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.
Asia to West Africa container traffic fell by 19% in the third quarter; the end-year result will not be much better. The IMF’s latest World Economic Outlook, published last month, described “multispeed” growth for sub-Saharan Africa economies with the divide between the haves
Australia and Indonesia, being the main exporters of coal to China, are growing their market share at the expense of longer haul exporters like the US and South Africa. Therefore, dry bulk shipping demand does not enjoy full tonne-mile demand, when the imported coal volumes increase.
The ports of Seattle and Tacoma reported October full load import and export volumes that were the strongest for the month since 2012. Year to date, imports and exports for October continue to support a strong peak season for the Northwest Seaport Alliance (NWSA)
Mumbai and Nhava Sheva Ship Agents Association has drawn the attention of Mumbai Port Trust towards the shortage of dock workers and winch drivers that continues to adversely affects the vessel operations and if need be to outsource these activities.
Seaborne shipments passed 10 billion tons for the first time ever in 2015, up 2.1 per cent from 9.8 billion tons the year before, the UNCTAD Review of Maritime Transport 2016 says, noting that this is the slowest pace of growth in the industry since 2009 and that future growth looks uncertain
Bank of Ireland said it is winding down its shipping business, joining other banks looking to cut non-core lending and exposure to an industry suffering its worst downturn. Many European banks are already bogged down by a sluggish economy and face tough capital demands from regulators
German container shipping group Hapag-Lloyd reported a rise in third-quarter net profit and said it would press ahead with cut costs and seek economies of scale to cope with the worst downturn the industry has ever seen. Net profit at the Hamburg-based firm came to 8.2 million euros ($8
“The Great Lakes St. Lawrence Seaway System saw a steady flow of traditional cargoes during the month of October,” said Betty Sutton, Administrator of the Saint Lawrence Seaway Development Corporation. “Last month, shipments of aluminum, steel, generators, crane components
An informational seminar will cover “everything ballast water”, from regulations and implementation requirements under the U.S. Coast Guard regulations to the IMO Ballast Water Management Convention. The one-day symposium, to be held by Hyde Marine on November 28 in conjunction with
At 104.9 million tons, total seaborne cargo throughput for the first three quarters of 2016, covering general and bulk cargo segments, was up 0.3 percent on the previous year. “Seaborne cargo throughput in the Port of Hamburg has stabilized and for the first three quarters of 2016 again
Japan's Fair Trade Commission (JFTC) has ordered the country's liquefied natural gas (LNG) buyers to provide details on contract requirements that prevent them from reselling the fuel to third parties, according to a source with direct knowledge of the inquiry.
Shares of U.S. shipping companies shot higher again on Wednesday, causing volatility halts in a number of stocks and raising questions among investors and analysts over the extent of their sharp post-election rally. The jump in share prices and unusually heavy trading volume even
Maersk Line just published its Colombia trade report for the third quarter of 2016. Total reefer share of Colombia's exports increased to 21% in Q3 2016 - up from 12% in 2015 - with pineapple and banana the strongest performing products.
Shares of many shipping companies dropped in volatile trading, retracing more of their post-U.S. election gains after Seanergy Maritime Holdings on Friday became the latest shipper this week to announce a direct share offer pricing.
World seaborne trade, whilst still growing at a relatively steady pace, has seen a slightly less rapid rate of growth since 2015, compared to both the longer-term historical average, and the more recent 2011-14 period, says Clarksons Research.