Supreme Court To Review Washington Tanker Regulations
The U.S. Supreme Court has reportedly ordered a review of autonomous regulations imposed by the state of Washington on oil tanker operations. In 1995 the state imposed extra regulations on tankers…
Cruise Ship Aida Sold For $181M
NCL Holding ASA agreed to sell the cruise ship AIDA to Arkona Touristik for $181 million. NCL said the booked value of the vessel was $169 million and the debt on the ship was $106 million.
SembCorp Completes Rig Job
SembCorp Industries reported that its engineering and shipyard units have jointly completed the fabrication and assembly of an offshore rig for Woodside Energy of Australia.
S&P Lowers Pacific & Atlantic Rating
Standard & Poor's yesterday lowered its long-term corporate credit ratings on Pacific & Atlantic Holdings Inc. to double-'C' from triple-'C'-plus. The downgrades…
Market Offers Positive Features For Owners
An increase in caper demand and consequent higher rates coupled with significantly stronger levels of enquiry for panamaxes, especially from Japanese charterers in the Far East…
Tanker Rates Strengthened Slightly In Middle East, Asia
Freight rates for Korea-bound VLCCs out of the Middle East joined those for Japan in hitting W50 by Sept. 3, brokers said. At least one fixture of W50 was reported for Korea…
CPC Pays Thousands In Demurrage Due To Cracked Hoses
Sri Lanka's Ceylon Petroleum Corporation (CPC) will have to pay thousands of dollars in demurrage daily as it repairs faulty underwater hoses used to unload oil…
Y2K Worries Prompt Cargill To Avoid S. Africa
Cargill U.S.-based commodities giant Cargill Inc. has told South Africa it plans to avoid trading there from mid-December to mid-January because of worries over…
Enterprise Shipholding Rating Downgraded To B2 From Ba3
Moody's Investors Service downgraded its rating for the senior notes of Enterprises Shipholding Corp. to B2 from Ba3. The downgrade reflects Moody's expectation…
Elf Will Only Talk Merger If Totalfina Agrees To Spin Off Chemical Division
Elf Aquitaine Chairman Philippe Jaffre said he will only enter merger talks with TotalFina if TotalFina agreed to spin off the merged group's chemicals activities into a separate company.
Analysts Say Oil Stockpiles Could Vanish By Late Fall
Excess oil industry stockpiles are likely to disappear entirely in October or November as winter demand overwhelms supply constrained by OPEC export curbs, analysts said.
Bulgaria, Serbia River Traffic Resumes
River Danube traffic between Bulgaria and Serbia partially resumed at the end of June, immediately after NATO'S air war against Yugoslavia finished, according to…
IMF Releases World Economy Expectations
The International Monetary Fund has ratcheted up its growth forecasts for the world economy this year and next, as the U.S. economy maintains momentum and key emerging…
Brazil's Container Shipping Sector Undergoes Changes
Brazil's container shipping sector is undergoing another scene change as players in the sector again change partners. Carriers Transroll Navegacao and Alianca Transportes…
Blessey Prepares To Christen M/V Doug Barker
On Friday, September 17, Blessey Marine Services' newest vessel, M/V Doug Barker will moor near the Hilton Hotel for its christening ceremony. Measuring 78 x 28 x 11 ft.
Daewoo Heavy Not Likely To Spin Off Soon
Heavy Industries, one of the 12 Daewoo Group affiliates put under a debt rescheduling program, is not likely to be separated from its parent group any time soon, a creditor bank official said.
Three Tankers Purchased
Unknown Italian buyers recently purchased three 1979 Japanese-built tankers for a total of $5.9 million. The vessels acquired by the Italians were the Sarpindo Palapa (16…
Shell To Sell London Building
Oil giant Royal Dutch Shell said on Monday it was selling its landmark London Shell-Mex House building to privately owned U.S. property group Witkoff Group. Shell…
Holyman Rejects Takeover Bid
Directors of shipping and transport group Holyman Ltd. unanimously rejected a revised takeover bid from tugboat operator Adsteam Marine Ltd., saying it was still below fair value.
Hvide Marine Files Voluntary Chapter 11
Hvide Marine Inc. has submitted a voluntary Chapter 11 filing in the U.S. Bankruptcy Court in Delaware. This filing allows Hvide to operate its businesses in a regular…
