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)
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
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 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 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 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 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
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)
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.
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
Cargo worked at the Port of New Orleans’ public docks in 2014 totaled 8.37 million tons, the highest total since 2000 and up 28 percent compared to the prior 12-month period, the port reported. Imported steel and container cargo led the growth, as imported iron and steel rose 101
As new emission standards enter force across the commercial maritime sector, Royal Caribbean has opted to outfit 19 of its ships with scrubbers from two manufacturers. This month we visit with Harri Kulovaara, EVP, Maritime, and Kevin Douglas, VP, Technical Projects/Newbuilds
Activity across Port of Houston Authority docks continues to show strength as February 2015 tonnage figures reflected a 22-percent increase compared to February 2014. Executive Director Roger Guenther released the information today during the monthly meeting of the Port Commission of the Port
Brent oil prices rose on Wednesday as the euro strengthened against the dollar following a boost in business morale in the euro zone's top two economies. The euro was up 0.6 percent against the dollar, the currency in which crude oil futures trade. The dollar lost 0
Moody's shocked bond investors this week with a surprise two-notch downgrade that put Brazilian oil company Petrobras in junk territory. The move was seen by some investors as overly assertive, leaving them to add exposure incrementally.
Long Beach Port is once again giving tourists opportunity to enjoy a rare view of port operations on a free Port of Long Beach harbor tour. The organizers are being welcomed to experience an up-close view of the biggest ships to call in North America and learn about cargo operations
Lomar Corporation, a Libra Group company, has again added to its fleet of container ships with the purchase of three vessels plus an order for up to four new buildings from the Yangzijiang Shipyard, says a company press release.
Import cargo volume at the nation’s major retail container ports is expected to rise an unusually high 16.9 percent this month over the same time last year as West Coast ports begin to dig out from a backlog of cargo that built up during just-concluded contract negotiations with
Singapore bunker fuel sales fell 7.7% month on month but rose 3.62% year on year, to 3.4 million mt in February, official figures released by the Maritime and Port Authority of Singapore Friday. Bunker volumes drop to lowest level in eight months
Ambassador Michael S. Hoza, U.S. ambassador to Cameroon, visited and delivered remarks during reception held aboard the Military Sealift Command’s joint high-speed vessel USNS Spearhead (JHSV 1) as part of Africa Partnership Station March 13, 2015.
A World Bank tribunal has ordered Venezuela to pay oil service company Tidewater around $46 million in compensation for seized vessels, in a decision the South American country hailed as a victory. The claim, one of many similar cases, stems from the 14-year rule of late leader Hugo Chavez
A new method for dealing with accumulated sewage sludge on vessels and offshore platforms. Scienco/FAST has introduced a new way to deal with sludge with its standard MarineFAST Marine Sanitation Device, meeting MEPC.159(55) or providing secondary treatment incorporates about one month of
SC ports achieves second consecutive month of 18 percent volume growth; port education program builds understanding, awareness of maritime industry February marked the second consecutive month of 18 percent container growth at the SC Ports Authority
The on-time percentage of liner services improved slightly in February, but the ships that missed their berthing window missed it by a wider margin due in large part to labor strife at West Coast U.S. ports, according to this month's Carrier Performance Insight from Drewry.
The Georgia Ports Authority marked strong and sustained growth across all major markets in the month of February, including bulk, breakbulk, autos and machinery, and containerized freight. "The additional cargo attracted to Georgia speaks to the reliability and ease of doing business