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Transportation Marine

  • *Concerns rivals could buy shares if Qatar sells. LONDON/ FRANKFURT, March 28- A merger of Hapag-Lloyd and United Arab Shipping Company has hit a snag, with the German shipping line and some banks seeking assurances that UASC's top shareholder Qatar remain committed to the deal for the long term, sources say. Two finance sources, who declined to be identified citing...

  • loomed@ HOUSTON/ CARACAS, March 24- A gasoline shortage in OPEC member Venezuela was exacerbated by an increase in government-sanctioned fuel exports to foreign allies and an exodus of crucial personnel from state-run energy company PDVSA, according to internal PDVSA documents and sources familiar with its operations. Leftist-run Venezuela sells its...

  • *State banks prepare 2.9 trillion won bailout plan for Daewoo. SEOUL, March 23- South Korean state banks are preparing a fresh $2.6 billion bailout for floundering Daewoo Shipbuilding& Marine Engineering Co Ltd, which has built up huge losses from offshore projects and risks missing debt repayments. Daewoo, Hyundai Heavy Industries and Samsung Heavy...

  • *State banks prepare 2.9 trillion won bailout plan for Daewoo. SEOUL, March 23- South Korean state banks are preparing a fresh $2.6 billion bailout for floundering Daewoo Shipbuilding& Marine Engineering Co Ltd, which has built up huge losses from offshore projects and risks missing debt repayments. Without the infusion of funds, Daewoo is not expected to be able...

  • *State banks prepare 2.9 trillion won bailout plan for Daewoo. SEOUL, March 23- South Korean state banks are preparing a fresh $2.6 billion bailout for floundering Daewoo Shipbuilding& Marine Engineering Co Ltd, which has built up huge losses from offshore projects and risks missing debt repayments. Without the infusion of funds, Daewoo is not expected to be able...

  • LONDON/ SINGAPORE, March 22- The U.S. Justice Department has ordered top executives from several container shipping lines to testify in an antitrust investigation over practices by an industry that is the backbone of world trade, the companies said on Wednesday. Moller-Maersk, together with second largest line MSC of Switzerland, Germany's Hapag Lloyd, Taiwan-...

  • COPENHAGEN, March 22- Maersk Line, the world's biggest container shipping firm and part of Danish conglomerate A.P. A ruling on the deal, one of several in an industry seeking consolidation to offset low freight rates and oversupply, will now be given by the European Commission by April 10, according to the commission's website on Wednesday.

  • *United States concerned about proposed shipping alliances. SINGAPORE, March 22- The U.S. Justice Department has ordered top executives from several container shipping lines to testify in an antitrust investigation into an industry that is the backbone of global trade, the companies said on Wednesday. Moller-Maersk, Germany's Hapag Lloyd, Taiwan- based...

  • SINGAPORE, March 22- Antitrust investigators at the U.S. Justice Department have subpoenaed top executives from several container shipping lines as part of a probe into the global industry, shipping lines said on Wednesday. "We can confirm that we conducted an operation," an FBI spokesman in San Francisco told Reuters on Wednesday. The action by U.S....

  • March 21- U.S. Justice Department investigators have subpoenaed top executives of several container shipping companies as part of an investigation into price fixing, the Wall Street Journal reported, citing people with knowledge of the matter. The subpoenas were issued during a meeting of the world's 20 biggest container shipping operators in San...

  • *Long-delayed project tests China- Myanmar relations. YANGON/ BEIJING, March 21- Nearly a decade in the making, a project to pump oil 770 km across Myanmar to southwest China is set for imminent start-up, with a supertanker nearing the port of Kyauk Phyu, marking the opening of a new oil trading route. It would also be a rare win for China in Myanmar after a diplomatic...

  • BOSASSO, Somalia, March 21- The head of anti-piracy operations in the semi-autonomous Puntland region of Somalia said he had been fired for speaking out about illegal fishing, which he claims could trigger a new outbreak of piracy in the Indian Ocean. Pirates hijacked an oil tanker off Somalia last week, the first such attack in the region since 2012 after...

  • NAIROBI, March 15- Pirates off the coast of Somalia, who hijacked an oil tanker with eight Sri Lankan crew on board, are demanding a ransom for the release of the vessel, the EU Naval Force said. EU Navfor said as soon as it received an alert on the ship's seizure, it sent patrol aircraft from its Djibouti base to try to make radio contact and late on Tuesday its...

  • SINGAPORE, March 15- South African petroleum company Engen is set to export a gasoil cargo to Singapore, according to trade sources and shipping data. The company has provisionally booked the Torm Horizon to transport 35,000 tonnes of gasoil to Singapore from Durban, shipping fixtures showed. "South Africa is exporting 500 ppm and importing the lower sulfur...

  • NAIROBI, March 15- Armed pirates off the coast of Somalia who hijacked an oil tanker with eight Sri Lankan crew on board are demanding a ransom for the release of the vessel, the EU Naval Force said. Puntland is a semi-autonomous northern region of Somalia. The 1,800 deadweight tonne Aris 13 is owned by Panama company Armi Shipping and managed by Aurora Ship...

  • SANTOS, March 14- A new terminal near completion in Latin America's largest port in Santos, Brazil, is expected to add an extra 20 percent to its grains and sugar capacity, boosting shipping services just as the country produces bumper crops. The timing could hardly be better as Brazil faces its largest ever crop of soybeans, sugar and corn amid problems with a key...

  • *Pirates launched 237 attacks off Somalia in 2011- officials. NAIROBI, March 14- Pirates have hijacked an oil tanker with eight Sri Lankan crew on board, Somali authorities said on Tuesday, the first time a commercial ship has been seized in the region since 2012.. Puntland is a semi-autonomous northern region of Somalia.

  • *Pirates launched 237 attacks off Somalia in 2011- officials. NAIROBI, March 14- Pirates have hijacked an oil tanker with eight Sri Lankan crew onboard, a Somali official said on Tuesday, the first time they have successfully taken a commercial ship since 2012.. The Aris 13 sent a distress call on Monday, turned off its tracking system and altered course for the...

  • *Pirates launched 237 attacks off Somalia in 2011- officials. NAIROBI, March 14- Pirates have hijacked an oil tanker with eight Sri Lankan crew onboard, a Somali official said on Tuesday, the first time they have successfully taken a commercial ship since 2012.. The Aris 13 sent a distress call on Monday, turned off its tracking system and altered course for the...

  • *Pirates launched 237 attacks off Somalia in 2011- officials. NAIROBI, March 14- Pirates have hijacked an oil tanker with eight Sri Lankan crew onboard, a Somali official said on Tuesday, the first time they have successfully taken a commercial ship since 2012.. The Aris 13 sent a distress call on Monday, turned off its tracking system and altered course for the...