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Europe Intelligence Wire

| September 01, 2006 | COPYRIGHT 2006 Financial Times Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan.  All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)Copyright

(From Lloyds List)

Tianjin profit slump

SHANGHAI-listed bulker operator, Tianjin Marine Shipping, saw net profit slump to Yuan11.75m ($147m) in the first half of this year, down from Yuan45.67m a year earlier, writes Keith Wallis in Hong Kong.

Turnover dropped to Yuan310.8m compared with Yuan431.2m in the same period last year.

SURVEILLANCE specialist Navtek has been snapped up by Kongsberg Defence ' Aerospace and will be merged with subsidiary Kongsberg Norcontrol IT to push forward plans for the maritime sector, writes Hugh O'Mahony.

Based in Horten, Norway Navtek will be integrated with the Norcontrol IT unit to enhance its offering of maritime surveillance systems that include vessel traffic services, vessel traffic management and information systems and automatic identification system network solutions.

Navtek's core business is the provision of surveillance systems for the civilian and military markets.

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