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  • DUBAI, United Arab Emirates— No one onboard a Singapore- flagged commercial tanker that was fired on by an Iranian naval patrol in the Persian Gulf was injured and the ship did not sustain serious damage, the companies responsible for it said Friday. The tanker had been in international waters on its way from Bahrain to the port of Fujairah in the United Arab...

  • *Iron ore price fall hits West African mines. PEPEL, Sierra Leone, May 14- Red piles of iron ore and rusting railway wagons in the deserted stockyard at the port of Pepel bear silent witness to a crisis engulfing Sierra Leone's mining industry and threatening others across West Africa. In Pepel, locals anticipated an economic surge for their civil war-ravaged...

  • Judge says he won't toss FedEx drug indictment Thursday, 14 May 2015 | 10:25 AM ET

    SAN FRANCISCO— A judge on Thursday rejected FedEx's attempt to toss out a federal drug indictment that accuses the company of knowingly shipping illegal prescription drugs. U.S. District Court Judge Charles Breyer said the acts alleged by prosecutors do not fall under an exemption in federal drug law for transportation companies such as FedEx.

  • Teekay Tankers beats Street 1Q forecasts Thursday, 14 May 2015 | 5:03 AM ET

    HAMILTON, Bermuda _ Teekay Tankers Ltd. on Thursday reported first-quarter earnings of $39 million. The average estimate of six analysts surveyed by Zacks Investment Research was for earnings of 30 cents per share. Teekay Tankers shares have increased 17 percent since the beginning of the year.

  • Yemen war risk could strangle strategic sea trade routes Wednesday, 13 May 2015 | 12:24 PM ET

    LONDON, May 13- With Middle East giants Saudi Arabia and Iran squaring up on opposing sides in the Yemen war, the dangers to vital oil tanker and goods voyages are growing daily. Millions of barrels of oil pass through the Bab el-Mandeb and Strait of Hormuz everyday to Europe, the United States and Asia- waterways which pass along the coasts of Yemen and Iran...

  • FACTBOX-What would it take to free U.S. oil exports? Wednesday, 13 May 2015 | 11:18 AM ET

    However, Senator Lisa Murkowski, the Republican head of her chamber's energy committee, introduced a bill on Wednesday that would lift the ban Congress passed in 1975 after the Arab oil embargo created fears of global shortages. While there is plenty of resistance in Congress against lifting the ban, the prospects for a reversal could improve under some of the...

  • COPENHAGEN, May 13- Maersk Line lost market share in container shipping in the first quarter, disappointing analysts who said A.P. Moller-Maersk's forecast-beating results on Wednesday had been helped by one-offs. While the world's largest container shipping business reported a jump in net profit to $714 million from $454 million, due largely to lower...

  • What would it take to free U.S. oil exports? Tuesday, 12 May 2015 | 7:32 PM ET

    However, Senator Lisa Murkowski, the Republican head of her chamber's energy committee, is expected to introduce a bill as soon as Tuesday night that would lift the ban Congress passed in 1975 after the Arab oil embargo created fears of global shortages. While there is plenty of resistance in Congress against lifting the ban, the prospects for a reversal could...

  • Earnings before interest and tax swung to $30 million in January-March from a loss of $22.6 million in the first quarter of last year, topping the average forecast for a loss of $1 million in a Reuters poll of analysts. The Copenhagen- based still expects a full-year operating result between a loss of $40 million and a profit of $40 million. With 203 owned and...

  • FACTBOX-Airbus A400M military transport plane Saturday, 9 May 2015 | 2:29 PM ET

    May 9- An Airbus A400M Atlas military plane crashed outside Seville on Saturday, killing four people in the first accident for Europe's large new troop and cargo carrier. Here are some details on the transporter, whose development represents Europe's largest single defence contract. Malaysia is the only export customer after South Africa cancelled an order...

  • Talks between six major powers and Tehran are approaching the final stages after they hammered out a preliminary agreement on April 2, with Iran committing to reduce the number of centrifuges it operates and to other long-term nuclear limitations. Iran, which is has been under sanctions for years, has a long history of illicit nuclear procurement using front...

  • Talks between six major powers and Tehran are approaching the final stages after they hammered out a preliminary agreement on April 2, with Iran committing to reduce the number of centrifuges it operates and other long-term nuclear limitations. "The UK government informed the Panel on 20 April 2015 that it' is aware of an active Iranian nuclear procurement...

  • SEOUL, April 29- U.S. crude futures slipped on Wednesday after an industry data showed U.S. crude stocks rose last week although inventories in delivery hub Cushing declined for the first time this year, but the fall in oil prices was limited by tensions in Middle East. *U.S. crude lost 17 cents at $56.89 a barrel as of 0003 GMT after it settled up 7 cents at $57.06 on...

  • *Yemen faces mounting humanitarian crisis. LONDON, April 27- Yemen is facing mounting problems bringing in food by sea as the danger from fighting between Houthis and government supporters is exacerbated by an arms blockade by Saudi-led coalition navies searching ships for weapons destined for the rebels. The Arabian peninsula's poorest country, Yemen...

  • COLUMN-Cheaper fuel to boost container shipping: Kemp Tuesday, 21 Apr 2015 | 9:57 AM ET

    LONDON, April 21- Lower oil prices are sharply reducing the cost of shipping merchandise from Asia to the United States and Europe as the cost of bunker fuel tumbles. In September 2008, shortly after oil prices had peaked, shipping lines were adding a surcharge of almost $1,500 to the cost of shipping every 40- foot container between Asia and the West Coast of the...

  • LONDON, April 20- Ship container line Hapag-Lloyd has placed an order for five vessels as it looks to bolster trade in Latin America ahead of next year's planned expansion of the Panama Canal, the world's fourth biggest player said on Monday. Hamburg- headquartered Hapag-Lloyd, which completed a merger with Chile's Compania Sud Americana de Vapores in December,...

  • LONDON, April 15- At least five merchant vessels carrying food are stuck off Yemen, shipping data showed on Wednesday, as warships from a Saudi-led coalition search them for weapons bound for Iran- allied Houthi rebel forces, with delays adding to a humanitarian crisis. Yemen imports more than 90 percent of its food, including most of its wheat and all its rice, to...

  • LONDON, April 15- At least five merchant vessels carrying food are stuck off Yemen as warships from a Saudi-led coalition search them for weapons bound for Iran- allied Houthi rebel forces, with delays adding to a humanitarian crisis. Yemen imports more than 90 percent of its food, including most of its wheat and all its rice, to feed a population of 25 million.

  • As the Middle East and U.S. Gulf Coast transform into refining hubs, traders require ever-larger tankers to move oil products such as gasoline, diesel and aviation fuel to Europe, Asia and Latin America. Trading powerhouses such as Vitol, Total and Shell have already booked vessels that can carry as much as 1 million barrels- more than three times the typical size...

  • LOS ANGELES, April 1- Cargo congestion at the two busiest U.S. container ports has eased considerably in the six weeks since West Coast dockworkers and shippers reached a tentative labor deal, but port officials said it would take several more weeks for freight traffic to return to normal. The most obvious sign of improved cargo flow through the ports of Los...