Shipping, shipbuilding and offshore news stories

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POSTINGS FOR JULY 2000

JULY

Transocean Sedco Forex beats Wall Street's
expectations
Beating Wall Street analysts' expectations, Transocean Sedco Forex Inc. today announced that net income for the three months ended June 30, 2000 was $35.9 million, or $0.17 per diluted share, on revenues of $299.2 million.

EC takes Spain to European Court
The European Commission has referred a case involving Spanish shipyard aid to the European Court of Justice. It follows Spain's failure to comply with a Commission decision ordering the recovery of illegal state aid.

IMO Sub-Committee acts on ERIKA incident
After the Erika pollution disaster, it's unlikely that unilateral EU legislation on tankers can be entirely averted, particularly with France holding the EU Presidency. Nonetheless, IMO, the International Maritime Organization, has started to respond in reaction to the Erika incident

Record profits for Royal Caribbean
"We are pleased to report record profits again this quarter," said Richard D. Fain, chairman and chief executive officer of Royal Caribbean Cruises Ltd. The company today reported net income for the second quarter of 2000 of $108 million,

Litton wins bridge systems order for Portuguese patrol boats
Litton Marine Systems has won orders to supply fiber optic gyrocompass and radar systems for 12 new patrol boats being built for the Portugal Customs Brigade.

Horizon Offshore reports second quarter earnings
Horizon Offshore, Inc. today reported net income for the quarter ended June 30, 2000, of $1.6 million

Canadian provincial premiers to meet on shipbuilding policy
The premiers of Canad's four Atlantic provinces will take part in a forum on shipbuilding this fall

Marad releases study on high speed ferries
The Maritime Administration (MARAD), has released Phase II of a study, entitled High Speed Ferries and Coastwise Vessels: Evaluation of Parameters and Markets for Applications.

Chiles Offshore to acquire chartered rig
Seacor Smit's 58.3% owned subsidiary Chiles Offshore LLC announced today that it has entered into an agreement to acquire the ultra-premium jackup drilling rig TONALA from Perforadora Central S.A. de C.V. of Mexico City.

Polish Register publishes report on Leader L
The Polish Register of Shipping has now published a full report on its investigation and findings on the loss of the bulker Leader L,

Order for 42 knot commuter ferries
Lighthouse Landings Inc, parent of New York Fast Ferry Services Inc., has signed a contract with Derecktor Shipyards of Mamaroneck, N.Y. It covers the construction of a 35 m aluminum high-speed passenger catamaran that will be the first of four .

Litton gets go ahead to start LPD 17 full production
Litton Avondale Industries has received approval by the U.S. Navy to begin full, sustained production of the lead ship in the U.S. Navy's new SAN ANTONIO (LPD 17) Class of amphibious assault ships.

ISC reports results
New Orleans- based International Shipholding Corporation today reported results for the six months and the quarter ended June 30, 2000.

Tidewater spends big on repairs to prepare for expected offshore market surge
Offshore services giant Tidewater accelerated a number of vessel drydockings into the first and second quarter of fiscal 2001

OMI "positioned for record breaking earnings"
President and CEO Craig H. Stevenson, says "OMI is strategically positioned to reach record breaking earnings with its younger, cost efficient tankers operating at a very exciting time in the international tanker market.''.

Kirby Corporation reports strong product volumes
Inland tank barge specialist Kirby Corporation, Houston, reported net earnings for the 2000 second quarter of $9,880,000, or $.40 per share, compared with 1999 second quarter earnings of $6,602,000, or $.33 per share.

Teekay Shipping income surges
Bahamas-based tanker owner Teekay Shipping Corporation reported net income of $46.7 million, or $1.22 per share, for the quarter ended June 30, 2000

Problems with Paradise persist
Carnival Cruise Lines said yesterday that it had canceled two more voyages on its cruise ship Paradise

Hull insurer sets up advisory council
Dex, the recently launched specialist hull insurer, has appointed the first four members of its new Advisory Council.

Singapore company confirms it's shopping for a U.S. yard
Singapore Technologies Engineering is trying to acquire a shipyard in the U.S.

LR warns tanker owners of Paris MOU crackdown
Lloyd's Register advises owners of the Paris MOU's intention to initiate a targeted inspection campaign on tankers greater than 3,000 gt and 15 years of age during the period September 1 - November 30

H&W problems will impact Fred Olsen Energy profits
Redundancy costs related to terminations at Harland & Wolff will impact the profits of Fred Olsen Energy, which owns 70.8% of the Northern Ireland yard

How Aker Maritime will pay for that chunk of Kværner
Aker Maritime has responded to an inquiry from the Oslo Stock Exchange concerning the financing of its NOK 2.6 billion purchase of shares and subscription rights in Kværner

Shell orders two LNG carriers from MHI
Shell International Gas Ltd has ordered two Liquefied Natural Gas (LNG) carriers from the Mitsubishi Heavy Industries (MHI) shipyard in Japan.

Bacteria-based bilge water treatment system completes trials
A Great Lakes cargo vessel recently completed successful sea trials with an oil water separator that uses safe,non-pathogenic hydrocarbon-ingesting bacteria to treat bilge water

AESA is merged into Bazan
Spanish shipbuilders Bazan and Astilleros Españoles SA have now become a single company,

European Commission approves conditional funding for Trasmediterránea

Liberian registry to offer recording of mortgages in London

End of a cross-Channel era

Frontline ups Golden Ocean stake

Diamond Offshore will deliver Ocean Confidence late

NNS reports increased earnings

Pod problem plagues Paradise

P&O and Festival merger is off

CVN 77 will do Windows

Royal Nedlloyd disposes of heavy lift unit

Greenpeace activists delay lumber carrier

Kværner finds buyer for Kimek