Europe Intelligence Wire articles from March 2005

Europe Intelligence Wire archives from March 2005

Qatar primes Korean yards for $15bn LNG order bonanza.
March 31, 2005... (From Lloyds List) Byline: Plan for 90 gas ships by 2012, writes Sam Chambers in Hong Kong QATAR'S Minister for Energy and Industry is finishing what might be described as the most expensive window shopping trip the shipping...

TOP Tankers in negotiations to snap up 15 Nomikos bulkers.
March 31, 2005... (From Lloyds List) EVANGELOS Pistiolis' Nasdaq-listed TOP Tankers is rumoured to be negotiating a 15-vessel deal, potentially priced at $450m-$460m, with AM Nomikos Transworld Maritime Agencies, writes Rajesh Joshi in New York. If...

Selendang Ayu master admits lying to US safety authorities.
March 31, 2005... (From Lloyds List) Byline: Rajesh Joshi in New York THE master of the Selendang Ayu has joined the ranks of merchant mariners facing criminal prosecution after admitting he lied to the US National Transportation Safety Board. ...

Fortum to float Neste in April.
March 31, 2005... (From Lloyds List) FINNISH energy group Fortum is seeking to raise €500m ($650m) in the country's largest initial public offering when it floats Neste Oil in April, writes Martyn Wingrove.Fortum is spining off Neste Oil on the...

Bitter row between partners could mean the sale of GE SeaCo.
March 31, 2005... (From Lloyds List) Byline: Disposal looms unless differences can be resolved, writes Janet Porter ONE of the world's biggest container leasing companies, GE SeaCo, could be sold unless its two shareholders can resolve serious...

Business Briefs.
March 31, 2005... (From Lloyds List) Portek contracts SINGAPORE-based port equipment supplier Portek has bagged S$12m worth of new contracts to major terminal operators, writes Marcus Hand. In its first sale to a Mexican port Portek has sold two...

China and Singapore lift curbs on subsidiaries.
March 31, 2005... (From Lloyds List) Byline: Marcus Hand in Singapore SINGAPORE shipping companies will be able to set up wholly-owned subsidiaries in China without geographical restrictions following a new protocol signed by the two countries. ...

Wan Hai cautious on prospects.
March 31, 2005... (From Lloyds List) Byline: Sam Chambers in Hong Kong DESPITE making massive gains last year, Wan Hai Lines of Taiwan has been more cautious than most over its prospects for this year, although analysts still consider it a traditional...

Excel's $118m panamax spree.
March 31, 2005... (From Lloyds List) Byline: From Rajesh Joshi in New York EXCEL Maritime Carriers, the American Stock Exchange-listed dry bulk company, has splashed out $118m on the purchase of three panamax dry bulk carriers, boosting its fleet to...

Carnival pension fund deficit 'between $25m and $90m'.
March 31, 2005... (From Lloyds List) Byline: Sandra Speares CRUISE giant Carnival Corporation estimates its share of the British Merchant Navy Officers Pension Fund deficit is between $25m and $90m. In spite of the court ruling on March 22,...

Eurotunnel agrees GBP6bn debt waiver bid.
March 31, 2005... (From Lloyds List) Byline: Andrew Spurrier in Paris CHANNEL tunnel operator, Eurotunnel, yesterday put an end to several weeks of indecision with the announcement that its board had decided finally to submit to its creditors the...

Future in doubt for Hong Kong River Trade Terminal.
March 31, 2005... (From Lloyds List) HONG Kong's River Trade Terminal is facing an uncertain future after losing a court case that now officially bans the HK$6.5bn (US$833m) facility from handling ocean-going ships, writes Keith Wallis . About 30% of...

DryShips shares win 'strong buy' advice.
March 31, 2005... (From Lloyds List) Byline: Cantor Fitzgerald sets $28 price target for panamax operator's stock, writes Rajesh Joshi in New York CANTOR Fitzgerald has initiated coverage on George Economou's Nasdaq-listed DryShips with a 'strong buy'...

Legal limbo on tramp regulation leaves industry flailing in the dark.
March 31, 2005... (From Lloyds List) Byline: European Union urged to provide clarification of competition rules for non-liner trades, writes Janet Porter LAWYERS are urging Brussels to provide tramp shipping with a clear regulatory regime rather than...

Vancouver plan to cut marine exhaust.
March 31, 2005... (From Lloyds List) Byline: Keith Wallis SHIPPING lines, ferry companies and port operators in Vancouver, Canada, are likely to be asked to help draw up a regional action plan to reduce ship and marine related exhaust emissions in the...

Ferries and year-end troubles push Sea Containers into red.
March 31, 2005... (From Lloyds List) Byline: Group claims Greek authorities banned ferries without good reason, writes Janet Porter HEAVILY indebted Sea Containers plunged into the red last year, hit by a combination of losses from ferry operations...

Intercargo chief in 'zero tolerance' call.
March 31, 2005... (From Lloyds List) Byline: Sandra Speares INTERCARGO secretary-general Roger Holt has called for a zero tolerance approach to accidents as he joined a public forum in Alaska to discuss issues arising from the loss of the 72,937 dwt...

Finnlines ferry strike ends after court rulings.
March 31, 2005... (From Lloyds List) Byline: James Gladden in Cologne A STRIKE for higher wages on two Finnlines ferries in Germany and Finland has ended, leaving the question of who will foot the bill. The crew strikes on board the 20,077 gt...

BP runs into Alaska problems over failure to report oilfield spills.
March 31, 2005... (From Lloyds List) Byline: Martyn Wingrove BRITISH oil major BP could be in more trouble in Alaska for failing to 4report two spills at its Prudhoe Bay oilfield in July, 2003, and last December. The report by the Alaska...

Tanker Fixtures.
March 31, 2005... (From Lloyds List) CLEAN Arabian Gulf to Anyer Dongola, 30,000t, W350, Apr 12. (Charterer not reported) Caribbean to US Atlantic coast Elka Sirius , 40,000t, W315, Apr 4. (Valero) St Croix to US Atlantic coast Nicos IV ,...

Box charter market continues its climb.
March 31, 2005... (From Lloyds List) Dry Trade THE Easter break may have dampened activity, but certainly not sentiment, in the containership charter market which continues to head upwards into new territory, writes Janet Porter. The majority of...

Appeal after Atlantic Hero master wins spill case.
March 31, 2005... (From Lloyds List) Byline: Court says ballast sediment explanation for tanker incident was plausible, writes Andrew Spurrier in Paris THE public prosecutor in the French port city of Brest is to appeal against the decision of a local...

Dry Bulk Fixtures.
March 31, 2005... (From Lloyds List) COAL Queensland to Visakha-patnam Pacific Primate, 48,000t, $30.00 per tonne, fio 20,000t sxuu'7,000t sxeiu, Apr 5-15. (VSP) Santa Marta to Genoa and Porto Vesme Alberto Topic , 35,000t, $41.00 per tonne, fio...

VLCCs may be in short supply this year.
March 31, 2005... (From Lloyds List) Byline: Martyn Wingrove Tankers AVAILABILITY of very large crude carriers is expected to tighten further this year and may not be enough to cope with increasing crude demand in the second half. According...

Gas Market Report.
March 31, 2005... (From Lloyds List) NORTHWEST EUROPE: The large propane market continues its downward movement Gas cargoes are finding it increasingly hard to find traditional homes. Petchems are now into buying propane and where paying around $460 but...

Granger sees a new optimism dawning for UK yards.
March 31, 2005... (From Lloyds List) Byline: The man who is retiring after 15 years at the helm of the shipbuilders' trade association reports 'very encouraging signs' for the future and reflects on his sometimes difficult dealings with governments of...

A system which works.
March 31, 2005... (From Lloyds List) THE annual report of the International Oil Pollution Compensation Funds has been published and, as always, demonstrates an effective system for properly compensating those who suffer from oil pollution. It works...

Westfalische Provinzial reshuffles managers.
March 31, 2005... (From Lloyds List) Byline: Valerie Tadesse in Cologne AS PART of the merger with Provinzial Kiel, the supervisory board of Westfalische Provinzial has rearranged responsibilities in the management boards of the p'c company...

Greenberg has bowed out but the investigation into AIG continues.
March 31, 2005... (From Lloyds List) Byline: The man recognised as the US industry's monarch has gone but the signs are that the probe is widening, writes John McLaughlin in New York OF ALL the casualties of the continuing assault by US financial...

Record year spurs Advent listing plan.
March 31, 2005... (From Lloyds List) LLOYD's underwriter Advent said it is looking at a public listing this year as it revealed record 2002 results and indications of another exceptional year in 2003, writes Jerry Frank. The syndicate 780 underwriter...

Ex-HIH director admits lying to chief executive.
March 31, 2005... (From Lloyds List) A FORMER director of a failed insurance firm told a court on Tuesday that he lied to his chief executive to secure A$2m (US$1.54m) to support another floundering company. HIH Insurance had debts of A$5.3bn when it...

Tasman Spirit fight goes on after crew release says American P'I Club.
March 31, 2005... (From Lloyds List) Byline: The Karachi Eight may be safely home but the row over compensation with Pakistan remains far away from a final settlement, writes Roger Hailey THE American P'I Club remains far away from a final pollution...

QBE spreads its future roots in Plantation Place.
March 31, 2005... (From Lloyds List) QBE has signed the lease to take the entire second floor of the landmark City development, Plantation Place, in addition to the first floor it agreed to take last year. This September, more than 750 people from...

General Re co-operates with APRA investigation.
March 31, 2005... (From Lloyds List) THE Australian arm of Warren Buffett's global reinsurance business yesterday said it would co-operate fully with any inquiry by Australia's financial services regulator, AAP reports . General Reinsurance Australia...

BAE Systems linked with Atlas sale.
March 31, 2005... (From Lloyds List) Byline: Katrin Berkenkopf in Cologne BRITISH company BAE Systems is reported to be close to selling its German naval components subsidiary Atlas Elektronik. A spokesman for the group rejected a German news...

Irish MAIB calls for better communication.
March 31, 2005... (From Lloyds List) Byline: Tom MacSweeney in Dublin THE Irish Marine Accident Investigation Board has recommended that shipping companies should ensure there is effective communication in English aboard ship. The recommendation...

Fatigue led to grounding.
March 31, 2005... (From Lloyds List) Byline: Michael Grey A sole watchkeeper, whose serious fatigue was exacerbated by the consumption of a half litre of brandy, fell asleep, causing his ship to ground in the Firth of Clyde. The incident has led...

Lawyers unimpressed on corporate manslaughter.
March 31, 2005... (From Lloyds List) BRITISH government proposals for a new corporate manslaughter bill do not go far enough, according to law firm Maclay Murray ' Spens, writes Sandra Speares. The Home Secretary set out long-awaited government...

Vanco starts Cote d'Ivoire drilling.
March 31, 2005... (From Lloyds List) Byline: Brian Reyes in Gibraltar HOUSTON-based independent oil and gas company Vanco Energy said this week that it had started drilling an exploratory well about 35 km off the coast of Cote d'Ivoire. The San...

BUNKER MARKET REPORT.
March 31, 2005... (From Lloyds List) BUNKER MARKET REPORT March 1, 2005 Compiled for Lloyd's List by Egil Bjorn-Hansen, Oslo CONTINENT: Market steadily firming in line with higher crude prices. AFRICA'MIDDLE EAST: Stablet. FAR...

Last Word.
March 31, 2005... (From Lloyds List) Icy reception BRITISH newspaper The Guardian's report that Northern Ireland's leading artist, Rita Duffy, wants to moor one of Greenland's icebergs off Belfast to allow it to melt has certainly got the locals...

World Briefing.
March 31, 2005... (From Lloyds List) Relatives search Nias SURVIVORS combed the rubble of buildings for loved ones on Indonesia's earthquake-devastated Nias island as reports emerged of hundreds of additional deaths on a nearby island group. On...

More cash for Canada port clamp.
March 31, 2005... (From Lloyds List) Byline: Leo Ryan in Montreal A MARINE security contribution programme for Canadian ports will enter a second phase in April. The new progamme follows the completion of initial federal funding, dominated by...

Hong Kong to crack down on speeding ferries.
March 31, 2005... (From Lloyds List) TOUGHER action is being taken by Hong Kong's Marine Department against high-speed ferries which operate at excessive speed during poor visibility, following a spate of accidents in the past month that have injured at...

Izar liquidation move to start sale of four yards.
March 31, 2005... (From Lloyds List) Byline: Work in short supply and future remains uncertain, writes Brian Reyes in Gibraltar SPANISH state-owned shipbuilder Izar is expected to go into liquidation tomorrow in a widely anticipated move that will...

Bunker Quality Report.
March 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...

A'P Falmouth turns triple-hull demo vessel into one-off survey ship.
March 31, 2005... (From Lloyds List) The newly converted Gardline survey vessel Triton, writes Hugh O'Mahony. Bought from QinetiQ for an estimated GBP7m ($13.2m) in January as a triple-hull demonstration vessel, the world's largest motor powered...

Tsunami tanker detention row.
March 31, 2005... (From Lloyds List) Byline: D'Amico ship which damaged pipelines amid tidal surges under arrest in Tanzania since December, writes Sandra Speares TANKER operator D'Amico Tankers has hit out at the continued detention of one of its...

Exxon pulls out of Caspian.
March 31, 2005... (From Lloyds List) EXXONMOBIL is pulling out of two high-cost exploration blocks in the Caspian Sea after failing to find hydrocarbons and could be forced to pay compensation to Azerbaijan, writes Martyn Wingrove. The US oil major is...

News - Legal victory will not stop claims.
March 31, 2005... (From Post Magazine) Byline: Guy Anker. Insurers could yet face huge passive smoking litigation bills, despite defeating what is thought to be the first contested claim in six years. Former pub manager Ann Michelle Muir claimed...

News - Folgate and Towergate merger delayed.
March 31, 2005... (From Post Magazine) The merger of intermediaries Folgate and Towergate has been postponed due to legal delays. The acquisitive pair were due to join forces this week to form the Towergate Partnership but will have to wait until the...

News - In the doghouse.
March 31, 2005... (From Post Magazine) Churchill Insurance this week decided to pull its latest advert featuring the voice of Vic Reeves, pictured right, after it was revealed the comedian has been charged with drink driving. Mr Reeves - who, along with...

News - FSA faces six-month deadline for shake-up.
March 31, 2005... (From Post Magazine) Byline: Ana Paula Nacif. The Financial Services Authority will be given only six months to bring about a "lighter touch" to regulation if the Conservatives win in the next General Election. Changes to the...

News - Reform puts claims in the legal firing line.
March 31, 2005... (From Post Magazine) Byline: Ana Paula Nacif. Policyholders could be allowed to sue insurers for handling claims poorly, if proposals to reform insurance contract law go ahead. The Law Commission has included insurance contract...

News - EL setback as employers admit ignoring stress.
March 31, 2005... (From Post Magazine) Employers' liability insurers could face further setbacks after employers admitted ignoring the issue of stress in the workplace. A survey of 1400 HR professionals undertaken by Asb Law has found that 60% of...

News - Bill eases D&O concerns.
March 31, 2005... (From Post Magazine) Insurer concerns that they could be increasingly exposed to directors' and officers' liabilities were eased last week, with the publication of the Draft Corporate Manslaughter Bill. The long-awaited draft...

News - ABI flood review welcomed.
March 31, 2005... (From Post Magazine) Government plans to review its flood management policy have been welcomed by insurers. The Office of the Deputy Prime Minister has promised to review its guidance, and the Association of British Insurers said...

News - MP attacks the government over uninsured drivers.
March 31, 2005... (From Post Magazine) The Liberal Democrat Shadow Secretary of State for Trade and Industry has hit out at the government for its soft stance on uninsured drivers and failure to introduce substantial fines for the crime. Malcolm Bruce...

News - Axa mulls dual pricing policy.
March 31, 2005... (From Post Magazine) Byline: Jonathan Swift. Axa is considering charging different prices for commercial risks placed online and offline to drive more business through its e-trading platform. The insurer is also recruiting 12...

News - Insurers warned over law firms.
March 31, 2005... (From Post Magazine) Insurers have been warned not to establish or buy legal entities, despite plans being announced last week that could allow them to own law firms. Allianz Cornhill's divisional manager for legal protection, Phil...

News - Hardy predicts GBP180m fraud losses.
March 31, 2005... (From Post Magazine) An alleged fraud at an Italian bank could cost the insurance industry GBP180m in claims according to Lloyd's insurer Hardy Underwriting. Reporting its results for the period up to 31 December 2004, the company...

Broking - Transparency - Time to grasp the nettle.
March 31, 2005... (From Post Magazine) 'transparent insurance world' is a phrase that, to many observers, seems an oxymoron. Many would agree that the insurance industry has not, in the past, exhibited the Oxford English Dictionary traits of the word...

News - Royal and Sun Alliance calls for reform to be stepped up.
March 31, 2005... (From Post Magazine) Royal and Sun Alliance has called for the pace of reform of the UK's employers' liability market to be stepped up. Duncan Boyle, RSA UK chief executive and chair of the Association of British Insurers' liability...

Financial News - Groupama sets out to treble its business.
March 31, 2005... (From Post Magazine) Byline: Guy Anker. Groupama outlined plans to drag itself out of a self-confessed healthcare mire as it announced that profits had doubled in 2004. The insurer, which has previously admitted that its medical...

Financial News - Catlin cleared to open UK-based underwriter.
March 31, 2005... (From Post Magazine) Lloyd's insurer Catlin will launch its first UK-domiciled subsidiary on 1 May, to take over from the company's parent in Bermuda. The insurer received authorisation for the move from the Financial Services...

Financial News - Ecclesiastical hails restructure.
March 31, 2005... (From Post Magazine) Ecclesiastical Insurance announced a 61% improvement in its 2004 technical account balance to GBP35.9m, compared with GBP22.3m in 2003. In line with this, the combined ratio also improved from 90% to 84%. ...

Financial News - More mergers in pipeline for HSA.
March 31, 2005... (From Post Magazine) Health plan specialist HSA is currently in talks that are expected to result in further merger announcements this year. The company, which last week completed a deal that will see Health Sure become part of its...

Claims News - Independents push for CILA voice.
March 31, 2005... (From Post Magazine) Byline: Anthony Gould. A group of smaller independent loss adjusting firms has set up a special interest group within the Chartered Institute of Loss Adjusters in an effort to ensure its voice is heard, both...

Claims News - Fraud detection doubles.
March 31, 2005... (From Post Magazine) Insurers have almost doubled fraud detection during the past three years but are still only identifying 20% of fraudulent claims, according to figures from the Association of British Insurers. A survey by the ABI...

Claims News - Crawford tipped for Axa panel success.
March 31, 2005... (From Post Magazine) Axa is expected to unveil the result of its subsidence panel review by the end of the week, with Crawford understood to be one of the victors. As Post Magazine went to press, however, Axa was unable to confirm...

Claims News - Fraud Focus.
March 31, 2005... (From Post Magazine) Would insurer-owned legal firms increase the fraud risk, asks Jamie Taylor. On 15 December last year, Sir David Clementi published his report following a regulatory review of legal services. The report has been...

News Analysis: CIS Overhaul - No pain, no gain for CIS.
March 31, 2005... (From Post Magazine) 'Transparency' is the insurance buzzword of the moment. New businesses models in the broking fraternity seem to mention little else, yet many in the industry have been accused of not being open enough. One...

Postbox - FSA needs to get into the "real world".
March 31, 2005... (From Post Magazine) There has been a lot of coverage recently accusing the Financial Services Authority of letting people down in a variety of ways. The biggest way in which it is letting all of us down, from insurer to broker to...

Postbox - Solicitors biased over claims limit.
March 31, 2005... (From Post Magazine) Of course Thompsons doesn't want the small claims limit increased from GBP1000 to GBP5000 - it would lose hundreds of thousands of pounds, nay, millions in fees. Increasing the limit would serve to reduce many...

Postbox - Claims staff can't do it on their own.
March 31, 2005... (From Post Magazine) Norwich Union director of technical claims Dominic Clayden is completely right when he says that "effective fraud detection requires a complex mixture of manual and technical controls" and that "effective claims...

View from the Top - Reinvention better than cure.
March 31, 2005... (From Post Magazine) Byline: Robert Hiscox, chairman, Hiscox. In 1993, I was lucky to be involved in the birth of Corporate Capital at Lloyd's. It was 'do or die' so we got creative, proving right the old wisdom that Lloyd's has an...

Comment - Database helps up the fraud stakes.
March 31, 2005... (From Post Magazine) While the insurance industry should be congratulated on its efforts to combat fraud, given the revelation that there has been a 95% increase in detection from 2002 to 2004, this is only the tip of the iceberg. ...

Comment - Corporate bill does little to change accountability.
March 31, 2005... (From Post Magazine) The government's planned publication of a watered-down Draft Corporate Manslaughter Bill should be music to the ears of insurers, which feared they could end up paying huge defence costs for company directors in...

Comment - Comedian causes Churchill campaign to stall.
March 31, 2005... (From Post Magazine) Finally, it was good to see Churchill take decisive action over the news that Vic Reeves, who has voiced its famous television adverts for a number of years, has been charged with drink driving. While waiting for...

Travel Fraud - Carry on a fraud.
March 31, 2005... (From Post Magazine) A former colleague at the Insurance Ombudsman Bureau - the predecessor of the Financial Services Ombudsman Scheme - was shocked when a brazen dinner-party guest boasted about making a false travel insurance claim for...

Trade Credit - Would you credit it?
March 31, 2005... (From Post Magazine) When Allders, once one of the mainstays of the high street, collapsed at the end of last year, advertising and media buying agency John Ayling and Associates was glad it had trade credit insurance. The agency...

Law Reports - Fraud only forfeits fraud.
March 31, 2005... (From Post Magazine) The appellants had insured their home with Axa for many years. In a particular policy year, they made four claims under the buildings policy - three in respect of water escape and one for storm damage. Axa became...

Law Reports - Hatton v Sutherland stress controls in doubt.
March 31, 2005... (From Post Magazine) This case considered whether an employer can be held vicariously liable for breach of a statutory duty placed on an employee and whether there was vicarious liability under the Protection from Harassment Act 1997....

Law Reports - Harassment needs evidence.
March 31, 2005... (From Post Magazine) In October 1998, the claimant was allegedly sworn at and assaulted by a fellow employee ('B'), and subsequently suffered a psychiatric injury. At first instance, the judge rejected the claimant's allegation that...