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Month High

Merger Talks In Singapore

Shares of Keppel Hitachi Zosen Ltd. and Keppel FELS Energy & Infrastructure Ltd. surged on market talk the two units of the Singapore conglomerate Keppel Corp. would be merged. Ship repair specialist Keppel Hitachi jumped as much as 47 percent to an eight-month high of S$0.575 before moving back to S$0.51, up 12 cents, in moderate trade of 3.7 million shares. KepFELS, which also has a marine business, rose eight cents to S$0.935 after surging as much as 17 percent earlier to S$1.00 -- a level not seen since the middle of March. Volume was high with more than 10 million shares traded. "The rumours are not new. It seems that day traders were riding the wave," said a senior trader at a local brokerage. A Keppel official said she was "not aware of any corporate development". Shares of Keppel-related companies, including the parent, have risen recently on talk of an impending restructuring within the conglomerate. - (Reuters)


SS&Y Capesize Indices Both Rise

Shipbrokers Simpson, Spence and Young's Pacific Capesize Index rose 76 points in the week ending Monday to 5,060. "The index rose back above the psychological 5,000 barrier despite a relatively quiet week," SS&Y said. "Japanese steel production was down on last month's highs but still remains a force to be reckoned with and South Africa is drawing tonnage away from the Pacific, giving further cause for optimism amongst owners


Oil falls below $110 as Ukraine worries ease

Putin orders troops in military exercise back to base. U.S., EU warn Russia could face sanctions over Crimea; U.S. crude inventory likely rose 1 mln bbls last week. Oil fell more than $1 on Tuesday to below $110 a barrel after President Vladimir Putin recalled troops to base from military exercises in western Russia near its borders with Ukraine. April Brent crude was down $1.47 at $109.73 a barrel by 0900 GMT. It closed the previous session at its highest since Dec. 27.


China Stops Issuing Import Permits for US Distillers Grains

China has stopped issuing permits for imports of distillers dried grains (DDGs) from top exporter the United States on concerns they might contain an unapproved genetically-modified organism (GMO), traders said, sending U.S. prices tumbling. Quarantine authorities have also asked buyers to re-export earlier shipments that contained MIR 162, a GMO strain developed by Syngenta AG that has not been approved for import by China's agriculture ministry.


Brent Climbs Toward $115 on Iraq Crisis

Brent crude climbed to a nine-month high near $115 a barrel on Friday, as supply disruption fears took centre stage after the United States threatened military action in Iraq against Sunni Islamist militants who are pushing on towards Baghdad. The jihadists extended their lightning advance to towns only about an hour's drive from Baghdad while trucks carrying Shi'ite volunteers in uniform rumbled towards the front lines to defend the city, stoking concerns of prolonged unrest and bloodbath


Brent Crude Hits 16-month Low Under US$99

HFO: File image

Brent crude dropped to a 16-month low under $99 per barrel on Wednesday, stretching its losses into a fifth session amid continued worries about rising supplies and weak global demand. While a larger-than-expected fall in weekly U.S. crude stocks kept a floor under oil prices, gains were curbed by a firmer U.S. dollar that makes commodities priced in the greenback more expensive for holders of other currencies. The dollar index stood near a 14-month high, with some investors betting the U


Transocean Awarded Contracts

Transocean Inc announced that Statoil on behalf of a consortium consisting of Statoil, Eni, Norsk Hydro and Shell has awarded multi-year contracts valued at an estimated $700 million in revenues for the company's High-Specification semisubmersible rigs Transocean Arctic and Polar Pioneer. The Transocean Arctic has been awarded an estimated 50-month contract for drilling, completion and intervention work on the Norwegian Continental Shelf


Mideast Crude Tanker Rates at One-Month High

According to an August 16 report from Reuters, crude oil freight rates on major routes were mixed on Monday with the Middle East Gulf market hitting its highest in a month due to better cargo activity and tighter vessel availability as owners held back ships. The world's benchmark Very Large Crude Carrier (VLCC) export route from the Middle East Gulf to Japan DFRT-ME-JAP was at $21,809 a day, up from $6,185 a day last week and at the highest since mid July. (Source: Reuters)


Petroecuador Tenders to Buy 3.84m bbls of Naphtha

State-run oil company Petroecuador has launched tenders to buy a total volume of 3.84 million barrels of naphtha for delivery in the coming month at Esmeraldas, La Libertad or Punta Arenas ports, according to invitations seen by Reuters on Tuesday. Petroecuador has been this year ramping up purchases of fuels in anticipation of a major overhaul at the 110,000 barrel per day (bpd) Esmeraldas refinery, which this month started a 14-month upgrade.


BIMCO: Key Indicators for Shipping Demand

BIMCO.jpg

New data on three of the key indicators followed by BIMCO’s shipping market analyst sheds light on near-term and future market developments. The news follow up on BIMCO market reports and comments to commercial developments for the three main shipping segments. 1. China’s industrial production (IP) grew by 9% in July over the same period last year, according to the National Bureau of Statistics in China. This is a minor decrease from 9.2% in June, which was a three-month-high


SC Ports Box Volumes Up Nearly 15%

Photo: SCPA

South Carolina Ports Authority (SCPA) informs it has handled nearly 15 percent more pier containers fiscal year to date than the same period last year, with total box volume through April climbing to nearly 900,000 containers.   SCPA handled 96,166 pier containers in April, compared to 86


Asia Dry Bulk-Capesize Rates Mixed on Uncertainty

Capesize rates slide after hitting 5-month high. Rates for capesize bulk carriers eased this week after hitting their highest since December, and could come under pressure next week if charterers hold back cargoes, ship brokers said. "So far, I can't see too much cargo in the market


Mobil Says Oil Discovery off Guyana is 'Significant'

Photo by ExxonMobil

 Unlike almost all its neighbors, Guyana isn’t an oil producer yet. But the energy giant Exxon Mobil recently announced it had discovered “significant” oil off the coast.     The discovery could put Guyana on oil and gas Map and the country could become a player


Severe Flooding Cuts Off Lone Road to Alaska's Oilfield

Bill Walker photo Wikipedia

  Alaska's lone road to North Slope oil field operations remains closed for the third time in two months while emergency crews continue to redirect flooding from an adjacent river, state officials said on Friday. Alaska Governor Bill Walker's office said he would sign a second disaster


Buoy Tender Vessel Delivered Ahead of Time under IRClass

MV Indira Point

  IRClass (Indian Register of Shipping) has just completed the new construction survey of a high value, technologically sophisticated Buoy Tender cum multi-purpose vessel built by Cochin Shipyard Ltd (India) under single class.The new vessel MV Indira Point, 72 mts long,1350 tons DWT


Evergreen Launches Vietnam-Singapore-Malaysia Service

In light of the increasing capacity demand, Evergreen Line will launch its new Vietnam-Singapore-Malaysia service (VSM) this month.    The dedicated feeder loop will utilize two A-type containerships of 1,164 TEU. The first sailing of the weekly service will start from Haiphong on May


Imports Settling Down After Surge to Clear Backlog

File photo

Import cargo volume at the nation’s major retail container ports is returning to normal levels as officials prepare to count votes on ratification of a new West Coast labor agreement that ended months of uncertainty, according to the monthly Global Port Tracker report released today by the


Austal Christens USNS Brunswick

USNS Brunswick (JHSV 6) Christening - Lee Booterbaugh breaking bottle

  Austal celebrated the christening of USNS Brunswick (JHSV 6) with a ceremony this morning at its shipyard in Mobile, Ala. USNS Brunswick is the sixth of 10 Joint High Speed Vessels (JHSV) that Austal has under contract with the U.S. Navy as part of an overall 10-ship block-buy contract


China Crude Imports Expected to Surge

China's appetite for crude oil is expected to pick up later this year as storage comes online and new buyers emerge, even after its inbound shipments surpassed United States imports last month for the first time, traders and analysts say.


Asian Jet Fuel Shipments to US West Coast Picking Up

Delayed restart of Exxon refinery draws down inventories. Valero and BP among traders shipping jet from Asia to U.S. Asian jet fuel shipments to the United States West Coast region could pick up this month as a prolonged cut in throughput at a California refinery is drawing down inventories


Maersk Drilling's Strong 1Q Performance

Simulator Courtesy Maersk Drilling

  Maersk Drilling delivered a profit of USD 168m (USD 116m) in the first quarter of 2015. The result was positively impacted by fleet growth and continued good operational performance, but partly offset by two rigs being idle. The underlying profit for the quarter was USD 195m (USD 109m)


Crude Oil Tanker Market Weakened, says OPEC

Graph provided by OPEC

 Crude oil tanker market sentiment weakened in April as average spot freight rates dropped on most reported routes, OPEC said in its latest monthly report.   On average, dirty tanker freight rates were down 8% from the month before


Block Island Wind Crew Transfer Contract Awarded

Photo courtesy of Seacat Services

Agreement enables high-speed catamaran ferry company Rhode Island Fast Ferry to commission first US-built crew transfer vessel, to be built by Blount Boats, and launch Atlantic Wind Transfers, its commercial wind support services division.  


Global Ship Lease Extends Ville d'Aquarius Time Charter

Global Ship Lease, Inc. has agreed to extend the time charter for the Ville d'Aquarius, a 1996-built, 4,113 TEU vessel currently on charter with Sea Consortium Pte Limited, doing business as X-Press Feeders. The extension is for an additional four to six months, at charterer's option


Containership Reliability Reaches New High

Photo: Maersk Line

Container service reliability reached a data-series high in April with the aggregate on-time performance for the three key East-West trades rising to 67.6%, up by 4.1 percentage points on March, according to Carrier Performance Insight , the online schedule reliability tool provided by Drewry






 
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