THE jack-up rig fleet is expected to surge, with shipyards to deliver another 24 units for drilling contractors in the next six months.

TENSION among the rival political groups vying for control of Somalia has severely hampered security efforts, including initiatives to enlist foreign and private forces to patrol the coast.

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ATLANTIC handysize and supramax shipowners are accepting delivery options outside of their usual region as owners cannot afford to ballast amid record high bunker prices, writes Jamie Dale.

THE ASIAN product tanker market is holding steady after the strong gains in the past few weeks, with medium range tankers enjoying healthy levels of interest amid tight tonnage supply, writes Jerry Frank.

CLEAN

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Management reshuffle atkey ABP ports
ASSOCIATED British Ports has reshuffled management at its key ports, installing new directors at Grimsby & Immingham and Hull & Goole, at the company?s 11 shortsea hubs and at its five South Wales facilities.

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Safety blitz finds one in five vessels deficient
ONE out of five ships inspected on normal port state control criteria in Paris MoU countries in a three-month period last year had International Safety Management code deficiencies, the organisation?s secretariat has revealed, writes David Osler.

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THE jack-up rig fleet is expected to surge, with shipyards to deliver another 24 units for drilling contractors in the next six months.

TENSION among the rival political groups vying for control of Somalia has severely hampered security efforts, including initiatives to enlist foreign and private forces to patrol the coast.

US OKs Rio Tinto buy

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

The pound climbed to $2.10 for the first time since 1981 today, boosted by speculation that China was preparing to shift its foreign reserves out of dollars. By Graeme Wearden.

Market report: London shares resumed their downward trek today, knocked by volatile oil prices, a tumbling dollar, jitters around banks and more anxieties on Wall Street. By Katie Allen.

Virgin Media signals that era of upheaval marked by public rows with BSkyB is behind it as the cable TV company posts strongest customer growth in more than a year. By Katie Allen and Chris Tryhorn.

Henkel, the maker of Schwarzkopf hair products, plans to cut thousands of jobs when it completes its 2.7bn acquisition of ICI’s National Starch adhesives business early next year. By David Gow.

British bus and rail operator says soaring oil price forcing motorists out of their cars and on to public transport. By Dan Milmo.

Outlook at fashion chain Next ‘uncertain’ in run-up to Christmas, company warns. By Julia Finch.

Cable group Virgin Media added 13,000 new customers in the third quarter of the year. By Chris Tryhorn.

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Baltic Sea set for ?14bn clean up
HELCOM, the governing body of the Helsinki Commission, is seeking up to ?14bn ($20.4bn) to clean up the Baltic Sea.

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Southampton crane collapse hits Honda
OPERATIONS at Southampton Container Terminal have been severely disrupted after high winds caused a recently refitted crane to collapse on top of a containership.

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Baosteel signs BHP iron ore deal
BHP Billiton has signed an agreement to supply Baosteel with an additional 94m tonnes of iron ore, but declined to confirm if a contract price had been set in 2008, writes Jamie Dale.

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HIGHER volumes of crude oil will be heading out of Middle East and African ports to Asian terminals in the next five years despite a deceleration in global demand growth in the short term.

TANKER derivatives trading on the most frequently traded contract has begun to ease as freight rates in the underlying physical market near their peak.

CLEAN

A SUMMER breeze sweeping across the Atlantic panamax market has slowed activity, while owners look to fix longer periods to guarantee earnings at current rates, writes Jamie Dale.

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