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  • 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...

  • SINGAPORE, April 1- A backlog of over 30 oil tankers has built up outside the Iraqi port of Basra and shippers face lengthy delays of up to three weeks to load oil because of bad weather and possible oil quality issues, shipping industry sources said. The problems could delay or limit the number of oil export cargoes from Basra in April, potentially pushing down...

  • LONDON, March 31- OPEC oil supply has jumped in March to its highest since October as Iraq's exports rebounded after bad weather and Saudi Arabia pumped at close to record rates, a Reuters survey found, a sign key members are sticking to their effort to regain market share. OPEC supply has risen in March to 30.63 million barrels per day from a revised 30.07 million...

  • *Oil imports from Iran at 220,000 bpd in year to March 31. *U.S. pressured India not to raise annual Iran oil imports. NEW DELHI, March 31- India halted oil imports from Iran for the first time in at least a decade in March as New Delhi responded to U.S. pressure to keep its shipments from Tehran within sanction limits during the last month of negotiations on a preliminary...

  • BRUSSELS, March 31- European, Turkish and Chinese recyclers are set to benefit from strict new EU rules on breaking up old ships, but the practice of dismantling them on beaches in South Asia-- at great human and environmental cost-- will still be hard to stop. Of 1,026 ocean-going ships recycled in 2014, 641 were taken apart on beaches in India, Bangladesh and Pakistan,...

  • FACTBOX-Sanctions on Iran's oil sector Monday, 30 Mar 2015 | 12:32 PM ET

    March 30- World powers are trying to reach a framework deal with Iran that would restrict the most sensitive aspects of Tehran's atomic programme in return for an easing of international sanctions. The major oil-related sanctions have been imposed by the United States and European Union to pile pressure on Iran over its nuclear programme.

  • LONDON, March 30- China has managed to export a large shipment of crude oil from Yemen over the weekend, ship-tracking data showed on Monday, despite mounting chaos in the country after the launch of Saudi-led air strikes last week. Tanker data listed it as being run by Glasford, the shipping-arm of PetroChina. Trading sources estimate Yemen's oil exports before...

  • UPDATE 1-Iran storing 30 million barrels of oil at sea Wednesday, 25 Mar 2015 | 12:28 PM ET

    LONDON/ SINGAPORE, March 25- Iran is storing at least 30 million barrels of oil on its fleet of supertankers as Western sanctions continue to keep a lid on sales, tanker market sources say. World powers are trying to reach a framework deal with Tehran by the end of the month that would restrict the most sensitive aspects of Iran's disputed atomic programme in return...

  • *Genscape cites another big U.S. crude stock in Cushing- trade. NEW YORK, March 12- Global oil prices fell on Thursday on estimates showing another big supply build at the delivery point for the U.S. crude contract, with trade volatile ahead of the expiry of the front-month in benchmark Brent oil. "The ship channel opening allows crude to get to refineries and the...

  • SINGAPORE, March 4- As global shipping grapples with its worst downturn in 30 years, private equity firms are unwinding massive bets made on the sector in a move set to accelerate a restructuring of the shipping industry. The New York- based private equity firm had generated "great but not spectacular" gains in its investments in clean tankers, vessels that carry...

  • *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...

  • 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...

  • 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...

  • 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, 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...

  • 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...