Kvaerner To Sell Cleveland Bridge Unit
Kvaerner ASA will reportedly sell its Cleveland Bridge construction unit to the current leaders of the unit, a move that represents a probable accounting loss, but…
NOL To Charter Two Vessels For APL
Neptune Orient Lines Ltd (NOL) will reportedly charter two new large container ships for use by APL, its container transportation and logistics unit. The two vessels…
Kvaerner Masa-Yards May Get $1.2B Carnival Deal
Rumors have it that Kvaerner Masa-Yards is on the brink of bringing in a $1.2 billion deal to build three new cruise ships for Carnival. The shipyard, which has…
Alstom Wins Repeat Order For Cable Layer
The Marine and Offshore division of Alstom Drives & Controls has been awarded a contract by James Fisher & Sons to provide a replacement power management, alarm…
Litton Wins Sub Radar Contract For U.S. Navy
Litton Marine Systems has been granted a contract worth more than $7 million by Naval Sea Systems Command, Arlington, Va. to provide radars for U.S. submarines.
Keppel Fels Repairs Tam Dao Drilling Rig
Keppel Fels Limited has completed its $10 million contract with Vietnam-Russian joint venture company Vietsovpetro for the repair of jack up drilling rig Tam Dao.
R&B Falcon Drilling Receives Letter Of Intent
R&B Falcon Drilling has received a letter of intent from Petroleo Brasileiro S/A Petrobras for a two-year contract for the DP drillship Deepwater Frontier for operations…
Vosper To Enter Negotiations For Fast Attack Craft
Vosper Thornycroft (VT), has been selected to enter contract negotiations with Elefsis Shipbuilding and Industrial Enterprises for the supply of three 203 ft. (62…
Atlantic Container Rates To Soar
Starting next year, the price to ship a container across the Atlantic ocean is to soar, as container shipping lines on the Atlantic will be seeking hefty rate increases s next year.
Kvaerner Sells Norwegian Shipyard
Kvaerner sold its Leirvik AS shipyard in Norway to a unit of Saevik Holding AS. Kvaerner, which plans to quit shipbuilding by the end of 1999 as part of a thorough restructuring…
Shipowners Say Industry Is Being Choked By Legislation
International shipowners said the maritime industry is being choked by legislation and that they are unfairly targeted as the culprits for all ills in the sector.
Hyundai Heavy To Cut Debt Ratio
South Korea's Hyundai Heavy Industries Co. plans to cut its debt-to-equity ratio to 140 percent by the end of the year by selling shareholdings in its affiliates, according to company officials.
Minoan Shares Performance Rated
Schroders Securities said in a research report that it rates shares of Greek shipping company Minoan Lines perform in line with the market, although anticipated…
Analysts Recommend Norwegian Offshore And Shipping Stocks
Norwegian offshore oil and shipping stocks are a good buy for investors who have time to wait to realize profits, according to analysts. Four out of six analysts…
FastShip Selects Gear Corporation As Supplier
FastShip, Inc. has reached an agreement with Philadelphia Gear Corporation to supply sophisticated transmission equipment for the company's high-speed trans-Atlantic fleet.
NOL Shares Soar On Management Change News
Shares of shipping and logistics group Neptune Orient Lines Ltd. (NOL) surged almost 10% on optimism over recent management changes, dealers said on Tuesday. Late September…
Ships Reported Sold
Bulker, Reliance Ocean - (built 1980) 194,399 dwt sold for $8 million. Bulker, Lucky Bulker - (built 1977) 70,600 dwt sold for $2.1 million. Bulker, Coral Halo - (built 1995) 45…
USCG Cocaine Seizures Top $3.9B
The U.S. Coast Guard seized a record 111,689 pounds of cocaine with a street value of $3.9 billion in FY '99, an increase of 35 percent over last year. More than…
12 Years After Ferry Disaster, Money Awarded
Relatives of two passengers of a Philippine ferry who died with 4,000 others in the world's worst peacetime sea disaster have won claims for damages after almost 12 years of court battle.
LPG Explosion Investigation Starts
An investigation is underway to determine the cause of an explosion aboard a Liberian-registered LPG tanker which killed five people in a Philippine shipyard facility.
