Rise
The 13 P&I Clubs within the International Group continue to dominate the world market for shipowners' liability insurance despite increasing competition in recent years from fixed premium facilities.
State of the P&I Market: As Stocks Drop, Rates Will Rise
The 13 P&I Clubs within the International Group continue to dominate the world market for shipowners' liability insurance despite increasing competition in recent years from fixed premium facilities.
Greasing the Skids
Record gas prices, OPEC solidarity and a U.S. administration doling out incentives for exploration and production all add up to good news for those companies conducting…
Frozen Gas Market Heats Up
While seemingly miniscule in terms of deadweight tons ordered and delivered per year as compared to the shipbuilding business as a whole, the production of gas tankers…
Strong Market Continues
In 2000, VLCCs obtained $53,000 per day, up from less than $20,000 in 1999. Old VLCCs reached $33,000 per day compared with only $11,000 in 1999. The freight market…
Shipbuilding Prices Firm Up
International shipbuilders enjoyed a healthy year, with the main contributors being tankers and container vessels. Following upon these ordering activities, R.S.
Separatist Group Had Planned to Bomb British-Bound Car Ferry
The Basque separatist group ETA planned to set off a car bomb aboard British-bound ferry Val de Loire, but the activists in charge of the attack were reportedly captured by Spanish police last week.
Softship Issues IPO At $3.42 Per Share
German software company Softship will issue shares in its initial public offering at $3.42 per share, below the company's $4.50-$5.35 bookbuilding range, the lead underwriter said on Tuesday.
Tanker Market To Hit Record-Breaking Lows
The tanker market is fast approaching record lows, with little prospect of recovery this summer, brokers said on Tuesday. "It's back to the bad old days," said one London broker.
