Maritime Industry Top News
Hong Kong Lags Behind Singapore In Logistics, Study Finds
Despite having the world's largest and most advanced air cargo facilities and one of the busiest container ports, Hong Kong lags behind Singapore in providing sophisticated…
Frontline Files Restructuring Plan For Golden Ocean
Frontline filed as of July 7 a financial restructuring plan for Golden Ocean Ltd., currently under Chapter XI administration. Two other competing plans were also…
Oil Majors, Shipowners Merge Online Tanker Exchange
A U.S. oil majors' Internet tanker venture is merging with a shipping dot-com in a bid to become the first live online chartering exchange for the industry. SeaLogistics…
Ship Channel Opening Attempt Fails
The U.S. Coast Guard failed in its weekend attempt to reopen the Lake Charles, Louisiana, ship channel to all ships including large crude oil tankers, a spokesman said.
S&P Cuts International Shipholding Ratings
Standard & Poor's lowered its rating on International Shipholding Corp.'s (ISC) $110 million 7.75% senior unsecured notes due Oct. 15, 2007, and $100 million 9% senior unsecured notes due July 1…
Ship Channel Set To Open Saturday
The U.S. Coast Guard will attempt to reopen the Lake Charles, Louisiana, ship channel to all ships including large crude oil tankers on Saturday, a spokesman said.
Mideast Clean Tanker Rates Slip On Kuwait Effect
Middle Eastern clean product tanker rates slipped as cargoes for some ship sizes became scarce as a result of the Kuwaiti refinery outage, brokers said on Friday…
Ship Full Of GM Corn Tuned Away From Brazil
A cargo of Argentine corn purchased by Brazilian poultry and pig farms tested positive for genetically modified (GM) material and may not enter Brazil, the Agriculture Ministry said last week.
Seascope CEO Quits
British shipbroking group Seascope Shipping Holdings Plc said its chief executive Duncan Hill resigned, effective immediately. Non-executive chairman Tom Young will…
Transfennica Sold To Finnlines
Finnlines Plc has bought Transfennica Ltd. from its present shareholders UPM-Kymmene Corporation (49.9 % holding), Metsä-Serla Corporation (32.7 %), Myllykoski Paper…
Keppel Shipyard To Build Semi-Tender For Smedvig
Keppel Shipyard entered into a co-operation agreement with Smedvig Asia recently to build a Semi-Submersible Self-Erecting Tender Rig (SSETR), a contract with a total estimated worth of $82.5 million…
MISC Orders LNG Carriers
Malaysian International Shipping Corp. is fortifying its position in the fast growing market for the carriage of Liquefied Natural Gas (LNG), today reportedly converting…
Iraqi Tanker Seized For Smuggling
Kuwait seized an Iraqi oil tanker for reportedly trying to smuggle 650 tons of fuel to the United Arab Emirates in violation of international sanctions. The official…
First Offshore Bunkering Service Launched
Iran has launched its first offshore bunkering service at an anchorage south of the Qeshm island free trade zone in the Gulf. Singapore-based Global Energy provides…
New "Millennium" Begins
Alstom's Chantiers de l'Atlantique delivered the Millennium cruise ship to Celebrity Cruises, a subsidiary of Royal Caribbean Cruises Ltd. The new ship is the largest…
P&O To Delay ABS Stock Floatation
Peninsular & Oriental Steam Navigation Co. is indefinitely postponing the planned flotation of its Associated Bulk Carriers (ABC) unit because of stock market conditions.
Bergesen Takes Two More From Hitachi Zosen
Bergesen exercised an option to buy two more 296,000 dwt oil tankers from Japan's Hitachi Zosen Corp for a combined price of $140 million. "The vessels will be delivered in February and June 2002…
Ship Subsidy Agreement Hammered Out In Brussels
The European Commission and South Korea have signed an agreement aimed at allaying European concerns that South Korean shipyards charge unfairly low prices, the European Union's executive body said.
ALSTOM Supplies Electric Propulsion Systems Two New Cruise Ships
ALSTOM Power Conversion has been selected by Princess Cruises and Nagasaki Shipyard & Machinery Works, Mitsubishi Heavy Industries, Ltd. to supply electric propulsion…
E-Commerce Takes Maritime By Storm
In the last six months, the shipping industry has seen the marine B2B market grow from nothing into a highly competitive race between e-commerce ventures to attract…
