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  • *Outlook for industry also bleak in Pakistan and Bangladesh. ALANG, India/ SINGAPORE, July 17- In the world's biggest ship recycling centre of Alang on India's Arabian Sea coast, workers with blow torches cut segments of steel stripped from the rusting hull of a towering cargo ship, sold for scrap by its Japanese owner. But in this town- located in Prime Minister...

  • SINGAPORE, July 16- Saudi Arabia, the world's top crude oil exporter, has turned itself into a major refined-fuels power, offering customers millions of barrels of diesel and potentially triggering a price war with Asian competitors as its exports feed into a glut. Saudi Arabia, a leading member in the Organization of Petroleum Exporting Countries, had pledged...

  • FACTBOX-Sanctions on Iran's oil sector Tuesday, 14 Jul 2015 | 6:13 AM ET

    July 14- Iran and six world powers reached a nuclear deal on Tuesday, capping more than a decade of negotiations with an agreement that could transform the Middle East, and which Israel called an "historic surrender." Under the deal, sanctions imposed by the United States, European Union and United Nations would be lifted in return for Iran agreeing long-term curbs...

  • REUTERS BUSINESS NEW SCHEDULE AT 1500 GMT/11 AM ET Monday, 6 Jul 2015 | 11:06 AM ET

    NEW YORK- Aetna Inc Chief Executive Officer Mark Bertolini says he is confident that an antitrust review of its proposed purchase of Humana Inc will allow the deal to close in the second half of 2016, seeking to allay investor concerns of significant regulatory hurdles. ATHENS/ FRANKFURT- Greece's outspoken finance minister resigns, removing a major obstacle...

  • SHANGHAI, July 3- China said on Friday it will allow 400,000- deadweight tonne ships to dock at its ports, officially ending a more than three-year ban that had effectively shut out Brazilian miner Vale SA's giant vessels. Four domestic ports- Qingdao, Dalian, Tangshan Caofeidian and Ningbo- will be allowed to receive the carriers after they meet technical...

  • BRUSSELS, June 29- European Commission President Jean-Claude Juncker said on Monday he had sought to get Greece to raise more tax from its shipping magnates as part of a cash-for-reform deal that the Athens government has rejected. The breakdown in talks between Athens and its international creditors has plunged the country deep into crisis and increased...

  • Kurdistan ramps up independent oil sales Monday, 29 Jun 2015 | 9:43 AM ET

    ANKARA/ ARBIL, June 29- Iraq's semi-autonomous Kurdistan region has ramped up independent oil sales since mid-June while cutting allocations to Iraq's state oil firm SOMO in an escalating dispute over export rights and budget payments. June became the first month of large independent sales since December last year, when Kurdistan agreed a deal with Baghdad...

  • Together with tourism, its shipping industry is a vital generator of income for Greece. According to an official document indicating steps Greece must take, its lenders say the country must "increase the rate of the tonnage tax and phase out special tax treatments of the shipping industry". A separate document showed Greece had made a proposal to "increase...

  • SINGAPORE, June 24- Refiners on the U.S. West Coast and Hawaii have stepped up purchases of Russian crude, taking advantage of a narrow gap between U.S. and global prices to guard against a seasonal shortage of Alaskan supply, trade and industry sources said. Up to four tankers were expected to carry nearly 3 million barrels of Russia's ESPO crude from Kozmino near...

  • U.S. West Coast refiners snap up Russian crude cargoes Wednesday, 24 Jun 2015 | 2:57 AM ET

    SINGAPORE, June 24- Refiners on the U.S. West Coast and Hawaii have stepped up purchases of Russian crude, taking advantage of a narrow gap between U.S. and global prices as they look to guard against a seasonal shortage of Alaskan supply, trade and industry sources said. Up to four tankers were expected to carry nearly 3 million barrels of Russia's ESPO crude from...

  • KUALA LUMPUR, June 18- A Malaysian naval vessel has located the hijacked tanker Orkim Harmony in Vietnamese waters and is trying to persuade the pirates onboard to surrender, promising them they will be unharmed, Malaysian maritime officials said on Thursday. Both the crew and the cargo are safe, and the navy is in the midst of negotiations with the robbers,...

  • *Number of ship attacks in Asia is rising- ReCAAP. KUALA LUMPUR/ SINGAPORE, June 15- A small oil tanker was hijacked off the southeast coast of Malaysia over the weekend in the second such incident in the same area this month, raising further concerns over piracy in Southeast Asia, maritime officials said on Monday. The Malaysian Maritime Enforcement Agency said the...

  • *Togo carves out role as West African transit hub. LOME, June 11- The scale of Togo's ambition is clear as you fly into the capital, Lome. President Faure Gnassingbe, scion of a dynasty that has ruled Togo for nearly half a century, is modeling his country on Singapore or Dubai.

  • SHANGHAI/ TIANJIN/ SINGAPORE, June 10- A subsidiary of China's Tianjin port said some iron ore stored in a private warehouse had been illegally released by an undisclosed agent and trading firm. Oversight of China's ports has been under scrutiny since a scandal last year at Qingdao port involving commodity financing where a private trading firm is alleged to...

  • LONDON, June 4- Physical oil is coming under pressure as trade houses unwind a profitable storage play after several months that saw them holding millions of barrels on tankers at sea. A drop in the volume of crude stored for speculative profit is putting more supply into an already saturated market, elbowing out new loadings leading to a build-up of unsold West...

  • SAN FRANCISCO, June 2- Several environmental groups sued the United States on Tuesday to derail Royal Dutch Shell PLC's plan to drill in the Arctic Ocean as soon as July. The Bureau of Ocean Energy Management, an agency within the U.S. Department of the Interior, gave conditional approval in May to Shell's resumption of fossil fuel exploration in the Arctic, which...

  • Homeless Atlantic oil cargoes deepen global glut Monday, 1 Jun 2015 | 1:00 AM ET

    *WAF, North Sea differentials hit multi-year lows. LONDON, June 1- A shadowy build up of oil has intensified in the Atlantic Basin with homeless cargoes of crude turning into unintentional floating storage- another sign the global surplus has some way to go before clearing. Off the coast of West Africa and in the waters of the North Sea, vessels holding millions of...

  • Some 2,400 workers had walked out of the ports of Ashdod and Haifa as union leaders went underground and for most of Thursday defied orders from labour courts to return to their posts. The government, frustrated by labour disputes that have disrupted Israel's trade arteries for years, signed contracts with two foreign companies on Thursday to operate...

  • Israeli port workers defy court order to continue strike Thursday, 28 May 2015 | 10:06 AM ET

    Spokesmen for the ports of Ashdod and Haifa said 2,400 workers had left their posts and union leaders had gone underground. The government, frustrated by labour disputes that have disrupted Israel's trade arteries for years, signed contracts with two foreign companies on Thursday to operate terminals adjacent to the state-run ports of Ashdod and Haifa.

  • LOS ANGELES, May 22- Union dockworkers at all 29 U.S. West Coast ports have voted overwhelmingly to ratify a contract agreement reached in February with shipping companies and terminal operators to end months of labor strife that snarled trans-Pacific trade. Members of the International Longshore and Warehouse Union voted 82 percent in favor of the new...