Oil Price Dives
U.S. stocks of crude oil, gasoline and heating oil grew last week according to the Energy Department on Wednesday, which was more bearish than Tuesday's industry report, analysts said.
Tanker Rates Near Bottom
Tanker rates in the Caribbean have been free-falling all week, but the bottom is looming closer, brokers say. "They're about W307 today, but they're starting to firm up" said a U.S. broker.
$29.9M Approved For U.S. Shipbuilding Loan Guarantees
Congress has approved $29.9 million for the Maritime Loan Guarantee Program, or Title XI program, a $27.9 million increase over the President's Fiscal Year 2001 budget request.
Tanker Battle Snared In Court
Stelios Haji-Ioannou's tanker company Stelmar is poised to swoop on a fleet of modern petroleum products tankers but the deal has become ensnared by a bitter legal battle.
Spain Creates Joint European Company
Spain is in talks with several shipbuilders in Europe to create a joint European company similar to the aerospace EADS, the chairman of Spain's state holding company (SEPI) said.
Kvaerner, Saipem Sign $28M Deal
Kvaerner ASA said it has an intentional deal with Italian oilfield services company Saipem for a subsea umbilical project in the Gulf of Mexico. The deal, valued at about $28 million…
SCA Keeps Transit Fees Fixed
The Suez Canal Authority (SCA) will keep its transit fees, fixed since 1995, unchanged in 2001, it said. SCA chairman said an economic slowdown and deteriorating conditions in the shipping industry…
Houston Ship Channel Reopens Vessel Traffic
The Houston Ship Channel reopened to vessel traffic after being closed for three to four hours after a collision between a towboat and a work vessel in which one person was killed, a U.S.
Sovereign Of The Seas Docks In Fort Lauderdale After Partial Power Loss
The Royal Caribbean International cruise ship Sovereign of the Seas made an unscheduled stop at Port Everglades in Fort Lauderdale, Fla., this morning, to end its…
Hvide to Trade on Nasdaq Beginning January 2
Hvide Marine Incorporated (HMI) announced that its application for listing on the Nasdaq National Market has been approved. The Company's stock is scheduled to begin Nasdaq trading on January 2…
Coast Guard Issues Mississippi River Safety Advisory
The U.S. Coast Guard Captain of the Port (COTP), St. Louis, opened the Mississippi River to vessel traffic following the completion of dredging at mile marker 161.0…
Kuroyedov Urges Need Of Sub Upgrades
Russia's naval commander-in-chief Vladimir Kuroyedov warned the country's submarine fleet needed an urgent technological upgrade. Kuroyedov, reflecting on the Kursk…
Worldwide Offshore Rig Utilization Drops
Worldwide rig utilization decreased the week ending December 15, according to Offshore Data Services (ODS). With 560 of the world's 647 mobile offshore drilling rigs under contract…
SS&Y Indices Drop Again
Shipbrokers Simpson, Spence and Young's Pacific Capesize Index fell 53 points to 5,284. "Owners have been keen to get their vessels fixed well before the office…
Sunken Tanker in State of Corrosion
The Maltese-registered tanker Erika, which sank off the French coast a year ago releasing a huge oil slick, was in a state of more or less advanced corrosion, the official disaster report said.
Dispute Settled Between U.S. and Japan
Good news for panamax shipowners emerged as the dispute between the United States and Japan over the genetically modified maize StarLink appeared to be over, brokers said.
Transfennica's Sale To Finnlines Cancelled
On 28 June, 2000, an agreement was signed between the shareholders of Transfennica Ltd. and Finnlines Plc to sell Transfennica's shares to Finnlines. The sale required…
USCG Cutter Maple Launched At Marinette Marine
On Saturday, December 16, Marinette Marine Corporation launched the U.S. Coast Guard Cutter Maple (WLB-207), the seventh ship in a series of sixteen Seagoing Buoy Tenders being built by the company.
Carnival Spirit Fitted With Cruise Industry's First Smokeless Diesel Engines
In a working partnership between Carnival Corp. and the Finnish marine power systems supplier Wärtsilä, the new 86,000-ton cruise ship Carnival Spirit will be fitted…
People & Company News
Friede Goldman Halter, Inc. (FGH) announced the appointment of Robert L. Champagne, CPA, as its Executive Vice President and CFO. Champagne has been employed with KPMG for 28 years…
