Northrop Grumman Moves Ahead With Hostile Takeover
Northrop Grumman Corp. started its exchange offer for shares of Newport News Shipbuilding Inc., moving forward with its hostile bid despite Newport's planned merger with rival General Dynamics Corp.
Bergesen Reports Strong Profits
Norwegian shipping group Bergesen reported record first-quarter profit on Tuesday, boosted by high tanker rates, and said it expected operating profit to rise substantially this year.
Cammell Laird Receives An Offer For Teesside
Cammell Laird, which is in receivership, has had an offer to buy its Teesside yard in northeast England, giving a glimmer of hope for workers fearing further job cuts.
Lukoil Subsidiary Gets Stake In North Sea Shipping
Russia's LUKOIL-Arctic-Tanker, a LUKOIL shipping subsidiary, has acquired a controlling stake in North Sea Shipping in Archangelsk for an undisclosed price. The newly-acquired company…
The Rich Get Richer
Shipping magnate John Fredriksen is Norway's richest man, his tanker company Frontline is the world's biggest, and now his week-old gas transport venture Golar…
Damaged Tanker Impounded
An oil tanker that blew up in the Black Sea this month killing two crew was impounded by Romania on Tuesday after its Bulgarian owners failed to pay a rescue operation bill of almost $1 million.
BP Chief: Bush Plan Will Not Spur More E&P
BP Plc Chief Executive Sir John Browne described President George W. Bush's energy plan as "comprehensive" but said it would not make crude oil any cheaper and would not spur BP to step up its U.S.
UAE To Ban Bad Vessels
The United Arab Emirates will soon implement a ban on vessels carrying the flags of certain countries from entering its territorial waters. The decision follows…
Container Vessel Sold For $11.8M
Keppel Telecommunications and Transportation Ltd. sold a container vessel for $11.8 million to Turkish buyers. The MV Kimanis is a 923-TEU built in 1993 and was…
Global Marine SCORE Up 7.2%
Global Marine reported that the company's worldwide SCORE, or Summary of Current Offshore Rig Economics, for April 2001 increased by 7.2 percent over the previous month's SCORE…
BIDCO Acquires A.J. Brothers Marine Construction
On April 26 Buffalo Industrial Diving Company, Inc. (BIDCO) of Buffalo, N.Y., completed its acquisition of A.J. Brothers Marine Construction, Inc. a fixture in the…
Air-Craft Carrier Stennis is Hollywood-Bound
The nuclear-powered aircraft carrier John C. Stennis is the star of Monday's world premiere of the $135 million epic movie, "Pearl Harbor," the story of America's…
NOAA: Atlantic to Experience Mediocre Hurricane Season
U.S. government weather experts on Monday predicted an average hurricane season in the Atlantic Ocean this year, with five to seven hurricanes expected to threaten homes…
Northrop Grumman Complies With Antitrust Regarding NNS Purchase
Defense contractor Northrop Grumman Corp. on Monday said it notified the U.S. Department of Justice and the Federal Trade Commission of its intent to acquire Newport News Shipbuilding Inc.
Moody's Declares Negativity at Stena AB
Moody's Investors Service today confirmed the Ba3 rating for senior notes of Stena AB ("Stena") and changed the outlook for its ratings to negative from stable.
Atlantic Panamax Rates Ease, Pacific Reports Losses
Panamax freight rates in the Atlantic have eased with little business to report and a similar situation in the Pacific has led to losses on the Baltic Panamax Indec, brokers said on Monday.
Chiles Offshore Signs Notice of Award for Rig Under Construction
Chiles Offshore Inc. today announced that it has executed a Notice of Award for a long-term contract by an affiliate of Phillips Petroleum for its ultra-premium…
Carnival To Sell Airtours Stake
Shares in Britain's largest package tour operator Airtours Plc fell by as much as eight percent on Monday after Carnival Corp said it would sell its 25 percent stake in the company.
Tanker Rates Collapse At Week End
Tanker rates collapsed towards the end of last week as owners rushed to fix cargoes and move their Very-Large-Crude-Carriers (VLCCs) away from the Mideast Gulf where…
Freighter Into Bremen For Repairs
The Norwegian International Register freighter Lysfoss sailed from Belfast on May 20, bound for Bremen to carry out repairs, Reuters reported. The 3,728-dwt freighter was being escorted by a tug.
