Transportation Marine

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  • Feb 8- The Baltic Exchange's main sea freight index, which tracks rates for ships carrying industrial commodities, registered a new all-time low on Monday on muted vessel demand. Chinese markets are closed from Feb. 8 to Feb. 12 for the Lunar New Year holiday. Average daily earnings for capesize vessels, which typically transport 150,000- tonne cargoes such as...

  • Feb 5- The Baltic Exchange's main sea freight index, which tracks rates for ships carrying industrial commodities, registered a new all-time low for the ninth straight session on Friday as concerns of slow global demand outweighed gains for the large-vessel segment. Average daily earnings for capesize vessels, which typically transport 150,000- tonne...

  • ATHENS/ SHANGHAI, Feb 5- China's COSCO is expected to make an offer for Greece's rail network after becoming the sole bidder for the country's largest port, two people familiar with the matter said, as the state owned shipping giant forges ahead with a plan to build a European transhipment hub. Bolstered by December's merger with China Shipping Group, COSCO's...

  • Baltic index slips below 300 points to record new low Thursday, 4 Feb 2016 | 10:18 AM ET

    Feb 4- The Baltic Exchange's main sea freight index, which tracks rates for ships carrying industrial commodities, slipped below 300 points on Thursday, to an all-time low. And that creates very tough conditions for shipping, "said Frode Morkedal, Managing director at ship brokerage firm Clarksons Platou Securities. Average daily earnings for capesize vessels,...

  • Baltic index falls to a further record low Wednesday, 3 Feb 2016 | 9:14 AM ET

    Feb 3- The Baltic Exchange's main sea freight index, which tracks rates for ships carrying industrial commodities, tumbled to another fresh low on Wednesday on worries about vessel oversupply and slowing global demand. Average daily earnings for capesize vessels, which typically transport 150,000- tonne cargoes such as iron ore and coal, decreased by $47 to...

  • MADRID— A large cargo ship that went adrift last week in the Bay of Biscay is nearing the northern Spanish port of Bilbao following a towing operation that has lasted days. The crew on the Panama- registered vessel was evacuated after issuing a distress call last Tuesday. Authorities had feared it would run aground in southwestern France.

  • LOS ANGELES— City officials are acknowledging for the second time in recent months that the Port of Los Angeles failed to meet requirements to reduce pollution at a shipping terminal. An audit by the city-owned port found that the TraPac terminal near Wilmington did not comply with measures to improve air quality that were adopted years ago, the Los Angeles...

  • Feb 2- The Baltic Exchange's main sea freight index, which tracks rates for ships carrying industrial commodities, slipped to another all-time low on Tuesday on worries about vessel oversupply and slowing global demand. Average daily earnings for capesize vessels, which typically transport 150,000- tonne cargoes such as iron ore and coal, increased by $16 to...

  • PARIS— Rescuers successfully diverted a cargo ship threatening to run aground in southwestern France after five days adrift, and started towing it Tuesday toward the Spanish port of Bilbao. The maritime authority for France's Atlantic Coast said in a statement later that the towing operation was successful and the ship was towed far enough from the coast to...

  • New rail link to Maine waterfront could revive port Sunday, 31 Jan 2016 | 1:30 PM ET

    PORTLAND, Maine— Freight trains are rolling through New England carrying the first-ever shipping containers loaded on the Portland waterfront. Stuck at the end of the nation's supply line, Maine has struggled with higher transportation bills, which make manufacturing less competitive and increase costs for consumers. The LePage administration has been...

  • NEW YORK, Jan 29- Operations at New York and New Jersey's cargo terminals were being restored on Friday night after more than a thousand longshoremen walked off the job earlier in the day, shuttering one of the United State's busiest port networks, officials said. The work stoppage came as a surprise because "there were no major issues that we knew of to precipitate...

  • Baltic index continues fall to new record low Friday, 29 Jan 2016 | 9:38 AM ET

    Jan 29- The Baltic Exchange's main sea freight index, which tracks rates for ships carrying industrial commodities, continued its fall to close at a fresh record low on Friday. Average daily earnings for capesize vessels, which typically transport 150,000- tonne cargoes such as iron ore and coal, decreased by $66 to $2,785. Average daily earnings for panamaxes,...

  • SINGAPORE— A Singapore court on Friday fined a shipping company nearly $127,000 for wiring money used to transport fighter jets and surface-to-air missile systems from Cuba to North Korea in 2013 in violation of bans on helping Pyongyang build up its weapons programs. The company had been found guilty last month of contributing to the nuclear-related...

  • *Iran loadings at 1.44 mln bpd in Feb, 1.5 mln bpd in Jan. TOKYO, Jan 29- Iran's oil exports are on set to rise more than a fifth in January and February from last year's daily average, data from a source with knowledge of its loading schedules shows, revealing how Tehran is ramping up sales after the lifting of sanctions. The market is closely watching the pace of Iran's...

  • LONDON, Jan 28- Iran is slowly winding down stocks of oil stored on tankers close to its shores and the process is likely to take longer than Tehran had wanted, despite the lifting of international sanctions this month. The pace of sales taken from floating storage highlights the difficulties Iran is facing amid a global oil glut and other challenges such as the...

  • Baltic index falls to new all-time low on demand worries Thursday, 28 Jan 2016 | 10:01 AM ET

    Jan 28- Falling demand and oversupply of vessels pushed the Baltic Exchange's main sea freight index, which tracks rates for ships carrying industrial commodities, to a new all-time low on Thursday. Average daily earnings for capesize vessels, which typically transport 150,000- tonne cargoes such as iron ore and coal, decreased by $212 to $2,851.

  • *Traders begin to ship gasoline to Iran. LONDON, Jan 27- Major oil firms and trade houses are gradually resuming energy trading with Iran but efforts remain very cautious and often face huge legal obstacles, meaning a post-sanctions return to full-scale activity will take weeks if not months. Meanwhile, Swiss trading house Litasco of Russian oil major Lukoil had...

  • Demand woes, vessel glut send Baltic index to record low Wednesday, 27 Jan 2016 | 10:32 AM ET

    Jan 27- The Baltic Exchange's main sea freight index, which tracks rates for ships carrying industrial commodities, hit a record low on Wednesday on persistent oversupply of vessels and tepid demand. Average daily earnings for capesize vessels, which typically transport 150,000- tonne cargoes such as iron ore and coal, decreased by $55 to $3,063.

  • Gasoline cargoes sail to Iran, crude exports still tough Wednesday, 27 Jan 2016 | 8:49 AM ET

    LONDON, Jan 27- Major oil firms and trade houses are gradually resuming energy trading with Iran but efforts remain very cautious and often face huge legal obstacles, meaning a post-sanctions return to full-scale activity will take weeks if not months. Trading sources told Reuters major trading houses Gunvor and Vitol have each delivered several cargoes of...

  • SINGAPORE, Jan 27- Asia's fuel oil market faces more trouble in 2016 because of plunging demand from independent Chinese refiners and as Asia's slowing economies dent consumption in power plants and seaborne trading. With China's economy growing at its slowest pace in a generation and Asia's trading powerhouses Japan and South Korea struggling to create...