Transportation Marine

More

  • 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...

  • LONDON, Nov 13- As land storage sites worldwide reach brimming point due to a supply glut, tens of millions of barrels of oil are sitting on tankers looking for homes- threatening logistical paralysis. The International Energy Agency on Friday said stored oil has hit 3 billion barrels. The cost to hire a supertanker- each capable of carrying 2 million barrels of oil-...

  • *OPEC report points to 560,000 bpd surplus in 2016. NEW YORK, Nov 12- Crude oil futures hit 2-1/ 2 month lows on Thursday as OPEC's forecast it could overproduce half a million barrels daily next year at current production rates weighed on a market already fearing a seventh weekly build in U.S. inventories. OPEC said in a monthly report its output fell in October and...

  • Melting Arctic is like 'discovering a new Africa' Thursday, 12 Nov 2015 | 5:36 AM ET

    There are great benefits to developing the Arctic's amazing wealth of resources, if done carefully, according to Iceland's president.

  • Nov 11- Irving Oil, the company seeking to become the gatekeeper for a new crude oil pipeline from western Canada to the Atlantic Ocean, has struggled to control air pollution at its existing marine terminal in Saint John, New Brunswick. The terminal handles fuels from the company's 300,000- barrel per-day Saint John oil refinery, Canada's largest, and is the...

  • Maersk 'fighting as well as we can': CEO Friday, 6 Nov 2015 | 4:10 AM ET
    The Maersk Alfirk container ship is unloaded at the Port of Los Angeles in San Pedro, Calif., April 8, 2014.

    Danish shipping and oil giant Moller-Maersk is in "great shape" but is operating amid a "very tough" environment, the company's CEO told CNBC.

  • COPENHAGEN, Nov 6- Shipping and oil conglomerate A.P. Moller-Maersk said on Friday third-quarter profit almost halved and global demand for container transportation this year would grow at a slower pace than previously expected. The Danish company, which operates the largest container shipping business in the world, kept a reduced forecast made two weeks...

  • COPENHAGEN, Nov 4- Maersk Line, the world's largest container shipping company, said on Wednesday it will slash costs, cut staff by almost a fifth and pull out of vessel orders as trade along the busiest routes in the world, from Asia to Europe, slows down. "And it's first of all Asia to Europe, which has had negative growth. Raw material trade routes, such as West Africa and...

  • Shipping braces for pollution tax after Paris talks Monday, 2 Nov 2015 | 9:00 AM ET

    LONDON, Nov 2- The shipping industry expects to be stung by a carbon levy as momentum building from climate talks in Paris starting this month makes a cut to its greenhouse gas emissions likely. A draft Paris text makes scant mention of reducing CO2 from marine bunker fuels. "We do expect that sooner or later shipping will be regulated on CO2," said John Kornerup Bang,...

  • ORLANDO, Fla., Oct 31- The owner of the U.S. cargo ship El Faro that sank in a powerful hurricane off the Bahamas nearly a month ago has filed for protection in Florida federal court from claims it is liable for the deaths of its 33 crew members. Tote Services Inc filed for exoneration from or limitation of liability in U.S. district court in Jacksonville, Florida, on...

  • HOUSTON, Oct 29- A U.S. judge has dismissed a lawsuit over a disputed cargo of Iraqi Kurdish crude oil that showed up last year off the shore of Texas, prompting months of legal wrangling as Iraq sought to block the Kurdistan Regional Government from directly exporting oil. The case was dismissed on Wednesday by U.S. District Court Judge Gray Miller because the...

  • HOUSTON, Oct 29- A U.S. judge has dismissed a lawsuit over a disputed cargo of Iraqi Kurdish crude oil that showed up last year off the shore of Texas, prompting months of legal wrangling as Iraq sought to block the Kurdistan Regional Government from directly exporting oil. The case was dismissed on Wednesday by U.S. District Court Judge Gray Miller because the...

  • TOKYO/ SINGAPORE, Oct 28- Iran's exports of crude oil and condensate dropped to a seven-month low this month, hit by refinery maintenance and a lull in demand ahead of winter, according to an industry source with knowledge of the nation's tanker loading schedule. Still, loadings of the light oil condensate grade were robust- the second highest for the year- due to...

  • Unwanted diesel, jet ships could sink oil prices Monday, 26 Oct 2015 | 3:00 AM ET

    *Ships with half a million tonnes taking the long route to Europe. LONDON, Oct 26- Unwanted diesel and jet fuel cargoes are backing up outside Europe's ports and taking longer, slower routes around the southern tip of Africa, traders say. Refineries from Rotterdam to India to Louisiana, drunk on cheap crude, ran regardless of whether the world wanted what they were...

  • COPENHAGEN, Oct 23- A.P. Moller-Maersk cut its 2015 profit forecast by 15 percent on Friday, blaming a slowdown in the container shipping market that suggests a weakening global economy. The Danish conglomerate operates Maersk Line, the world's largest container shipping company which transports roughly 20 percent of all goods on the busiest routes between...

  • COPENHAGEN, Oct 23- A.P. Moller-Maersk downgraded its full-year outlook for underlying profit by $600 million to about $3.4 billion on Friday, citing deterioration in the container shipping market. The Copenhagen- based shipping and oil conglomerate, which controls the world's largest container shipping company Maersk Line, said that market conditions...

  • Sugar flows to Syria pick up as cargo traffic surges Thursday, 22 Oct 2015 | 8:45 AM ET

    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/ MOSCOW, Oct 21- More than 100 cargo vessels have reached Syria in the past few weeks, in the biggest buildup in shipping for over a year as Russia steps up its support for ally President Bashar al-Assad. The ships have arrived directly from Russia, Black Sea ports such as Constantza in Romania as well as from Lebanon and Egypt, according to shipping data,...

  • The three biggest firms-- Maersk Line A/S, Mediterranean Shipping Company, and CMA CGM S.A.-- have 35 percent of the world market, the report said. There were now 32 such countries, up from 22 in 2004. Most are small island states such as Kiribati, Micronesia and Samoa. But the list also includes Iceland, Qatar, Iraq, Latvia, Eritrea, Montenegro and Cambodia.