SAVANNAH, Ga.-- From Capitol Hill to the governor's office, Georgia officials sounded both stunned and defiant Tuesday after the Obama administration's new budget failed to recommend funding to start the $652 million deepening of Savannah's busy shipping channel _ a project Vice President Joe Biden pledged just six months ago would get done "come hell or high water."» Read More
HONG KONG, Dec 4- China Rongsheng Heavy Industries Group, the country's largest private shipbuilder, said on Wednesday it expects to report a substantial full-year loss just months after it appealed to the government for financial help.
Greek ship owner Dryships Inc has already questioned whether some of the ships on order at China Rongsheng will be delivered, which could hit its revenue and profitability next year. Dryships has four dry bulk carriers on order at the company's shipbuilding subsidiary, Jiangsu Rongsheng Heavy Industries, that are due for delivery in 2014..
COPENHAGEN, Dec 3- Global container shipping companies have a strong appetite for new vessels, despite existing overcapacity, because they want to trade up to larger ships to benefit from economies of scale, according to shipping analysts.
PARIS, Dec 3- France will allow private security forces to protect its shipping fleet against the threat of piracy with armed guards, the French government said on Tuesday. France is one of the main contributors to an international naval force that patrols the waters off Somalia in the Gulf of Aden and the Indian Ocean to foil pirate attacks.
PARIS, Dec 3- France will allow private security forces to protect its shipping fleet against the threat of piracy, Prime Minister Jean-Marc Ayrault said in an interview published on Tuesday. France is one of the main contributors to an international naval force that patrols the waters off Somalia in the Gulf of Aden and the Indian Ocean to foil pirate attacks.
The Navy said on Wednesday it had suspended all contracts with British-based Inchcape Shipping Services Holding Ltd, a unit of Dubai World, because of questionable conduct.
HONG KONG, Nov 29- Hong Kong shares crept higher early on Friday, with mainland markets again tepid and the Chinese shipping sector buoyed by surging dry bulk rates and media reports that a plan to rejuvenate the industry has been submitted to the State Council for approval.
WASHINGTON, Nov 27- The Navy said on Wednesday it has suspended a maritime services company from doing business with the U.S. government due to questionable conduct, the second firm barred in a widening corruption probe that has resulted in action against seven Navy officials.
Iran and six world powers reached a deal on Sunday to curb Tehran's nuclear programme in exchange for limited sanctions relief, including a pledge to allow some Iran oil shipments to be covered by UK- dominated providers of shipping insurance.
Nov 26- Ecuador's Socialist President Rafael Correa has often railed against allowing private trading firms to control the country's oil shipments, a top source of export revenue.
*Iran deploying more tankers to help with oil glut. LONDON, Nov 25- Iran is quietly mobilising more ships to store and transport oil, aiming to keep its fields working and mitigate losses of several billion dollars a month from sanctions which remain in place for at least another six months, trade sources familiar with the matter say.
*EU Commission says suspects price coordination since 2009. BRUSSELS, Nov 22- EU regulators will investigate whether 14 of the world's major container shipping companies, including world No. 1 A.P. The European Commission's action comes as the industry continues to grapple with overcapacity in a faltering global economy.
*$4- 5 bln of shipping loans to be placed in bad bank- sources. LONDON, Nov 15- Royal Bank of Scotland is reviewing its shipping loan business and is expected to place billions of dollars from the portfolio in the part-nationalised group's new internal "bad bank", sources familiar with the matter said.
Nov 14- Shares of Eagle Bulk Shipping fell as much as 29 percent on Thursday, a day after the company warned that it could breach certain loan terms if freight rates remained low. It also warned that it could breach covenants in the current quarter if rates fell further, or it failed to cut costs or it suffered more losses on its investment in Korea Lines Corp.
SINGAPORE, Nov 13- China's third-largest listed shipbuilder Yangzijiang Shipbuilding Holdings Ltd is on track this year to win the most new orders since 2007, a feat unlikely to be repeated soon as it has now almost reached full capacity.
*Boeing says would consider Japan if workers reject deal. Details of the unsolicited proposal emerged on the eve of a crucial vote by 31,000 Boeing workers on a contract that may determine whether the 777 X is built in Washington state, the home of nearly all Boeing's commercial jet manufacturing.
*Reports of ban on Wei leaving China baseless- COSCO Group. COSCO, China's largest bulk shipping company, announced on Friday that its vice president, Xu Minjie, had resigned- a day after it said he was "under investigation by the relevant authorities", phrasing used in China to describe corruption investigations.
*Syrian civil war, chaos in Libya driving massive arms smuggling. More than 32,000 migrants from Africa and the Middle East have arrived in Italy and Malta so far this year, the United Nations says.
*Former COSCO Group chmn Wei barred from leaving China- sources. The shipper's vice president Xu Minjie was "under investigation by the relevant authorities", COSCO said in a brief statement to the Shanghai stock exchange on Thursday, shorthand that is used in China to describe corruption probes.
John Nelson, Chairman of Lloyd's of London describes that while it has diversified from marine insurance, it still remains significant in Asia.