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  • SHANGHAI, April 7- Chinese banks are stuck in a lose-lose legal battle between domestic shipyards and foreign buyers over billions of dollars in refund guarantees that are supposed to be paid out if shipbuilders fail to deliver on time.

  • OTTAWA, April 3- Governments should require companies shipping crude oil by rail to carry enough liability insurance to make up for shortfalls in coverage carried by railways, the president of Canada's second-largest rail operator said on Thursday.

  • LONDON, April 3- Global private equity firm KKR has bought $150 million worth of shipping loans from two European banks amid a surge of interest in the industry as world trade in goods picks up along with the global economy.

  • *Full-year net loss balloons to $1.4 billion. HONG KONG, March 31- China Rongsheng Heavy Industries Group has agreed with banks to extend loans and other financing worth 10 billion yuan to 2015, in a signal that the country's biggest private shipbuilder may be too big to be allowed to fail. Jon Windham, an analyst at Barclays, told Reuters. "

  • *Rongsheng posts 2013 net loss of $1.4 billion. *Ship orders were worth $726 mln vs target of $1.8 bln. HONG KONG, March 31- China's biggest private shipbuilder, China Rongsheng Heavy Industries Group, posted a second straight annual loss as new orders were less than half its target, and is in talks with banks about loan repayments.

  • INSIGHT-Armed militias hold Libya hostage Sunday, 30 Mar 2014 | 5:30 AM ET

    *Libya struggling with progress three years after Gadaffi ouster. TRIPOLI, March 30- When a militia holding Libya's eastern ports loaded a North Korean-flagged tanker with oil earlier this month, the Libyan parliament sacked its own prime minister and turned to U.S. commandos to bring its cargo back.

  • China COSCO returns to profit, avoids delisting risk Thursday, 27 Mar 2014 | 9:55 AM ET

    HONG KONG, March 27- China COSCO Holdings returned to profit in 2013 thanks to investment gains from asset disposals during a global shipping downturn, avoiding a possible delisting after losses in the two previous years.

  • *Coast Guard stretches shipping cutoff to midnight from 6 p.m.; to resume at daylight. On Tuesday, when both inbound and outbound traffic resumed, the Coast Guard stopped movement at about 6 p.m. CDT to limit the spread of fuel oil floating in Galveston Bay.

  • HOUSTON, March 26- More ships were waiting on Wednesday morning to sail through the Houston Ship Channel as the cleanup of a Saturday fuel oil spill in Galveston Bay continued, the U.S. Coast Guard said.

  • NEW YORK, March 25- More than a dozen tankers carrying some 9 million barrels of crude should soon begin moving into the Port of Houston after officials began to gradually reopen a key waterway that was shut for four days.

  • *Coast Guard says will re-open channel' as soon as we can'. TEXAS CITY, Texas March 24- The closure of the vital Houston Ship Channel looked set to extend to a fourth day after the Coast Guard struggled to finish cleaning up after an oil barge spill on Monday, threatening to force deeper production cuts at local refiners.

  • *Coast Guard says will re-open channel' as soon as we can'. "We will begin the process of a tapered... not a floodgate resumption of marine traffic," Captain Brian Penoyer, commander of U.S. Coast Guard sector Houston- Galveston and captain of the Port of Houston, told reporters on Monday.

  • A Coast Guard spokesman declined to discuss the timeline. The closure of the channel on Saturday has led to a queue of more than 80 vessels trying to move into or out of the Gulf of Mexico, with shipping delays forcing Exxon Mobil Corp to cut production at its largest refinery.

  • As of 7 a.m. CST, the channels to Houston and Texas City, Galveston and the Intracoastal Waterway remained shut near the entrance to Galveston Bay, where heavy fuel oil washed ashore and out into the Gulf of Mexico.

  • Houston area waterways shut for third day Monday, 24 Mar 2014 | 8:33 AM ET

    The Coast Guard said 43 ships were waiting to go out from the port of Houston and 38 ships were waiting to come in.

  • *Coast Guard says no timeline for reopening Houston Channel. TEXAS CITY, Texas, March 23- The closure of major Texas shipping channels that deliver crude to more than a tenth of the nation's refining capacity looked set to run to a third day as crews were still working on Sunday evening to clean up after an oil spill.

  • This has driven rates on the main routes between Asia and Northern Europe to loss-making levels. The so-called P3 alliance is between the world's three biggest container shipping lines- Maersk Line, a unit of A.P. Moller-Maersk, Switzerland- based MSC Mediterranean Shipping Company and France's CMA CGM.

  • EXCLUSIVE-The mysterious journey of the Libya oil tanker Wednesday, 19 Mar 2014 | 11:01 AM ET

    TRIPOLI/ LONDON, March 19- What began late last year as a routine new assignment for Pakistani sea captain Mirza Noman Baig ended in a dramatic night-time rescue as U.S. special forces seized the ship his family said he was forced to operate by Libyan rebels.

  • *U.S. Navy commandos storm vessel in international waters. President Barack Obama and requested by the Libyan and Cypriot governments, Pentagon Press Secretary John Kirby said. "The Morning Glory is carrying a cargo of oil owned by the Libyan government National Oil Company.

  • Ship glut burdens LNG tanker market, slashes profits Tuesday, 11 Mar 2014 | 10:50 AM ET

    *LNG vessel rates halve to $70,000/ day. LONDON, March 11- Deliveries of new gas tankers have created a glut that is threatening to tip some operators into losses, just as other shipping markets emerge from their worst downturn in decades. Earnings have halved to around $70,000 per day over the past year, leaving only a thin profit margin.

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