Transportation Marine

  • MEXICO CITY— Mexico's state-owned oil company says it is working to extinguish a blaze aboard a loaded tanker ship in the Gulf of Mexico. Mexico's Navy rescued 31 crew members and no injuries were reported. The Veracruz Port Authority said the Burgos was scheduled to dock Sunday morning.

  • WILMINGTON, Del, Sept 23- Failed South Korean container carrier Hanjin Shipping Co Ltd told a U.S. judge on Friday that cargo owners were withholding up to $80 million in payments for completed shipments, complicating the company's ability to move stranded freight. "Hanjin is not the only bad guy here," Ilana Volkov, an attorney for the shipping company, said at a...

  • *Singapore court approves discharge of cargo on seized vessel. SEOUL, Sept 23- South Korea's government said cash held by Hanjin Shipping Co Ltd and funds pledged by its parent group should meet the costs of unloading some $14 billion in cargo stranded on vessels operated by the troubled container line. The collapse of South Korea's biggest shipping operator...

  • *Arbitrage to Asia emerges with Brent-WTI spread over $3/ bl. *Argus launches new indexes for U.S. crude delivered to Asia. SINGAPORE, Sept 23- Asia's oil refiners can choose from a sprawling buffet of over 300 crudes from every continent except Antarctica as a combination of cheap freight and rising supplies leaves buyers overwhelmed by the variety of oil grades...

  • SEOUL, Sept 23- South Korea said cash withheld by Hanjin Shipping Co Ltd and support from its parent group should roughly meet funding needed for unloading cargo from vessels operated by the troubled container line. In a statement prepared for a briefing on the collapse of the nation's biggest container mover, the government said the 60 billion won loan pledged...

  • SEOUL, Sept 23- South Korea will announce new measures to bolster the shipping industry in October, finance minister Yoo Il-ho said on Friday, urging the swift unloading of cargo trapped on Hanjin Shipping Co Ltd's ships. Around 90 percent of Hanjin's container ships are expected to finish offloading cargo by the end of October, with vessels in close vicinity of...

  • ATHENS, Sept 22- China's biggest shipping company, COSCO Shipping, plans to ramp up container volume at Greece's biggest port in Piraeus by 35 percent by 2018, the port's new managing director, Fu Cheng Qiu, told Reuters on Thursday. COSCO Shipping, which owns the world's fourth-largest container shipping fleet, bought 51 percent of the port's operating company...

  • COPENHAGEN, Sept 22- The world's biggest shipping firm, A.P. Low freight rates and oversupply have rocked the container shipping sector, with South Korea's Hanjin Shipping Co Ltd forced into receivership last month, stranding an estimated $14 billion in cargo on its ships. Estimates for the sum of the parts vary, with Denmark's Sydbank saying the Transport and...

  • COPENHAGEN, Sept 22- Denmark's A.P. The Maersk group posted a second-quarter net profit of just $101 million, well below the $196 million expected by analysts. South Korea's Hanjin Shipping Co Ltd, the world's seventh largest container carrier, filed for court receivership in late August.

  • COPENHAGEN, Sept 22- Rocked by low freight and oil prices, Denmark's A.P. But some said the $30 billion company had not gone far enough. "It might be one of the most pain-free solutions relative to other scenarios, but they could have gone even further," Nykredit analyst Ricky Rasmussen said on Thursday.

  • COPENHAGEN, Denmark— Danish conglomerate A.P. Moller-Maersk A/S is splitting its massive container shipping operations and its energy business into separate companies, in a major shakeup that follows years of declining oil prices and freight rates. A.P. Moller-Maersk raised the possibility of separating its oil units from the group through joint ventures,...

  • SEOUL, South Korea— Hanjin Shipping is to receive as much as $100 million in additional funds to resolve the cargo crisis caused by its slide toward bankruptcy. Korean Air and Hanjin Shipping are part of Hanjin Group, one of the largest business conglomerates in South Korea. The state-owned bank said its credit line will be used only when other available funds...

  • The launch of the new $650 million facility in the eastern city of Fujairah on Wednesday will make it easier for hulking tanker ships known as "very large crude carriers" to load their cargo rather than have it ferried to them out at sea. Docking at Fujairah's Indian Ocean- facing port means the tankers will not have to sail through and back out the narrow Strait of...

  • *13 ships waiting outside Busan port as capacity strained. SEOUL, Sept 21- The largest shareholder of Hanjin Shipping Ltd agreed on Wednesday to lend 60 billion won to help unload cargo that has been stranded since the world's seventh-largest container carrier collapsed late last month. A rehabilitation plan for Hanjin is "realistically impossible" if top...

  • *13 ships waiting outside Busan port as capacity strained. A rehabilitation plan for the world's seventh-largest container carrier is "realistically impossible" if top priority debt such as backlogged charter fees exceed 1 trillion won, the Seoul Central District Court said, South Korea's Yonhap newswire reported on Wednesday. Some 13 Hanjin container...

  • SINGAPORE, Sept 21- Equatorial Guinea is negotiating pricing terms with potential offtakers for production from its 2.2 million tonnes per year Fortuna Floating Liquefied Natural Gas project, eyeing Europe as its next key market. While Asia remains a key LNG customer for Equatorial Guinea, the small west African country has "to compete with all the supply that...

  • Sept 20- Failed South Korean cargo line Hanjin Shipping Co Ltd found the money to unload a full container ship waiting outside a New York- area port. The National Retail Federation on Tuesday urged U.S. But the Miami has not been allowed in port because of a dispute about empty Hanjin shipping containers, which the Miami normally would load up as ballast to exit port.

  • Sept 20- Failed South Korean cargo line Hanjin Shipping Co Ltd has found the money to unload a full container ship waiting outside a New York- area port. The National Retail Federation on Tuesday urged U.S. But the Miami is not being allowed in port because of a dispute about empty Hanjin shipping containers, which the Miami normally would load up as ballast to exit...

  • LONDON, Sept 20- The Royal Bank of Scotland has begun winding down its global shipping finance business, it said on Tuesday, ending efforts to sell it off during a worsening downturn across the freight industry. Chief Executive Ross McEwan is battling to complete a restructuring of the British bank, which includes asset sales and thousands of job cuts, amid a...

  • *Rising freight rates boost to rivals like COSCO Shipping. *COSCO Shipping among most indebted- Thomson Reuters data. Formed through the merger of China's two largest shipping companies in February, COSCO Shipping owns the world's fourth-largest container shipping fleet by capacity, run by its flagship listed unit, China COSCO Holdings.