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  • *Greece still faces risk of exit from euro zone. LONDON, Feb 26- The global slump in demand for dry freight commodities is adding more pain to Greece's already crisis-hit banks by heaping pressure on many of their shipowner clients, particularly the smaller companies. Greece has secured an extension to its bailout from its European partners, but the danger of it...

  • UN: North Korean company renames ships to evade sanctions Wednesday, 25 Feb 2015 | 5:47 PM ET

    The effort by Pyongyang-headquartered Ocean Maritime Management Company, Ltd. is detailed in the report by a panel of experts that monitors sanctions on North Korea. The U.N. Security Council holds consultations Thursday on the report, which also says North Korea's government persists with its nuclear and missile programs in defiance of council...

  • Moller-Maersk will hand shareholders a $6.6 billion windfall in dividends this year after it sells its 20 percent stake in Denmark's biggest bank Danske. Analysts had expected Maersk to announce the divestment of some assets on Wednesday as part of its strategy of focusing on its core shipping and oil divisions- but the Danske Bank stake had not been among the...

  • LOS ANGELES— After reaching a tentative contract agreement that covers the West Coast's 29 seaports, dockworkers are clearing an immense backlog of cargo that accumulated as their negotiations with employers stalled. Consider this: The 24 container ships anchored Monday outside the ports of Los Angeles and Long Beach hold so much cargo that if all their...

  • MIAMI, Feb 23- Catamaran builder Brian Hall is too young to remember when ferries plied the route between Florida and Cuba in the 1950 s, but he has plans to be among the first to revive the once-popular route. Boosted by President Barack Obama's policy of seeking to normalize relations with the Communist-ruled island after decades of U.S. isolation, Hall hopes to...

  • NEW YORK, Feb 22- Late last November, the tanker Olympic Flag carrying 650,000 barrels of Angolan crude dropped anchor about 7 miles off the coast in Delaware Bay, a seemingly routine shipment destined for a nearby Philadelphia refinery. All six of the tankers appear to have been destined for Philadelphia Energy Solutions, the 335,000- barrel-per-day refinery...

  • LOS ANGELES— Negotiators reached a tentative contract covering West Coast dockworkers, likely ending a protracted labor dispute that snarled international trade at seaports handling about $1 trillion worth of cargo annually. They work 29 ports from San Diego to Seattle that handle about one-quarter of all U.S. international trade, much of it with Asia.

  • SHIPPING COMPANIES AND DOCKWORKERS' UNION REACH TENTATIVE DEAL IN CONTRACT TALKS FOR 29 U.S.

  • SAN FRANCISCO, Feb 20- The U.S. labor secretary headed into a fourth straight day of intensifying talks with shipping executives and union leaders for dock workers on Friday, aiming to settle a contract dispute that has led to months of disruptions at 29 West Coast ports. Labor Secretary Tom Perez joined the talks in San Francisco on Tuesday at the behest of...

  • SAN FRANCISCO, Feb 19- Shipping executives and union leaders for dockworkers at 29 West Coast ports ended a third day of contract talks late on Thursday without reaching a settlement but planned to meet again on Friday, a source close to the situation told Reuters. Labor Secretary Tom Perez was presiding over the talks in San Francisco, having joined them on...

  • LOS ANGELES— Negotiators reached a tentative contract covering West Coast dockworkers on Friday evening, likely ending a protracted labor dispute that snarled international trade at seaports handling about $1 trillion worth of cargo annually. They work 29 ports from San Diego to Seattle that handle about one-quarter of all U.S. international trade, much of...

  • LOS ANGELES, Feb 19- The U.S. labor secretary engaged in a third straight day of talks with shipping executives and union leaders for dockworkers on Thursday seeking to settle a contract dispute that has led to months of disruptions at the 29 ports along the West Coast. Labor Secretary Tom Perez joined the talks in San Francisco at the behest of President Barack...

  • The U.S. Army Corps of Engineers is preparing to release a study for public comment that suggests expanding the Port of Nome as a first step in improving infrastructure along Alaska's west and north coast. Nome is south of the Bering Strait but far closer to Arctic waters than the nearest Coast Guard base in Kodiak, an island east of the Aleutian Chain.

  • Baltic index rebounds slightly from record low Thursday, 19 Feb 2015 | 10:20 AM ET

    Feb 19- The Baltic Exchange's main sea freight index, which tracks rates for ships carrying dry bulk commodities, edged up slightly on Thursday on higher rates for panamaxes and smaller vessels. Average daily earnings for panamaxes were up $17 to $4,127. Average daily earnings for capesizes, which typically transport 150,000 tonne cargoes such as iron ore and...

  • Teekay Tankers beats Street 4Q forecasts Thursday, 19 Feb 2015 | 5:03 AM ET

    HAMILTON, Bermuda _ Teekay Tankers Ltd. on Thursday reported fourth-quarter earnings of $20.3 million. The average estimate of analysts surveyed by Zacks Investment Research was for earnings of 18 cents per share. Teekay Tankers shares have risen 15 percent since the beginning of the year.

  • LOS ANGELES, Feb 18- Two U.S. Cabinet secretaries joined congressional leaders, three governors and a big-city mayor on Wednesday in pushing shipping lines and the dockworkers' union to settle a contract dispute that has led to months of turmoil and cargo backups at 29 West Coast ports. Labor Secretary Tom Perez and Commerce Secretary Penny Pritzker weighed in...

  • LOS ANGELES, Feb 18- The U.S. labor secretary joined congressional leaders and three governors on Wednesday in pressing shipping lines and the dockworkers' union to settle a contract dispute that has led to months of turmoil clogging cargo traffic at 29 West Coast ports. Tom Perez, the labor secretary, was sent to San Francisco as an emissary of President Barack...

  • Weak vessel demand keeps Baltic index at record lows Wednesday, 18 Feb 2015 | 10:57 AM ET

    Feb 18- The Baltic Exchange's main sea freight index, which tracks rates for ships carrying dry bulk commodities, hit another record low on Wednesday as demand for vessels fell ahead of the Lunar New Year holiday. Average daily earnings for capesizes, which typically transport 150,000 tonne cargoes such as iron ore and coal, decreased $274 to $5,447.

  • Labor Secretary Tom Perez met contract negotiators for shipping companies and the dockworkers' union in San Francisco on Tuesday, urging them to settle a dispute that has led to months of clogged cargo traffic and other disruptions at West Coast ports. Perez was sent to California by President Barack Obama, who has come under mounting pressure to intervene in...

  • LOS ANGELES, Feb 17- U.S. West Coast ports that were closed to incoming cargo vessels during the holiday weekend reopened in full on Tuesday as Labor Secretary Tom Perez arrived in San Francisco seeking to broker a settlement ending months of shipping disruptions. "Secretary Perez has meetings with both parties today in San Francisco," spokeswoman Xochitl...