Europe Intelligence Wire articles from March 2003

Europe Intelligence Wire archives from March 2003

A tale of the unexpected.
March 31, 2003... (From Insurance Day) COMPANY results for 2002 are starting to tell an interesting tale. It is something of a Tale of Two Cities only with markets rather than cities involved. If, some 18 months ago, Insurance Day had made a...

Europe moves to phase out single-hull oil tankers.
March 31, 2003... (From Insurance Day) Byline: Peta Miller INSURERS have welcomed a move that will eventually outlaw all single-hull oil tankers in Europe but they warn that single-hull structures and age are not the only factors that contribute to...

Competition watchdog looks into claim against Xchanging.
March 31, 2003... (From Insurance Day) Byline: Stuart Collins THE UK's competition authority is considering an investigation into Xchanging, the provider of claims and business processing to the London market. The move follows a complaint from London...

Hostile takeover cover back in demand amid market uncertainty.
March 31, 2003... (From Insurance Day) Byline: Charlie Talbot INTEREST in hostile takeover cover is expected to rocket in 2003, according to specialist insurer Hiscox. Current market instability and recent hostile activity have caused anxiety at...

'Insurers' weak finances have wider impact': IMF.
March 31, 2003... (From Insurance Day) Byline: Charlie Talbot FURTHER deterioration in the financial health of the global insurance industry could have negative implications for the stability of the global financial system, according to the Inter-...

PRI's first result ontarget despite loss.
March 31, 2003... (From Insurance Day) Byline: Symon Ross NEWLY-formed UK professional liability insurer Professional Risk Insurance Group (PRI) has announced its results for the period ending December 31, 2002, encompassing its first four months of...

RSA's planned Australasia float goes on.
March 31, 2003... (From Insurance Day) Byline: Mike Hanley THE war in Iraq, a shortage of reinsurance cover, and continuing asbestos claims are not deterring Royal & SunAlliance from its planned flotation of its Australasian businesses, despite the...

News in Brief.
March 31, 2003... (From Insurance Day) Axa sells stake AXA Konzern AG, a unit of French insurance giant Axa, said on Friday it was selling its stake in reinsurance company Cologne Re to General Re, which had a call option on the holding. Axa Konzern...

US captive owners to set up fronting facility.
March 31, 2003... (From Insurance Day) Byline: Richard Banks A GROUP of captive owners in the US is preparing to set up a new fronting facility in response to the lack of capacity in this arena. The project is being spearheaded by Michael Mead,...

Boosts to liability reserves cut deep.
March 31, 2003... (From Insurance Day) Byline: Richard Banks A KEY factor in the disappointing returns being produced by some players in the global insurance industry has been the continued need to boost reserves for prior years' liabilities. Many of...

Reducing the impact of market cycles.
March 31, 2003... (From Insurance Day) Byline: Chris Waites PROPERTY/casualty insurance is a notoriously cyclical business. At the moment, rates are high and insurers are earning attractive returns on capital. But insurers have been poor at...

'New risks' for today's underwriter.
March 31, 2003... (From Insurance Day) Byline: Richard Banks MANY commentators on the insurance industry insist there are no such things as "new risks". But there are issues that underwriters may not have considered as exposures which are now...

Analysts are sure of Shell's lead over its rivals.
March 31, 2003... (From Lloyds List) Byline: Martyn Wingrove SHELL not only has a strong upstream asset base but has an operating cost advantage over its key rivals, according to analysts. The Anglo-Dutch oil super-major has reassured the market...

Festival shrugs off Iraq troubles.
March 31, 2003... (From Lloyds List) Byline: Justin Stares in Genoa GENOA-based cruise company Festival Crociere has seen no negative impact from the Iraq war, the company reported at the end of last week. Festival, which boasts an almost entirely...

Moller's move to transparency has shares soaring.
March 31, 2003... (From Lloyds List) Shares in the Danish oil and shipping group A P Moller have risen as, traders say, foreign investors took greater interest in the stocks after the group's more transparent and robust 2002 financial results. ...

Zim in talks on new east Asia service.
March 31, 2003... (From Lloyds List) Talks are taking place on a completely new service from Australia to east Asia involving Zim, ANL and Evergreen, a Zim line source has revealed , reports Lloyd's List DCN in Sydney . On the agenda is a proposed...

CMB reduces profit, rejects writedown.
March 31, 2003... (From Lloyds List) Byline: Tony Gray and Helen Hill Belgium's leading shipping group CMB has been forced to undertake a substantial downward revision of its profit for 2002. Consolidated profit has been cut by almost half to e...

Business Briefs.
March 31, 2003... (From Lloyds List) Royal Caribbean's new credit line ROYAL Caribbean Cruises has executed a $500m unsecured revolving credit facility, replacing a $1bn revolving credit facility that was set to expire in June. Royal Caribbean...

Disappointing performance at Seawheel drags down Simon results.
March 31, 2003... (From Lloyds List) CONTINUING poor performance at shipping line Seawheel largely accounted for heavy losses last year for Simon Group, writes Hugh O'Mahony. Despite seeing an 8.5% rise in turnover to GBP111.7m ($183.6m), the ports...

Brussels to speed up single-hull ban.
March 31, 2003... (From Lloyds List) Byline: New European targets shave five years off the present timetable, writes Brian Reyes in Gibraltar THE European Union transport council has reached unanimous agreement on the commission's proposal to speed...

Shiprepair in Gulf hit hard as war brings postponed orders.
March 31, 2003... (From Lloyds List) SHIPREPAIR facilities in the Persian Gulf have been hit hard by the war with Iraq, a leading yard has acknowledged, but hopes are high that postponements will be reviewed soon, writes Hugh O'Mahony. Asry (Arab...

US lift for German cruises.
March 31, 2003... (From Lloyds List) Byline: Katrin Berkenkopf in Cologne THE number of US cruise vessels calling at ports in Germany and along the Baltic Sea coast in general is rising sharply, despite the political differences between the two...

Owners' disappointment at single skin phase-out decision.
March 31, 2003... (From Lloyds List) Byline: Nigel Lowry in Athens DISMAY at last week's transport ministers' decision on an accelerated phase-out of single hull tankers has left owners hoping for a reprieve from the European Parliament. Some of...

Brussels piles pressure on liner conferences.
March 31, 2003... (From Lloyds List) Byline: Janet Porter THE European Commission is stepping up pressure to curtail the activities of liner conferences, with two of the world's biggest told to toe the line. The Far Eastern Freight Conference has...

Oil prices climb on shortage fears.
March 31, 2003... (From Lloyds List) OIL prices climbed to their highest since the start of the new Gulf war as traders fears persisted of shortages in supplies from Nigeria and Iraq, writes Martyn Wingrove. The prolonged conflict in Iraq has led to...

Handymaxes firm but war doubts rise.
March 31, 2003... (From Lloyds List) Byline: David Osler THINGS are still looking good for owners of smaller bulkers, particularly in the handymax sector where rates remain firm. The handysize and panamax markets are also looking up, although the...

Dry Bulk Fixtures.
March 31, 2003... (From Lloyds List) Coal Hay Point to Gijon Formosabulk Clement , 150,000t, $3.70 per tonne, fio 50,000t sc'25,000t sc, Apr 25-30. (BHP Billiton) Port Cartier to Rotter-dam Papa, 140,000t, $8.75 per tonne, fio six days sc, Apr...

Tanker Fixtures.
March 31, 2003... (From Lloyds List) Clean Persian Gulf to Chitta-gong High Land, 33,000t, W455, Apr 8. (K pc) Persian Gulf to Singa-pore Aegean Faith, 75,000t, W200, Apr 28. (Kpc) Black Sea to Mediterra-nean Aurora , 28,500t, W320, Apr 3....

Secondhand prices take lead over newbuilding contracts.
March 31, 2003... (From Lloyds List) Byline: a Staff Reporter TANKER market Jeremiahs predicting a collapse in freight rates after the end of the war in Iraq failed to burst the bubble in the sale and purchase market. Prices for modern spot or...

All but the biggest suffer fall in demand.
March 31, 2003... (From Lloyds List) Byline: Martyn Wingrove TANKER rates are falling across the board except for the largest crude carriers as demand for cargoes slumps. Crude buyers have refrained from fixing vessels and cargoes after stocking...

BECA - Baltic European Coal Assessment.
March 31, 2003... (From Lloyds List) BECA - Baltic European Coal Assessment Q2 2003 32.750 short ton (same) Disclaimer: While care has been taken in the production of BECA, all assessments are for general use and are not designed to be used...

High prices – but no takers for scrap.
March 31, 2003... (From Lloyds List) Historically high demolition prices were not enough to seduce owners into forsaking buoyant freight markets with their elderly tonnage. As a result, the scrap market was virtually bereft of fresh deals. But...

MacAndrews stays on course under new owner.
March 31, 2003... (From Lloyds List) Diversifying to the shortsea liner sector, French liner operator CMA CGM acquired the entire share capital at the end of last year of London company MacAndrews from United Baltic Corporation, a subsidiary of Andrew...

Galley no slave to the intermodal status quo.
March 31, 2003... (From Lloyds List) Freightliner chief executive Alan Galley does not take kindly to suggestions that Britain's second largest freight train operator is scared of competition, writes Roger Hailey. 'I don't have any fears about...

News In Brief.
March 31, 2003... (From Lloyds List) Polar caps Polar Air Cargo has appointed Swift Airline Services as its general sales agent in Belgium and Luxembourg from April 1. The US all-freighter carrier has also appointed Aerotrans as its exclusive...

Trio bid for Melbourne.
March 31, 2003... (From Lloyds List) THREE groups have been invited to tender for the development of about 10 hectares of land at Victoria Dock in the port of Melbourne, writes Sandy Galbraith. Melbourne Port Corporation chief executive Chris Whitaker...

Port looks at ways to ease congestion.
March 31, 2003... (From Lloyds List) THE port of Felixstowe, which suffered severe congestion problems last October, is considering the introduction of a vehicle booking system at its container terminal to smooth the flow of traffic, writes Felicity...

Space age cargo for Volga-Dnepr.
March 31, 2003... (From Lloyds List) Volga-Dnepr Airlines has delivered the Mars-Express satellite and its descent module 'Beagle-2', pictured above, to the Baikonur cosmodrome in Kazakhstan. Volga-Dnepr operated two An-124-100 flights to transport...

UPS goes on attack behind a shield.
March 31, 2003... (From Lloyds List) Byline: Parcels giant adopts an updated logo as it prepares to resist the challenge of its expanding rival Deutsche Post, writes Roger Hailey FOR the first time in its near-100-year history United Parcel Service...

Blaze ferry 'could not have been evacuated'.
March 31, 2003... (From Lloyds List) BRITISH search and rescue services would not have had sufficient dedicated facilities to evacuate the DFDS ferry Princess of Scandinavia 'in one go' had a fire aboard in May, 2002, spread, the Maritime and Coastguard...

Equal footing in three-head battle for IMO top job.
March 31, 2003... (From Lloyds List) Byline: Hugh O'Mahony ON deadline day for applications to become IMO secretary general from 2004, the contest looks to be a three-horse race, but one that may be closer than was first suggested. Secretary...

Strike over breached wage deal poses new threat to Nigeria oil output.
March 31, 2003... (From Lloyds List) NIGERIAN oil production problems are about to get worse as public workers begin a general strike over failure to gain pay rises, writes Martyn Wingrove. The Nigerian Labour Congress has declared a general strike...

Germany and Italy settle row on Galileo.
March 31, 2003... (From Lloyds List) Byline: Neville Smith ITALY and Germany have buried their differences over the Galileo satellite navigation, apparently clearing the way for progress on the E 3.2bn ($3.4bn) project, writes Neville Smith. The...

Piracy attacks on chemical tankers bring fears of terrorism dry runs.
March 31, 2003... (From Lloyds List) Byline: Marcus Hand in Singapore ATTACKS on three chemical tankers in the Malacca Strait by pirates armed with automatic weapons in the last month have raised fears of maritime terrorism in South east Asia. ...

Iraqi conflict hits Mediterranean cruises.
March 31, 2003... (From Lloyds List) WAR in Iraq has taken its first casualties on the cruise industry's busy summer schedules with US operator Radisson switching a key Mediterranean service for the summer to the Caribbean, writes Jerry Frank. A...

Repairs at your discretion.
March 31, 2003... (From Lloyds List) Repairs, insofar as they are not the urgent patching up needed after an accident, are a form of discretionary spending. The owner may not be able to put off doing them, but at least he can make his mind up about...

Diary...
March 31, 2003... (From Lloyds List) Chirping at last CAPTAIN Michael Powell, a master mariner who is a qualified solicitor, has become the first director (maritime) of the delightfully named CHIRP the Confidential Hazardous Incident Reporting...

Some unfinished business remains for IMO's O'Neil.
March 31, 2003... (From Lloyds List) Byline: Michael Grey 'THE whole notion of international consensus on maritime related issues has been put in question,' said International Registries' Clay Maitland in Connecticut last month as he reviewed the...

Partnership on mission to lift its profile.
March 31, 2003... (From Lloyds List) Byline: Gateway has been born out of frustration that the potential economic power of the area is not understood locally or beyond, writes Felicity Landon MORE than 400m tons of shipping movements a year are...

Gas Market Report.
March 31, 2003... (From Lloyds List) NORTH WEST EUROPE: Large cargo propane has not hesitated in following the swaps levels down. A purchase tender was concluded earlier this week for 20 kts early April delivery at $277'Argus+10. This was followed the...

In Brief.
March 31, 2003... (From Lloyds List) Change of sceneryfor FT Marine AFTER a management buyout at the start of the year FT Marine ' General (East) has moved to a new site at Manningtree, Essex, where it has a fitting and machine shop, steel fabrication...

Going Mistley eyed over Quay niche.
March 31, 2003... (From Lloyds List) MISTLEY Quay is a tiny operation in comparison with neighbours downriver such as Felixstowe but it has managed to carve out a niche for itself, and a substantial amount of its work is won on the back of other ports'...

Felixstowe expansion slowed by planning.
March 31, 2003... (From Lloyds List) HUTCHISON Ports UK has started work on the final expansion of the Trinity Container Terminal at Felixstowe. It expects to submit a Harbour Revision Order at the end of August for its plans to redevelop the south of...

Bid to build on cruise success.
March 31, 2003... (From Lloyds List) HARWICH is set for its best cruise year so far, with 57 calls booked. These will include Holland America Line's new vessel Oosterdam and Voyages of Discovery's new Discovery, which will be named at the port early...

Oil spill recovery vessel passes early test.
March 31, 2003... (From Lloyds List) A SPILL of about 2,000 gallons of mixed oils in Harwich Harbour during February Harwich Haven Authority's Oil Spill Contingency Plan and its new GBP900,000 ($1.48m) oil spill recovery vessel, the Haven Hornbill (right)...

In Brief.
March 31, 2003... (From Lloyds List) Securicor sticks toits local roots SECURICOR Omega Container Logistics has a fleet of nearly 500 trucks at its various British depots, all co-ordinated from its Felixstowe head office. Of these 100 container...

Ipswich looks to relive the glory days.
March 31, 2003... (From Lloyds List) VOLUMES through the Port of Ipswich increased from 2.9m tonnes in 2001 to 3.4m last year, its highest throughput since Associated British Ports bought the port in a privatisation deal six years ago. 'When we took...

Sell-off of state stevedore has potential to boost port's image.
March 31, 2003... (From Lloyds List) The date for the partial sale of Mauritius's only stevedore, Cargo Handling Corporation Limited (CHCL), may have slipped but there are still high hopes that when it finally goes through, it will have a positive impact...

Rotterdam service boosts Harwich volumes.
March 31, 2003... (From Lloyds List) RO-RO freight volumes through Harwich International Port have increased by 40% since the launch last August of Stena Line's new Harwich-Rotterdam service. Stena now operates a total of 45 sailings a week out of...

Belgians join in the bun fight to win key role in regeneration.
March 31, 2003... (From Lloyds List) As Mauritius strives to promote itself as a major shipping hub for the Indian Ocean region, private companies are positioning themselves to fill the specific needs of the industry, from agents and forwarders to...

IT aims to boost country's appeal.
March 31, 2003... (From Lloyds List) As part of its drive to become the leading business hub in the Indian Ocean region, Mauritius is looking to become an information-based economy, encouraging computerisation among local companies and investing heavily...

Offshore finance sector is vital to success.
March 31, 2003... (From Lloyds List) Mauritius has become a magnet for foreign money in recent years. The financial services sector is a crucial component of the economy and part of the government's broad diversification agenda. A decision was...

Blueprint gives green light to maritime growth.
March 31, 2003... (From Lloyds List) Mauritius has some big plans for the maritime sector in the next 25 years, as outlined in its port master plan – a kind of blueprint for the future. The Mauritius Ports Authority (MPA) hopes to transform Port...

Sun, sand, sea and ships.
March 31, 2003... (From Lloyds List) Every year, Mauritius welcomes more than 700,000 tourists, in search of sunshine, sandy beaches and a brief taste of a tropical paradise. The holiday destination is particularly popular with British and French...

High hopes for future on Paradise island.
March 31, 2003... (From Lloyds List) Paradise island Mauritius, roughly 850km east of Madagascar and 2,000km from Durban, has aspirations to become one of the leading shipping hubs in the region. Though just a small blip in the ocean it has already...

Spy cameras set to boost security at port.
March 31, 2003... (From Lloyds List) Mauritius has been getting tough on security in the wake of September 11th and the global war on terrorism. As well as a shake-up of the financial system to tighten regulation and satisfy stringent international...

Transport is key to Africa's entry into US market.
March 31, 2003... (From Lloyds List) With its developed transport infrastructure, Mauritius could play a key role in helping other African nations tap into the mighty US market through the African Growth and Opportunity Act (AGOA) free trade legislation...

Air Mauritius bucks trend.
March 31, 2003... (From Lloyds List) In spite of war in the Gulf, Air Mauritius continues to buck the downward trend in the air transport sector reporting strong passenger growth on its key routes, especially to the UK. The national carrier is looking...

Communists and pensioners protest war.
March 31, 2003... (From The Slovak Spectator) A DEMONSTRATION against the war in Iraq on March 21 attracted only a handful of people, most of them pensioners and members of the country's smallest opposition party, the Communist Party of Slovakia (KSS),...

Poland closes southern tourist border crossings.
March 31, 2003... (From The Slovak Spectator) THE POLISH government has closed tourist border crossings with the Czech Republic and Slovakia as part of its special security measures relating to the military conflict in Iraq. The precaution came into...

Support for attending EU referendum falls: poll.
March 31, 2003... (From The Slovak Spectator) THE NUMBER of Slovaks who intend to vote in the May 16-17 referendum on Slovakia's entry to the European Union fell in March by 5 percentage points compared to February to 66.9 per cent, the Statistics...

American attacked in McDonald's.
March 31, 2003... (From The Slovak Spectator) A 49-year-old US citizen was beaten in a McDonald's restaurant on Bratislava's Gorky Street on March 23, leaving him with concussion, a broken ankle, and other injuries that doctors say will take two months to...

Plans to raise awareness of family planning.
March 31, 2003... (From The Slovak Spectator) DEPUTY Prime Minister Pal Csaky has promised to raise awareness of family planning among Roma communities, and to intensify training of health workers in reproductive health. This would require Sk2.5...

Court throws out sterilisation case.
March 31, 2003... (From The Slovak Spectator) KOSICE regional court upheld an earlier ruling by Spisska Nova Ves district court that Monika Bikarova had not been illegally sterilised by doctors in 1986. She had been calling for Sk400,000 (9,600 euro)...

MPs uninterested in EU training.
March 31, 2003... (From The Slovak Spectator) ONLY five out of 30 invited MPs turned up for a training seminar on the EU referendum. Apologies were received from just one, who had recently returned from hospital treatment. Monika Be"ova, one of the...

President sends back health bill.
March 31, 2003... (From The Slovak Spectator) PRESIDENT Rudolf Schuster has refused to sign the new health bill that was due to come into effect at the beginning of April. The president objected to a range of charges for health services introduced by the...

Former minister candidate for SIS chief.
March 31, 2003... (From The Slovak Spectator) PRIME Minister Mikulas Dzurinda has announced that former interior minister Ladislav Pittner is the coalition candidate for head of the Slovak Information Service (SIS). The previous head of the SIS, Vladimir...

Alleged mob boss Eernak skips country.
March 31, 2003... (From The Slovak Spectator) POLICE are searching for the suspected boss of the Banska Bystrica mafia, Mikulas Eernak, after reports that he had fled the country illegally. The Supreme Court recently ordered him to be returned to prison...

Food prices to rise on EU entry.
March 31, 2003... (From The Slovak Spectator) THE PRICE of food may rise by 10 per cent when Slovakia joins the EU, according to research by the Research Office for Agriculture and Foods (ZUEPP). ZUEPP director Gejza Blaas said: "When Slovakia becomes...

IT outsourcing overcoming obstacles.
March 31, 2003... (From The Slovak Spectator) Banking has led the charge in Slovakia, but other sectors lag behind ALTHOUGH many Slovak companies have been slow to trust their IT systems to a third party, domestic and international firms offering IT...

Car-hungry Slovaks turn to leasing.
March 31, 2003... (From The Slovak Spectator) Auto sales are falling, but leasing companies see growing market share IN SPITE of a two-year decline in car sales, Slovak leasing companies have been steadily expanding as more Slovaks opt for financial plans...

Still more room for growth in leasing sector.
March 31, 2003... (From The Slovak Spectator) Despite strong growth in Slovakia's leasing market over the last two years, further expansion is expected across the board, according to Milan Randak from the Association of Leasing Companies in Slovakia...

SE to split before privatisation.
March 31, 2003... (From The Slovak Spectator) THE COMMISSION for privatisation of the state electricity generator Slovenske elektrarne (SE) has drawn up a list of parts of the company that may be retained by the state. Not one of the bidders for SE in the...

Whirlpool sees revenues rise.
March 31, 2003... (From The Slovak Spectator) POPRAD-based white-goods manufacturer Whirlpool Slovakia reported revenues of Sk7 billion (167 million euro) in 2002, with sales in Slovakia rising nearly 8 per cent year on year to Sk1.24 billion (29.6...