New Ports Service Established
A new service between China and U.S. East Coast ports has been launched by Century Bridge Container Lines, which provides direct ports of call to Houston, Miami and N.Y.
First Steel Cut Completed
Atlantic Marine, Jacksonville, Fla., has accomplished its first cut of steel for its new fleet of 226-passenger U.S.-flag coastal ships, Delta Queen Coastal Cruises.
Crowley Restructuring Announced
Crowley Maritime Corp. is planning a significant strategic restructuring that will result in a more decentralized ocean cargo transportation company once the sale…
Shippers Suffer Losses Due To Blocked Danube
The Danube will remain blocked by bombed Yugoslav bridges through the winter, with the cost of removal estimated at as much as $31.5 million, the Danube Commission announced…
Tanker Owners To Gain Market Clout Through New Web-Based Information Sharing System
Tanker owners organization Intertanko is preparing to test a system to give ship owners greater market clout through increased vessel and cargo information sharing.
Conoco, Unocal Find Deepwater Oil Near New Orleans
Conoco Inc. and Unocal Corp. discovered oil with their K2 exploration well in the Green Canyon Block 562 in deep water in the Gulf of Mexico, Conoco said. Work on the well…
Conoco Sees Better Earnings Than Expected
Conoco Inc., the sixth-largest U.S. oil company, painted a bright picture of its third-quarter results, saying higher crude oil and natural gas prices should help…
Chevron To Buy Argentinean Oil Exporter
Chevron Corp. has announced its intention to buy the second largest oil exporter in Argentina to boost its exploration and production overseas. The companies did…
Iran Makes $100 B Oil Find, Major Companies Compete For Big Deals
Iran announced its biggest oil find in 30 years last week, a 26-billion barrel field discovered just as the country drives to revive exploration activities and foreign firms compete for big deals.
Louis Cruise Lines Acquires New Ship
Louis Cruise Lines has acquired its seventh cruise vessel, boosting the total capacity of its fleet to 5,803 passengers. The vessel, M/S Mermoz, was bought from Prestige Cruises NV…
P&O Plans to Tackle German Cruise Market
British shipping group P&O plans to enter the German cruise market, one that the company sees as underdeveloped and with huge growth potential. The Peninsular and…
Five Years After Ferry Disaster, Victims' Relatives Still Seek Answers
Five years after the sinking of the Estonia ferry, in which 852 people were killed, relatives of the victims are still seeking the full facts, and some believe that the ship was sabotaged.
Latvian Shipping To Update Aging Fleet
Latvian Shipping has started a renewal of its aging fleet by placing an order for six new tankers, according to the company's president. Andris Klavinsh said the…
Iraqi Oil Sector 'Doing Nothing' To Prepare For Y2K
Iraq's oil industry is not prepared to deal with the millennium bug and may be forced to shut down production and exports at the turn of the year, according to an industry source in Baghdad.
Mobil Prepares To Make Millennium Uneventful
In contrast to people who may still be hoping to find space on a cruise ship, Dan Zivney knows exactly where he'll be on New Year's Eve. He'll be watching for "Y2K…
Adsteam Extends Offer For Holyman
Adsteam Marine Ltd. extended its 80 cents a share takeover offer for ferry and transport group Holyman Ltd until Oct. The offer was to close Sept. 27. The extension followed a rival offer on Sept.
Hitachi Zosen Reports Extra Profit
Major Japanese shipbuilder Hitachi Zosen Corp. will obtain an extraordinary profit of $140 million in the ending in September due to a sale of idle land. It will sell 30,316 sq.
Osprey Reports Disappointing First Half
Osprey Maritime Ltd. reported poor interim results, and announced that the second half would be difficult due to pressure on charter rates. The outlook for Osprey…
Mitsubishi Heavy To Cut 5,000 Jobs, Forecasts Loss
Mitsubishi Heavy Industries Ltd. will cut its work force by 5,000, under a new business plan to be drawn up by the end of October. Under the staff-reduction plan…
Royal Caribbean Prices Public Offering
Royal Caribbean Cruises Ltd. has priced the public offering of 10,800,000 shares of its common stock at a price of $46 11/16 per share. Of the 10,800,000 shares offered…
