Europe Intelligence Wire articles from October 2003

Europe Intelligence Wire archives from October 2003

Piracy attacks smash existing records.
October 31, 2003... (From Lloyds List) PIRACY incidents so far this year have yet again smashed all existing records, according to statistics released today by the International Maritime Bureau, writes David Osler. Violence is also on the rise, with a...

Baltic Exchange looking to play stronger.
October 31, 2003... (From Lloyds List) BALTIC Exchange chairman Peter Kerr-Dineen has sought to flesh out the institution's strategic review by underlining its importance to future growth in the freight derivatives market, writes Neville Smith. He...

Shortsea boost in European state aid rules.
October 31, 2003... (From Lloyds List) Byline: Regulations on tonnage and crew tax are clarified, writes Roger Hailey BRUSSELS has published its revised guidelines for maritime state aid, with clear gains for European shortsea shipping. The...

Bulker held after claim of link with al-Qa'eda.
October 31, 2003... (From Lloyds List) Byline: David Osler and Nigel Lowry in Athens PETROBULK-managed bulk carrier Athena was boarded at Kunsan in South Korea yesterday after an apparent intelligence tip-off that a ship might be carrying al-Qa'eda...

ISU president steps in to demand release of Tsavliris salvage master.
October 31, 2003... (From Lloyds List) Byline: Nigel Lowry and AR Siddiqi INTERNATIONAL Salvage Union president Joop Timmermans has called on Pakistan to release immediately Tsavliris salvage master Nikos Pappas who, together with members of the Tasman...

Strong production shows BHP Billiton's mettle.
October 31, 2003... (From Lloyds List) STRONG metals production has boosted BHP Billiton's first quarter earnings by 10%, writes Martyn Wingrove. Earnings before interest and tax for the Anglo-Australian oil and mining group in the quarter were $935m...

Share stakes disagreement scuppered container lines' deal.
October 31, 2003... (From Lloyds List) Byline: P'O and Nedlloyd failed to agree with CP Ships over ownership structure of proposed combined operation, writes Janet Porter PLANS to merge CP Ships and P'O Nedlloyd failed because of differences over the...

Offshore life for Concordia 1970s VLCCs.
October 31, 2003... (From Lloyds List) Byline: Martyn Wingrove CONCORDIA Maritime is selling its last two old large crude carriers to floating production contractors for offshore projects. The Swedish tanker owner has reported a 38% decrease in its...

Wilhelmsen hails 'strong markets'.
October 31, 2003... (From Lloyds List) Byline: Jerry Frank NORWEGIAN liner giant Wilh Wilhelmsen yesterday revealed nine-month profits up by a steady third as 'very strong markets' ensured a good supply of cargo on most routes. The Oslo-listed...

Business Briefing.
October 31, 2003... (From Lloyds List) XL income down BERMUDA insurance group XL Capital has reported that its net income fell to $99m in the third quarter after taking the previously announced charge of $184m for new casualty reinsurance claims in the...

Time to tackle the idea that shipping and capital don't mix.
October 31, 2003... (From Lloyds List) Byline: Julian Bray reports from Barcelona on this year's BIMCO'Sohmen Forum which discussed Ship Finance: Challenges and Prospects TOR Olav Troim, the right-hand man of John Fredriksen and never one to willingly...

James Fisher nets additions to support services division.
October 31, 2003... (From Lloyds List) Byline: Acquisition of Norwegian Air Supply and British WM Defence gives expression to company's central strategy, writes Janet Porter JAMES Fisher's transformation from conventional shipowner to marine support...

Dry Bulk Fixtures.
October 31, 2003... (From Lloyds List) Ore Nouadhibou to Rotterdam Millenium Star , 120,000t, $11.90 per tonne, fio six days sc, Nov 10-20. (Rogesa) Indomitable (149,349 dwt, Marshall Islands, 13.5'43L 14.5'43B, 1990-built) delivery Qingdao Nov...

China trade could move into the red.
October 31, 2003... (From Lloyds List) Byline: David Osler CHINA'S foreign trade could move into the red next year, while its trade surplus for 2003 is now likely to fall short of earlier projections, according to the bi-annual report from the China...

Capesizes to reap from panamax bounty.
October 31, 2003... (From Lloyds List) Dry Trade AS EXPECTED, the capesize market slightly cooled this week, but rates are still nothing short of staggering and a glance at the madness in the panamax sector right now suggests capesizes are due to roar...

Tanker Fixtures.
October 31, 2003... (From Lloyds List) Clean Arabian Gulf to Japan Torm Margrethe, 52,000t, W140, Nov 8. (Vitol) Black Sea to Mediterranean Eberhardt Arctic, 30,000t, W217.5, Nov 1. (Rocoil) Mediterranean to US Atlantic coast Kriti Champion,...

Black Sea winds blow in suezmax revival.
October 31, 2003... (From Lloyds List) Byline: Sam Chambers in Hong Kong Tankers WHILE the overall volume of fixtures done this week might not have been anything special, the fact that many suezmaxes are now tied up on considerably longer passages...

S Korean boost for Western Australian iron ore producers.
October 31, 2003... (From Lloyds List) Byline: Posco and BHP Billiton create joint venture involving the purchase of 3m tons a year, writes James Brewer SOUTH Korea, a staple market for the iron ore trades, has stepped up its support for Australian...

BECA - Baltic European Coal Assessment.
October 31, 2003... (From Lloyds List) BECA - Baltic European Coal Assessment Q1 2004 62.275 short ton (+2.47%) Disclaimer: While care has been taken in the production of BECA, all assessments are for general use and are not designed to be used...

Fraud warning as ship flees Gambia.
October 31, 2003... (From Lloyds List) Byline: International Maritime Bureau tells of vessels that that systematically dupe shippers out of cargoes by offering bargain freight rates, writes David Osler A VESSEL allegedly controlled by Lebanese organised...

Shell files Gulf LNG terminal plan.
October 31, 2003... (From Lloyds List) SHELL has filed an application with the US government to build a new import terminal for liquefied natural gas in the Gulf of Mexico, writes Martyn Wingrove. Shell plans to install the Gulf Landing terminal 38...

Cruise industry voices doubts.
October 31, 2003... (From Lloyds List) THE cruise industry may be far ahead of the cargo shipping business in upgrading its security systems to respond to the threat of terrorism, but it continues to have serious concerns over aspects of the new security...

Clemenceau decision is close.
October 31, 2003... (From Lloyds List) Byline: Andrew Spurrier in Paris THE French government said yesterday that it was moving towards a solution of the imbroglio surrounding the decommissioned aircraft carrier Clemenceau, but that it could be some...

News Briefing.
October 31, 2003... (From Lloyds List) Standard P'I sets 20% premium rise STANDARD P'I Club has set the largest premium rate rise so far for the February 2004 renewal round, writes James Brewer. The club, one of the top-flight insurers in the...

Yangtze collision kills N Korean seafarer.
October 31, 2003... (From Lloyds List) THE Golden Fountain, an empty 301,665 dwt oil tanker, collided with a North Korean vessel on the mouth of the Yangtze on Wednesday night, killing the latter's chief engineer, the Shanghai Maritime Bureau said...

Farewell tribute to a dying breed of singular sailing men.
October 31, 2003... (From Lloyds List) Byline: Michael Grey AS WE move through the early 21st century, with 10,000 teu containerships just round the corner, it is worth recalling that the last of a large body of coastal seamen who operated under sail is...

Last Word.
October 31, 2003... (From Lloyds List) Soaring not boring THE conference circuit has spring in its step these days, with delegates suddenly taking notice of the freight cost element in their cargoes. Brokers and analysts are once again the wise men...

Hugh O'Mahony takes a look through the archives of Lloyd's List.
October 31, 2003... (From Lloyds List) Byline: Hugh O'Mahony takes a look through the archives of Lloyd's List October 24, 1904 A DEPLORABLE incident of the most extraordinary and mysterious character has marked the commencement of the voyage of...

Titanic fascination that still survives.
October 31, 2003... (From Lloyds List) Byline: Sandra Speares 'PATENTLY destructible in life, the Titanichas proved indestructible in memory,' wrote marine historian John Maxtone-Graham. In his cultural history of the Titanic, Steven Biel explores...

Fun and facts that take us back to a definitive decade.
October 31, 2003... (From Lloyds List) Byline: Carly Fields Picture This THINK 1920s and you conjure up images of flappers and monocles. Less known is that in the 1920s British Petroleum, the trading arm of the Anglo Persian Oil Company, began...

Dreamtime or a nightmare come true? FFAs have come of age.
October 31, 2003... (From Lloyds List) Byline: Neville Smith THE future is such an absorbing subject at the moment that nerves are beginning to fray. At the McCloskey European Coal Outlook Conference last month, a chain smoking broker confessed to...

Timmermans' fury over 'opaque' FFAs backfires.
October 31, 2003... (From Lloyds List) BOCIMAR managing director Benoit Timmermans got the short shrift from an audience that had heard him describe Forward Freight Agreements as 'weapons of corporate mass destruction of value'. Mr Timmermans' central...

Growth may mirror post-war period.
October 31, 2003... (From Lloyds List) COULD shipping be in the early stages of a period of long-term economic growth similar to that which followed the Second World War? A year or so ago there might have been few who would subscribe to this theory but...

New security 'must offer return on cost'.
October 31, 2003... (From Lloyds List) Byline: 'Smart container' tests due, writes John McLaughlin in New York GOVERNMENT officials in the US have stressed that new standards for container and supply chain security must be cost- effective as well as...

Pakistan in uncharted waters.
October 31, 2003... (From Lloyds List) INEXPERIENCE, in one sense, has been a blessing for Pakistan in the context of major marine oil spills. It had not previously been forced to deal with one before the July grounding of the Tasman Spirit, and no-one can...

Reality proves there is still a long way to go.
October 31, 2003... (From Lloyds List) Byline: The fact remains that as a whole the P'I mutuals made a huge underwriting loss in the latest policy year, writes James Brewer AT FIRST appearance it looked as if the lean times were really over. When...

Outdated methods in a changing world.
October 31, 2003... (From Lloyds List) Byline: Sound rating and reserving, key foundations of any successful insurance operation, depend on the successful acquisition and interpretation of data, writes Pam Mowbray Who would be a P'I club manager in...

UK Club looks at underlying accident factors.
October 31, 2003... (From Lloyds List) The contribution of underlying factors to marine accidents is top of the agenda for the UK P'I Club's loss prevention team. The immediate causes of incidents may be readily apparent but the root causes may not....

Clubs start to show their hand.
October 31, 2003... (From Lloyds List) Byline: Can shipowners expect increase at the next renewal, asks Paul Pelling Shipowners face increased calls at the next P'I renewal. However, some face a much larger increase than others. Britannia was the...

Industry in robust health but many pressures remain.
October 31, 2003... (From Lloyds List) Byline: The ratings trend is likely to be downwards, writes Rowena Potter Standard ' Poor's interactive ratings coverage of the protection and indemnity clubs has grown this year, with the Swedish Club opting to...

Catch them quick...
October 31, 2003... (From Lloyds List) THE Victoria ' Albert Museum's 'Photojournalism 1930-1970: recent gifts to the V'A' will be wound up on Sunday. This modest-sized exhibition, celebrates new acquisitions of 20th century photographs. Examples...

Mutuality is still the heart of the matter.
October 31, 2003... (From Lloyds List) Byline: The difficult market conditions make it more important than ever that P'I Clubs stick to their core principles, says Alistair Groom There is a clear consensus that marine insurance rates including those of...

Quick and effective service with an American accent.
October 31, 2003... (From Lloyds List) Every once in a while, with a certain inevitability, a P'I club has the spotlight turned on it due to a member's vessel being in trouble with dramatic consequences, writes Denzil Stuart. With the Prestige sinking,...

Gard Services aims to prove prevention better than cure.
October 31, 2003... (From Lloyds List) Byline: Harald Fotland Prevention is better than cure for almost everyone involved in insurance, from the buyer to the underwriter. However good a club may be in handling and settling a claim, the company with...

Containerised trade is key issue of concern for charterers' underwriters.
October 31, 2003... (From Lloyds List) Byline: Christopher Else The forthcoming renewal season is likely to see another rise in the cost of Charterers' Liability insurance. This may be more modest than of late and will certainly not apply across...

Modern Business Intelligence systems help to plan against uncertainty.
October 31, 2003... (From Lloyds List) CONSIDER these facts. Last year shipowners' operating costs rose about 1.3% overall for most vessel types, writes John Harbor. But the constituent parts which went into the making of that figure are arguably more...

Providing service in a critical area.
October 31, 2003... (From Lloyds List) Byline: John Noble Over the past three years the surveying capability of British Maritime Technology has increased substantially through the acquisition of a number of marine survey companies. The thrust of...

How to turn theory into practice is the challenge.
October 31, 2003... (From Lloyds List) Byline: e don't need more loss prevention rules, we need to focus on enforcing the existing ones more effectively, says Eric Murdoch When I joined the merchant navy in the 1970s, the expression 'loss prevention'...

HANSEN BUNKER MARKET REPORT.
October 31, 2003... (From Lloyds List) Byline: October 28, 2003 Compiled for Lloyd's List by Egil Bjorn-Hansen, Oslo CONTINENT: Stable to a bit softer prices today. AFRICA'MIDDLE EAST: Softer markets. FAR EAST: Singapore and Korean markets...

BUNKER QUALITY REPORT - October 16, 2003.
October 31, 2003... (From Lloyds List) BUNKER QUALITY REPORT - October 16, 2003 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...

Chinese market reality check.
October 31, 2003... (From Insurance Day) AFTER what has been a euphoric run of positive sentiment towards China's insurance market in the past few months, Standard & Poor's (S&P) report on inadequate capital and other problems provided a much-needed reality...

Hannover Re downgraded.
October 31, 2003... (From Insurance Day) Byline: Stuart Collins AM Best has downgraded the financial strength ratings of Hannover Re to A from A+. At the same time the financial strength rating of HDI Reinsurance Ireland Ltd has also been downgraded to...

XL Q3 hit by reserving.
October 31, 2003... (From Insurance Day) Byline: Richard Banks THIRD-quarter earnings at Bermuda's XL Capital were hit hard by its US casualty reserve increases, but the underlying business performed strongly. Earlier this month XL confirmed it...

Winning the war for A-list talent.
October 31, 2003... (From Insurance Day) Byline: Niall FitzGerald REPORTS in the UK media suggest the City recruitment market is picking up. The recruitment industry is wary this may just be another false dawn and many employers are likely to maintain...

ALM forecasts GBP5bn profit.
October 31, 2003... (From Insurance Day) Byline: Symon Ross NAMES organisation the Association of Lloyd's Members (ALM) has forecast higher profits for Lloyd's for the pure 2002 year of account than the market itself has predicted. The ALM has forecast...

Erie hit by high cat claims.
October 31, 2003... (From Insurance Day) Byline: Symon Ross US INSURER Erie Indemnity produced solid earnings for the third quarter but was hit by high claims levels in the quarter and first nine months of the year so far, leading to $4.9m and $6.3m...

Limit to get boost from QBE's $550m capital raising in US.
October 31, 2003... (From Insurance Day) Byline: Mike Hanley QBE's $550m private capital-raising in the US will provide Limit, the firm's Lloyd's operations, with additional capital. The innovative structure has been undertaken to avoid dealing...

AIA Vietnam bank deal.
October 31, 2003... (From Insurance Day) Byline: Edward Ion THE Bank for Foreign Trade of Vietnam (Vietcombank) has signed a deal with American International Assurance (AIA) to promote life insurance businesses via banking and to open a securities...

European insurers still hope for IASB asset rules delay.
October 31, 2003... (From Insurance Day) Byline: Adrian Ladbury EUROPEAN insurers are still hopeful that the International Accounting Standards Board (IASB) will decide to delay the introduction of new rules for the measurement of insurance company...

Hannover Re runs low on acquisition candidates.
October 31, 2003... (From Insurance Day) HANNOVER Re, the German reinsurance group, is still in the market for a major acquisition in the life reinsurance market but is running out of candidates, writes Adrian Ladbury. Wilhelm Zeller, chairman of the...

Gerling upgrade approved.
October 31, 2003... (From Insurance Day) Byline: Stuart Collins BROKERS in London have reacted favourably to last week's upgrade of Gerling Konzern Allgemeine (GKA) and have restored the company to security lists. Last week Standard & Poor's (S&P)...

Life sector must improve ALM.
October 31, 2003... (From Insurance Day) Byline: Adrian Ladbury THE European life insurance industry must rapidly improve the way it uses asset liability management (ALM) models and techniques to price long-term business or risk being forced out of the...

News in Brief.
October 31, 2003... (From Insurance Day) WTC mediation BOTH sides in the World Trade Center insurance dispute have agreed the case should go to mediation. Judge John Martin will serve as mediator in the dispute between WTC leaseholder Larry Silverstein...

Giant tobacco merger stirs the liability pot.
October 31, 2003... (From Insurance Day) Byline: Richard Banks IT has been a busy week for corporate mergers and acquisitions and several have been notable for the insurance industry. More details of some of the more interesting deals are to be found on...

Restructuring leads to record earnings at St Paul.
October 31, 2003... (From Insurance Day) Byline: Richard Banks LAST year's strategic restructuring helped St Paul achieve record third-quarter performance despite losses on exited business. The company yesterday revealed net profits for the period of...

Coface's China trade credit.
October 31, 2003... (From Insurance Day) COFACE, the leading French credit insurer and credit management service provider, opened its Beijing office earlier this week to develop the Chinese corporate trade credit market, writes Edward Ion, Singapore. ...

News In Brief.
October 31, 2003... (From Irish Independent) Lansdowne ups United stake FUND management firm Lansdowne Partners has increased its stake in Manchester United to 4pc from 3.7pc. The club, which is the subject of takeover speculation, said yesterday...

Tax incentives 'should be abolished'.
October 31, 2003... (From Irish Independent) MORTGAGE interest relief should be scrapped and tax incentives which encourage people to invest in property should be abolished, the Economic & Social Research Institute (ESRI) recommended yesterday. It also...

Markets.
October 31, 2003... (From Irish Independent) IRISH stocks climbed again yesterday, up 18.58 points, or 0.4pc, to reach a16-month high at 4,774. Independent News & Media added 3c to [euro]1.92. The company has announced it has agreed to sell its city...

Consumers and exports boost Irish growth.
October 31, 2003... (From Irish Independent) THE Irish economy grew by 3.1pc in the second quarter of 2003, or threetimes as fast as it did in the first three months of the year, driven by stronger consumerspending and buoyant export figures. Economists...

Doyle to step down as chair of ComReg.
October 31, 2003... (From Irish Independent) ETAIN Doyle, the chairperson of the telecoms regulator's office, is to step down from her position as head of the Commission for Communications Regulation (ComReg) early nextyear. A statement from ComReg said...

Lioncourt sets up Jarvis Hotels MBO.
October 31, 2003... (From Irish Independent) LIONCOURT Capital, the Dublin corporate finance house set up by former GE Woodchester executives, Michael Tunney and David Andrews, is arranging the financefor the management buyout of UK group Jarvis Hotels....

Formidable woman in a challenging position.
October 31, 2003... (From Irish Independent) EVEN the sternest critics of Etain Doyle will concede that she is a formidable woman whomade a brave entrance into the newly liberalised telecommunications market. And they will also concede that she oversaw...

First Active deadline fixed by High Court.
October 31, 2003... (From Irish Independent) THE High Court yesterday fixed November 27 as the deadline forshareholders to consider the proposed scheme for the acquisition of First Active plc by the Royal Bank of Scotland (RBS). Paul Gallagher, SC for...

New plan for interest on tax repayments.
October 31, 2003... (From Irish Independent) THE Department of Finance has started a new scheme for paying interest ontax repayments and time limits on claims to tax repayments. The changes mean that there will be a general time limit of four years for...

Ireland slips in competitive ranking to 30th.
October 31, 2003... (From Irish Independent) IRELAND has plunged to 30th place in the world league table for growth prospects and competitiveness - down from fourth place in 2000 - according to anannual survey by the World Economic Forum (WEF). Ireland...

Elan plans to raise $425m in new shares and bonds.
October 31, 2003... (From Irish Independent) PHARMACEUTICAL company Elan is to raise around $425m by placing new shares andissuing new bonds to pay off some of its other debts. The share placing is expected to raise around [euro]170m, and is due for...

3i leads race for Trinity titles.
October 31, 2003... (From Irish Independent) VENTURE capital firm 3i is reported to have entered exclusive negotiations to buy Trinity Mirror's Irish titles. The 3i bid is backed by former Mirror Group chief executive David Montgomery, and hasemerged as...

Glanbia's $20m Nigerian plant.
October 31, 2003... (From Irish Independent) GLANBIA and PZ Cussons have formed a joint venture to build a new $20m facility in Nigeria to supply evaporated milk and milk powder to the local market. The initial investment, which will be funded equally...

Please support our film industry.
October 31, 2003... (From Irish Independent) Sir - With reference to the proposed termination of Section 481 of the Finance Act, ending tax incentives for the film industry in Ireland, I feel it is incumbent onthe Minister for Finance to note certain...

Jam tomorrow, jam yesterday but it's never, ever jam today.
October 31, 2003... (From Irish Independent) WHEN THE national development plan was launched three years ago it looked like the most basic of economic laws had been suspended for the duration. That law is summed up in the statement that there is no such...

Money to burn.
October 31, 2003... (From Irish Independent) Money to burnIT IS said that the shortest distance between two points is always under construction. This still rules out the Luas, the port tunnel, or any of our grandiose arterial routes. All may be still...

HOW YOU CAN HELP.
October 31, 2003... (From Irish Independent) * Down Syndrome is a chromosomal abnormality that randomly affects onein 600 infants, male and female. Down Syndrome Ireland receives no government funding and relies on public support to continue its work. ...

Danger: Men (and women) at work.
October 31, 2003... (From Irish Independent) A man who sat back admiring the new paintwork in his living room was suddenly startled by the sight of his black Labrador who was now, thanks to rolling around in the paint tray, a rich shade of green. Shocked,...