Europe Intelligence Wire articles from January 2005

Europe Intelligence Wire archives from January 2005

Iron ore cost hits Hanjin Heavy profits.
January 31, 2005... (From Lloyds List) ANOTHER leading Korean shipyard has seen its profits for last year suffer from soaring iron ore costs, writes Sam Chambers in Hong Kong. Hanjin Heavy Industries saw operating profit plunge from Won90.7bn ($77m) to...

Bangladesh continues to rule in quiet week.
January 31, 2005... (From Lloyds List) Byline: Shirish Nadkarni in Mumbai The hangover of the Bakri-Id celebrations in the Indian sub- continent was felt in the shipbreaking market, turning the final week of January 2005 into a quieter period than...

Dry Bulk Fixtures.
January 31, 2005... (From Lloyds List) Ore UBU to Beilun Vessel to be nominated, 160,000t, $40.00 per tonne, fio scale'30000SC, Feb 18-28. Tubarao to Taranto Iron Queen, 150,000t, $23.20 per tonne, fio scale'40000SC, Feb 15-24. (Ilva) Pytchley...

Slump puts ball in box charterers' court.
January 31, 2005... (From Lloyds List) Dry Trade CHARTERERS could not have complained about the last week in the handy bulk trades it had all the indications of the beginning of a rout, writes Rajesh Joshi. Rates slumped in all categories, allowing...

Indian government to enforce rules to make owners pay for wreck removal.
January 31, 2005... (From Lloyds List) Byline: Shirish Nadkarni in Mumbai THE Indian government has decided to enforce a new regulation to ensure that the cost of removing a wrecked ship from the nation's coastal waters is borne by its owner. It...

Sweden's Stena Bulk steals a march on Russian oil transport boom.
January 31, 2005... (From Lloyds List) Byline: First-hand understanding of Russian business culture and political system is the key to success for international carriers, writes Jerry Frank SIBERIAN oil is underwriting hopes of economic take-off for...

Lack of cargoes slashes product rates.
January 31, 2005... (From Lloyds List) Byline: Rajesh Joshi Tankers BIG declines have befallen product trades east of Suez. Rates for long-range fixtures out of the Arabian Gulf have sputtered since the beginning of the year. The latest blow,...

HeavyLift angles to US and China.
January 31, 2005... (From Lloyds List) International cargo specialist HeavyLift Australia wants to increase its capacity on the US and China routes, reports Lloyd's List DCN in Australia. HeavyLift has applied to the International Air Services...

Greens launch anti-night flight fight.
January 31, 2005... (From Lloyds List) The Green group within the European Parliament has launched an EU-wide campaign against night flights on the grounds that a good night's sleep is a 'fundamental human right', writes Justin Stares in Brussels. The...

King George gets $2.6m dry bulk lift.
January 31, 2005... (From Lloyds List) Nearly GBP1.4m ($2.6m) is to be invested by Associated British Port in a facility to boost trade at its Port of Hull. The money will fund the construction of a 5,000 sq m shed at the port's King George Dock. ...

Eurogate containers has bumper year.
January 31, 2005... (From Lloyds List) CONTAINER terminal operator Eurogate has achieved record handling figures in 2004. Its volume went up by more than 800,000 teu to 11.53m teu, writes Herbert Fromme in Cologne. Financial turnover is expected to...

German cargo traffic growth tipped to continue.
January 31, 2005... (From Lloyds List) CARGO handling in German ports increased by 6.9% last year according to a study on behalf of the transport ministry, which predicts that the trend will continue and expects growth of 5% this year, writes James...

Demand drives 4% volume rise at Dart Line.
January 31, 2005... (From Lloyds List) Dart Line, the English Channel freight ferry operator, saw overall volumes grow by more than 4% to 232,000 freight units in 2004. Project cargo volumes surged by over 50%, from 17,937 tonnes in 2003 to 26,975...

The two faces of human error.
January 31, 2005... (From Lloyds List) Byline: Michael Grey Viewpoint It has become politically incorrect to talk about 'idiot-proofing', but there is a lot to be said for it. These days, if you are trying to sell a car, engine, ship, kitchen...

Washday wisdom.
January 31, 2005... (From Lloyds List) It will seem harsh in the extreme, even cruel, but the Court of Appeal judgment in the case of the damages to the wife of a Harland ' Wolff fitter who contracted a fatal lung disease after washing her husband's clothes...

UK accused of backdown on 'friendly fuel'.
January 31, 2005... (From Lloyds List) Byline: Westminster using European Commission approval process to justify funding cuts, writes Roger Hailey BRITAIN'S Freight Transport Association has accused the Westminster government of reversing from a green...

Good times roll on in Sweden's 'engine room' of the south.
January 31, 2005... (From Lloyds List) Byline: Ill winds are a thing of the past for port, writes Jerry Frank AN AIR of optimism has been swirling around the shipping industry centred in the port city of Gothenburg long enough now for words like...

Island cluster revives links between Sweden and China.
January 31, 2005... (From Lloyds List) CHINA has drawn Gothenburg mariners and merchants since the 18th century, and in recent years Sino-Swedish relations have been rekindled with a steady stream of newbuild orders with Chinese yards. And it is the...

Brostrom streamlines ahead of major expansion drive.
January 31, 2005... (From Lloyds List) THE steady growth of shipping group Brostrom since Shipinvest revived the name 12 years ago is one of the leading success stories of Sweden's resurgent shipping sector. Now the Gothenburg-based group has turned its...

Thames freight traffic to get boost with wharf 'safeguarding' strategy.
January 31, 2005... (From Lloyds List) Byline: Mayor Ken Livingstone backs regeneration plans to secure the future of riverside wharves for cargo handling, writes Michael Grey The 'safeguarding' of 25 River Thames wharves east of the Thames Barrier and...

TTS bolsters Baltic trade with Liftec acquisition.
January 31, 2005... (From Lloyds List) BALTIC activity has continued to provide healthy business for TTS Ships Equipment AB, part of Norway's TTS Marine ASA. Before Christmas the subsidiary expanded with a €4m move on Finland's Liftec Products Oy....

Stena looks to Russia for newbuild venture.
January 31, 2005... (From Lloyds List) RUSSIA was the focus for the Swedish shipping community gathered this month in Gothenburg, including Stena RoRo management in the wake of their decision last year to venture with Norwegian shipbuilder Fosen Mekaniske...

Renewals season sparks heated debate.
January 31, 2005... (From Lloyds List) Byline: Growing unrest among shipowners could result in mutiny, writes Jon Guy THE 2005 P'I renewals season reaches its midway point with plenty to talk about for the market. Depending on which side of the...

Wartsila shines bright in move to full service centres.
January 31, 2005... (From Lloyds List) WARTSILA'S neon logo now dominates the skyline around the former Gotaverken shipyard, with the marine engine giant focusing on its Swedish subsidiaries' service, maintenance and spare parts sales activities in...

Hydra may cut group's ties with reinsurance.
January 31, 2005... (From Lloyds List) REINSURANCE remains an important issue for the clubs and there is every likelihood that the emergence of the Hydra captive will increasingly cut the International Group's ties with the traditional reinsurance market....

Trygg-Hansa chooses city as base to serve Swedish market.
January 31, 2005... (From Lloyds List) SWEDISH marine insurance specialist Trygg-Hansa is serving the pan-Nordic market from Gothenburg under the Codan Trygg-Hansa banner and its Nordic Marine unit. With offices now in Copenhagen, Bergen, Stockholm and...

Claims volatility impacts overall performance.
January 31, 2005... (From Lloyds List) INCREASED volatility has been a major factor for the P'I Club in the past 12 months with claims and investment performance at the top of the agenda. Chief executive of London Club managers A Bilbrough, Paul Hinton,...

Eager China P'I steps up drive to join International Group with application.
January 31, 2005... (From Lloyds List) MOVES by the China Shipowners' Mutual Assurance Association's (China P'I) to join the International Group have been described by a leading broker as 'another marker' of the mutual's eagerness to join. China P'I...

Owners balk at 'inflexible' premium hikes.
January 31, 2005... (From Lloyds List) SHIPOWNERS have balked at the inflexible attitude of P'I Clubs in driving through another double-digit premium increase with a number talking to brokers as they examine their options. With the annual renewal season...

Criminal gangs step up illegal human traffic.
January 31, 2005... (From Lloyds List) STOWAWAYS remain a major problem for the operators of ocean-going trading vessels and for the P'I clubs involved in the difficult and drawn out business of processing and repatriating these unwelcome passengers. ...

We must take a hardline on substandard vessels, says Coghlin.
January 31, 2005... (From Lloyds List) THE former head of Thomas Miller, Terence Coghlin, has called on the P'I clubs to lead the fight against substandard shipping by refusing insurance cover for those vessels who seek to 'just scrape over' the safety...

Concerns over crew clampdown.
January 31, 2005... (From Lloyds List) THE increasing criminal action taken against crews has become a growing concern for shipowners and clubs which have found themselves called into action. Clubs have over the past year been called on to become...

Armed pirates top owners' fear list.
January 31, 2005... (From Lloyds List) PIRACY and armed robbery remains a major issue for shipowners and their insurers according to the International Chamber of Commerce's International Maritime Bureau. The bureau issued its report for the fourth...

Peculiar nature of sector is plus for ratings agencies.
January 31, 2005... (From Lloyds List) IN SOME ways, ratings agencies still view P'I clubs as a breed apart from the traditional insurance counterparts a view that brings with it more positives than negatives factors. Rowena Potter, a credit analyst at...

UK P'I Club mandates security certification for annual policy renewal.
January 31, 2005... (From Lloyds List) AS THE drive for increased security on board vessels continues the UK P'I Club has told its members they will have to present International Ship Security Certificates to managers Thomas Miller as a general condition of...

Merchant marine must stay vigilant to attack.
January 31, 2005... (From Lloyds List) THE terrorist threat to merchant marine shipping, while not acute, is still apparent, intelligence expert Simon Sole, chief executive of Exclusive Analysis, has warned. He says that there exists at present no...

Owners turn to risk control to curb spiralling claims costs.
January 31, 2005... (From Lloyds List) SHIPOWNER liabilities continue to escalate, reinforcing the case for new loss prevention initiatives. For some time, many clubs have experienced a steady rise in claims costs. The feeling is that this trend will...

The three Ts that make for a happy relationship.
January 31, 2005... (From Lloyds List) Byline: The lines are often blurred, raising the fundamental question, 'Who runs the clubs, the board or the managers?' The short answer is that they both do in their different ways, writes Joe Hughes THE question...

Natural disasters force insurance rethink.
January 31, 2005... (From Lloyds List) Byline: Delay insurance can provide much-needed cover, writes Claudio Blancardi IN THE most dramatic and dreadful way, nature has again reminded us that we should never underestimate its awesome power. The...

CMA CGM casts an eye over state-owned ferry operation.
January 31, 2005... (From Lloyds List) Byline: SNCM's North Africa service 'a domain in which we could be interested', writes Andrew Spurrier in Paris FRENCH group CMA CGM has indicated that it could be interested in taking a stake in the France-North...

Top Swedish mutual 'cautiously positive' as premiums rise.
January 31, 2005... (From Lloyds List) The Swedish Club, based in Gothenburg, has chosen to go for a 10% general increase in its P'I premiums for the 2005-2006 policy year as it emerges from a period with lower claims than forecast. The leading Swedish...

Mutuals at no disadvantage from new solvency standards.
January 31, 2005... (From Lloyds List) THE drive by the UK's insurance regulator, the Financial Services Authority to introduce levels of solvency and capitalisation for the market in advance of the rest of Europe should have little effect on P'I clubs....

Poser for Malaysia as Thai insurgents cross border.
January 31, 2005... (From Lloyds List) The Thai insurgency has spread south of the border, but Malaysia's counter-terror efforts are likely to be effective, writes Prakash Narayanan. Thailand claims members of the Pattani Liberation Front, the Muslim...

Premium hikes may not satisfy some clubs.
January 31, 2005... (From Lloyds List) NIGEL Russell, head of the marine division of broker HSBC, believes that despite some unrest in the market there will still be those clubs where a 12.5% premium increase will not be sufficient. Mr Russell says the...

Jinhui Holdings to lift fleet 50%.
January 31, 2005... (From Lloyds List) HONG Kong-listed handysize and panamax dry bulker specialist, Jinhui Holdings, has confirmed it will take delivery of one handymax and two panamax vessels totalling 208,300 dwt this year that will boost the capacity of...

BUNKER QUALITY REPORT - January 20, 2005.
January 31, 2005... (From Lloyds List) U'F = unfilterable This Bunker Quality Report is based on samples analysed by DNV Petroleum Services and is an abstract from their more detailed fuel quality statistics publication which is mailed to particpating...

COCKETT BUNKER MARKET REPORT.
January 31, 2005... (From Lloyds List) BUNKER MARKET REPORT Compiled for Lloyd's List by Cockett Marine Oil Ltd January 26, 2005 PRICES are current and based on live, average sized, bunker deals. The Cockett Bunker Price Index is based on 1000...

Gas Market Report.
January 31, 2005... (From Lloyds List) NORTHWEST EUROPE: The larger parcels of propane (20 kts) keep changing hands but more out of necessity rather than need. The last one traded being at $387 which is expected to discharge on a 2 port basis. However, the...

HANSEN BUNKER MARKET REPORT.
January 31, 2005... (From Lloyds List) HANSEN BUNKER MARKET REPORT January 18, 2004 Compiled for Lloyd's List by Egil Bjorn-Hansen, Oslo CONTINENT: S table. AFRICA'MIDDLE EAST: Steady. FAR EAST : Steayd to a bit soft. USA:...

Czech press survey.
January 31, 2005... (From Czech News Agency) PRAGUE, Jan 31 (CTK) - Prime Minister and acting head of the senior government Social Democrats (CSSD) Stanislav Gross tried on Saturday to give his party a new coat of European paint by trying to innovate its...

Government Reports Record Revenue, Spending in 2004.
January 31, 2005... (From PARI Daily) Byline: Viktoria LAZOVA BULGARIA'S budget revenue reached record high BGN 15.858 billion in 2004, show budget performance data posted on the finance ministry's site. Total revenue exceeded projections by BGN 1.442...

Opposition Unites against Government.
January 31, 2005... (From PARI Daily) Byline: Svetla BELOUSOVA and Nadya IVANOVA Scenario for interim cabinet before the elections discussed BOTH leftist and rightist opposition united against the ruling party in an unprecedented petition asking the...

Cabinet Allots BGN 67m for Capital Transfers.
January 31, 2005... (From PARI Daily) CAPITAL transfers amounting to BGN 67.3 million will be allocated from Bulgaria's government budget in 2005, shows an ordinance on budget execution, which was published in the Official Gazette. The National Railway...

MRF Proposes Closed Session on British American-Bulgartabac Memo.
January 31, 2005... (From PARI Daily) PARLIAMENTARY group of the Movement for Rights and Freedoms (MRF) will propose a closed discussion over the memorandum between British American Tobacco and Bulgartabac Holding, vice chairman of the party, Lyutvi Mestan,...

BSP Urges Suspension of Privatisation.
January 31, 2005... (From PARI Daily) THE PARLIAMENTARY group of left-wing Coalition for Bulgaria will submit a draft resolution to parliament on suspending all privatisation deals until the end of the term of Simeon II National Movement's government. The...

DSB: BT Deal Finalised by Tuesday.
January 31, 2005... (From PARI Daily) DEMOCRATS for Strong Bulgaria (DSB) has information that the deal on Bulgaratabac will be finalised by Tuesday morning, deputy chair Ekaterina Mihaylova said in Varna. In her words, DSB's parliamentary group will come...

Bulgaria Buys Back Another Brady Issue.
January 31, 2005... (From PARI Daily) Byline: Bilyana VACHEVA THE GOVERNMENT bought back Bulgarian Interest Arrears Bonds (IABs) worth USD 937.5 million at the end of last week, the ministry of finance said. On the date for interest payments, January...

BTC Raises Stock Exchange Capitalisation with 60%.
January 31, 2005... (From PARI Daily) Byline: Kiril DIMITROV BULGARIA's Stock Exchange market capitalisation increased by 60% to nearly BGN 6.5 billion after Bulgarian Telecommunications Company (BTC) was listed on it. The market capitalisation-to-GDP...

Compensatory Notes Shrink in Price after BTC Deal.
January 31, 2005... (From PARI Daily) COMPENSATORY instruments marked a strong reduction in price on the Bulgarian Stock Exchange after the largest ever sell-off tender on the bourse from last Thursday and Friday. Compensatory notes reached to a point when...

BNB Governor to Participate in ECB's June Meeting.
January 31, 2005... (From PARI Daily) Byline: Valentina YORDANOVA THE GOVERNOR of the Bulgarian National Bank (BNB), Ivan Iskrov, will take part in the meeting of the general council of the European Central Bank (ECB) on June 17, 2005, the BNB said....

New Service Offered to Big Taxpayers.
January 31, 2005... (From PARI Daily) Byline: Viki PETROVA THE SOFIA branches of large taxpayers throughout Bulgaria will soon receive almost full insurance and taxation service at the big taxpayers division of the tax administration in the capital...

Bulgartabac Sell-off Speeded before Elections.
January 31, 2005... (From PARI Daily) Byline: Stela NENKOVA IF the privatisation contract for the three subsidiaries of Bulgartabac Holding, those in Sofia, Plovdiv, and Blagoevgrad is signed, the sum of EUR 200 million will be transfered to the holding...

Current Account Gap Widens 33% in Nov.
January 31, 2005... (From PARI Daily) Byline: Valentina ILIEVA BULGARIA'S current account deficit in November 2004 increased 33%, year on year, to EUR 361.2 million, BNB balance of payments data show. The current account for January-November 2004 showed...

Swiss Companies Eye Airport Concession.
January 31, 2005... (From PARI Daily) Byline: Iliana TONCHEVA SWISS companies are willing to take part in the tender for award of concession rights on Bulgaria's airports in Varna and Bourgas, the PARI daily learned. Experts say Switzerland has...

Heaviest Snowfall Ever Hits Moscow.
January 31, 2005... (From The Moscow Times) A powerful snowstorm that raged in Moscow on Friday was the heaviest day's snowfall since weather records began, forcing planes to divert away from airports, snarling city traffic and making pedestrians wade...

Top Officials Implicated in Beslan.
January 31, 2005... (From The Moscow Times) Senior officials in Moscow and the North Caucasus may face prosecution for unwittingly assisting the Beslan school hostage-takers by neglecting their duties, said a parliamentary commission investigating the...

Fradkov Asks Spies for Economic Aid.
January 31, 2005... (From The Moscow Times) Prime Minister Mikhail Fradkov on Friday urged senior intelligence officials to do their best to improve the country's investment climate, promising them more money to get the job done. "We continue to require...

Senators Back Off TNK-BPTax Claim.
January 31, 2005... (From The Moscow Times) DAVOS, Switzerland -- Nearly half of the 45 senators that signed a letter to the Federal Tax Service asking for a probe into tax payments by Russian-British oil major TNK-BP have withdrawn their signatures, the...

Primakov Slams Gref; Urges Policy Changes.
January 31, 2005... (From The Moscow Times) Former Prime Minister Yevgeny Primakov on Friday slammed German Gref's medium-term plan as ideologically flawed, saying the Economic Development and Trade minister ignored "the crimes and mistakes of the 1990s."...

Living Off the Dollar.
January 31, 2005... (From The Moscow Times) To Our ReadersHas something you've read here startled you? Are you angry, excited, puzzled or pleased? Do you have ideas to improve our coverage? Then please write to us. All we ask is that you include...

Russian Davos Debate Neglected Real Riddles.
January 31, 2005... (From The Moscow Times) To Our ReadersHas something you've read here startled you? Are you angry, excited, puzzled or pleased? Do you have ideas to improve our coverage? Then please write to us. All we ask is that you include...

CA og EDB inngar ny nordisk softwareavtale.
January 31, 2005... (From Hugin) (Oslo 31. januar 2005) EDB Business Partner har inngatt avtale med Computer Associates (CA) om kjop av software knyttet til konsernets driftsoperasjoner. Avtalen har en verdi pa om lag 330 millioner kroner over en periode pa...

Dublin Equities Week Summary.
January 31, 2005... (From Irish Independent) LastChgChgLastYearYearP/EDiv MarketPrice on day on Wk PriceHigh lowper shr Yield Rank by mkt Cap Cap Eu(m) Euro c Euro c Euro c Pence Euro c Euro c 2003 2003 AIB 13277 1533 -12 -17 1207 1555 1160...

Taxman will take no blame for overpayments by PAYE workers.
January 31, 2005... (From Irish Independent) A KEY question no one has asked in the recent media flurry over PAYE workers' tax overpayments in 2003 is: What was the nature of the overpayment? Was it mistakes made by the Revenue Commissioners or that...

What's my deadline for paying CGT on share sale gains?
January 31, 2005... (From Irish Independent) I RECENTLY sold some shares, following your advice on the most economical way to sell as a small shareholder. There was no mention of the tax implications, yet I recently heard something suggesting the law was...

Finding a home for lump sum is a bit of a relief.
January 31, 2005... (From Irish Independent) QUESTION OF THE WEEK I HAVE some savings maturing at the end of this year. The amount involved is over [euro]40,000. I am 59 years of age and will be relying on the State for my pension - I will qualify...

SSIA savers will re-invest while taking odd holiday.
January 31, 2005... (From Irish Independent) FEWER than one in ten homeowners with a special savings account (SSIA) intend spending all of the money, according to a new survey which suggests the impact of the accounts on consumption may be less than...

Tom Roche not taking any chances with the Lynch mob.
January 31, 2005... (From Irish Independent) IT IS early days yet, but there is a distinct possibility that a battle for control of National Toll Roads will emerge in the weeks ahead. The decision by the IAWS Co-op, led by Philip Lynch, to take a 21pc stake...

German jobless hovering at 5m.
January 31, 2005... (From Irish Independent) HEADLINE unemployment in Germany will top five million this month German Economy Minister Wolfgang Clement conceded yesterday. Mr Clement told a Sunday newspaper that labour reforms which cut benefits for the...

Standard Life sees 30pc slump in new business sales to [euro]43.2m for 2004.
January 31, 2005... (From Irish Independent) SALES figures for 2004 from Standard Life point to a fairly rotten year for the mutual life and pensions group in Ireland last year. New business figures point to a 30pc slump to [euro]43.2m in the annual...

Opec holds output quotas.
January 31, 2005... (From Irish Independent) OIL producers in the Opec organisation have formally abandoned their price target of less than $28 a barrel, saying they cannot drive prices any lower. With oil currently trading around $47 a barrel in New...

Gates bets against dollar.
January 31, 2005... (From Irish Independent) BILL Gates, whose net worth of $46.6bn makes him the world's richest person, is betting against the US dollar. "I'm short the dollar," Mr Gates, chairman of Microsoft, said in an interview at the World...

BoyleSports bets on Oracle software.
January 31, 2005... (From Irish Independent) BOOKMAKER BoyleSports has selected Oracle software for its electronic betting system due to be launched at the end of March. The system, the first of its kind in Ireland, will allow BoyleSports customers to...

Don't align us with this evil.
January 31, 2005... (From Irish Independent) Sir - On Holocaust Memorial Day President McAleese declared that we in Ireland have many things to be ashamed of in our conduct during the genocidal slaughter of innocent people. Her remarks were confirmed in the...