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 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.
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 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
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 coal on the Great Lakes totaled 24.6 million tons in 2013, a decrease of 2.8 percent compared to 2012. Some of the decrease can be attributed to the early onset of winter in December, which lead to a 17-percent decrease in loadings on Lake Superior. Individual cargos were further reduced toward the end of the month when vessels voluntarily lightened their drafts to ease transits through an ice-clogged stretch of the St
The American Association of Port Authorities (AAPA) applauded Senate passage over the past weekend of the Bipartisan Congressional Trade Priorities and Accountability Act of 2015 (TPA-2015), and today sent a letter to House leadership to urge making passage of TPA-2015 a priority.
Dry bulk shipping firm Golden Ocean reported first-quarter earnings below forecasts on Thursday and said its market had gone from "bad to worse" with market conditions not seen in three decades. Golden Ocean, controlled by shipping tycoon John Fredriksen
Striking Israeli dockworkers defied a court order on Thursday and shut down the country's two main seaports for a second day in protest at the creation of two new foreign-run ports. Spokesmen for the ports of Ashdod and Haifa said 2,400 workers had left their posts and union leaders had gone
Israeli dockworkers ended a two-day strike on Thursday that had shut down the country's two main seaports in protest at the creation of new foreign-run ports. Some 2,400 workers had walked out of the ports of Ashdod and Haifa as union leaders went underground and for most of Thursday
The Trans Nigeria Pipeline that carries Nigeria's Bonny Light crude oil to an export terminal has been shut down since May 12, a Shell spokeswoman said on Thursday. Neither the reason for the shut down nor its expected duration were immediately clear
Evergreen Line announced it will partner with COSCO and China Shipping in launching a joint China-Surabaya Express (CSX) Service. Evergreen said this comes in view of the increasing market demand resulting from significant trade growth between China and the ASEAN countries
Eddy Hayes, Chairman of the Board of Directors, World Trade Center of New Orleans, and Gary LaGrange, President and Chief Executive Officer of the Port of New Orleans, discuss New Orleans’ role as a key U.S. port city and address opportunities for trade expansion.
Crude oil tanker market sentiment weakened in April as average spot freight rates dropped on most reported routes, OPEC said in its latest monthly report. On average, dirty tanker freight rates were down 8% from the month before
Despite a modest recovery in earnings anticipated over the next two years, the dry bulk shipping market is not expected to return to profitability until 2017, says the latest edition of the Dry Bulk Forecaster, published by global shipping consultancy Drewry.
The largest container shipper in Taiwan Evergreen Marine Corp will work with China's COSCO Group and China Shipping Container Lines Co to launch shipping services between China and Indonesia later this month. The three partners will assign four 2,000-2
In its budget this week, Australia's Federal government announced reforms for foreign-flagged vessels operating in the country's waters. The new measures appear to revert to something similar to the earlier pre-2012 coastal trading system.
British engineering group Rolls-Royce (RR.L) said it would cut 600 jobs in its Norwegian-focused marine business in response to the lower oil price, a move it said would have a "broadly neutral" impact on 2015 profits. Rolls-Royce is in the middle of a cost-saving plan in its
Container service reliability reached a data-series high in April with the aggregate on-time performance for the three key East-West trades rising to 67.6%, up by 4.1 percentage points on March, according to Carrier Performance Insight , the online schedule reliability tool provided by Drewry
Key topics of this year’s summit will be centered on transport and climate change as a milestone to the COP 21 climate change conference in December 2015. The Annual Summit of transport ministers from around the world will take place in Leipzig, Germany from May 27-29, 2015
Director-General Roberto Azevêdo of World Trade Organization wrapped up a three country visit to Malaysia (19-20 May), the Philippines (21-24 May) and Singapore (25 May) today, hailing the strong support of all three countries for the multilateral trading system and more specifically