SHIPOWNERS who have tonnage entered mutually in Gard P&I Club, one of the world?s top two such organisations, are to receive a total $9m ?give back?.

THE financial restructuring of government-owned Hindustan Shipyard has been delayed further and referred to a group of ministers after suggestions that its expansion plans could cause national security concerns.

JINHUI Shipping and Transportation, the Oslo-listed Hong Kong bulker operator, saw net profit surge 109% to $12.8m in the first quarter buoyed by soaring charter rates. Turnover climbed 49% to $54.3m.

DRYSHIPS chief George Economou has hailed an ?exceptionally strong? first quarter for the Nasdaq-listed dry bulk company, writes Nigel Lowry in Athens.

IMPROVED results for the first quarter of 2007 have been unveiled by the Piraeus Port Authority, the corporation in charge of Greece?s largest port.

SUE Langley, one of the most high profile personalities in the London market, is to join Lloyd?s to raise operational competitiveness and ensure a focus on North American business, which supplies 40% of revenue at Lloyd?s, writes James Brewer.

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SOUTH Tyneside College has launched a new course to hammer home the hazards of entering an enclosed space at sea, writes Felicity Landon.

SHIPPING faces an upsurge in port and onshore labour disputes amid the worst global financial crisis since 1929, according to niche marine mutual the Strike Club.

NEXT week?s critical stockholders? meeting at Oceanaut, the blank cheque company sponsored by Excel Maritime Carriers, has been cancelled ?in light of market conditions? which threaten to undermine its transformational deal for a fleet of bulk carriers.

LONDON insurers should be as concerned about the impact from a catastrophic event in the Gulf of Aden as they are from spiralling ransom demands, a leading London market underwriter has said.

ONE of the five propeller blades of the German-owned CSCL Kelang was found to be missing when it drydocked at MWB shipyard in Bremerhaven. The Antiguan-flagged, 36,003 dwt, 2001-built container vessel was towed from Paranagu to Germany by the tug Sumatras on a six-week voyage after it suffered damage in a grounding off the Brazilian coast. Ralf Witthohn

GULF Marine, headed by the former Asian boss of Total Lubmarine, has entered the marine lubricants market to challenge the traditional dominance of existing firms such as Shell, Mobil and Chevron, writes Keith Wallis.

SOUTH Korea?s Busan Port Authority will break ground on it most ambitious project yet when it starts to convert cargo piers into an international cruise and passenger terminal and a business and tourist centre in November.

SEAFARERS? unions will next week lobby the European parliament in support of their demands that employment terms and conditions on intra-EU ferry services be regulated at levels prevailing in Europe, writes David Osler.

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French trader under investigation
The trader at the centre of a banking scandal in France is placed under investigation and freed on bail.

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Let?s not make a drama out of crisis
TO DESCRIBE events of the past seven days as extraordinary veers towards understatement.

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Oil pushes ever higher
Price of litre of petrol tops 1 for first time in UK as oil surges on a North Sea storm. By Graeme Wearden.

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IMAREX TANKER FUTURES ?31 Jan 2008
All prices shown in Worldscale

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US sees job cuts as economy cools
The US has seen the first decline in employment since August 2003, in a fresh sign that a recession is looming.

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India and China to act as buffer against volatility
THE recent volatility in global freight rates, and concern that geopolitical crises or a terrorist attack could push oil prices to $200 per barrel, exercised world business and political leaders at this year?s Davos summit.

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Re-sult Munich nets ?3.9bn
MUNICH Re, the world?s secondlargest reinsurer, said that it earned ?3.9bn ($5.7bn) after tax in 2007, beating its own forecast of ?3.8bn, writes Herbert Fromme in Cologne.

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