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Somali pirates hijack bulk carrier

Days after the ITF warned it would consider a seafarer boycott of pirate infested waters, Somali pirates have seized another vessel and added 23 more hostages to their captives. At approximately 0600

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Seadrill orders two tender rigs

Seadrill is to build two tender rigs at the COSCO Nantong Shipyard in China. The two new units, T15 and T16, are scheduled for delivery in the first quarter and third quarter

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Maersk reports $5 billion profit

The A.P. Moller – Maersk Group last week reported a profit of $5 billion for 2010. It said the main factors were increased container rates and volumes, reduced costs per unit and

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Red ink at OSG

Tanker giant Overseas Shipholding Group, Inc. (NYSE: OSG) reports a net loss for FY 2010 of $134.2 million, or $4.55 per diluted share, compared with earnings of $70.2 million, or $2.61 per

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ITF takes tougher stance on arming ships against pirates

The ITF (International Transport Workers’ Federation) is now recommending the carrying of military guards on ships, and is recognizing the use of private armed guards, subject to certain conditions. However, it reaffirmed

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Rowan again eyes LeTourneau spin-off

Rowan Companies, Inc.  (NYSE:RDC) is again talking about spinning off its LeTourneau and land rig businesses. Rowan reported results for the three months ended December 31, 2010, that saw net income of