Europe Intelligence Wire articles from September 2003

Europe Intelligence Wire archives from September 2003

Isabel puts spotlight on need for flood insurance.
September 30, 2003... (From Insurance Day) Byline: Richard Banks A WEEK after hurricane Isabel swept through the north-eastern US, insurers have a clearer idea of how much it is going to cost. The latest estimates are that the total insurance bill...

Heading for a real dust up.
September 30, 2003... (From Insurance Day) RESEARCH by Zurich Risk Services has found that UK firms are simply not ready for the new rules that are set to come into force on the issue of asbestos. The Control of Asbestos at Work Regulations 2002 place...

Ascot gets Lloyd's OK to boost capacity by GBP71m.
September 30, 2003... (From Insurance Day) Byline: Jon Guy MANAGING agency Ascot Underwriting has received Lloyd's approval to increase its underwriting capacity for the 2003 year of account, it announced yesterday. The insurer, which has its...

Juan kills ambulance driver in Nova Scotia.
September 30, 2003... (From Insurance Day) Byline: Symon Ross HURRICANE Juan yesterday hit eastern Canada, with high winds and torrential rain killing at least one person and leaving thousands with no power. But the hurricane was downgraded to a...

Cat bonds 'need kickstart from major catastrophe'.
September 30, 2003... (From Insurance Day) Byline: Richard Banks THERE will have to be a major trigger event before we see the long-predicted explosion in demand for catastrophe bonds, according to a report from Fitch Ratings. The rating agency...

Hardy targets commercial and banks after strong H1.
September 30, 2003... (From Insurance Day) Byline: Jon Guy LLOYD'S insurance group Hardy Underwriting has announced it is to target the financial-institutions and UK commercial markets after reporting a huge leap in first-half profits to GBP6.475m...

Manulife agrees $10bn takeover of John Hancock.
September 30, 2003... (From Insurance Day) Byline: Jon Guy CANADIAN life insurer Manulife has agreed a $10bn deal to acquire US life operation John Hancock. The deal would make Manulife the second biggest life insurer in North America and the number...

Guardian acquires Rubicon's Lloyd's unit.
September 30, 2003... (From Insurance Day) Byline: Jon Guy INSURANCE solution and services company Rubicon has sold its Lloyd's underwriting agency Link to Guardian Holdings, which will capitalise Link through a new Gibraltar-based insurer it is setting...

Wisconsin centre stage.
September 30, 2003... (From Insurance Day) Byline: Richard Banks A NUMBER of bills before the Wisconsin legislature have significant implications for the state's insurers, on issues including medical malpractice, third-party motor liability, product...

News in Brief.
September 30, 2003... (From Insurance Day) QBE court reverse AUSTRALIAN insurer QBE has warned the country's federal magistrates' court that it has set a dangerous precedent in finding QBE unlawfully discriminated against a terminal cancer patient by...

Silverstein still bullish as a WTC ruling goes against him.
September 30, 2003... (From Insurance Day) Byline: Richard Banks LARRY Silverstein is undaunted by an appeal court decision dealing a blow to his efforts to claim more than $7bn from the insurers of the World Trade Center, a spokesman for the property...

Airmic D&O price task force.
September 30, 2003... (From Insurance Day) Byline: Symon Ross UK risk management association Airmic announced that it has set up a task force in response to the soaring price of directors' and officers' (D&O), writes Symon Ross, London. It said the...

Simon back in the black but no dividends.
September 30, 2003... (From Lloyds List) Byline: Tony Gray SIMON Group, the slimmed down UK ports business, moved into the black in the first half thanks to a gain on asset sales. But changes to pensions accounting have ensured that there will be no...

Knightsbridge votes to go on.
September 30, 2003... (From Lloyds List) Byline: Board will seek go-ahead for more operational freedoms, writes Tony Gray S pecial purpose very large crude carrier company Knightsbridge Tankers has been given a new and riskier lease of life. ...

Capesizes are on $60,000 threshold.
September 30, 2003... (From Lloyds List) Byline: Sam Chambers CAPESIZES stand on the threshold of yet another record in this most remarkable of years for the giants of the bulk sector the $60,000 spot mark is tantalisingly close. Over the weekend, a...

Odfjell bosses jailed for price-fixing.
September 30, 2003... (From Lloyds List) Byline: Norwegian chemical tanker giant fined $42.5m as part of settlement package with Department of Justice, writes Jerry Frank JAIL in the US now awaits Odfjell chiefs Bjorn Sjaastad and Erik Nilsen, who have...

A regal show from Queen Mary 2.
September 30, 2003... (From Lloyds List) Byline: Andrew Spurrier THE Queen Mary 2was given top marks by its designer and future master yesterday after returning to France's Chantiers de l'Atlantique shipyard after four days of sea trials off the southern...

Atrium boasts GBP7.6m profit.
September 30, 2003... (From Lloyds List) Business Briefing ATRIUM Underwriting made a GBP7.6m ($12.64m) profit before tax in the first six months of 2003, up from a GBP2m surplus a year ago, writes James Brewer. The previous year's figure was...

Doubling of capacity at Grangemouth to cost GBP5m.
September 30, 2003... (From Lloyds List) Byline: Janet Porter FORTH Ports is to spend GBP5m doubling capacity at Grangemouth, Scotland's largest boxport. The expansion will lift annual throughput to 200,000 containers a year. The commitment...

Hardy triples earnings with profit-only underwriting move.
September 30, 2003... (From Lloyds List) Byline: Jerry Frank LLOYD'S insurer Hardy Underwriting yesterday revealed that its pre-tax first-half earnings more than tripled compared with the same period last year as it booked the benefit of its strict...

Livanos takes on two bulk carriers.
September 30, 2003... (From Lloyds List) Byline: Nigel Lowry in Athens DRYLOG, the investment vehicle headed by Peter Livanos, has begun to take over a fleet of bulk carriers formerly controlled by Italian partner Coeclerici Shipping. Last week,...

Sea-Land Express to be repaired in Durban.
September 30, 2003... (From Lloyds List) SEA-LAND Express, the containership on charter to Maersk Sealand that grounded near Cape Town in August, is under tow to Durban for repairs, writes Janet Porter. The ship suffered propeller and rudder damage which...

Japan's pledge to ease yen's rise reassures shipbuilders.
September 30, 2003... (From Lloyds List) Byline: Sam Chambers SHIPBUILDERS in Japan will have been relieved to hear senior government officials pledge to intervene to ease the yen's rise if deemed necessary. New finance minister Sadakazu Tanigaki...

Major global coal exporters face a variety of prospects.
September 30, 2003... (From Lloyds List) Byline: Neville Smith reports from the McCloskey European Coal Outlook Conference in Nice DRAMATICALLY different prospects confront the world's major coal exporters at a time when the booming economy of China is...

Hopes rising for Izar to start building FastShips next year.
September 30, 2003... (From Lloyds List) Byline: Feasibility study into long-cherished dream to build ro-ro ships that could cross the Atlantic in seven days, writes Janet Porter CONSTRUCTION of a series of revolutionary ro-ro ships purpose-built for the...

Pusan's typhoon recovery goes on.
September 30, 2003... (From Lloyds List) Byline: Port is expected to be 90% operational by December following devastation caused by Maemi, writes Sam Chambers AS PUSAN begins to recover from the thunderous Typhoon Maemi that devastated much of its port,...

Parker criticises 'misguided' government.
September 30, 2003... (From Lloyds List) Byline: Michael Grey THE British shipping industry 'feels besieged' by the very government that helped it reverse its earlier decline, said Michael Parker, the UK Chamber of Shipping's vice-president. Speaking...

BP Marine launches risk management tool for fuels.
September 30, 2003... (From Lloyds List) Byline: Risk management makes a vital contribution to avoiding exposure in times of sudden change, writes Martyn Wingrove AFTER last week's shock rise in oil and bunker prices, there is even more need for...

International seafarer's ID card hits snag.
September 30, 2003... (From Lloyds List) Byline: Justin Stares IT LOOKS as if the creation of the international seafarer's identity document has been a waste of time. Legal complications in Europe and strict visa requirements in the US are rendering...

Brokers doubtful as panamaxes soar.
September 30, 2003... (From Lloyds List) Byline: Namrata Nadkarni Dry Trade PANAMAX rates are at an all time high, leaving brokers in doubt as to how long this lucky streak can last. Period market rates have hit a record number, with a 75,000 dwt...

Tanker Fixtures.
September 30, 2003... (From Lloyds List) CLEAN New Mangalore to Singapore Torm Valborg, 90,000t, W150, Oct 10. (Trafigura) New Mangalore to Japan Bankimchandra Chatterjee, 35,000t, W205, Oct 5. (Itochu) Black Sea to Mediterranean Crown A,...

No fireworks expected for VLCCs.
September 30, 2003... (From Lloyds List) Byline: Martyn Wingrove Tankers FREIGHT rates for very large crude carriers have stabilised after last week's slump to W95, but brokers are not expecting fireworks this week. Lack of demand for VLCCs...

Busy year ahead for capesizes and panamaxes.
September 30, 2003... (From Lloyds List) Byline: Namrata Nadkarni A REPORT by the International Grains Council indicates that although projected world trade is expected to be 4m tonnes less than last year, the year ahead will still be a busy one for...

BECA - Baltic European Coal Assessment.
September 30, 2003... (From Lloyds List) BECA - Baltic European Coal Assessment Q4 2003 No information available Disclaimer: While care has been taken in the production of BECA, all assessments are for general use and are not designed to be used...

New-style feederships needed to cope with rising container traffic, says LR.
September 30, 2003... (From Lloyds List) Byline: Age of existing fleet presents ideal opportunity for European and Chinese yards, writes Hugh O'Mahony A NEW breed of feederships is required to deal with anticipated growth in the container market,...

Rina to class landmark Andrea Doria aircraft carrier.
September 30, 2003... (From Lloyds List) RINA is to class the largest and most complex ship ever built for the Italian Navy. The Genoa-based classification society has been appointed to classify the 26,700 dwt fixed-wing aircraft carrier Andrea Doria,...

Shiprepair Roundup.
September 30, 2003... (From Lloyds List) Germany Modernisation and conversion work has been completed on the 298 m long, 41 wide LPG tanker Matthew , which docked on August 17 at dry dock Elbe 17 of Blohm + Voss Repair. The 33-day job is being...

HMD rebounds from typhoon woes.
September 30, 2003... (From Lloyds List) Byline: Relatively light damage, and few delays to yard's production schedule thanks to careful advance preparations, writes Hugh O'Mahony HYUNDAI Mipo has completed the bulk of clear-up work after Typhoon Maemi,...

MAN B'W offers more powerful diesel option.
September 30, 2003... (From Lloyds List) Byline: David Tinsley MARINE engine market leader MAN B'W has extended its range with an electronically-controlled two-stroke design of record-breaking power. The K108ME-C diesel, offering cylinder outputs...

ONGC raises stakes with huge drilling spend.
September 30, 2003... (From Lloyds List) Byline: Shirish Nadkarni in Mumbai INDIA'S government-owned Oil and Natural Gas Corp has earmarked a colossal Rs165.7bn ($3.6bn) for capital expenditure, a figure that is almost 40% higher than the Rs110.3bn spent...

Sanction approval for BG projects in Egypt and India.
September 30, 2003... (From Lloyds List) Byline: Investment to be more than half a billion dollars, while a third project in the North Sea starts to pay off, writes Martyn Wingrove UK OIL and gas company BG Group has gained sanction approval for two of...

Kerr-McGee keeps faith with North Sea despite Leadon.
September 30, 2003... (From Lloyds List) Byline: US independent weighs up FPSO options, writes Jeremy Cresswell KERR-McGee continues to smart from its Leadon field let down, but this has not dissuaded the US independent from continuing to build its North...

Sakhalin-3 licence terms dispute halts ExxonMobil.
September 30, 2003... (From Lloyds List) EXXONMOBIL is seeking to explore and develop more oil and gas reserves off Russia's eastern coast, but only if licensing laws are changed, writes Martyn Wingrove . The US major is looking to force amendments to an...

Customers' moans should not spark dawn raid, says lawyer.
September 30, 2003... (From Lloyds List) LEGAL experts are questioning the European Commission's decision to pursue consumer allegations of price-fixing by Channel operators, writes Janet Porter . Any antitrust investigation should be based on much more...

Energy Briefs.
September 30, 2003... (From Lloyds List) New Norwegian finds MARATHON Oil and ExxonMobil have both discovered more oil reserves in the Norwegian central North Sea. Marathon encountered 65 m of oil pay in the Klegg well, 11 km from the Heimdal...

The Eliot Ness of EU cartel-busting shines torch on the tactics of business bad boys.
September 30, 2003... (From Lloyds List) Byline: Janet Porter speaks to Julian Joshua, the former deputy head of the European Union competition directorate's cartel unit and the man credited with inventing dawn raids. TRANS-Atlantic Conference Agreement...

Dry Bulk Fixtures.
September 30, 2003... (From Lloyds List) Rubin Grace (166,939 dwt, HKG, 14'63L 15'63B, 1995-built) delivery Redcar spot, redelivery Japan, $50,000 daily. (Cosco) Sea Grace (157,600 dwt, PAN, 13'46L 14'43B, 1994-built) delivery Ghent 3-5Oct, redelivery...

Fringe on top.
September 30, 2003... (From Lloyds List) Shipping, in an island nation that has always lived by trade and shipping, is scarcely a fringe activity. It has been proved recently by the SeaVision UK campaign that there are a quarter million people directly...

Few surprises are sprung during a year of consolidation.
September 30, 2003... (From Lloyds List) Byline: Rotterdam remains way out in front with Antwerp second, writes Mike Mundy A STEADY year for everyone is the verdict on the Lloyd's List top 10 west European port rankings. There is only one port that...

Dunkirk struts its stuff with a 6.5% increase.
September 30, 2003... (From Lloyds List) THERE is only one port among the five ranked below the Top 10 West European ports that managed to improve its position in 2002 compared with a year earlier. The port of Dunkirk achieved the biggest percentage...

Hamburg has a lot to feel happy about.
September 30, 2003... (From Lloyds List) Hamburg is a climber. It has advanced up the Top West European Port Ranking into the third position and in the process left a respectable distance between itself and its nearest challenger, the port of Marseille. ...

Double-digit container increase steals the show again at Antwerp.
September 30, 2003... (From Lloyds List) CONTAINER traffic was by far the star performer registering yet another double digit increase. The Antwerp Port Authority noting that: 'Antwerp and Hamburg are steadily gaining market share at the cost of the...

Grimsby ' Immingham posts record tonnage for 17th year running.
September 30, 2003... (From Lloyds List) BY MID-2002 the signs were there that the UK's number one port in terms of throughput would again turn in a respectable annual performance. In September 2002, ABP issued a statement saying that Grimsby ' Immingham...

Amsterdam still delivers despite flat economy.
September 30, 2003... (From Lloyds List) HANS Gerston, executive director of the Municipal Port Authority of Amsterdam, describes the port's performance in 2002 as pleasing given the flat economic circumstances. The port passed the 70m tonne mark for the...

Le Havre getting to grips with its container glitches.
September 30, 2003... (From Lloyds List) Le Havre is rapidly shrugging off the mantle of playing second fiddle to other container ports in the Le Havre-Hamburg range. The port achieved one of the highest container growth rates in Europe last year, reporting a...

Genoa faces a tight tussle to keep its spot.
September 30, 2003... (From Lloyds List) Genoa is the second of the two Mediterranean oriented ports in the Top 10 ranking and one of the four that won promotion in 2002. In Genoa's case, its achievement is further distinguished by the fact that it...

Small gain enough to secure London's promotion.
September 30, 2003... (From Lloyds List) AT THE bottom end of the ranking, the Port of London has made significant progress moving up to the No 9 position within a tight competitive arena. There is not much difference between London's total throughput of...

Bad luck plays role in Teesport's demotion.
September 30, 2003... (From Lloyds List) THERE certainly seems to be a curious cocktail of factors that have combined to push PD Teesport out of the top 10 and down two places to the No 11 slot. To some this would be viewed as more than a little unlucky...

Algeciras acts to remedy problem of lack of space.
September 30, 2003... (From Lloyds List) Algeciras is one of Spain's top four ports and now is also firmly established as one of the top 10 in western Europe. Its rise into the top 10 was noteworthy. It first entered the table in 2001, straight into the...

Rapid growth as Dunkirk springs surprise.
September 30, 2003... (From Lloyds List) Dunkirk is in many ways the surprise card in the pack in the top west European ports rankings. It not only made a fast comeback from a 2% fall in cargo in 2001 but actually turned in the best year-on-year growth rate...

Optimism at Bremen follows a dull year.
September 30, 2003... (From Lloyds List) BREMEN, last of the three German ports in the rankings, like Duisburg, reported results that to a large extent reflect the poor performance of the German economy last year a 1.1% increase in total cargo up to 46.6m...

Duisburg slips down a place on the strength of a flat performance.
September 30, 2003... (From Lloyds List) THE combined total of cargo transfers to and from vessels operating in Duisburg's public and private ports last year was 47.1m tonnes, a 3.1% increase over 2001. Despite this increase, however, the inland port...

Forth enjoys success in three new areas.
September 30, 2003... (From Lloyds List) FORTH Ports is Scotland's largest port operator and the fourth largest in the United Kingdom. The group owns a total of seven ports Tilbury (London), Leith, Grangemouth, Rosyth, Methil, Burntisland and Dundee. ...

Storm clouds gather again over Chittagong 'feeder bar'.
September 30, 2003... (From Lloyds List) Byline: Foreign-flag lines say Dhaka circular 'at variance with earlier box trade commitment', writes Marcus Hand in Singapore A STORM is brewing over Bangladesh's main port of Chittagong as foreign-flagged ships...

US in compromise on seafarer list.
September 30, 2003... (From Lloyds List) Byline: David Osler BIMCO has confirmed limited concessions from the US following the recent crackdown on crew visa regulations. At a meeting with State Department officials in Washington earlier this month,...

World Brief.
September 30, 2003... (From Lloyds List) Putin cool on warming PRESIDENT Vladimir Putin snubbed UN pleas to set a date for ratifying a key pact on curbing global warming, saying Moscow needed more time to study a plan that will collapse without its...

Last Word.
September 30, 2003... (From Lloyds List) Reberth for Castle BOAT spotters gridlocked in traffic along the jammed Embankment may register a notable absentee from October 2, when the paddle steamer Tattershall Castle is towed downstream to berth at Tower...

Loreley's Rhine grounding injures 41.
September 30, 2003... (From Lloyds List) Byline: Nina Zipplies THE extremely low water level of the Rhine could be the reason for a severe shipping accident, in which 41 people were injured. On Sunday, the passenger vessel Loreley ran aground with 349...

Rotterdam rally by 8,000 protesting dock workers.
September 30, 2003... (From Lloyds List) Byline: Helen Hill AN ESTIMATED 8,000 dock workers converged on Rotterdam in a bid to get their voices heard before the first meeting of the European Conciliation Committee considers the controversial ports...

Too much availability keeps North Sea rates low.
September 30, 2003... (From Lloyds List) SUPPORT vessel spot markets in the North Sea remain slack and dayrates have dropped below GBP5,000 ($8,250), writes Martyn Wingrove. High levels of vessel availability in the UK and Norway mean owners of anchor...

Rotterdam romps home with a surprise result.
September 30, 2003... (From Lloyds List) Byline: The port authority's provision of catalysts to container growth bear fruit as tonnage beats all-time 1999 high Halfway through 2002 the economic prognosis arrived at in Rotterdam was not good and hence when...

Marseille's static performance sees slide in rankings.
September 30, 2003... (From Lloyds List) LAST year was a year of pluses and minuses for the southern French port of Marseille. On the plus front, container tonnage grew by 7.1% to 7.74m tonnes, general cargo traffic by 4.2% to 14.56m tonnes and crude oil...

BUNKER QUALITY REPORT - September 18, 2003.
September 30, 2003... (From Lloyds List) BUNKER QUALITY REPORT September 18, 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...

COCKETT BUNKER MARKET REPORT.
September 30, 2003... (From Lloyds List) BUNKER MARKET REPORT Compiled for Lloyd's List by Cockett Marine Oil Ltd September 24, 2003 PRICES are current and based on live, average sized, bunker deals. The Cockett Bunker Price Index is based on...

Russian Men's Basketball All Laid Up.
September 30, 2003... (From The Moscow Times) ST. PETERSBURG -- Less than a month after the Russian national team failed to qualify for the 2004 Athens Olympics at the European Basketball Championships, basketball fans turned out over the weekend for a...

Berlin, Muscovite Fighting Over a Rubens.
September 30, 2003... (From The Moscow Times) It started with the most modern of communications, an e-mail with an attachment. Gerd Bartoschek opened his e-mail account in February and found an Old Master from 400 years ago, a picture of one of the most...

Don't Believe the Hype-sky.
September 30, 2003... (From The Moscow Times) To Our ReadersHas something you've read here startled you? Are you angry, excited, puzzled or pleased? Do you have ideas to improve our coverage? Then please write to us. All we ask is that you include...

October 1993 Was Chelsea's Victory.
September 30, 2003... (From The Moscow Times) If you shut people into a building, turn off the water, electricity, heating and sewer system, then sooner or later they will break out onto the streets. There's no point in looking for any other reason behind the...

An Ethnic Conflict That Britain Played No Part In.
September 30, 2003... (From The Moscow Times) To Our ReadersHas something you've read here startled you? Are you angry, excited, puzzled or pleased? Do you have ideas to improve our coverage? Then please write to us. All we ask is that you include...

Union of Uncertain Forces.
September 30, 2003... (From The Moscow Times) If you believe the statisticians, Russia has a powerful trade union movement. Of course, the number of trade union members is falling each year, but nonetheless the numbers remain extremely impressive. The only...

A Peek Behind the Barbed Wire.
September 30, 2003... (From The Moscow Times) The sliding doors of a steel gate slam shut, sealing the gap in a brick wall topped with coils of razor wire, then a second set of doors inside is pushed open and the grim barracks of the Mozhaisk women's prison...

Bendukidze Unveils OMZ Ownership.
September 30, 2003... (From The Moscow Times) One of Russia's leading industrialists, Kaha Bendukidze, has disclosed the ownership structure of his industrial conglomerate, United Heavy Machinery, or OMZ, ahead of a planned listing on the London Stock...

Business in Brief: Uralsib Auction.
September 30, 2003... (From The Moscow Times) MOSCOW -- Bashkortostan plans to privately auction 15 percent of its stake in Uralsib, one of the nation's largest banks, on Oct. 29, officials in the regional capital Ufa said. The region, which owns 37.5...

Business in Brief: 2 From KamAZ Dead.
September 30, 2003... (From The Moscow Times) MOSCOW -- The body of KamAZ deputy general director Viktor Faber, who was kidnapped four months ago, has been found in the Tatar city of Naberezhniye Chelny, Interfax reported Monday. Naberezhniye Chelny...