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
Shipments of iron ore on the Great Lakes totaled 5.6 million tons in April, a decrease of 9% compared to a year ago. However, loadings were 11% ahead of the month’s five-year average. Shipments from U.S. ports totaled 4.9 million tons, a decrease of 9.5% compared to a year ago. The April total included 257,000 tons shipped to Quebec City for loading into oceangoing vessels and delivery overseas. Shipments from Canadian ports totaled 700,000 tons
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
Shipments of limestone on the Great Lakes totaled 3.6 million tons in June, a slight increase over May (80,000 tons), but a decrease of 5.8% compared to a year ago. Shipments were also down 7.5% from June’s total in recent years. Shipments from U.S. ports totaled 3.1 million tons, a decrease of 2.8% compared to a year ago, and loadings at Canadian quarries dipped by more than 21%. Year-to-date the Lakes limestone trade stands at 9.3 million tons, a decrease of 6
Shipments of coal on the Great Lakes totaled 2.7 million tons in November, a decrease of 7.3 percent compared to a year ago, and well below – 35.2 percent – the month’s long-term average. Shipments were also 4.1 percent less than October’s tally of 2.8 million tons. Shipments from Lake Superior ports totaled 1.6 million tons, a decrease of 9.2 percent compared to a year ago. Coal transshipped from Superior, Wisconsin, to Québec City, Québec
Shipments of iron ore on the Great Lakes totaled 58.3 million tons in 2013, a decrease of 5.3 percent from 2012. While the trade had been slightly behind 2012’s pace through November, the gap grew significantly when an early and harsh start to winter limited shipments to 5.1 million tons in December, a decrease of 20 percent compared to a year ago. There were weather-related delays at loadings docks and vessels were either slowed by or beset in heavy ice.
Shipments of limestone on the Great Lakes total 7,952,201 tons through June, a decrease of 14.7 percent compared to the same point in 2013. The decrease is even slightly larger when compared to the trade’s long-term average through June: 16.2 percent. Loadings out of U.S. quarries stand at 6.8 million tons through the second quarter, a decrease of 15.7 percent. Shipments from Canadian quarries total 1.1 million tons, a decrease of 8.6 percent.
Philippine furniture maker Betiscrafts Inc should have delivered a shipment of custom-made chairs to Middle East customers last month. But a cargo from China of imported fabric needed for the upholstery has been held up by severe congestion at Manila's main port
In conjunction with the SMM exhibition in Hamburg, Alfa Laval released an alternative filter option for PureBallast 3.0. The compact new Filtrex filter lets the system operate in fresh, brackish and marine waters with a UV transmittance as low as 42%.
Millions of visitors and residents could hardly miss the message projected on the side of the world famous United Nations building in New York this week: "Put a price on carbon." At the UN's Climate Summit this week a diverse group of global leaders
Brent crude futures hovered above $97 a barrel on Tuesday, aided by firm U.S. and Chinese data, but the oil benchmark was on track for its deepest quarterly drop in more than two years on plentiful supplies. * Underpinned by firm U.S. economic data, steady China PMI
For the second month in a row, shipments of iron ore on the Great Lakes reached their highest level in six years. The 7,242,492 tons loaded in August are the most since July 2008 when 7,318,961 tons moved from U.S. and Canadian ports. The August ore float also represents a slight increase over
MacGregor, part of Cargotec, has introduced a new electric starter cabinet for hydraulic hatch cover power units on bulk carriers and general cargo ships. It features an intelligent “soft-start” function that avoids starting current peaks and reduces stresses on mechanical and
Brent crude dropped below $98 a barrel on Thursday, falling for the sixth straight session, as worries about ample supply and weak demand, which have dragged prices to 17-month lows, outweighed geopolitical concerns in the Middle East. * US air strikes could threaten Islamic reprisals -risk
Britain has been topped by the Netherlands as Europe's leading natural gas trading hub this summer, ending decades of British dominance in the sector. Britain has reigned as Europe's busiest gas trading centre since discoveries of North Sea oil and gas in the 1970s made it Europe's main producer
Last Tuesday’s announcement of the formation of the “Ocean Three” alliance – actually a combination of vessel sharing, slot exchange and slot charter agreements – confirmed one of the worst kept industry secrets
9760 Shepard Rd Macedonia, OH 44056 Telephone: 800 573 0850 E-mail: firstname.lastname@example.org Website: www.tradesmeninternational.com CEO/President: Joseph O. Wesley Number of Employees: 9,500 The Company: Tradesmen International provides custom staffing solutions that
Oil traded slightly lower below $99 a barrel on Thursday, pressured by ample supply and concern over the weakening of demand growth in major consumer nations, as well as a rise in the U.S. dollar. Threats to supply as Libya's output fell and talk of OPEC production cuts limited the decline for
Customs brokerage and trade compliance advisors, Livingston, say that to better reflect the company’s integral role in regulatory affairs for its clients, Livingston has appointed Candace Sider to the newly created position of Vice President, Regulatory Affairs Canada.
Overall confidence levels in the shipping industry fell slightly during the three months to August 2014, according to the latest Shipping Confidence Survey from international accountant and shipping adviser Moore Stephens. They are, however, still higher than at the corresponding period twelve
In FY14, total cargo handled at Indian ports increased by 4.3% to 976 million tonnes from 935 million tonnes during FY13. The growth was pegged down by sluggish cargo performance at the major ports which registered a meagre 1.8% growth in cargo volumes to 556 million tonnes in FY14.
Port Metro Vancouver issued an announcement welcoming news of the signing of the Canada-Korea Free Trade Agreement yesterday in Ottawa. The agreement will significantly boost Canada’s trade with South Korea, as well as provide strategic access for the Canadian import and export market to a