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
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
Capesize market "overheated" as rates near eight-month highs; optimism for a busier fourth quarter looms. Freight rates for capesize bulk carriers are likely to take a breather and drift lower after climbing to their highest level in nearly eight months this week following bad weather delays and charterers' need for urgent tonnage, ship brokers said. "It's been really hot. Both the Atlantic and the Pacific have become overheated
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)
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.
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
Rickmers Trust Management (Rickmers Maritime) suffered a loss of USD15.7 million for the second quarter ended 30 June 2015 from a profit of USD16 million in 2Q14. Rickmers Maritime recorded a net loss after tax of US$15.7 million in 2Q2015, compared to a net profit of US$16
The Port of Virginia handled 226,000 TEUs in July, the highest amount ever recorded for that monthly period in the port''s history. The Virginia Port Authority, which operates terminals in Portsmouth, Newport News and Norfolk, reported Thursday that 225
Dynagas Ltd., GasLog Ltd. and Golar LNG Ltd today jointly announced having entered into an LNG carrier pooling agreement to market their vessels, which are currently operating in the LNG shipping spot market. The LNG Carrier Pool allows the participating owners to optimise the operation
SC Ports Authority Posts $30.4 Million in Operating Earnings, $196.8 Million in Revenues for FY2015; Community Giving Program Awards $81,000 in Grants to 42 Charitable Organizations Today SC Ports Authority reported 2015 fiscal year-end operating earnings of $30
Monthly demolition rates in the dry bulk shipping sector averaged 3.3 million DWT for 1H15, according to new figures from BIMCO, compared to 1.3 million DWT last year. This included a record 5.36 million DWT in April – the highest on record for a single month.
The ports of the Estonian state-owned port operator Tallinna Sadam (Port of Tallinn) handled in June 1.68 million tonnes of cargo and serviced 1,045,461 passengers. Compared to the same period last year, the cargo volume dropped by 25% while the number of passengers was by 1
An Iranian supertanker with two million barrels of oil is heading to Asia after sitting in Iranian waters for months, the first vessel storing crude offshore to sail after a nuclear deal this week, data showed on Thursday. Iran and six major world powers reached a landmark nuclear deal on
Brazil-China capesize rates hit seven-month high; Pacific capesize market dragged by buoyant tonnage supply. Freight rates for capesize bulk carriers are likely to hold steady next week although a rush of cargo in the Atlantic would again provide the trigger for rates to move higher
Theyr Ltd, a premium weather-forecasting provider, specializing in the maritime and wind energy sectors, announced today the launch of its Digital Precision Weather and Ocean Forecasting app for the professional mariner, GRIBview mobile
Mexico's Pemex said on Friday it had agreed to ship six million barrels of its light crude to Japan's largest refinery over the next six months, as the state-run oil company seeks to further develop its ties with Asia. The shipments of Isthmus crude will go via six cargoes between this
Japan will send a high-level delegation to Adelaide for talks on building Australia's next-generation fleet of submarines. A former commander of the Japanese navy will head a 40-strong delegation to Australia next month to negotiate roles for local industry in building submarines
Low oil prices and muted sentiment in the industry continued to take a toll on Sembcorp Marine's second-quarter earnings. The rigbuilder has announced that net profit for the three months ended June 30 sank 17 per cent to to $79.58 million (SGD 109 million), compared to $96
Satellite services provider Intelsat S.A. has reported total revenue of $598.1 million and net income attributable to Intelsat S.A. of $60.2 million, or $0.47 per common share on a diluted basis, for the three months ended June 30, 2015. The company reported adjusted net income per diluted common
Freight rates climb after BHP-led charter flurry; tight tonnage supply bolsters capesize freight rates. Freight rates for capesize bulk carriers could hold around current levels after reaching their highest in more than eight months this week following a surge of fixtures by Australian miners
Cargo container volumes surged through the Port of Long Beach in July, with an 18.4 percent increase over the same month in 2014, making July a record month in the port’s 104-year history. Previously, the port’s best year was 2007, just before 2008’s recession