U.S. oil prices fell Monday on renewed concerns that the OPEC cartel's recent cut in production would not be enough to counter the impact of a global economic slowdown. U.S. light sweet crude for September delivery traded down 1.4 percent, or 23 cents, at $26.96 a barrel. London Brent futures for September delivery traded down 21 cents to $24.98 a barrel. Oil prices have declined steadily since late May amid increasing evidence that the global economic slowdown is eating into demand for petroleum this year. Concern over falling prices and a sustained rise in spare petroleum stocks spurred the OPEC producer cartel to agree last week to a 1 million barrels per day (bpd) output cut. But traders were reluctant to push prices up without indications that the world economy is rebounding. "If the trend of a build in U.S. crude stocks continues and there are no signs the economy is recovering, that will push prices down in the weeks ahead," said Lawrence Eagles of GNI Research. The U.S. Commerce Department on Friday said gross domestic product, the broadest measure of the nation's economic health, grew at the lowest quarterly rate in eight years, at 0.7 percent in the second quarter. A meeting over the weekend in Geneva of the oil ministers of Saudi Arabia, Venezuela and Mexico ended with a vow to keep the market adequately supplied and stable following OPEC's supply curb decision.
Q2 net profit NOK 4.65 bln vs f'cast NOK 4.77 bln; loan losses NOK 554 mln vs fcast NOK 398 mln. Bank on schedule to fulfill capital requirements, but shares down 4.6 percent, Swedish bank shares lower. Higher-than-expected loan losses in the shipping sector ate into DNB's second-quarter earnings, sending shares in Norway's largest bank down almost 5 percent on Thursday. Nordic banks made it through Europe's recent financial crisis relatively unscathed
The cost of an Aframax tanker to carry crude from Mexico and Venezuela to the U.S. has surged by 40 percent in the last week as cargo owners scrabble over a fast-dwindling fleet, but in Europe trading is dull. "You won't find a ship available now until August 12, so the ship owners are getting very bullish on rates," one U.S. broker said of the Caribbean market on Wednesday. He pegged the upcoast trade on Aframaxes (70,000 tonners) at W165.
Tanker stocks have taken a severe beating this month on declining oil output and global economic jitters, but several analysts are predicting a steady recovery and consider the slump a good buying opportunity. "Charter hire rates are expected to rebound steadily through 2001 as Iraq and OPEC increase oil production," investment bank Lehman Brothers said in a report on Wednesday. "Recent weakness in the oil tanker sector provides an extremely attractive entry point for investors
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
U.S. energy firms cut a surprisingly sharp 13 oil rigs this week, the first drop in seven weeks, as a renewed slump in prices this summer forced drillers to make a second round of cut-backs. The decline erases weeks of small gains and brings the total to the week ending Sept. 4 down to 662, the lowest since mid-July, oil services company Baker Hughes Inc said in its closely followed report on Friday.
Shares of shipbuilders and automakers were lower in late morning trading as investors react belatedly to the possible increase in steel prices, reports indicated Hyundai Heavy Industries was down 4,500 won or 1.2 percent at 380,000 won, Samsung Heavy Industries was off 600 won or 1.9 percent to 30,400 won and Daewoo Shipbuilding & Marine Engineering fell 300 won or 0.8 percent to 39,300 won. Hyundai Motor was down 1,300 won or 1.9 percent at 67,600 won and Kia Motors down 50 won or 0
The Port of Hamburg’s overall results for the first nine months characterized by export growth and an import downturn. In the first nine months of 2012 the Port of Hamburg achieved total throughput of 98.1 million tons (down 0.8 percent). General cargo throughput at 69.2 million tons was just ahead of last year’s figure (up 0.2 percent). Bulk cargo throughput at 28.8 million tons stayed behind the previous year’s (down 3.3 percent)
Gasoline prompt cracks in northwest Europe slipped on Monday but remained at eight-month-highs supported by strong demand from the United States, where inventories are low and refinery maintenance has curbed supply. Stocks on the U.S. East Coast, a major export destination for European gasoline, fell more than expected last week while demand in West Africa and the Mediterranean is strong. Maintenance at Canadian refineries that normally supply the U.S
European shares fell on Tuesday, the last full trading day of the year, led lower by energy companies as Brent oil fell to a 5-1/2-year low on persistent concerns about a global supply glut. The STOXX Europe 600 oil & gas index was down 1.9 percent at 1219 GMT, taking its loss for the year to 15 percent. The price of Brent oil is down by about half since June due to a big oversupply and tepid demand, hitting energy companies hard.
The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, fell on Wednesday on weaker rates for capesize vessels. The overall index, which factors in rates for capesize, panamax, supramax and handysize shipping vessels, was down 10 points, or 0
Shipping tycoons Sohmen Pao, Fredriksen battle over DHT; Sohmen Pao's BW Group becomes top DHT owner with 33.5 percent to surpass Frontline as DHT's top shareholder. The move likely ends Frontline's ambitions to take over DHT, as DHT had twice rejected Frontline's advances.
Freight rates for very large crude carriers (VLCCs), which fell to a near six-month low on Thursday, will remain weak until the Asian refinery maintenance season gets completed, starting April-end. "I haven't seen a collapse in rates like this for some time
German container shipping company Hapag-Lloyd expects increased operating earnings this year, it said on Friday, citing a rise in freight rates as market conditions improve. The shipping industry has been grappling with a prolonged downturn brought about by overcapacity in a faltering
Protectionism and long hauled free trade negotiations can be an expensive battle for the Danish shipowners, if the market outside the European Union are not included in free trade negotiations. The Danish Shipowners’ Association hosted a verbal rumble between the Danish Social
Clarksons Research has released 2016 liner market review. After another year of extremely difficult market conditions, many would forgive liner sector players for an air of resignation. However, despite a challenging freight market
Ferry and logistics operator DFDS has many activities and 2,200 employees in the U.K., placing it at the heart of the ongoing “Brexit” process following the U.K.’s vote to leave the EU and making the firm an early indicator of changes in trade and passenger movements.
Container trade on intra-Asian routes accounts for a significant proportion of global seaborne container trade, and in 2016, growth in intra-Asian box trade accelerated notably, helping to generate a healthier demand environment in the boxship sector, says a report in Clarksons Research.
Clarksons Research discusses about the emerging trends in China which is at the heart of the world’s seaborne trade. In 2015 the Chinese economy saw both a slowdown in growth and a significant degree of turbulence. GDP growth slowed from 7.3% in 2014 to 6.9%
Shipping Financier DVB Bank reported a consolidated net loss before taxes of EUR 135.3 million ($142.4 miln) for 2016 (previous year: consolidated net income of EUR 46.1 million). Since DVB Bank SE, the parent company of the DVB Bank Group
Indian Ports handle about 90% by volume & 70% of value of the country’s EXIM (Export–Import ) cargo. In order to meet the growing trade requirements of the country, the capacity of the Ports & the cargo handled by the Ports have increased over the years.
In the last few decades, the shipping industry has generally been able to rely on seaborne trade as a fairly steady performer, says a report from Clarksons Research. However, the slowdown in volume growth since the financial crisis has focussed the industry’s thoughts on
The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, snapped a 14-session winning streak on Tuesday as rates for larger vessels fell. The overall index, which factors in rates for capesize, panamax, supramax and handysize shipping vessels
Shipping confidence held steady in the three months to end-February 2017, according to the latest Shipping Confidence Survey from international accountant and shipping adviser Moore Stephens. In February 2017, the average confidence level expressed by respondents was 5
The Northwest Seaport Alliance, consisting of the ports of Seattle and Tacoma, has recorded an 8 percent year-to-date increase in container cargo through February. International container volumes for the month of February remained steady with a 9