Transportation Marine

  • HOUSTON, Aug 23- The promise that some oil traders and brokers saw for an expanded Panama Canal to become a new route for large tankers will take longer to realize than expected because many ships must first undergo inconvenient retrofits to transit through the new locks, shipping industry experts said. While the new parts cost just $1,000 to $3,000 per ship-...

  • HOUSTON, Aug 23- The promise that some oil traders and brokers saw for an expanded Panama Canal to become a new route for large tankers will take longer to realize than expected because many ships must first undergo inconvenient retrofits to transit through the new locks, shipping industry experts said. While the new parts cost just $1,000 to $3,000 per ship-...

  • HOUSTON, Aug 23- The promise that some oil traders and brokers saw for an expanded Panama Canal to become a new route for large tankers will take longer to realize than expected because many ships must first undergo inconvenient retrofits to transit through the new locks, shipping industry experts said. While the new parts cost just $1,000 to $3,000 per ship-...

  • HONG KONG, Aug 18- The Hong Kong Shipowners Association on Thursday called on the city's authorities to provide assistance to the crew of a Hong Kong- flagged coal ship off the east coast of Australia that is running out of food and fuel. "The Hong Kong Shipowners Association, while recognising that Hong Kong has not yet had ratification of the Maritime Labour...

  • The Copenhagen- based company fired its CEO in June and replaced him with Soren Skou, head of its Maersk Line container business, indicating it could split it into separate companies and sell off part of the group, including its oil division. In 2018, it will produce only half of what it does today after losing a major contract to operate Qatar's largest offshore...

  • Maersk fired its chief executive in June and replaced him with Soren Skou, head of Maersk Line, indicating it could split it into separate companies and sell off part of the group, including its oil division, as it struggles to cope with a shipping recession and tough oil markets. The group is fighting to remain the world's leading container shipping carrier as a...

  • SINGAPORE, Aug 12- Best known for diving, lagoons and the island that gave the world the name for the bikini swimsuit, the Marshall Islands is now gaining attention as a top-five destination for U.S. crude exports despite the lack of a refinery to process the oil. The shipments to the Marshall Islands, a tiny atoll nation in the middle of the Pacific Ocean, are a quirk of...

  • LONDON, Aug 11- Royal Bank of Scotland has put its portfolio of Turkish shipping loans up for sale, in the latest move by the state-backed bank to exit this troubled sector and cut overall losses through asset sales, two sources told Reuters. The sources, who declined to be identified, told Reuters the bank was looking to sell between $200 million to $500 million...

  • Aug 10- Global commodity trader Cargill Inc on Wednesday said it turned in a quarterly net profit, boosted by special gains that offset poor results from trading and oilseed processing. Minnesota- based Cargill reported net income of $15 million for the fourth quarter ended May 31, compared with a net loss of $51 million a year earlier. Excluding items such as...

  • Aug 10- Global commodity trader Cargill Inc on Wednesday said it turned in a quarterly net profit, boosted by special gains that offset poor results from trading and oilseed processing. Minnesota- based Cargill reported net income of $15 million for the fourth quarter ended May 31, compared with a net loss of $51 million a year earlier. Excluding items such as...

  • *Volume held in floating storage reaches high level-traders. LONDON, Aug 9- The volume of crude held in floating storage off Britain's coast has grown this year due to excess supply, trade sources say, helping to put a cap on some parts of the Brent market which helps set global prices. "This is not common in my experience," said a North Sea oil trading source, adding that...

  • SINGAPORE, July 28- India's initial plan to build-up its strategic petroleum reserves is not shaping out to be the dramatic event that some in the market had hoped could help reignite global oil demand. Indeed, India's initial SPR plan pales in comparison to a program that is ten-fold bigger in China and is a further sign that Asia's demand outlook may not be as...

  • HOUSTON, July 25- A Chinese container ship hit a wall of the new lane of the Panama Canal, a Canal Authority official and a local ship agent said on Monday, the third such incident since the expanded waterway opened one month ago amid design concerns. The Panama Canal Authority said its operations team was investigating the latest incident. The Panama Canal...

  • MILAN, July 21- The United States will ship its first liquefied natural gas cargo through an expanded Panama Canal next week. A day later BP Plc's British Merchant will begin passing through the Panama Canal also carrying cargo from the United States to Manzanillo on Mexico's Pacific coast, Kpler LNG said. The Panama Canal Authority confirmed the Maran Gas...

  • DHAKA/ NEW YORK, July 21- Jupiter. That single word, by a stroke of luck, helped stop the Federal Reserve Bank of New York from paying nearly $1 billion to the cyber-criminals behind a notorious bank heist earlier this year, according to sources familiar with the incident. They were incorrectly formatted at first; they were mainly to individuals; and they were very...

  • *European hopes pinned on Rotterdam project. ROTTERDAM, Netherlands/ GHENT, Belgium, July 19- A scheme to collect millions of tonnes of greenhouse gases and bury them under the North Sea off the coast of Rotterdam is Europe's best hope of showing it can make carbon capture and storage technology work. Rotterdam, Europe's largest port, is the home to the sole survivor...

  • *European hopes pinned on Rotterdam project. ROTTERDAM, Netherlands/ GHENT, Belgium, July 19- A scheme to collect millions of tonnes of greenhouse gases and bury them under the North Sea off the coast of Rotterdam is Europe's best hope of showing it can make carbon capture and storage technology work. Rotterdam, Europe's largest port, is the home to the sole survivor...

  • *European hopes pinned on Rotterdam project. ROTTERDAM, Netherlands/ GHENT, Belgium, July 19- A scheme to collect millions of tonnes of greenhouse gases and bury them under the North Sea off the coast of Rotterdam is Europe's best hope of showing it can make carbon capture and storage technology work. Rotterdam, Europe's largest port, is the home to the sole survivor...

  • *European hopes pinned on Rotterdam project. ROTTERDAM, Netherlands/ GHENT, Belgium, July 19- A scheme to collect millions of tonnes of greenhouse gases and bury them under the North Sea off the coast of Rotterdam is Europe's best hope of showing it can make carbon capture and storage technology work. Rotterdam, Europe's largest port, is the home to the sole survivor...

  • *Saudi Arabia moving out of its peak seasonal demand. LONDON, July 19- Oil prices steadied near $47 a barrel on Tuesday as concerns over a glut of crude and refined fuel outweighed an expected cut in U.S. shale production and a probable further drawdown in U.S. crude inventories. Brent crude slipped 7 cents to $46.89 a barrel as of 1113 GMT, after falling 65 cents, or 1.4...