Sea Land acquired for $800M
The consolidation churn claimed its latest victim, as the A.P. Moller Group and CSX announced today that an agreement has been reached for A.P. Moller-Maersk Line to acquire Sea-Land Service…
Mexico Probes Pemex Offshore Mega-project
Mexican authorities are reportedly investigating alleged inefficiency and financial irregularities in building a multibillion-dollar offshore project by oil and gas monopoly Petroleos Mexicanos.
Shell, Elf Move On Nigerian Alternative Oil Funding
Royal Dutch/Shell Group and Elf Aquitaine are reportedly moving to develop oil fields in Nigeria using radical new funding schemes the elected government has put under review.
Daewoo Heavy Wins $140M Greek Order
Daewoo Heavy Industries Co. Ltd. reportedly won a $140 million order from Greece's Kristen Navigation Inc. to build two very large crude oil carriers.
Royal Caribbean To Plead Guilty To Pollution
Royal Caribbean Cruises Ltd., the world's second-largest passenger cruise line, has reportedly agreed to plead guilty and pay a record $18 million fine for dumping…
Petrobras To Sign Joint Venture With Shell, Mobil And Exxon
Petrobras will reportedly sign an exploration and production contract with the local units of Shell, Mobil and Exxon.
Global Marine Earnings Hit By Soft Drilling Market
Global Marine Inc. reported that its earnings fell sharply in the second quarter and that it expected second half earnings to be significantly lower than those of the first six months of 1999.
Former J.Ray McDermott Executive Charged
A former executive of shipbuilder J. Ray McDermott was reportedly charged with participating in an international bid-rigging conspiracy, the U.S. Department of Justice said.
Hanjin Heavy Wins $160M In Orders
Hanjin Heavy Industries Co. reportedly won $160 million in contracts from Germany to build four container vessels.
Van Ommeren, Clipper In Dry Freight Venture
Van Ommeren, due to merge with domestic rival Pakhoed, announced its Van Ommeren Shipping venture will combine dry freight operations with those of Clipper Group in a new joint venture.
ARCO Chief Receives $27.6M BP Pay-Off
Mike Bowlin, chief executive of the U.S. oil major Atlantic Richfield Co. will reportedly receive a $27.6 million severance payoff when his company is acquired by BP Amoco Plc.
P&O European Ferries Orders £33M Ferry
P&O European Ferries reportedly signed a £33 million contract with Japanese shipbuilder Mitsubishi Heavy Industries to build a new ferry for the Irish Sea.
Kvaerner Faces $125M U.S. Lawsuit
Kvaerner is reportedly facing a damages claim for $125 million following its repossession of a cruise ship four years ago.
Smit Internationale Buys South Africa’s Pentow
Smit Internationale NV reportedly agreed to buy South Africa's Pentow Marine (Pty) Ltd.
Montanari Extends Bid For Skaugen
Navigazione Montanari will reportedly extend the offer period on its bid to take over Norwegian shipping firm I.M. Skaugen by two weeks.
Osprey Obtains Loan Extension
Osprey Maritime Ltd. reportedly reached an agreement with its bankers for an extension of a portion of its loans, currently totaling $370 million.
Germany Gets Cableship Orders
A.P. Moeller ordered two additional cable-laying vessels from its wholly-owned Volkswerft shipyard in Stralsund, eastern Germany. The ship's deliveries are set at end-2000 to early-2001.
Cruise IPO Heavily Oversubscribed
A $16.7 million initial public offering by Cyprus' Louis Cruise Lines was close to 30 times oversubscribed, a company spokesman said.
Kvaerner Agrees To Sell Govan Yard
Kvaerner agreed the terms of its deal to sell the Govan shipyard in Scotland to GEC's defense unit, lifting the threat of major jobs losses there. Kvaerner said…
Trouble In Paradise?
The cruise shipping industry, which has invested billions of dollars in new ships and enjoyed an unprecedented bull run during the last five years, suffered a major…
