Transportation Marine

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  • COPENHAGEN, Jan 8- Rates for shipping containers from ports in Asia to Northern Europe fell by 24.4 percent to $932 per 20- foot container in the week to Friday, a London- based container derivative trader with access to data from Shanghai Shipping Exchange told Reuters. The spot freight rates for transporting containers, carrying anything from flat-screen TVs...

  • The index hit an all-time low of 471 points on Dec. 16, the lowest in records that date back to January 1985. Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, rose $14 to $3,706. The capesize index, was up two points at 472 points, even as average daily earnings decreased $154 to $4,811.

  • LONDON, Dec 28- Shipping companies that transport commodities such as coal, iron ore and grain face a painful year ahead, with only the strongest expected to weather a deepening crisis caused by tepid demand and a surplus of vessels for hire. The predicament facing firms that ship commodities in large unpackaged amounts- known as dry bulk- is partly the result of...

  • *But economics of U.S. crude exports to Asia are tight. *Asia gasoline demand may open window for condensate imports. SINGAPORE, Dec 24- Asian oil traders may seek to import U.S. light crude after the repeal of a decades-old export ban as a small window of opportunity appears to have opened because of surging demand in Asia for light fuels like naphtha and gasoline.

  • SINGAPORE, Dec 21- Shippers who ply the seas to deliver liquefied natural gas in massive tankers are likely to face a wave of consolidation and asset sales, with freight rates plunging as a growing fleet clashes with tepid demand. "I see more mergers and acquisitions, more consolidation and a lot more joint ventures as things get tougher," said Andrew Bridson,...

  • LONDON, Oct 22- Syrian raw sugar imports have jumped in recent weeks as the country bolsters local stocks at the same time as Russia has stepped up its support for ally President Bashar al-Assad, trade sources said. In 2014, he was ordered to serve a 12- month jail term by Britain's High Court for contempt of court due to breach of contract in a deal with U.S. agri group...

  • LONDON, Dec 14- MSC Cruises will this week become the first major liner to start operations in Cuba, part of its efforts to grow a global presence, the Swiss group's chief executive said. Privately-owned MSC Cruises, the world's fourth biggest line, said while its cruises were not currently being offered to U.S. customers, bookings by Europeans and Canadians had...

  • Dec 9- The global airline and shipping industries appeared to win a symbolic reprieve from the growing global drive to reduce carbon emissions on Wednesday, cut from a new draft climate change pact being negotiated in Paris. The European Commission estimates that air and marine transportation could contribute as much as a third of all emissions by 2050..

  • *Singapore's bunker fuel falls below $200/ mt 1st time since 2005. The benchmark end-user price for marine fuels, also known as bunker, Singapore's 380- centistoke grade bunker fuel, closed at $183.21 per metric tonne on Tuesday, almost $10 lower from the previous day and at levels last seen in January 2005. OPEC members now seem to be defending market share against...

  • PARIS/ SINGAPORE, Dec 3- French shipping giant CMA CGM has obtained firm commitments from banks to finance the takeover of Singapore's Neptune Orient Lines, which has a market value of $2.2 billion, two people familiar with the deal said. CMA CGM, which is in exclusive talks to initially buy nearly 67 percent of NOL from state investor Temasek Holdings, has tapped...

  • PUERTO CABELLO, Venezuela, Dec 1- In June, President Nicolas Maduro smiled as he sealed a multimillion-dollar food import deal with his Uruguayan counterpart designed to combat shortages ahead of Venezuela's legislative elections. That put a brake on the shipments to Venezuela. Hit by recession and a slump in oil prices, Venezuela faces a cash crunch, hurting...

  • *If Greece measured shipping like others, industry would be smaller. PIRAEUS, Greece, Nov 25- On the day he took office as Greece's shipping minister in June 2012, Kostis Moussouroulis received a visit from a 90- year-old shipowner. The magnates who run one of the biggest merchant marine fleets in the world have long argued that if Greece tried to tax them, they would...

  • LONDON, Nov 24- A marked drop in Asian imports to Europe, made worse by a strong dollar, has heaped pain on container lines already struggling with massive over capacity, a major industry player said. The container market, which ships retail goods from IPhones to designer clothes and food products, has been hit by a slowdown in demand for goods from Asia, especially...

  • 'Shipping industry has been trying for meaningful consolidation'

    Rahul Kapoor, director at Drewry Financial Research, discusses the outlook for the shipping sector.

  • What does the South China Sea mean to China? Sunday, 22 Nov 2015 | 6:18 PM ET
    What does that South China Sea mean to China?

    Richard Harris, chief executive of Port Shelter Investment Management, says China's move into the region is "clearly military" and "a geopolitical move."

  • Troubled shipping sector faces consolidation Sunday, 22 Nov 2015 | 5:50 PM ET
    Troubled shipping sector faces consolidation

    The size of the Neptune Orient Lines-CMA CGM deal will reflect the tough times in the shipping industry, notes Esben Poulsson, president of the Singapore Shipping Association.

  • PARIS, Nov 20- France's CMA CGM, the world's third-largest container shipping firm, said freight rates should recover next year after a market downturn led to a sharp fall in its third-quarter profits. Both companies are in preliminary discussions with Neptune Orient Lines Ltd about a potential acquisition of the Singapore- based container liner, NOL said this...

  • Slower coal and iron ore demand from China- the world's biggest industrial importer- have battered the dry bulk sector, already in the midst of its worst ever downturns that is expected to extend well into next year. "Dry bulk demand is very much dependent on the world economy," said Symeon Pariaros, chief administrative officer of Athens- run and New York- listed...

  • HOUSTON, Nov 19- Big oil suppliers have started requiring prepayment when selling cargoes of crude and refined products to Venezuela's PDVSA, in an effort to limit potential risks from the state-run company's well-known cashflow woes, five sources from firms involved in the deals told Reuters. Statoil, Royal Dutch Shell and France's Total, among others, have...

  • LONDON, Nov 17- Iraq's semi-autonomous region of Kurdistan has for the first time detailed its secretive oil exports operations and said it plans to sell more, whether Baghdad likes it or not, as it needs money to survive and fight Islamic State. Kurdistan says it had been forced to bypass Baghdad and begin exporting oil directly because the latter refused to...