PRINCE RUPERT, British Columbia— The Russian container ship that had been drifting powerlessly off the British Columbia coast, raising fears of a fuel spill, is now safe at a Canadian port. The Joint Rescue Coordination Center in Victoria says the vessel was towed into the port city of Prince Rupert at 3 a.m. Monday. It was headed from Everett, Washington, to Russia...» Read More
*First 1 million barrel cargo being loaded at Ceyhan, Turkey. ANKARA/ ISTANBUL, May 22- Iraqi Kurdistan started loading oil from its new pipeline for shipment from a Turkish port on Thursday, defying the Baghdad government, which claims sole authority over Iraqi crude and declares any independently sold oil as' smuggled'.
*Move likely to infuriate Baghdad. ANKARA/ ISTANBUL, May 22- Iraqi Kurdistan started loading oil from its new pipeline for shipment from a Turkish port on Thursday despite a dispute with Baghdad, which claims sole authority over Iraqi oil and declares any independently sold oil as' smuggled'.
*Demand on Europe/ Asia route surprising- CEO. COPENHAGEN, May 21- Profit at A.P. Moller-Maersk's container shipping business, a bellwether for global trade, more than doubled in the first quarter as demand on the world's busiest route between Asia and Europe picked up and it cut costs.
*A.P. Moller-Maersk raises 2014 outlook after Q1. COPENHAGEN, May 21- Danish shipping and oil group A.P. Moller-Maersk reported first-quarter net profit above forecasts due to a doubling of profit at container shipping business Maersk Line and raised its outlook for the underlying result in 2014..
COPENHAGEN, May 21- Danish shipping and oil group A.P. Moller-Maersk said on Wednesday it expected the so-called P3 container shipping alliance to start operations in autumn and not in the second quarter as previously expected.
LONDON, May 20- Global miners and commodity traders are using multiple strategies to lock in favorable rates for shipping costs, anticipating a freight market recovery after years of turmoil.
*Baghdad has threatened to sue companies doing trade. LONDON, May 15- Israeli and U.S. oil refineries have joined the growing list of customers for crude from Iraqi Kurdistan, a region locked in a bitter struggle with the central government in Baghdad that says the sales are illegal. Baghdad refuses to sell oil to Israel, echoing other Arab states.
FRANKFURT, May 13- German shipping company Hapag-Lloyd's first-quarter loss widened as its revenue declined, hit by tough competition which depressed freight rates and a weak dollar.
LONDON/ ANKARA, May 11- Payment problems are disrupting commercial food cargoes to Iran, with hundreds of thousands of tonnes of grain and sugar stuck in transit, as Western banking sanctions complicate deals and trade financiers scale back exposure.
*Pvt equity has pumped $32 bln into shipping in past 2 yrs-fund mgr. SINGAPORE, May 9- The shipping industry faces a looming capacity glut as billions of dollars pumped into it by private equity have stoked a vessel-buying spree, threatening its prospects just as the sector is emerging from its worst downturn in three decades.
LONDON, May 6- War-torn Syria is struggling to buy food commodities in the quantities it needs, despite repeatedly issuing tenders for hundreds of thousands of tonnes of sugar, rice and wheat, trade sources say.
*Germany shipyards' group forecasts rise in new orders. FRANKFURT, May 1- German shipyards expect orders to rise this year as they focus more on high-tech vessels for oil and gas exploration and for installing and servicing offshore wind farms, and as the global shipping industry emerges from a five-year slump.
SEOUL, April 30- A culture of cosy personal ties that can blur the lines between businesses and those regulating them, of profit over safety, and soft courts is in focus as South Korea demands answers over the sinking of a ferry with the loss of more than 300 lives, mainly high school students.
John Nelson, Chairman of Lloyd's of London describes that while it has diversified from marine insurance, it still remains significant in Asia.