Transatlantic Clean Tanker Rates Skyrocket
Clean oil tanker markets heated up, with transatlantic rates going through the roof and Mediterranean and Mideast rates also strong, brokers said. Price differentials and the U.S.
Tidewater To Build New Vessels For $300M
Tidewater Inc. will build new vessels for a total of about $300 million. The company plans to fund the program using its current cash balances, which exceed $150 million…
EU Ready To Clear Danube If Serbia Cooperates
Work on clearing bombed bridges from the Danube River in Yugoslavia could begin in March if Belgrade agrees next week to a proposal that the European Union would help fund, according to EU sources.
TotalFina's Spill Costs Rise
The oil spill from the Erika Tanker, chartered by TotalFina, has reportedly so far cost the company more than $123 million. The company announced Jan. 21 that it…
S&P: Credit Quality of SE Asian Owners Drops
Standard & Poor's said the credit quality of shipping companies across Southeast Asia has suffered in the last two years, with most companies in the "weak to vulnerable" range…
Chirac Vows To Make Polluters Pay More
French President Jacques Chirac vowed to push for international laws forcing polluters to pay more for damage caused by oil slicks like one that smeared France's Atlantic shoreline last month.
Oil Majors To Supply Tanker Status Reports
A group of 41 oil majors will make their tanker inspection reports available to port examiners in Europe. They also aim to ensure higher standards for their shared…
Oil Giants To Offer Marine Fuels Site
BP Amoco Plc., Royal Dutch/Shell, Texaco Inc., and Chevron Corp. are developing an Internet site allowing energy companies to buy and sell fuel for ships. The companies…
Hitachi Zosen Wins Bergesen Order
Hitachi Zosen Corp., a major Japanese shipbuilder, won 29 billion yen worth of orders from Bergesen D.Y. Group ASA of Norway for four 300,000-ton oil tankers. The…
Japanese Ship Export Contracts Up
Ship export contracts concluded by Japanese shipyards in December totaled 16 vessels, or 667,650 grt, up 19.1 percent from a year earlier, the JSEA said. The orders consisted of two freighters…
BDI Down Five Points
The Baltic Dry Index (BDI) was down five points to 1,400, the Panamax down 14 to 1,464, Capesize down 5 to 1,703 and the Handy up 4 to 1,042. Brokers reported continued…
French Seek Italian Help
French justice officials have asked Italy for help in investigating the December 12 sinking of the Maltese-registered tanker Erika which caused a serious oil spill off France's west coast.
ASA's Passionate Push For 300-Ship Navy
The American Shipbuilding Association, led by president Cynthia L. Brown, again reiterated the desperate need for increased naval ship construction now to stave off the natural progression of the U.S.
French Officials Call For End Of Convenience Flags
French transport officials reportedly announced that the practice of chartering oil tankers under convenience flags should be outlawed after the oil spill from the…
Bergesen Sells Tanker For Scrap
Bergesen d.y. sold its 284,520 dwt Berge Prince tanker for scrap, estimated to give a book profit of around $3 million in the first quarter of 2000. The ship, built in 1973…
Hanjin Sets Sales Target At $3.5B
Hanjin Shipping Co. announced its sales target this year is $3.45 billion, against an estimated $3.27 billion for 1999. The company's operating profit was projected…
Singapore Yard Completes $250M Transocean Rig
Singapore's Promet Private Ltd. (PPL) Shipyard completed construction of a $250 million semi-submersible oil drilling rig for offshore drilling contractor Transocean Sedco Forex.
OPEC Curbs To Stop Winter Tanker Upturn
Tanker markets are finely balanced but OPEC production cuts compliance will stop the shipping industry benefiting from its usual winter upturn, investment bank Morgan Stanley Dean Witter said.
Govan Workers Push To Win Contract
Union chiefs from Glasgow's Govan shipyard met British defense ministry officials to press their case for winning a $400 million contract that could save the yard.
Malta One Of Five Flags Responsible For Half U.K. Ship Detentions
Malta, which registered the tanker that broke up off France in December, is among five flags responsible for nearly half of all ships detained in the U.K. last year, Britain's Coastguard said.