CGES Sees Oil Levels Nearing Minimum
Oil inventories are getting so tight that commercial stockcover held by oil companies could hit minimum operating levels by early next year, London's Center for Global Energy Studies warned.
Australian Family Uninjured In Pirate Attack
Pirates sprayed bullets into an Australian family yacht near the coast of Yemen and the holidaymakers were eventually rescued by a Saudi Arabian oil tanker, one of the victims said.
Day-Long Strike Deals Blow To Bangladesh Shipping
A day-long nationwide strike called by Bangladesh's opposition parties last Tuesday (Nov. 16) dealt a fresh blow to the country's shipping sector, already hit by political unrest in the country…
Lockout Ends At Canadian Ports
Maritime employers agreed last week to end a lockout at Canada's West Coast ports that stalled millions of dollars in cargo shipments for eight days in a dispute…
Shipbuilders Multitask To Gain Experience, Stay Competitive
Worldwide, the road to success in the ship and boatbuilding market is literally paved with companies that have gone belly up, been acquired or are currently hanging by a literal thread.
Asia Plays Intricate Role In Marine Fuels
The International Bunker Industry Association (IBIA) pointed out the role that Asia will play in the future of the marine fuels industry. As announced at IBIA's…
Variety Of Vessels Acquired
OMI Corp. has agreed to attain one of two Suezmax tankers currently under construction in Korea from Mega Tankers ASA of Oslo. The second tanker is being acquired by Frontline Ltd.…
Hempel Gears Up For Y2K
Known for its place in the marine and industrial protective coatings industry, the Hempel Group is scheduled to open a new state-of-the-art production facility in early 2000.
Transcoastal Marine Third Quarter Results Reported
TransCoastal Marine Services, Inc. reported revenues of $25.7 million for the quarter ended September 30, 1999 compared to revenues of $44.9 million for the same quarter in 1998.
Pegasus Shipping Mulls Restructuring
Panamax tanker specialist Pegasus Shipping is discussing the restructuring of its $150 million 1997 junk bond issue with noteholders. "Pegasus Shipping...is holding…
Stena Buys Scandlines
Ferry operator Stena Line purchased smaller Swedish ferry group Scandlines AB from the state owned railway group SJ for $67.5 million. Scandlines, with 1,180 staff…
Adsteam Performance Ahead of Last Year
Adsteam Marine Ltd. is performing better than in the same period last year, but company officials said no decision has yet been made on or not to sell the firm's stake in Holyman Ltd.
Premuda To Use $30M Bond To Buy Ships
Italian shipping company Premuda SpA has completed a $30.9 million bond issue in order to acquire more ships. The bond issue will give Premuda greater liquidity…
Moody's May Upgrade Royal Caribbean
Moody's Investors Service placed the long term debt ratings of Royal Caribbean Cruises Ltd. on review for possible upgrade based on its improved debt protection measures…
Rising Bunker Prices To Push Worldscale Rates Up
Increasing bunker prices will push Worldscale tanker rates up by around 1.5 percent next year but prices on some routes will fall due to lower port dues and exchange rate fluctuations…
Houlder Sells Holdings In Tanker Broker Panel
Shipbroker Howard Houlder (Chartering) Ltd. has sold its shareholdings in the London Tanker Broker Panel back to the other five members of the rate-setting group…
Japanese Foreign Ship Orders Increase
Japanese shipyards received in October foreign orders for 44 vessels totaling 1,583,880 gt, the Japan Ship Exporters' Association reported. The tonnage jumped 728.4…
Oil Firms To Keep Spending Tight Despite High Prices
The absence of quality new merger opportunities will force oil companies to keep spending tight even though this year's oil price recovery has given them far more cash to work with, analysts said.
St. Helena Faces Bleak Holidays After Supply Ship Breaks Down
St. Helena island, an isolated British dependency where Napoleon spent his final years in prison, is facing a grim Christmas and millennium New Year's after its…
Mideast Oil Exports Needed To Pull VLCC Rates Up
A resumption in Middle East oil exports to the U.S. is required to drag VLCC tanker rates off the floor, shipping brokers said. A late start to seasonal westbound…