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Transportation Marine

  • NEW YORK, March 6- IBM and Danish transport company Maersk said they were working together to digitize, manage, and track shipping transactions using blockchain technology. When adopted at scale, the solution based on the Linux Foundation's open source Hyperledger platform has the potential to save the industry billions of dollars, the companies said.

  • *Al Qaeda suspected of new seaborne attack. LONDON/ RIYADH, March 6- Cruise missiles, floating mines and a remote-controlled boat have been deployed to attack ships in Yemen in recent months, changing the dynamic of the two-year-old war and pushing the country closer to famine, shipping and aid officials say. The conflict in Yemen, which al Qaeda has exploited to...

  • *Six U.K. P&I clubs account for half market share. *Two P&I clubs already regulated in Luxembourg. LONDON, Feb 24- U.K.- regulated ship insurers are preparing plans to open new outposts in European Union jurisdictions such as Luxembourg and Cyprus, fearing that Brexit will hinder access to the EU's financial market, industry sources involved say.

  • *Six U.K. P&I clubs account for half market share. *Two P&I clubs already regulated in Luxembourg. LONDON, Feb 24- U.K.- regulated ship insurers are preparing plans to open new outposts in European Union jurisdictions such as Luxembourg and Cyprus, fearing that Brexit will hinder access to the EU's financial market, industry sources involved say.

  • MILAN, Feb 22- Italian banks are stuck in what stressed-debt experts call purgatory, still forced to pay a heavy price for their past sins despite loan data that suggests they are turning a corner. Italy has 130 billion euros in unlikely-to-pay loans, where borrowers are in trouble but remain in business. "Unlikely-to-pay loans are like purgatory: to avoid...

  • SINGAPORE, Feb 10- Dozens of tankers used to carry refined oil products are sitting idle in Asia and the Middle East as slow trade and an oversupply of ships have cut daily earnings to as little as a fifth of last year's level, shipbrokers and traders said. Shipping data in Thomson Reuters Eikon shows around 50 product tankers currently floating idle off Singapore...

  • Germany's second-largest lender, which announced in September it would cut more than a fifth of its workforce and suspend its dividend as it tackles weak profits and a shift to online banking, also said it was cutting 2016 bonus payments by a third or about 100 million euros. It reported flat fourth-quarter revenues of 1.3 billion euros and Chief Executive...

  • LEIPZIG, Germany, Feb 9- Plans to dredge the river Elbe in Hamburg must be improved before a stop order on the work is lifted, a German court ruled on Thursday, raising the risk of more delay to work to deepen Germany's biggest port and open it up to new container ships. Following the ruling from Germany's top administrative court that authorities must do more to...

  • LEIPZIG, Germany, Feb 9- Dredging the river Elbe in Hamburg to enable new generations of container ships to reach Germany's largest port can go ahead, the country's top administrative court ruled on Thursday. Hamburg wants to make it easier for massive container ships to reach its port regardless of the tide to counter intense competition from Rotterdam,...

  • FRANKFURT, Feb 9- Commerzbank beat quarterly profit forecasts on Thursday, lifting its shares in pre-market trade, but the German lender said it needed to do more to get back to sustainable growth. Commerzbank's shares rose 2.4 percent to the top of Germany's blue-chip index in pre-market trading. Germany's second-largest lender behind Deutsche Bank...

  • *Plunges to unexpected Q4 net operating loss of $2.7 bln. *Dividend halved as aims to keep investment grade rating. COPENHAGEN, Feb 8- Danish shipping and oil group A.P.

  • Shares in Maersk were down more than four percent by 0856 GMT after the company announced a fourth-quarter net operating loss after tax of $2.7 billion, disappointing analysts who had expected a profit of $324 million. The result reflected an impairment of $1.5 billion at Maersk drilling and one of $1.1 billion at Maersk Supply Service. Revenue of $8.89...

  • JAKARTA/ SINGAPORE, Feb 8- Road blockages and bad weather in Kalimantan on the Indonesian side of Borneo island are being blamed for a disruption of coal supplies from one of the world's most important export regions. "The area most affected is getting coal down the Barito River to coastal ports like Taboneo," said one coal barge shipper from Kalimantan, speaking on...

  • JAKARTA/ SINGAPORE, Feb 8- Road blockages and bad weather in Kalimantan on the Indonesian side of Borneo island are being blamed for a disruption of coal supplies from one of the world's most important export regions. "The area most affected is getting coal down the Barito River to coastal ports like Taboneo," said one coal barge shipper from Kalimantan, speaking on...

  • JAKARTA/ SINGAPORE, Feb 8- Road blockages and bad weather in Kalimantan on the Indonesian side of Borneo island are being blamed for a disruption of coal supplies from one of the world's most important export regions. "The area most affected is getting coal down the Barito River to coastal ports like Taboneo," said one coal barge shipper from Kalimantan, speaking on...

  • JAKARTA/ SINGAPORE, Feb 8- Road blockages and bad weather in Kalimantan on the Indonesian side of Borneo island are being blamed for a disruption of coal supplies from one of the world's most important export regions. "The area most affected is getting coal down the Barito River to coastal ports like Taboneo," said one coal barge shipper from Kalimantan, speaking on...

  • NEW YORK/ SINGAPORE Feb 3- Oil majors and trading houses are set to ship an unprecedented volume of U.S. crude oil to Asia in coming weeks, boosting already high flows to the region due to higher prices from OPEC production cuts. Traders have estimated that some 700,000 to 900,000 barrels per day is set to leave the United States in February, with the majority of the...

  • Radar screen

    The shipping industry is increasingly at risk from cybersecurity attacks and a gap in insurance policies is leaving them vulnerable.

  • *Russia is fortifying Arctic, pouring in money and missiles. But nearly three decades after the Lenin was taken out of service to be turned into a visitor attraction, Russia is again on the march in the Arctic and building new nuclear icebreakers. Interviews with officials and military analysts and reviews of government documents show Russia's build-up is the...

  • Keppel closing 3 yards in Singapore

    Conrad Werner, ‎Macquarie Group, weighs in on the performance of the Singapore offshore and marine company.