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Transportation Marine

  • LONDON, Dec 21- Royal Bank of Scotland is close to selling at least $600 million worth of shipping loans from its portfolio, two sources familiar with the matter told Reuters. The sources said buyers of the various shipping loan tranches included Japanese financial services firm Orix Corp, Germany's Berenberg Bank, Bank of America Merrill Lynch and asset...

  • LONDON, Dec 21- Royal Bank of Scotland is close to selling at least $600 million worth of shipping loans from its portfolio, two sources familiar with the matter told Reuters. The sources said buyers of the various shipping loan tranches included Japanese financial services firm Orix Corp, Germany's Berenberg Bank, Bank of America Merrill Lynch and asset...

  • LONDON/ FRANKFURT, Dec 20- A merger of German container shipping line Hapag-Lloyd and United Arab Shipping Company is likely to take months to complete, partly due to financing issues blamed on a deep industry downturn, sources familiar with the deal say. Hapag-Lloyd signed a binding agreement with UASC in July to form the world's fifth-largest line, valued at...

  • LONDON, Dec 19- Even if the diesel engine's scandal-driven fall from grace pushes it out of the world's passenger cars, an increasing need for it on ships, in trucks and heavy industry could save the refineries that invested heavily in producing the fuel. "I'm not concerned for refineries," said Steve Sawyer, head of refining with consultants FGE.

  • LONDON, Dec 14- The global shipping industry will hit a credit crunch if proposed new bank capital rules are implemented in a sector already weighed down by toxic debt, bankers involved say. The Basel Committee of banking supervisors from nearly 30 countries met in Chile last month in an effort to complete the new rules for lenders in the world's major financial...

  • COPENHAGEN, Dec 13- The acquisition of German shipping company Hamburg Süd will replace some 60 percent of revenue lost when A.P. The energy division, which includes exploration and production, tankers and drilling, made up a quarter of Maersk's revenue last year, around $9.8 billion. "We intend to replace that lost turnover quickly through organic and...

  • COPENHAGEN/ SEOUL, Dec 9- Doubts about the future of Hyundai Merchant Marine Co Ltd surfaced on Friday after Denmark's Maersk Line said the South Korean shipping firm was no longer being considered for the 2 M vessel-sharing alliance. Joining an alliance with major shipping firms was one of the conditions of a debt restructuring deal between heavily indebted...

  • *OPEC, Russia oil production cut to reduce VLCC demand. *But shippers eye new routes to mitigate OPEC cuts. SINGAPORE, Dec 9- Tanker owners are bracing for a volatile year ahead after enjoying some of the highest charter rates since 2008, with OPEC plans to curb crude output potentially cutting rates by more than 40 percent.

  • SYDNEY, Dec 8- London copper futures edged up on Thursday after losses the session before, while Shanghai copper lost more ground on mounting concerns a recent rally pinned on strong physical demand was overstretched. *The most-traded copper contract on the Shanghai Futures Exchange slipped 1.38 percent to 47,270 yuan a tonne. *Asian shares hopped higher on...

  • LONDON, Dec 7- The worst is over for the dry bulk shipping sector, after years when too many ships chased too little cargo, yet the extent of the lost business means a full recovery is still some way off, leading ship owners said on Wednesday. "Nobody is saying we are going to have a fantastic booming market, but we are past the worst and we are into a more fundamentally...

  • *Seven tankers send U.S. crude worth about $150 million to Asia. SINGAPORE, Dec 7- Oil major BP is shipping almost 3 million barrels of U.S. crude to customers across Asia, pioneering a lengthy and complex operation likely to become more popular after OPEC last week announced deep production cuts. Now, using its global shipping and trading network, BP was able to...

  • COPENHAGEN, Dec 1- Maersk Line, the world's biggest shipping company, is to buy smaller rival Hamburg Süd, joining a wave of M&A in the industry just over two months after the Danish company revealed plans to bolster its transport operations. It also follows Maersk's new boss Soren Skou's move to focus on transport and logistics and spin off the company's energy...

  • Hamburg Süd, part of the Oetker Group, is the world's seventh largest container shipping line and operates 130 container vessels primarily in trade between the northern and southern hemispheres. Oetker Group is a family-owned German conglomerate involved in shipping, banking, food and beverages. "Giving up our engagement in shipping after an 80 year-long...

  • *OPEC agrees 1st cut since 2008; Russia also to join. SINGAPORE, Dec 1- Oil shot up over 10 percent after producer club OPEC and Russia cut a deal to reduce output to drain a global supply glut, but analysts warned prices could recede as other producers stand ready to fill the gap. An additional cut of 0.6 million bpd from non- OPEC countries could significantly add to...

  • SINGAPORE, Nov 29- Sales of second-hand ships used to haul commodities such as iron ore, coal, grain and fertiliser have hit a seven-year high in 2016 as the industry creeps out of an eight-year downturn that has sunk several fleets of shippers. "We've seen a lot of interest from Asian buyers in 10-15 year old ships, which is partly due to the surge in rates," said Ziad...

  • HOUSTON, Nov 23- A vessel carrying Venezuelan petroleum coke whose load caught fire set sail late on Tuesday for Colombia, allowing exports from the terminal to resume after a three-week halt while authorities decided what to do with the ship. The Top Trader, chartered by U.S. Koch Industries and carrying 22,000 metric tonnes of petroleum coke, sailed on Tuesday,...

  • VANCOUVER, Nov 20- The bullish view for Suncor Energy Inc, Cenovus Energy Inc and other Canadian energy producers calls for Prime Minister Justin Trudeau by next month to approve a major pipeline expansion to the west coast, boosting sales of land-locked oil sands crude to Asia. Natural Resources Minister Jim Carr told reporters Tuesday that Keystone "doesn't...

  • NEW YORK, Nov 18- Shares of many shipping companies dropped in volatile trading, retracing more of their post-U.S. election gains after Seanergy Maritime Holdings on Friday became the latest shipper this week to announce a direct share offer pricing. Seanergy shares were down 28.2 percent at $2.80 after the $3.6 million offering, while shares of Top Ships were...

  • PARIS, Nov 18- CMA CGM, the world's third-largest container shipping company, posted on Friday another net loss in the third quarter as freight rates remained weak and it integrated Singapore- based NOL, its biggest-ever acquisition. The French-based company's net loss including NOL was $268 million, compared with a $51 million net profit in the third quarter of...

  • NEW YORK, Nov 16- Shares of U.S. shipping companies shot higher again on Wednesday, tripping various volatility halts and raising questions over the reasons behind their sharp rally following Republican Donald Trump's victory in last week's presidential election. Its stock, which was halted before the open on Wednesday and has not resumed trading yet, is up...