Europe Intelligence Wire articles from June 2006

Europe Intelligence Wire archives from June 2006

Hyundai Fortune feeds insurance claims frenzy.
June 30, 2006... (From Lloyds List) Byline: Lawsuits may go on for years, writes James Brewer MORE than 50 underwriters have instructed law firm Clyde ' Co to represent their interests in the cargo which was stowed on the Hyundai Fortune, the huge...

Staying one step ahead with 'clever' box security.
June 30, 2006... (From Lloyds List) Byline: Justin Stares in Brussels WORRIED about the continuing threat of a container-borne terrorist attack, shippers and IT companies have launched a Brussels-based body to introduce new standards for box...

Cargo boom prompts box capacity crisis.
June 30, 2006... (From Lloyds List) Byline: Asia to Europe carriers are already operating close to their limits with the peak season yet to arrive, writes Janet Porter CONTAINER lines could find themselves short of tonnage later this year as they...

Earnings volatility hits syndicates.
June 30, 2006... (From Lloyds List) Byline: 'Testing conditions caused by frequency and severity of catastrophes' sees Standard ' Poor's change evaluations of several syndicates, writes James Brewer EARNINGS volatility has shaken the way several...

Business Briefing.
June 30, 2006... (From Lloyds List) Multraship boosts fleet DUTCH salvage and towage company Multraship has added the former Red Funnel'Adsteam tug Hamtun to its fleet, writes Helen Hill in Amsterdam. The 1985-built 3,500 IHP vessel has been...

ONGC premiums to double after $300m in claims.
June 30, 2006... (From Lloyds List) Byline: Shirish Nadkarni in Mumbai AN INSURANCE claim for $260m for last year's fire that damaged Mumbai's High North offshore production platform has contributed to a doubling of premiums for India's state-owned...

Petronas record profits fuelled by LNG sales.
June 30, 2006... (From Lloyds List) Byline: Tony Gray MALAYSIA'S energy giant Petronas has achieved a record annual result, helped by improved volumes and prices in its large liquefied natural gas business. Petronas, which also controls the...

Samskip determined to continue on the takeover trail.
June 30, 2006... (From Lloyds List) Byline: Icelandic company that has become a pan-European container transport operator wants to broaden its network further, writes Janet Porter ICELANDIC shipping and logistics group Samskip is eyeing more...

Costa Concordia is Italy's largest cruiseship.
June 30, 2006... (From Lloyds List) Byline: Christopher Mayer EUROPE'S leading cruise vessel operator, Costa Crociere, will today take delivery of its flagship, the €450m ($526m) Costa Concordia, at the Fincantieri shipyard in Sestri Ponente,...

North of England buoyed by 18% free reserves rise.
June 30, 2006... (From Lloyds List) NORTH of England P'I Association, which covers liability insurance for shipowners with a total of 65m gt, has increased its free reserves by 18% to a record $168m and almost eliminated its underwriting deficit. ...

Master of Anglian Sovereign three times over alcohol limit.
June 30, 2006... (From Lloyds List) A master who was found to be more than three times over the prescribed limit for alcohol was the main cause of the grounding on the Shetlands last September of the emergency towing vessel Anglian Sovereign , a Marine...

Indonesia holds 16 over vessel hijacks.
June 30, 2006... (From Lloyds List) Byline: Marcus Hand SIXTEEN members of an Indonesian piracy gang that hijacked small vessels in the country's waters are under detention after four vessels were recovered in the Philippines. The gang targeted...

Launch date set for draft Bimco contract.
June 30, 2006... (From Lloyds List) BIMCO is to publicly unveil its draft shipbuilding standard contract at its next tripartite meeting of shipowners, shipbuilders and class societies in Seoul in September, writes Keith Wallis in Hong Kong. ...

SCI downplays problem of Asia 'gas greed'.
June 30, 2006... (From Lloyds List) Byline: India can overcome obstacles posed by Chinese expansion, writes Peter O'Neill CHINA'S strategy to open new supply routes for fuel and raw materials with Central and South Asia is going to be much tougher...

Tanker Fixtures.
June 30, 2006... (From Lloyds List) CLEAN St Croix to US Atlantic coast Kudu, 38,000t, W240, Jul 2. (Citgo) Caribbean to US Atlantic coast Cape Bradley, 30,000t, W305, Jul 6. (Charterer not reported) Italy to US Atlantic coast vessel to be...

'Full steam ahead' for the capesize sector.
June 30, 2006... (From Lloyds List) Byline: Keith Wallis in Hong Kong DryTrade THE capesize market whipped itself into a perfect storm this week with soaring period business combining with the paper market to send the physical spot sector...

Dry Bulk Fixtures.
June 30, 2006... (From Lloyds List) ORE Nouadhibou to Piombino Capitano Giovanni, 70000t, $10.50 per tonne, fio 2 days sc'3days sc, Jul 3-10. (Duferco Lugano) Xinsheng Hai(182,008 dwt, 12'48L 13'43B, 1989-built) delivery Sines Jul 1- 3,...

OSG 'arbitrage' scoops $168m for China series.
June 30, 2006... (From Lloyds List) A NEW dose of 'vessel arbitrage' has generated $168m for Overseas Shipholding Group to plough into its pioneering aframax newbuilding programme in China, writes Rajesh Joshi in New York . The New York tanker...

Grimaldi is named as Finnlines share buyer.
June 30, 2006... (From Lloyds List) Byline: Company fits into Italian group's grand strategy for a European shortsea network, writes Jerry Frank NAPLES shipping empire Grimaldi has been confirmed as this week's mystery buyer of Finnlines shares that...

Russia nears deal with US on WTO entry.
June 30, 2006... (From Lloyds List) Byline: John Zarocostas in Geneva RUSSIA and the US are said to be close to a market access deal over the Kremlin's bid to join the World Trade Organisation. 'We are moving on everything,' said a senior Russian...

Strong suezmax trade keeps VLCCs stable.
June 30, 2006... (From Lloyds List) Byline: Mike Grinterin Hong Kong Tankers THE firm suezmax trade was at least partially responsible for VLCC rates remaining stable this week. But it is unlikely to be thanked for it. Suezmax rates out of...

A close shave with pirate of the Caribbean.
June 30, 2006... (From Lloyds List) Byline: Book adds facts to Blackbeard legends, writes Sandra Speares PIRACY is much in the shipping news these days, although today's pirate is more likely to be brandishing an AK47 than a cutlass. That is...

Whale of a curiosity dating from the Dutch Golden Age.
June 30, 2006... (From Lloyds List) Byline: Unfashionable examples of a rare technique go under hammer, writes Neville Smith PETER the Great more than earned his epithet, dragging Russia out of the middle ages, creating a new capital city,...

History repeats itself as Gotheborg calls at Jakarta.
June 30, 2006... (From Lloyds List) TWO and a half centuries after the Swedish Eastindiaman Gotheborg surprised the residents of Batavia by arriving unannounced on a quest for spices, history has repeated itself, writes Neville Smith. Propelled by...

Christian vision that stretches beyond any horizon.
June 30, 2006... (From Lloyds List) Byline: As the Mission to Seafarers celebrates 150 years of practical and spiritual support for those sea, its secretary general Bill Christianson reflects on its achievements and challenges ahead I EXPECT that...

It's important to know why.
June 30, 2006... (From Lloyds List) Eighteen men died violently in the dark waters of the fjord south of Bergen on January 19, 2004, when the stone carrier Rocknes struck the ground and quickly capsized. This was a large modern ship, operated by...

Tuticorin harbour development gains green approval.
June 30, 2006... (From Lloyds List) Byline: Shirish Nadkarni in Mumbai THE Rs6.85bn ($149m) inner harbour development project at Tuticorin port, on the southern tip of the Indian coastline, has finally been granted environmental clearance by the...

Ruling will resolve directive differences.
June 30, 2006... (From Lloyds List) Byline: Letter To The Editor From Colin de la Rue SIR, IT goes without saying that every due respect is commanded by the views of Sir Robert Coleman (Lloyd's List 21 and 28 June), which reflect statements made...

Campaigners reopen Rocknes case with demand for inquiry.
June 30, 2006... (From Lloyds List) Byline: Skaggerak Foundation says incident reveals serious loophole in the agreement for accident investigation instituted by the IMO, writes Michael Grey A NORWEGIAN transport safety lobby group has demanded a...

Growing economy could change face of shipping.
June 30, 2006... (From Lloyds List) Byline: Oil helping to develop Russia's profile as a major maritime player, writes Carly Fields LAST year marked yet another year-on-year rise in Russian oil production and exports, a trend that can only continue...

Investment pays off as FCT enters the big league.
June 30, 2006... (From Lloyds List) SINCE start-up in 1998, throughput at Russia's First Container Terminal has surged. From a start-up level of just 150,000 teu, this progressive terminal has strengthened its position and plans to handle about 900,000...

Eco Phoenix rises from ashes of state-led fuel market.
June 30, 2006... (From Lloyds List) WITH its 13-year history, Eco Phoenix is considered somewhat of a veteran in Russia's relatively new marine fuel market. As one of the first private companies to operate in St Petersburg, Eco Phoenix has seen the...

Muslim artists reveal colour of Islamic cultural awareness.
June 30, 2006... (From Lloyds List) RECENT events have led us to believe that Islamic religious imagery is a delicate thing, removed at peril from its context, at least for the devout, who will go to extraordinary lengths in the defence of their faith,...

Gas Market Report.
June 30, 2006... (From Lloyds List) NORTH WEST EUROPE : The large cargo propane market has not been particularly active over the last working week, mainly due to the volatility of crude prices and the distractions of world cup football. There was buying...

Last Word.
June 30, 2006... (From Lloyds List) On a mission DR ROWAN Williams certainly pulled no punches in his sermon at the Mission to Seafarers' annual service this week. Despite his mellifluous tones, the Archbishop of Canterbury hit hard as he spoke...

Once-derelict terminal transformed in 10 years.
June 30, 2006... (From Lloyds List) Byline: Petersburg facility is now biggest oil tank farm in Baltic region, writes Pauline Nixon IN LITTLE more than 10 years the Petersburg Oil Terminal has been transformed beyond recognition. Once it was...

FCT answers its congestion critics.
June 30, 2006... (From Lloyds List) ALEXEY Sidorenko, commercial director of First Container Terminal, has hit back at criticism of congestion in Russia, which in his view is unfairly blamed on ports and terminals. 'We do not see the situation as...

Transbunker sets its sights on conquering Europe.
June 30, 2006... (From Lloyds List) CELEBRATING its 15th anniversary this year, Transbunker has grown from relatively humble origins to claim its place as one of the largest independent bunker suppliers in Russia and the Commonwealth of Independent...

Russia puts emphasis on training to cope with the rigors of ice shipping.
June 30, 2006... (From Lloyds List) Byline: Transas ice simulators installed at learning centres to prepare seafarers for navigation of the harsh Arctic waters RUSSIA has become synonymous with ice shipping over the last few decades as a result of...

Russia Briefs.
June 30, 2006... (From Lloyds List) Sovcomflot surge softening of the freight market failed to detract from Sovcomflot's bottom line in the first quarter of the year. The company announced strong results for the first three months of 2006, with...

Vancouver gains from CP Ships switch.
June 30, 2006... (From Lloyds List) Byline: Sharp increase in containerised cargo after Fraser River Port loses business, writes Leo Ryan THE port of Vancouver has seen its containerised cargo climb sharply following the transfer to its terminals of...

Hansen Weekly Bunker Report.
June 30, 2006... (From Lloyds List) Hansen Weekly Bunker Report June 27, 2005 Compiled for Lloyd's List by Egil Bjorn-Hansen, Oslo CONTINENT: Firm. AFRICA'MIDDLE EAST: Firm. FAR EAST : Firm . USA : Generally only small...

Sovcomflot's ordering spree continues.
June 30, 2006... (From Lloyds List) Byline: Further purchases may be added to the $900m of newbuilds already agreed WITH a name that translates as 'contemporary commercial fleet', Russia's biggest shipping company is exactly that. Its fleet of...

Innovative Transas stays ahead of the field.
June 30, 2006... (From Lloyds List) Byline: Forward-thinking IT company isn't scared to 'break the rules' TRANSAS is without doubt a Russian success story. The company supplied and installed Russia's largest navigational simulator; is responsible...

DNVPS BUNKER QUALITY REPORT.
June 30, 2006... (From Lloyds List) BUNKER QUALITY REPORT 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...

Logistics and China to drive future growth at Rusmarine.
June 30, 2006... (From Lloyds List) MULTI-tasking Rusmarine has its fingers in many pies. Asked what the company's main activities are, Natalya Kapkaeva, Rusmarine's development and external relations director, counts them off one by one: 'We are a...

RS sees its numbers rise around the world.
June 30, 2006... (From Lloyds List) Byline: Pauline Nixon THE Russian Maritime Register of Shipping has noted a marked increase in the number of ships it classes, both at home and abroad. RS now oversees construction in Croatia, Italy, Finland,...

Suppliers get grip on sulphur law.
June 30, 2006... (From Lloyds List) TRADITIONALLY known for high sulphur fuels, St Petersburg's suppliers are faced with the challenge of securing low sulphur bunkers to meet the European Union directive that came into force last month. The EU's...

Baltic Bunkering looks to expand its barge fleet.
June 30, 2006... (From Lloyds List) Byline: Sales manager calls for overhaul of Russian licensing laws to stop rogue traders tarnishing St Petersburg port's reputation ST PETERSBURG'S number one supplier, Baltic Bunkering Co, plans to buy two...

Component makers call for end to fake parts.
June 30, 2006... (From Lloyds List) Byline: Liability issues arising as 'whole machines are being counterfeited', writes Katrin Berkenkopf GERMAN component makers have warned against a rising threat from product piracy, particularly in Asia. ...

World Briefing.
June 30, 2006... (From Lloyds List) Israel in mass arrests ISRAEL arrested dozens of Hamas cabinet ministers and lawmakers in a move the Islamic group said was aimed to topple its government, as the army pressed on with a Gaza offensive to free an...

Global tourism on the rise says UN body.
June 30, 2006... (From Lloyds List) Byline: Sandra Speares TOURIST arrivals worldwide rose by 4.5% during the first four months of the year, according to the World Tourism Organization. There were 236m tourist arrivals, 10m up on the same period...

HIGHLIGHTS - What Will Happen to Zyta Gilowska?
June 30, 2006... (From Polish News Bulletin) Yesterday, the vetting court refused to investigate whether former Deputy PM and Finance Minister Zyta Gilowska co-operated with the communist security services (SB). Although Gilowska's past remains unclear,...

INBRIEF.
June 30, 2006... (From Polish News Bulletin) According to a poll conducted by Gfk Polonia, most Poles believe that the deputy PMs from Self-Defence (Samoobrona) and the League of Polish Families (LPR) are not doing their jobs properly. Fifty-three...

Gilowska Rejects PM's Offer.
June 30, 2006... (From Polish News Bulletin) Commenting on Thursday's decision by the vetting court, which refused to launch procedures against Zyta Gilowska, the former deputy PM and finance minister announced that she was determined to use all...

PM Presents Poland's Initiatives to EC Head.
June 30, 2006... (From Polish News Bulletin) On 29 June, Prime Minister Kazimierz Marcinkiewicz informed European Commission (EC) head Jose Manuel Barroso that Poland is looking forward to hosting an international conference concerning the future of the...

WSE Investors Hold Their Breath as Fed Decides on Interest Rate Rises.
June 30, 2006... (From Polish News Bulletin) During the last two days, investors have shown considerable optimism, which translated to significant rises on the main indexes. However, on 29 June their enthusiasm turned to reluctance to engage in risky...

Entrepreneurs Meet PM and New Finance Minister.
June 30, 2006... (From Polish News Bulletin) During a meeting with entrepreneurs yesterday, the PM presented his government's achievements. He was particularly proud of dynamic economic growth and said he would do everything in his power to maintain it...

Awful PR Behind Lack of Investment.
June 30, 2006... (From Polish News Bulletin) Foreign investors believe that Poland is full of corruption and thievery. Meanwhile, there are as many abuses in Poland as in any other country. According to a report prepared by Ernst& Young (EY), Poland's...

Balcerowicz Critical of Extending NBP's Powers.
June 30, 2006... (From Polish News Bulletin) In the opinion of National Bank of Poland (NBP) head Leszek Balcerowicz, proposals to amend the NBP Act could lead to exerting political pressure on the institution. According to the coalition agreement signed...

ZBP Head Criticises Gov't Financial Market Supervision Bill.
June 30, 2006... (From Polish News Bulletin) During a press conference held on 29 June, Polish Bank Association (ZBP) head Krzysztof Pietraszkiewicz stated that all financial institutions should be subject to financial market supervision. According to...

Experts Warn Against High Fuel and Energy Excise Duty.
June 30, 2006... (From Polish News Bulletin) According to research concerning tax harmonisation in the EU conducted by the Institute for Research on Democracy and Private Enterprise (IBnDiPP), raising fuel and energy excise duties could lower Poland's...

Proposed Tax Changes Unfavourable to Real Estate Owners.
June 30, 2006... (From Polish News Bulletin) The government has proposed tax changes which are unfavourable to many people considering investing in real estate, both new and second-hand. During the election campaign, Law and Justice (PiS) promised 3m new...

Introducing Border Protection System Reveals Incompetence.
June 30, 2006... (From Polish News Bulletin) The Polish Border Guard (BG) is trying to salvage some of the ZL400m for securing the borders. Meanwhile, in the background are arrests, pressurising and a lot of controversy. Of the ZL400m from the EU, the BG...

Halfway Through 2006 Budget Deficit Reaches 60 Percent of Plan.
June 30, 2006... (From Polish News Bulletin) The budget deficit at the end of June will probably amount to 59-60 percent of the ZL30.5bn planned for the year, announced Deputy Finance Minister Elzbieta Suchocka-Roguska. The Finance Ministry believed that...

Economic Growth in Q2 to Exceed 5 Percent, Says Finance Ministry.
June 30, 2006... (From Polish News Bulletin) According to the estimates of the Finance Ministry, economic growth in Q2 will amount to 5.2 percent. Additionally, it is believed that domestic demand in that period will be similar to that in Q1. Therefore,...

INBRIEF.
June 30, 2006... (From Polish News Bulletin) The US Fed decided to increase the official interest rate to 5.25 percent, as widely expected by the market. The scenario is not the best one for Poland, as US Treasury papers will continue to be an attractive...

Russians Threaten Mazeikiu with Oil Supply Cuts.
June 30, 2006... (From Polish News Bulletin) Russian upstream giant Lukoil is threatening Lithuanian refiner Mazeikiu Nafta, which is being acquired by Poland's PKN Orlen, with reduced oil supplies, according to the Russian press. The Polish company was...

Poland to Spend $3.8bn on F16 Fighter Jets, Create 2,500 Jobs.
June 30, 2006... (From Polish News Bulletin) Poland's army will spend a whopping $3.8bn on acquiring 48 modern F-16 jet fighters from Lockheed Martin, in a move that will not only modernise the Polish air force, but also create 2,500 new jobs. "This...

Banks Say No to Foreign Currency Mortgages.
June 30, 2006... (From Polish News Bulletin) From mid-July, Bank BPH will no longer offer foreign currency mortgage loans. By the end of May, BPH had granted over 15,000 loans, worth almost ZL2 billion. Maciej Kossowski from Expander believes that this...

Lotos Completes Consolidation, Plans Acquisitions.
June 30, 2006... (From Polish News Bulletin) Grupa Lotos is putting the finishing touches to the consolidation of Czechowice and Jaslo refineries, which it acquired in 2005 from Nafta Polska. The company is also interested in taking over an incomplete...

Kruszwica Wants to Top Oil and Fat Industry.
June 30, 2006... (From Polish News Bulletin) After more than a year of negotiations, Zaklady Tluszczowe Kruszwica oil and fat company has come to an agreement on merging with PT Olvit, Olvit-Pro and Ewico. Listed Kruszwica will become the largest...

EU Gives Poland Two Weeks to Explain Public Aid for FSO.
June 30, 2006... (From Polish News Bulletin) Three weeks ago, the European Commission (EC) expressed serious doubts over whether to approve Poland's guaranteed loans, which are to save car production at FSO. On Thursday, Deputy Economy Minister Pawel...

LOT's Revenue Lower, But Profits Higher.
June 30, 2006... (From Polish News Bulletin) The national air carrier PLL LOT is seeing its market share slip away, but its profits are surging. LOT's GSA has adopted its financial results for 2005; the airline had sales of ZL2.77bn, which is somewhat...

GTC to Invest EUR80m in Luxurious Housing Project in Croatia.
June 30, 2006... (From Polish News Bulletin) Listed developer GTC has agreed on a EUR80m project in Croatia. The firm's local subsidiary GTC Croatia signed a deal with local partners to build a luxurious housing complex including apartment houses,...

Nafta Polska Chairman Sacked.
June 30, 2006... (From Polish News Bulletin) Yesterday, the general meeting of shareholders of Nafta Polska dismissed Piotr Woyciechowski from the post of chairman of the company's supervisory board. Nafta refused to comment on the reason for the...

Ruch Eyes IPO, Margin Improvement and Employee Agreement.
June 30, 2006... (From Polish News Bulletin) State-controlled press distributor and retailer Ruch plans to debut on the Warsaw Stock Exchange in the second half of the year, and promises future investors an improvement in its pre-tax profit margin, to...

Dispute over WRJ's Bankruptcy Continues.
June 30, 2006... (From Polish News Bulletin) Since autumn last year, the Katowice regional court has been unable to judge whether it is better to rule in favour of the Walcownia Rur Jednosc (WRJ) rolling mill's regular bankruptcy or a bankruptcy with...

Soaring Credit Growth Propels Lukas Bank's Development.
June 30, 2006... (From Polish News Bulletin) Lukas Bank, which is experiencing 26-percent credit growth, remains one of the fastest developing financial institutions in Poland. Average credit growth in the sector is around 10 percent. "Our performance is...

Pol-Aqua Delays IPO, Sells 22-Percent Stake to Prokom Investments.
June 30, 2006... (From Polish News Bulletin) Construction firm Pol-Aqua, specialising in water systems and environmental protection, made a sharp turn just ahead of the upcoming IPO. The firm decided to postpone its public issue and sold a 22-percent...

New Refundable Drugs Lists to Impede Market Growth.
June 30, 2006... (From Polish News Bulletin) According to expectations, growth of the domestic drugs market could be slowed by the introduction of new refundable drugs lists, which will lower the prices of 1,200 imported pharmaceutical products. Given...

ECONOMIC REVIEW HEADLINES.
June 30, 2006... (From Polish News Bulletin) Below is an overview of articles that will appear in the forthcoming issue of the PNB Economic Review: Earthquake on TV Market: ITI Launches Digital Platform, Telecom Operators Provide TV Services and...

Changes in Loan Law Trigger Real-Estate Rush.
June 30, 2006... (From Polish News Bulletin) A real-estate rush has hit Poland. Prices on the market are growing rapidly and foreign currency loans are becoming increasingly expensive. Additionally, changes in the loan law, which will become effective in...

Now it's your worst hits: counting down the accident top 10 for young drivers.
June 30, 2006... (From Government News Network (Was Hermes-Government Press Releases)) ] HIGHWAYS AGENCY SE127-06 30 June 2006 Now it's your worst hits: counting down the accident top 10 for young drivers Streetwise cartoon characters Gaz, Shaz and...