Transportation Marine

  • 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.

  • SHANGHAI, Sept 19- Amid the unraveling of South Korea's Hanjin Shipping, shippers are looking for more robust alternatives, and freight rates are rising- all potentially good news for rivals such as China COSCO Shipping Corp.. Sun Jiakang, executive vice president of China's biggest shipping company, told Reuters on Monday that rates had risen in the last month- a...

  • SEOUL, Sept 19- All Hanjin Shipping Co Ltd chartered vessels that have completed unloading their cargo have been told to cancel their charter agreements and return the ships to the shipowners, a South Korean judge said on Monday. The company returned three bulk carriers earlier this month, a Hanjin Shipping spokeswoman said on Monday. Current delays in...

  • *Iran oil exports close to pre-sanctions level- source. LONDON, Sept 16- Oil prices fell to multi-week lows on Friday as rising Iranian exports and returning supplies from Libya and Nigeria fueled concerns that a global glut would persist. West Texas Intermediate futures slipped to a five-week low of $42.83 a barrel at 1305 GMT, down $1.08 or 2.4 percent.

  • *Iran oil exports close to pre-sanctions level- source. LONDON, Sept 16- Oil prices fell to roughly two-week lows on Friday as news of rising Iranian exports and returning supplies from Libya and Nigeria fuelled concerns that the global glut will persist. "We've seen a lot of bearish news this week: Libya, Nigeria, sceptical monthly reports from the IEA and OPEC and...

  • LONDON/ FRANKFURT, Sept 15- German banks are struggling to recoup tens of billions of dollars of loans as a global shipping industry slump hits them hard. The lenders- among the biggest backers of shipowners over the past 20 years- are behind up to a quarter of the world's $400 billion of outstanding shipping loans, three shipping financiers told Reuters.

  • Sept 15- A lawyer for Hanjin Shipping Co Ltd, the failed South Korean container carrier, said on Thursday a U.S.-bound vessel was held "hostage" by disputes over payments, adding to the struggles in getting $14 billion of cargo off its ships stranded at sea. "There is no clear visibility yet on what will happen with this business," Hanjin lawyer Ilana Volkov said at a...

  • Sept 15- A lawyer for Hanjin Shipping Co Ltd, the failed South Korean container carrier, said on Thursday a U.S.-bound vessel was held "hostage" by disputes over payments, adding to the struggles in getting $14 billion of cargo off its ships stranded at sea. "There is no clear visibility yet on what will happen with this business," Hanjin lawyer Ilana Volkov said at a...

  • LONDON/ FRANKFURT, Sept 15- German banks are struggling to recoup tens of billions of dollars of loans as a global shipping industry slump hits them hard. The lenders- among the biggest backers of shipowners over the past 20 years- are behind up to a quarter of the world's $400 billion of outstanding shipping loans, three shipping financiers told Reuters.