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.
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.
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
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)
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.
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
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
A wave of cargo cancellations from the US is putting additional pressure on VLGC rates, according to the latest edition of the LPG Forecaster, published by global shipping consultancy Drewry. Two major factors have lowered VLGC rates in recent times: excessive fleet growth and weak
According to a report by Korea Economic Daily the number of workers who left Korea's top-three shipbuilding companies - Hyundai Heavy Industries, Samsung Heavy Industries, and Daewoo Shipbuilding & Marine Engineering - in the first half of this year is estimated at around 5,000.
Company blames softer market conditions; plan to add 1.5 mln TEU to Terminal 3 delayed into 2017. DP World, one of the world's largest port operators, is delaying the expansion of Dubai's Jebel Ali port, its main facility, because of softer market conditions, the company said on Thursday.
A steep rise in refinery capacity in the Middle East, the world’s crude oil production hub, will diminish oil trade growth and with it prospects for tanker shipping, according to the latest edition of the Tanker Forecaster, published by global shipping consultancy Drewry.
First-half seaborne cargo throughput of 70.2 million tons reflected stabilization of the trend for the Port of Hamburg. At the same time, a steep increase occurred in freight transport by rail to/from the Port of Hamburg. At 70.2 million tons
Danish conglomerate A. P. Moeller-Maersk A/S, the world’s largest container shipping company, has voiced its concern as a potential shift in U.S. policy threatens to reduce global trade, reports Bloomberg. Maersk group's chief financial officer Trond Westlie said any
Container volume at the Port of Long Beach was down 7.7 percent in July compared to the same month in 2015, when harbor terminals handled a record amount of cargo. Dockworkers moved 637,091 twenty-foot-equivalent units (TEUs) last month. Imports totaled 325,608 containers, a 5
In the world of seaborne trade, distance forms a crucial element in terms of determining how much demand for vessel capacity is created by trade volumes, says Clarksons Research. One interesting measure of this is the estimated average haul of global seaborne trade
Japan and the Philippines have begun talks for the transfer of two large coast guard ships to Manila, to help patrol the disputed South China Sea, a Japanese foreign ministry official said on Friday, as part of a deal on defence equipment.
“We are about half-way through the 2016 navigation season and our overall cargo tonnage numbers are down by 11 percent,” said Betty Sutton, Administrator of the Saint Lawrence Seaway Development Corporation. “The lack of iron ore and coal has definitely been a contributing factor
Freight rates down 20 pct; CEO says to focus on costs cuts, merger deal with UASC. German container shipping group Hapag-Lloyd said it dropped to a first-half operating loss as disappointing freight rates hurt its business. The loss before interest and tax (EBIT) came to 39
The downturn in the container industry has taken a toll on the half-year results from Hong Kong-based Orient Overseas (International) Ltd, the parent of Orient Overseas Container Lines (OOCL). OOCL turned to a $56.7m loss in the first half (for the six-month period ended 30th June
Norway's Nordic American Tankers (NAT) posted a net income of $23 million for the second quarter of this year, down 26% year on year from $30.9 million. But NAT is hopeful that Suezmax tanker rates would improve in the second half of the year
While the Silk Road initiated trade between the East and the West starting in the 4th Century BC, the first traces of spice trading, which the Romans loved so much, seem to appear as early as the 1st Century. Over the centuries, and in response to wars and invasions
The U.S. trade deficit rose to a 10-month high in June as rising domestic demand and higher oil prices boosted the import bill while the lagging effects of a strong dollar continued to hamper export growth. The Commerce Department said on Friday the trade gap increased 8.7 percent to $44