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The Karachi Port Trust (KPT) has unveiled the plans to provide rail connections to the port and major yards to the Pakistan Railway network.

RF Government has allowed foreign vessels to make multiple calls to inland sea waters and territorial waters of the Russian Federation till November 30, 2008 for operations on exploratory drilling of well No1 at Veninsky sector of the Sakhalin 3 project carried out by the Transocean Nordic maritime platform, flying the flag of Marshall Islands. The Decree was signed by the RF Prime Minister Vladimir Putin on June 25.

Russia's crude oil exports fell by an estimated 5.3%, year-on-year, in January-May 2008 to 103.3 million metric tons (757 million barrels), the Economic Development Ministry said Monday on its web site, RIA Novosti reports.

A high amount of bank guarantee requirement for the import of raw materials under bonded warehouse and the cost for obtaining such a guarantee make the country's booming shipbuilding industry less competitive, according to industry insiders. They pointed to the fact that the competitive shipbuilding nations like India, Vietnam, South Korea and Singapore do not pay any such charges for the import of such industrial raw materials.

The sale of Daewoo Shipbuilding & Marine Engineering (DSME) is the talk of town nowadays as to who will take over the world's third-largest shipyard. A number of potential contenders have been emerging into the spotlight - GS Group, Doosan, POSCO, SK and Hanwha - who all want a piece as shipbuilding will remain a lucrative business in the years to come. Above all, GS Group, the country's eighth largest conglomerate by market capitalization, has expressed strong interest and determination to acquire the shipbuilder.

Daewoo Shipbuilding & Marine Engineering Co., the world's third-largest yard, said it won $2.3 billion of orders in June, its biggest month this year, as demand increased for moving fuel and commodities, AP reported. Contracts were received for 12 vessels in the month, the Seoul-based company said in a statement. Buyers ordered nine Very Large Crude Carriers, the biggest of their type, a deepwater drill ship and two bulk carriers for 2012 delivery Yards in South Korea, the world's biggest shipbuilding nation, may win record orders for a sixth year as buyers pay a premium to ensure timely deliveries. More than half of the global ship orders by tonnage were won by South Korean yards in the first five months of this year, according to London-based shipbroker Clarkson Plc.

The Polish government has met an EU deadline for plans on restructuring three shipyards, the treasury minister said. The shipyards at Gdansk, Gdynia and Szczecin received state subsidies after Poland joined the European Union in 2004. They could be ordered to repay the aid, which would force them into bankruptcy, if EU officials reject the plans, the Warsaw Business Journal reported. Poland had asked for an extension of Friday's deadline, which was rejected.

South Korea's steel giant POSCO has approached SK Group with a proposal for joint acquisition of part of Daewoo Shipbuilding & Marine Engineering (DSME) shares, according to a local media report. POSCO had been seen to go it alone in bidding for the DSME shares held by two South Korean state-run banks. The steelmaker is now looking for a possible partner, as the planned buyout would require an enormous amount of money. According to the report, POSCO has informally proposed that it and SK jointly acquire around 10% of the DSME shares held by the two banks (equivalent to 5% of the total outstanding shares). The two companies now appear to be engaged in working-level consultations.

Eagle Bulk Shipping Inc. today announced that it has taken delivery of the Goldeneye, a 2002 built 52,421 dwt Supramax dry bulk vessel. The Goldeneye, which was acquired as part of a two vessel transaction announced on May 21, 2008, will commence a one year charter at a rate of $61,000 per day. The second vessel, the Redwing, which was also acquired charter-free, will deliver in September 2008. Sophocles N. Zoullas, Chairman and Chief Executive Officer, commented, Today's announcement that the Goldeneye has joined the fleet, together with the recent delivery of our first newbuild vessel, the Wren, signals the commencement of a period of sustained, highly-accretive growth for our Company. Specifically, we expect to take delivery of three additional vessels during 2008 and nine vessels in 2009. The larger fleet allows us to pursue a strategy for our shareholders that maximizes cash flows, supports our dividend, and secures future growth.

Excel Maritime Carriers Ltd, an owner and operator of dry bulk carriers and a provider of worldwide seaborne transportation services for dry bulk cargoes, announced today that the Board of Directors has increased the Company's minimum annualized dividend guidance to $1.60 and has set the 2008 minimum annualized dividend guidance to $1.20. This guidance would result in a minimum quarterly dividend of $0.40 per common share beginning with the dividend declared for the second quarter of 2008. Mr. Molaris stated, "We are very pleased with our Board's decision to double distributions to our shareholders.

Ocean Tankers, the company that is ferrying water to Cyprus began filling their vessel in Greece and was due to set sail for Limassol Monday night, the company's chairman Michael Ioannides said. At a news conference in Nicosia, Ioannides said the first tanker should set sail late on Monday with 50,000 cubic metres of water on board. Work to fill up the tanker, which began Sunday was to take around 24 hours The ship will take 41 hours to reach Limassol and is due to dock at 6pm on Monday.

Representatives of major transpacific liner carriers met with U.S. exporters earlier this week to discuss the dilemma many are faced with getting their products to market because of a lack of capacity on containerships.

Russian oil export duty could exceed $495 per ton from August 1, a deputy head of the Finance Ministry customs payment department Alexander Sakovich according to PRIME-TASS.

The six-year West Coast dockworkers contract is set to expire tomorrow, but the unions and shipping organisations insist the ports will not be disrupted.

Neptune Orient Lines (NOL) has declined to comment on rumours that it was planning to borrow US$5 billion or more to buy rival shipping line, Hapag-Lloyd.

Crude oil may fall next week because of rising supplies and declining fuel demand in the U.S., the country responsible for almost a quarter of global consumption. Eleven of 24 analysts surveyed by Bloomberg News, or 46 percent, said prices will decline through July 3.

Development of Vadarevu and Nizampatnam ports and industrial corridor in the coastal area of Prakasam and Guntur districts will boost the industrial growth and create employment opportunities, according to Dr Y.S. Rajasekhara Reddy, Chief Minister of Andhra Pradesh.

Pepsi Bottling Ventures is investing US$25 million to install new equipment in its Raleigh, North Carolina, plant to reduce shipping costs for its bottled water, reported The News & Observer.

The Famous Pacific Shipping group is enhancing its presence in the Czech Republic through the appointment of a general agent to serve the buoyant marketplace.

Samudera Shipping Line received the 1,740-TEU Sinar Sumba from Guangzhou before its maiden deployment from Hong Kong in its new Korea-China-Malaysia service (KMS) this month.