Europe Intelligence Wire articles from October 2005

Europe Intelligence Wire archives from October 2005

Brostrom's Simonsson dismisses fears of ice-class rates meltdown.
October 31, 2005... (From Lloyds List) Byline: Jerry Frank ICE tanker specialist Brostrom's boss Lennart Simonsson is 'not concerned' by fears that a deluge of ice-class newbuild deliveries will bring a rates meltdown. The Gothenburg-based chief...

Transmed denies Chinese capesize sale.
October 31, 2005... (From Lloyds List) Byline: Nigel Lowry in Athens TRANSMED Shipping, the Athens-based dry bulk operator, has denied that there is a deal in place to sell the third and fourth ships in its lengthy capesize newbuilding programme in...

Lacklustre listing for Lloyd Fonds.
October 31, 2005... (From Lloyds List) Byline: Katrin Berkenkopf in Cologne Germany's KG financier Lloyd Fonds continued the series of rather unsuccessful shipping-related IPOs. The share price immediately fell below the issuing price on the...

Business Briefing.
October 31, 2005... (From Lloyds List) Gains for Sinotrans SINOTRANS Air Transportation Development, 70.36% controlled by Hong Kong-listed Sinotrans, has seen net profit climb 22.89% to Yuan347.6m ($42.86m) on a 30.65% rise in turnover to almost...

Pacific Basin to sell five vessels.
October 31, 2005... (From Lloyds List) HONG Kong-Pacific Basin Shipping says it will sell five of its handysize dry bulk carriers to third parties for a total of US$100m, writes Mike Grinter in Hong Kong. The bulk operator said proceeds would go to pay...

Eagle Bulk follow-up offer still fails to excite Wall Street bulls.
October 31, 2005... (From Lloyds List) Byline: Price cut by 15% and number of shares reduced as malaise continues, writes Rajesh Joshi in New York THE glass remains half full in shipping initial public offerings, with Eagle Bulk's follow-on offering...

Refining squeeze good for Brostrom.
October 31, 2005... (From Lloyds List) Byline: Product and chemical tanker specialist expects strong freight market into 2006 as spot market demand shows 'dramatic improvement', writes Jerry Frank A GLOBAL refinery capacity crunch is holding out big...

Exmar's nine-month results boosted by vessel sales.
October 31, 2005... (From Lloyds List) Byline: Helen Hill in Amsterdam BELGIAN gas shipping specialist Exmar achieved an operating result of $8.8m in the three months ending September 30. Turnover was $125.3m and operating cash flow $20m. For...

Aspen chief O'Kane pledges to recharge loss-making energy books.
October 31, 2005... (From Lloyds List) Byline: Reinsurer to revise underwriting approach after announcing $362m net loss, writes James Brewer ASPEN Insurance, a Bermudian company hard hit by hurricane losses, has pledged to stay in the energy field. ...

CMB predicts good fourth quarter.
October 31, 2005... (From Lloyds List) BELGIAN dry bulk from CMB has reported preliminary third quarter results 'in line with expectations'. Result before tax stood at €46.7m ($56.4m) and turnover was € 115.3m, writes Helen Hill in Amsterdam... .

Wartsila eyes further growth after profit surge.
October 31, 2005... (From Lloyds List) Byline: Jerry Frank FINLAND'S ship engine giant Wartsila has booked 12% growth so far this year on the back of strong shipbuilding markets and a strengthened position in Asia. The Finnish engine makers posted...

Storms hit Chevron.
October 31, 2005... (From Lloyds List) HURRICANES in the Gulf of Mexico have stumped Chevron's third quarter results to the tune of $600m, but the US major's income climbed 12.5% to $3.6bn, writes Martyn Wingrove. The group said the storms had reduced...

Lloyd's Register cleared of oil fraud in Iraq.
October 31, 2005... (From Lloyds List) Byline: But society is criticised in UN report, writes David Osler LLOYD'S Register has been explicitly cleared of any fraud or corruption over the Iraq oil-for-food programme, following an independent inquiry into...

Samudera sees freight rates start to soften.
October 31, 2005... (From Lloyds List) Byline: Marcus Hand in Singapore ASIAN container line Samudera Shipping Line said that while charter rates are beginning to come down, freight rates are set to follow. 'Charter hire rates are beginning to...

Dutch owners back Greeks over Brussels 'interference'.
October 31, 2005... (From Lloyds List) Byline: Helen Hill in Amsterdam DUTCH shipowners have rallied behind their Greek counterparts in condemning the European Union's increasing interference in the ship-ping policies of member states. Aart...

DnB Nor angles for Arctic oil with Monchebank buy.
October 31, 2005... (From Lloyds List) Byline: Jerry Frank SCANDINAVIAN ship financier DnB Nor has signalled its ambitions in the race to open up Russia's Arctic oil and gas reserves with a $21m swoop on Murmansk-based Monchebank. Norway's leading...

Babcock's HDW claim thrown out.
October 31, 2005... (From Lloyds List) THE D'sseldorf regional court has rejected a multi-million lawsuit of bankrupt industrial group Babcock Borsig against its former shipbuilding subsidiary Howaldtswerke-Deutsche Werft, writes B'lent Erdogan in Cologne....

Tanker Fixtures.
October 31, 2005... (From Lloyds List) CLEAN Argentina to US Atlantic coast High Power, 38,000t, W350, Oct 31. (Repsol) Baltic to South Africa Antea , 35,000t, $2,100,000 lumpsum Oct 27. (Charterer not reported) Caribbean to US Atlantic coast...

Eon plan would see first LNG terminal in Germany.
October 31, 2005... (From Lloyds List) Byline: Katrin Berkenkopf in Cologne GERMANY moved an important step closer to its first LNG terminal when utility Eon announced a feasibility study for a facility in Wilhelmshaven on the North Sea coast. The...

Product rates seesaw on either side of Suez.
October 31, 2005... (From Lloyds List) Byline: Rajesh Joshi in New York Tankers THE premature gasoline Santa Claus conjured up by drumbeaters of varied stripes decided to remain in the cold. The resultant disappointment disorientation in some...

Pacific Basin slump brings handybulk to the brink.
October 31, 2005... (From Lloyds List) Dry Trade A HUGE slump in the pacific basin could have placed the handybulk trades on the brink of a new precipice, crusty circles are beginning to articulate, while the party line elsewhere is that the celebration...

Dry Bulk Fixtures.
October 31, 2005... (From Lloyds List) COAL Bolivar to Rotterdam Mosk vessel to be nominated, 150,000t, $15.75 per tonne, fio 50,000sc'250,000sc, Nov 25-Dec 5. (Cargill) Fantastiks (180,000 dwt, 14.6'70L 15.6'70B, 2005-built) delivery Immingham...

Plenty of choice to be had in the dry sector.
October 31, 2005... (From Lloyds List) Byline: Number of vessels on the market rocketed to 354 during September, writes David Osler ANYONE in the market for a secondhand ship will be pleased to know that availability seems to be quite ample right now....

Bangladesh cartel stays firmly in place... for the time being.
October 31, 2005... (From Lloyds List) Byline: Shirish Nadkarni in Mumbai THE prolonged period of inactivity on the ship demolition scene continues and the depressed mood of shipbreakers on the Indian sub-continent indicates that it will take some time...

Call for Baltic port upgrades.
October 31, 2005... (From Lloyds List) Port and hinterland infrastructure in the Baltic Sea area needs to be expanded to exploit fully the potential of shipping in the region, experts have agreed, Katrin Berkenkopf reports . 'It is not at sea, it is in...

In Brief.
October 31, 2005... (From Lloyds List) Kursiu Linija expands European short sea operator Kursiu Linija has expanded its specialised container fleet by building 100 45ft pallet-wide high-cube curtainsider units in China. The units will enter service...

European railway volumes continue downhill track.
October 31, 2005... (From Lloyds List) Byline: Justin Stares in Brussels EUROPE'S failing railways slumped to new lows in the first half of this year, figures from industry association Community of European Railways show. Despite the enlargement...

Year-end start for EWS French cargo operation.
October 31, 2005... (From Lloyds List) Byline: UK firm gets all-clear from French government, writes Andrew Spurrier in Paris BRITISH company EWS is set to become France's third railfreight operator this winter after being granted the necessary safety...

Patel rebrands 3P logistics.
October 31, 2005... (From Lloyds List) Byline: Shirish Nadkarni in Mumbai PATEL Roadways, primarily a truck-owner engaged in road transportation, is to expand into fully-fledged supply chain management, or third party logistics, services. As a...

Role models for an industry.
October 31, 2005... (From Lloyds List) Byline: Michael Grey Viewpoint I was reading the obituary of Alec Dickson the other day. He died at the age of 85 in Scotland, nearly 70 years after he had gone to sea with the legendary Paddy Hendersons of...

Over the horizon.
October 31, 2005... (From Lloyds List) Amid the growing hysteria about dead parrots and whether smokers will be harassed into airtight chambers attached to British pubs, a small item of British shipbuilding news appeared last week. This suggested that...

Antwerp volumes climb as new dock opens.
October 31, 2005... (From Lloyds List) THE port of Antwerp experienced a 5.7% increase in overall volumes for the first nine months of the year when it handled nearly 120m tonnes, writes Helen Hill in Amsterdam. Containers showed a similar increase, up...

Chinese ports march to Hong Kong bourse.
October 31, 2005... (From Lloyds List) Byline: Tianjin, Xiamen and Dalian look to raise expansion funds, writes Mike Grinter CHINESE ports are rushing to take over from the country's shipping lines at the Hong Kong stock exchange, with three lining up...

Competence fraud is not widespread.
October 31, 2005... (From Lloyds List) Byline: From Geoffry Lucas Letters To The Editor SIR, I refer to your editorial re fraudulent certificates of competence (Lloyd's List October 26). We are constantly advised that the vast majority of...

British Airways World Cargo upgrades European freighter links for customers.
October 31, 2005... (From Lloyds List) Byline: Improved connections from London Heathrow to North America, the Middle East and Asia, writes Phil Hastings British Airways World Cargo is set to boost its position on the European logistics scene by...

D'Artagnan rides again as mega dredger.
October 31, 2005... (From Lloyds List) Byline: Helen Hill in Amsterdam THE self-propelled cutter suction dredger D'Artagnan was officially named in Dunkirk last week. Built for Societe De Dragage International, part of the Belgian Dredging,...

We can spot log book fraud, crews warned.
October 31, 2005... (From Lloyds List) Byline: David Osler FAKED entries in hours of work log books can easily be spotted by investigators, warns a firm of specialist International Safety Management code consultants. The practice is known to be...

Toll chief Little slams 'bizarre' tactics of Patrick Corp's Corrigan.
October 31, 2005... (From Lloyds List) Toll Holdings chief executive Paul Little has described takeover target Patrick Corp's tactics in attempting to foil the Toll bid as 'quite bizarre'. And he claimed he was confident that ultimately the bid would...

Gas Market Report.
October 31, 2005... (From Lloyds List) NORTH WEST EUROPE: The effect of production problems has left first half November bereft of surplus tons. The large cargo propane remains in short supply for anything except contract tons and spot buyers bidding in the...

Technical approach must be renewed.
October 31, 2005... (From Lloyds List) CLUBS have been warned that the reliance of investment income remains no substitute for a technical approach to underwriting and is one of the few issues rating agencies have with the sector. Rowena Potter, analyst...

BUNKER QUALITY REPORT - October 20, 2005.
October 31, 2005... (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...

Owners risk costly dispute claims with shipbuilders.
October 31, 2005... (From Lloyds List) Byline: Inadequate freight demurrage and defence cover vital SHIPOWNERS have been warned that the current rise in the number of ships on order has the potential to see a significant increase in legal disputes as...

BUNKER MARKET REPORT Oct 25, 2005.
October 31, 2005... (From Lloyds List) Compiled for Lloyd's List by Egil Bjorn-Hansen, Oslo CONTINENT: Stable. AFRICA'MIDDLE EAST: Firming. FAR EAST : Slightly firmer. Korea: a bit softer. Japan: steady. USA: Generally small changes. ...

Reinsurance rates 'are high enough already'.
October 31, 2005... (From Lloyds List) Byline: Do not penalise the industry because of hurricanes in the Gulf of Mexico, pleads International Club chief CHAIRMAN of the International Club Alistair Groom says he sees no reason why the P'I clubs'...

Lloyd's Market Association revamps marine aviation and transport team.
October 31, 2005... (From Lloyds List) Byline: James Brewer LLOYD'S Market Association has restructured its technical staff to form a marine aviation and transport team. The separate aviation and marine teams have been merged and the new MAT team...

Strike Club performs juggling act in challenging year.
October 31, 2005... (From Lloyds List) THE year 2005 will go down as a challenging one for the Strike Club, as industrial unrest, debate over the designation of the Malacca Straits and war risk took hold. Chief executive of the club's management Bill...

Soaring hikes in liability limits a growing industry concern.
October 31, 2005... (From Lloyds List) THE continuing trend for increased limits of liability remains the major worry for P'I clubs, according to one maritime law specialist. Matt Illingworth, partner at DLA Piper Rudnick Gray Cary, says the clubs...

Clubs find their loyalties tested.
October 31, 2005... (From Lloyds List) Byline: Coffers squeezed by competing market pressures; talent purged under threat of criminalisation a wonder clubs remain optimistic, writes Jon Guy PROTECTION ' Indemnity clubs enter the 2006 renewal season...

Hurricanes could blow up a storm over rate increases.
October 31, 2005... (From Lloyds List) A LEADING P'I broker expects clubs to look to push through further increases in their premium levels next year because of the Gulf of Mexico hurricane season. Stephen Hawke, executive director for Aon Marine and...

Brussels ploughs ahead with pollution directive.
October 31, 2005... (From Lloyds List) THE new European Commission Directive on Ship Source Pollution has been adopted despite opposition from the merchant shipping industry throughout the continent. In recent months, speakers at conferences and...

Confident Gard admits to concern over rising claims.
October 31, 2005... (From Lloyds List) GARD senior vice-president Rolf Thore Roppestad says that, while the club is not looking for a rapid expansion in the months ahead, he is confident it will continue to attract quality tonnage. But he admits that as...

Premiums set for a nosedive as expensive tonnage comes online.
October 31, 2005... (From Lloyds List) A LEADING P'I broker has warned clubs that the 'churn effect' is set to drive premiums down as newer tonnage comes on line and owners demand a return on their investment in the latest designs and technology. Jerry...

Clubs optimistic in face of increased pressure.
October 31, 2005... (From Lloyds List) Byline: Club relies on past experience P'I clubs should approach the coming year with optimism, according to one senior manager, confident it will take the challenges it currently faces in its stride. American...

What's Happening Where.
October 31, 2005... (From Lloyds List) 2005 November National Maritime Salvage Conference , New Orleans, LA, 1st-3rd. Tel:+ 01 301 565-5329 E-mail: daccomm@aol.com www.americansalvage.org RINA Basic Dry Dock Training Course,...

Vopak secures strong results after dynamic quarter.
October 31, 2005... (From Lloyds List) Byline: Helen Hill in Amsterdam KONINKLIJKE (Royal) Vopak achieved a group operating profit excluding exceptional items for the third quarter of €45.6m ($55.2m), up from € 38.2m in the same period in...

Cruise terminal deadline.
October 31, 2005... (From Lloyds List) Byline: Companies told to submit bids by year-end writes Keith Wallis in Hong Kong PLANS to develop a second cruise terminal in Hong Kong will finally go ahead this week when the government invites companies,...

Shortage of lawyers looms as clubs keep work in-house.
October 31, 2005... (From Lloyds List) FALLING numbers of disputes, fewer casualties and the decision of many P'I clubs to keep legal work in-house threatens to cause a shortage of maritime lawyers, warns a leading recruitment company. While freight...

Last Word.
October 31, 2005... (From Lloyds List) True believers LISTENING to Maltese industry minister Austin Gatt in Valletta last week, Emanuele Grimaldi might have been forgiven a few second thoughts over his long pursuit of Sea Malta. 'There is no point...

Call to track the causes of claims.
October 31, 2005... (From Lloyds List) CLUBS need to make a concerted effort to track the causes of claims adequately if they are to make more effective use of risk management. As the Standard Club launched the latest of its Masters' Guides last month,...

Czech press survey.
October 31, 2005... (From Czech News Agency) PRAGUE, Oct 31 (CTK) - PM Jiri Paroubek's ostentatious negative reaction to President Vaclav Klaus's October 28 address reflects his effort to catch up with Klaus who has done better in their dispute over the...

Starikov, a Leading Liberal, Is Beaten.
October 31, 2005... (From The Moscow Times) A series of attacks on opposition politicians including the beating of Union of Right Forces member Ivan Starikov on Friday brought a warning from Communist Party chief Gennady Zyuganov over the weekend that he...

Russia Nears UN Deal on Syria.
October 31, 2005... (From The Moscow Times) Ahead of a United Nations Security Council meeting on Monday, Russian envoys said they would oppose the threat of sanctions against Syria and warned against politicizing a UN investigation into the assassination...

A Wife's Long Journey to a Chita Prison.
October 31, 2005... (From The Moscow Times) KRASNOKAMENSK, Chita Region -- Inna Khodorkovskaya is still reeling from the tremendous turnaround her life, and her husband's, has taken. From quietly enjoying the comforts of being the wife of the nation's...

Johansson Takes Another in St. Pete.
October 31, 2005... (From The Moscow Times) ST. PETERSBURG -- Second-seeded Thomas Johansson of Sweden swept aside Nicolas Kiefer of Germany to take the St. Petersburg Open title in Sunday afternoon's final. With a gritty and consistent display, the...

Communists Parade Young Members.
October 31, 2005... (From The Moscow Times) Communist Party leader Gennady Zyuganov touted his party's rejuvenation at its 11th congress on Saturday -- so it was only fair that a group of fresh-faced komsomoltsy stole the show. Several dozen Communist...

10 Parties Registered for City Duma Vote.
October 31, 2005... (From The Moscow Times) Ten political parties will compete for seats in the Moscow City Duma in the Dec. 4 elections, electoral officials said Friday, as registration ended and campaigning began in earnest for what promises to be the...

FSB Arrests 3 Space Researchers.
October 31, 2005... (From The Moscow Times) The Federal Security Service has arrested three representatives of a leading rocket and space research center on charges of illegally selling weapons technology to China and misappropriating funds. Igor...

Women Line Up for Public Chamber.
October 31, 2005... (From The Moscow Times) More than 300 candidacies have been submitted for the Public Chamber, and many of them are women, a chamber member said Friday. "Only 14 of the 42 current members are women, and we hope to have more," said...

Study Charts Mid-Term Future.
October 31, 2005... (From The Moscow Times) If Russia diversifies its economy and capitalizes on its advantages in agriculture, transportation and science, the country could reach Germany's present per capita income by 2020, according to a study published...

Report: Police Crack Mafia Extortion Ring.
October 31, 2005... (From The Moscow Times) Police have foiled a mafia group's attempt to extort 1.5 million euros from a British company, law enforcement officials said Friday. "The extortionists were caught red-handed," a law enforcement source told...

Motorola: High Salaries Hurt Russia's IT Sector.
October 31, 2005... (From The Moscow Times) ST. PETERSBURG -- Russia could lose its competitive edge as a potential IT powerhouse if salaries for programmers rise too fast, a top Motorola executive said. Global firms could easily move their work...

TietoEnator appoints Pentti Heikkinen as president and CEO, Matti Lehti as chairman.
October 31, 2005... (From Hugin) TietoEnator Corporation STOCK EXCHANGE RELEASE 31 October 2005, 8.00 am EET TietoEnator's Board of Directors has appointed Pentti Heikkinen as the Group's President and CEO effective 1 January 2006. Mr Heikkinen has...

TietoEnatorin toimitusjohtajaksi Pentti Heikkinen, Matti Lehti hallituksen puheenjohtajaksi.
October 31, 2005... (From Hugin) TietoEnator Oyj Porssitiedote 31.10.2005, klo 8.00 TietoEnatorin hallitus on nimittanyt Pentti Heikkisen yhtion toimitusjohtajaksi 1.1.2006 alkaen. Pentti Heikkinen on ollut yhtion operatiivinen...

TietoEnator utser Pentti Heikkinen till verkstallande direktor och koncernchef, samt Matti Lehti till styrelseordforande.
October 31, 2005... (From Hugin) TietoEnator Abp Borsmeddelande 31.10.2005, kl 8.00 TietoEnators styrelse har utsett Pentti Heikkinen till verkstallande direktor och koncernchef i TietoEnator fran och Reuters1 januari 2006. Pentti Heikkinen arbetar...

Readymix planning 130-unit high rise at East Wall site.
October 31, 2005... (From Irish Independent) ROGER Gonzalez, the incoming boss at Readymix, is expected to push forward with plans to erect 130 high-rise apartments. The planning move would see them built on the concrete group's key Dublin site in North...

Ryanair's Charleroi service gets snared in dispute.
October 31, 2005... (From Irish Independent) RYANAIR'S operations at its first continental hub in Belgium have now been hit by three strikes in a month. At the start of the long weekend on Friday, Belgian staff closed down Charleroi Airport completely...

SSIA cash is hot in the pocket, but what will Cowen do?
October 31, 2005... (From Irish Independent) ALL the banks and investment advisers in the country are falling over each other to come up with ways to keep the 14bn stashed in Special Savings and Investment Accounts (SSIAs) within the banking system, as the...

Fed set to stay with measured rate increases.
October 31, 2005... (From Irish Independent) THE US Federal Reserve is expected to raise interest rates by 0.25pc to 4pc when it holds its policy-setting meeting tomorrow, and give no signal that the campaign to tighten monetary policy is nearing an end....

Land bank digging cement maker out of a hole.
October 31, 2005... (From Irish Independent) READYMIX, which is experiencing trading difficulties arising from margin pressure due to higher oil prices, started its property development activities earlier this year. The group sold its quarry at Aughrim,...

DIY home-sale website clocks up over 450,000 hits in month.
October 31, 2005... (From Irish Independent) TROUSERING many thousands of euro for giving a bit of palaver while you show people around a house is nice work if you can get it.(See Question of the Week above) That's the impression many people have of the...

Lesson in tax for retired primary teacher.
October 31, 2005... (From Irish Independent) I AM a retired primary teacher on a pension from which income tax and PRSI are deducted. I am currently doing some 'freelance' work for a local primary school. The work involves five hours' per week 'learning...

Have I been landed with too high an auction fee?
October 31, 2005... (From Irish Independent) QUESTION OF THE WEEK MY family inherited a small holding in Connemara, which was sold a few years back. The deal was finalised recently and the auctioneers' fees seem to be very high and the family has...

Dublin Equities Week Summary.
October 31, 2005... (From Irish Independent) LastChgChgLastYearYearP/EDiv MarketPrice on day on Wk PriceHigh lowper shr Yield Rank by mkt Cap Cap Eu(m) Euro c Euro c Euro c Pence Euro c Euro c 2005 2005 AIB 14774 1700 10 41 1339 1820 1365 12.1...

Residents on the march.
October 31, 2005... (From Irish Independent) ACROSS the north city, traditional neighbourhoods are under threat from proposed high rise developments, according to TD Tony Gregory. Residents' groups are organising to oppose developments which they...