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Transportation Marine

  • SHANGHAI, April 21- The world's busiest container port, Yangshan in China's business hub of Shanghai, is battling severe congestion wrought by dense fog, higher-than-usual volumes and the aftermath of a shake-up in shipping alliances, ocean carriers and port officials say. "We are making efforts to adjust and coordinate the entire port's resources and making...

  • EUSTATIUS/ HOUSTON, April 18- Venezuela's state-run oil company, PDVSA, sent a tanker in October to the Caribbean with the expectation that its cargo of crude would fetch about $20 million- money the crisis-stricken nation desperately needs. Despite a longstanding alliance between Venezuela and Russia, Sovcomflot sued PDVSA in St. Maarten, a Dutch island on the...

  • HOUSTON/ PUNTO FIJO, Venezuela, April 18- In the scorching heat of the Caribbean Sea, workers in scuba suits scrub crude oil by hand from the hull of the Caspian Galaxy, a tanker so filthy it can't set sail in international waters. The vessel is among many that are constantly contaminated at two major export terminals where they load crude from Venezuela's state-run...

  • EUSTATIUS/ HOUSTON, April 18- Venezuela's state-run oil company, PDVSA, sent a tanker in October to the Caribbean with the expectation that its cargo of crude would fetch about $20 million- money the crisis-stricken nation desperately needs. Despite a longstanding alliance between Venezuela and Russia, Sovcomflot sued PDVSA in St. Maarten, a Dutch island on the...

  • *Comes as other Singapore- listed firms grapple with debt. SINGAPORE, April 12- Rickmers Maritime, a Singapore- listed trust that operates container ships, said it would be wound up as it has been unable to reach an agreement with its lenders to restructure debt or raise new equity. Struggling in the wake of a global shipping downturn, Rickmers joins other Singapore-...

  • LONDON, April 6- Traders are shipping more gasoline from Europe to the U.S. East Coast ahead of the summer driving season as a steady reduction in inventories there props up prices. The exports are helping to clear Europe's tanks of oil products and boosting profits for refining gasoline from just under $6 per barrel at the end of March to more than $13 per barrel on...

  • LONDON, April 6- Traders are shipping more gasoline from Europe to the U.S. East Coast ahead of the summer driving season as a steady reduction in inventories there props up prices. The exports are helping to clear Europe's tanks of oil products and boosting profits for refining gasoline from just under $6 per barrel at the end of March to more than $13 per barrel on...

  • SEOUL, April 2- A South Korean cargo vessel is missing after making its last contact in the South Atlantic about 2,500 kilometres from shore and 22 crew members are unaccounted for, South Korea's foreign ministry and news reports said on Sunday. South Korea has requested Brazil and Uruguay to aid in the search and rescue, the official said asking not to be...

  • RIO DE JANEIRO/ SAO PAULO, March 31- Brazil is poised to sharply increase oil exports this year as heavy investments spur new output and demand for its lighter crudes win more buyers, especially in China and India. Production is projected to rise 210,000 barrels per day in 2017, second only in the size of additional supply to the United States among non- OPEC...

  • It said the people were working as agents of North Korea's government in Russia, China, Vietnam and Cuba to provide financial support or help procure weapons for previously sanctioned companies. Friday's actions by the administration of President Donald Trump do not represent a major ramp-up in North Korea sanctions and were issued under authorities...

  • SABETTA, Russia, March 30- An ice-breaking tanker docked for the first time at Russia's Arctic port of Sabetta to test a new route that could open the ice-bound Arctic Ocean to ships carrying oil and liquefied gas. The route is eagerly anticipated by energy firms that want to develop resources in the Arctic but face obstacles in getting oil and gas from remote and...

  • CARACAS/ HOUSTON, March 29- Venezuelan state oil company PDVSA on Wednesday confirmed reports of a crude spill from a pipeline connecting its main oil-exporting complex with a tanker loading facility, but said shipments have not been affected. PDVSA said the spill occurred late on Tuesday due to a break in the line running from a crude terminal to a single buoy...

  • KUALA LUMPUR, March 29- Malaysia briefly prevented a North Korean ship carrying coal from entering its port in Penang because of a suspected breach of United Nations sanctions, a port worker and Malaysian maritime officials told Reuters on Wednesday. Relations between North Korea and Malaysia, which have been friendly for decades, have soured following the...

  • *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.