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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


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.


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


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


ING Raises Ratings On Oil Companies

ING Barings has raised its ratings of the shares of several oil and gas companies. ING raised Burlington Resources to strong buy from hold, Transocean Offshore to strong buy from buy and Ocean Energy Inc. to buy from hold. On Transocean, analyst Stephen Gengaro wrote: "We believe the stock has lagged the group because of the relatively high level of contract rollovers over the next six months, which includes some of the company's high-specification semis currently working at high day rates


Austal Opens European Service Hub

Photo courtesy Austal

Austal announced an expansion of its European service presence with the establishment of a maintenance hub on the Strait of Gibraltar. Based in Southern Spain and Northern Morocco, the new operations will support the extensive fleet of Austal and non-Austal high speed craft currently operating on the Strait of Gibraltar. Austal Managing Director Bob Browning said “This strategic move positions Austal near a region with high demand for vessel maintenance and management services.”


Genco Shipping & Trading Q1 2010 Results

Genco Shipping & Trading Limited (NYSE:GNK) reported its financial results for the three months ended March 31, 2010. The following financial review discusses the results for the three months ended March 31, 2010 and March 31, 2009. First Quarter 2010 and Year-to-Date Highlights:   --  Recorded net income of $33.5 million, or $1.07 basic and $1.06 diluted earnings per share attributable to Genco's shareholders for the first quarter;


Tankship Market & Return of Contango: Analysis

Crude carrier: File picture CCL

This week, the Brent price curve moved into contango on what was reported to be short-term physical oversupply. In their latest 'Tanker Opinion', Poten & Partners consider whether this is likely to be a long-lasting change (“Contango” is a term used to refer to a commodity price


More Boat Migrants to Italy Die

Illegal boat migrants: Photo Italian Coast Guard

Nineteen people died trying to reach Italy on a boat packed with hundreds of migrants, probably poisoned by carbon monoxide fumes from its engines, said the Italian Navy on Saturday, which has rescued more than 4,000 migrants in the last three days.


Sembawang Shipyard to Convert 2 FPSOs for Kaombo Project, Angola

Image

  Sembcorp Marine’s wholly-owned subsidiary Sembawang Shipyard has secured a Floating Storage Production Offloading (FPSO) conversion contract worth about S$600 million from Saipem SA, France for the conversion of Two FPSOs for the Kaombo Project in Offshore Angola.  


Editorial: Gas ... It's Both the Question & the Answer

Greg  Trauthwein, Editor & Associate Publisher

When the time comes to pull an edition together, sometimes the content simply takes on a life of its own, as is the case with the July 2014 edition and the proliferation of ‘gas’ throughout. While the advent of gas and all that this little word encompasses is hardly breaking news


Port of Antwerp Maintains Growth Trend

Antwerp port

  The port of Antwerp handled 98,229,046 tonnes of freight in the first six months of 2014. That is 2.7% more than in the same period last year, itself already a record year. Container freight once more contributed good growth figures, while liquid bulk too continued the upward trend.


U.S. Firm sells Condensate to Mitsubishi

A U.S. energy company has found a second buyer in Japan for its condensate, an ultra-light oil, paving the way for more excess barrels from the United States to head to Asia to meet growing demand. Enterprise Product Partners has signed a short-term contract to sell condensate to Japanese


Libya Oil Exports Stutter, Major Eastern Ports Await Restart

Libya will not be able to export oil through its two largest eastern ports before August, due to safety checks after a near year-long closure, a senior oil official said on Wednesday. The latest twist in a spiral of violence also casts a shadow over the vital deal two weeks ago to end the


Report: UK Marine Industry has £6.2b Impact

The full economic impact of the U.K. marine industry and spend associated with boating participation was estimated to total £6.2 billion in 2012/13, according to a new report released by the British Marine Federation (BMF). Latest industry trends results also announced by the BMF show


Med Tanker Market Pins Freight Rate Hopes on Libya Oil Export Push

Rising oil exports from Libya after months of disruption helped push Mediterranean tanker rates to the highest levels in nearly six months on Wednesday, and shipping players expected more gains in earnings as shipments from the OPEC member step up.


Oil Traders Hearing Contango Music Again; Not Loud Yet

Traders in the Brent oil market have started to use a word that was almost forgotten in the last four years - "contango" in industry jargon, which could also be described as "music to the ears of sellers". The market has not seen a prolonged contango time structure - with


Busiest June in 7 Years at Port of Long Beach

Container volumes climb at Long Beach

  Cargo container volume rose 8 percent in June at the Port of Long Beach, compared to the same month last year. With more than 610,000 TEUs (twenty-foot equivalent units) moved, last month was the busiest June since 2007, which was the busiest year for container cargo at Long Beach.


Long Beach Cargo Volumes Continue Climb

Photo courtesy of the Port of Long Beach

Cargo container volume rose 8 percent in June at the Port of Long Beach, compared to the same month last year. With more than 610,000 TEUs (twenty-foot equivalent units) moved, last month was the busiest June since 2007, which was the busiest year for container cargo at Long Beach.


Cameroon Cocoa Exports Down from Last Year

Cameroon, the world's fifth cocoa grower, has exported 152,941 metric tons of cocoa beans from the start of the 2013/14 season to end-June, down from 203,220 metric tons in the corresponding previous season, the National Cocoa and Coffee Board said on Thursday.


Volumes Up for Cleveland’s New Liner Service

Cleveland Europe Express shows major increase in volume, while established maritime and development finance revenues also up substantially The Port of Cleveland announced that its Cleveland-Europe Express, the dedicated monthly liner service that launched in April


St. Lawrence Seaway June Cargo Upswing at U.S. Ports

Laker bulk carrier: Image credit AGLPA

U.S. ports throughout the Great Lakes uniformly saw increased tonnage in several cargo categories during the monthof June 2014, according to news excerpted from The American Great Lakes Ports Association (AGLPA). "Salt, chemicals, and steel all posted excellent tonnage numbers through June






 
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