Kvaerner cashes out

Article Abstract:

The Kvaerner Group has decided to divest its shipbuilding activities after suffering major financial losses totalling up to $260 million in the first quarter of 1999 alone. Such loss has forced the group to enter into divestment activities to save the entire company. Officials of the Committee of EU Shipbuilders Assn (CESA) blamed the Korean shipbuilders for this loss. CESA officials added that the low prices offered by the Koreans are politically motivated.

Water Transportation, Shipbuilding & Repair, Mergers, acquisitions and divestments, Shipping industry, Kvaerner ASA

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Expressly Incat

Article Abstract:

Australia-based Incat's 86m Condor Express will used by Condor Ferries to service the UK and Channel Islands route. The 86m design, which was under development for 15 years, offers a 15% increase, or 10m, on its water length. Aside from a forward active ride control, Condor Express features a propulsion system of four Ruston 20RK270 medium-speed diesel as well as two Caterpillar generators in each hull rated at 230kW (308 bhp) each.

Inland Water Passenger Transportation, Ferries, Ferry Services, Commercial Ships NEC, Equipment and supplies, Contracts, Passenger vessels, Passenger ships, Merchant ships, Incat Australia, Condor Ferries

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