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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


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


Asia Dry Bulk-Capesize Rates Could Soften

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


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)


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.


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


Retail Imports Wind Down After End of Holiday Season

Jon Gold (Photo: NRF)

With the holiday season over, import cargo volume at major U.S. retail container ports is expected to slowly decline through the first quarter of the year, according to the monthly Global Port Tracker report released today by the National Retail Federation and Hackett Associates.  


The Attractions of Azipod Propulsion

Photo: ABB

Destined for installation on board one of the highest profile cruise ship deliveries scheduled for 2016, the latest Azipod XO podded propulsion recently departed from the ABB factory in Helsinki.   The unit, which commands 20.5 MW of power


Petrobras Average Daily O&G Output Rose 4.3% in 2015

Oil and natural gas output at Petróleo Brasileiro SA rose 4.3 percent last year, the second annual increase after two years of declines, as long-delayed offshore production systems came on line.   Petrobras, as the company is known, produced an average 2


Dorian LPG Post 3Q 2016 Profit

Courtesy Dorian-LPG

Dorian LPG Ltd. a leading owner and operator of modern very large gas carriers, today reported its financial results for the three months ended December 31, 2015. Highlights – Third Quarter Fiscal 2016   * Revenues of $93.3 million


Dorian LPG Posts 2Q Profit

Photo Dorian LPG

  Dorian LPG Ltd. a leading owner and operator of modern very large gas carriers today reported its financial results for the three months ended September 30, 2015. Highlights – Second Quarter 2016 Revenues of $74.9 million


Gulf Navigation Posts 123pct Profit Growth

Photo: Gulf Navigation Holding

 Dubai-based Gulf Navigation Holding (Gulfnav), a leading maritime and shipping company, has reported a substantial 123 per cent profit growth at the end of the third quarter of 2015 compared to the same period the previous year.  


ICTSI 9M Profts Above Expectations

Photo International Container Terminal Services, Inc.

  International Container Terminal Services, Inc. (ICTSI) today reported unaudited consolidated financial results for the first nine months of 2015 posting revenues from port operations of US$792.0 million, an increase of two percent over the US$779


US Oil Drillers Add Rigs for First Week in 11

U.S. energy firms this week added oil rigs for the first week in 11, data showed on Friday, despite continued weak crude prices.   Drillers added 2 oil rigs in the week ended Nov. 13, bringing the total rig count up to 574, oil services company Baker Hughes Inc said in its closely followed


Asia Fuel Oil-Cracks, Spreads Tight; Bunker Prices Climb

Asia's fuel oil crack for benchmark 180-centistroke rebounded to a discount of $6.79 a barrel on Wednesday, gaining as bunker prices firmed on the possibility of reduced arbitrage volumes from the West next month even as the market remained quiet, traders said.  


Drewry: LPG Shipping Rates Heading for a Fall

VLGCs supply-demand gap (Source: Drewry Maritime Research)

LPG shipping rates are expected to decline from the second half of 2016 as a bloated orderbook for VLGCs (very large gas carriers) fuels fleet growth that will far exceed shipping demand, according to the latest edition of the LPG Forecaster, published by global shipping consultancy Drewry.


Long Beach Sees another Month of Cargo Gains

Planned post-holiday sales fuel 6.6 percent rise in volume at Port of Long Beach   Strong cargo volume continued at the Port of Long Beach in November with 6.6 percent growth in container trade over the same month last year. It was the fifth straight month of increases and enough cargo to


Drewry: Container Reliability Stable in November

Drewry containership reliability by trade, November 2015 (Source: Drewry Carrier Performance Insight)

Containership reliability was broadly unchanged in November as the average on-time performance across all trades slipped by just 0.8 percentage points against October to 77.2 percent, according to Carrier Performance Insight, the online schedule reliability tool provided by Drewry Supply Chain


Drewry: Container Reliability Stable in November

Graph: Drewry Supply Chain Advisors

 Containership reliability was broadly unchanged in November as the average on-time performance across all trades slipped by just 0.8 percentage points against October to 77.2%, according to Carrier Performance Insight, the online schedule reliability tool provided by Drewry Supply Chain


US Oil Drillers Add Rigs for First Week in Five

U.S. energy firms this week added oil rigs for the first time in the last five weeks, data showed on Friday, despite continued weak crude prices.   Drillers added 17 oil rigs in the week ended Dec. 18, bringing the total rig count up to 541


Crude Tanker Backlog in US Gulf Eases on Robust Imports

A backlog of tankers off the shores of the U.S. Gulf Coast that swelled in the final quarter of 2015 is easing, with the volume of crude waiting to discharge declining by more than half in just a month's time.   There currently are 27 vessels offshore in the U.S






 
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