Oil markets placed another bet on tightening supply, supporting prices in the vicinity of 22-month highs touched last week. Benchmark Brent for September hit $20.87 a barrel today, just 13 cents off a Friday peak of $21 that was the crude's highest value in almost two years.
A fire in the Copersuca company's huge sugar terminal in the Port of Santos has burnt some 180,000 tonnes of raw sugar, damaging six warehouses and pushing international prices to a one-year high. reports the BBC News. The authorities in the port of Santos informed the BBC it took six hours to bring the fire under control, while the cause of the fire is unknnown and the cause of the blaze is still being investigated.
Joint Singapore/Norway based offshore & specialised vessel designer and shipbuilder, Vard Holdings, has released its first quarter 2014 financial results, showing its order book value at a five-year high. Highlights Exceptionally high order intake of NOK 5.5 billion, securing eight new vessels in 1Q2014 Order book at five-year high Stable first quarter revenue of NOK 2.7 billion Successful completion of one more vessel at Vard Niterói
Oil tanker markets are again knocking at price barriers with year-highs expected to tumble as demand exceeds supply of modern ships, brokers were reporting. Shortages of high quality oil company approved vessels were causing rates to peak for Suezmaxes in the Mediterranean and West Africa and for Suezmaxes in the North Sea. July cargo demand for VLCCs in the Middle East was also seen possibly puncturing previous highs for the year
Mideast crude freight to Japan highest since 2010. North Asian refiners have snapped up Russian crude oil loading in the last two months of this year to meet peak winter demand as Middle East and West African grades have become more costly after freight rates hit multi-year highs, traders said on Thursday. The freight rate for chartering Very Large Crude Carriers (VLCC) plying the key Middle East to Japan route <DFRT-ME-JAP> and the West Africa to China route are at the highest in
Modern vessel shortages in the North Sea are pushing Aframax and Suezmax tanker rates to year high levels. Rates for Aframax 80,000 ton vessels have repeated the year-high of W217.5($8.00 per ton) for late month U.K./Continent liftings, but brokers said June business was now played out. One million barrel Suezmax tankers were benefiting strongly from bouyant North Sea markets with transatlantic rates climbing steeply to W165-W180
The near record oil prices have left U.S. oil majors as the envy of industry during the third quarter reporting period, according to many industry analysts. "This is clearly a sector that investors shouldn't worry about having disappointing earnings surprises," said one. "The question is not whether they will beat consensus estimates, but by how much they'll beat estimates," said another. Such expectations from analysts and investors come as crude oil prices in the third-quarter hit
The offshore rig count in the U.S. Gulf of Mexico rose by four this week to 175, or an 85.9 percent utilization rate, the highest drilling activity in nearly two years, the Offshore Data Services (ODS) said. In its report for the week ending July 21, the Houston-based ODS said that of the 203 mobile offshore drilling rigs in the Gulf of Mexico, 175 were under contract. In the European/Mediterranean region the rigs under contract remained steady at 89 of the 102 mobile offshore drilling rigs
Despite the uncertainty of new government policy, the defense industry presents a picture of renewed growth, boosted by higher spending and technology funding under the George W. Bush administration. Makers of the nation's warfare technologies along with Wall Street analysts and industry consultants spent a week bragging about new opportunities and the likelihood of changes to Pentagon policy that would foster growth after 15 years of strained budgets.
Boskalis issues its trading update following approval at its AGM, reporting higher revenue, increased order book Selected highlights are as follows: The developments at Royal Boskalis Westminster N.V. (Boskalis) in 2012 to date are in line with expectations. • Revenue level slightly higher than in the same period last year • Higher fleet utilization compared to 2011
Oil traders are scouring the East Coast for places to store surplus diesel supplies, including on tankers just outside New York harbor, as prompt prices trade at their deepest discounts since the financial crisis. Kinder Morgan, which operates roughly 165 storage terminals from Los
Prices for Eurobonds from many commodity-exporting emerging markets have fallen sharply this week on fears that the latest metals price reversal will hit the ability to repay debt, especially in some African countries. A major casualty of the metals price plunge is Glencore
Danish shipping company D/S Norden plans to cut the number of vessel types it operates to help it through a long-depressed shipping market that could be about to get worse due to a slowdown in China, the company's chief executive told Reuters.
According to data from the International Chamber of Commerce’s International Maritime Bureau, pirate attacks in Southeast Asia hit a 12-year high in the first six months of 2015. Indonesia suffered 54 attacks, the highest tally since 2003
Ardmore Shipping Corporation took delivery of the newbuild product and chemical tanker vessel Ardmore Seafox on June 25, 2015, the company announced today. The 49,999 dwt, Eco-design IMO 3 tanker was built at Korea's SPP Shipbuilding Co., Ltd Sacheon Shipyard and is the second in a series of
The dry bulk market has been devastating so far in 2015. However, June has somehow reversed it all in less than three weeks if judged by the Baltic Dry Index (BDI). June has delivered what May was unable to – keeping the momentum going
Vessels are stacked as Gulf oil operators retrench and day rates fall. In the Gulf of Mexico, vessels serving offshore oil-and-gas exploration and production are being stacked or idled as the rig count there declines. Oil companies are retrenching while crude prices remain weak
Tanker earnings for crude oil tankers have climbed to new strong levels in the first quarter of 2015, with averages not seen since 2008, the Baltic and International Maritime Council (BIMCO) reported. The demand for crude oil tankers remains high even though the winter months are far
Italian and merchant ships rescued around 1,000 migrants from three overcrowded skiffs near the coast of Libya and found one dead body, Italy's coast guard said. The migrants sent out a distress call by satellite phone on Friday and were being taken to ports in Sicily
Cargo worked at the Port of New Orleans’ public docks in 2014 totaled 8.37 million tons, the highest total since 2000 and up 28 percent compared to the prior 12-month period, the port reported. Imported steel and container cargo led the growth, as imported iron and steel rose 101
Dollar hits fresh 11-year high against currency basket. U.S. oil inventories at record high. Brent crude oil fell towards $59 a barrel on Monday as the dollar strengthened and a supply glut pushed global oil inventories to record highs.
Iran is sidestepping Western sanctions and managing to sell hundreds of thousands of tonnes of fuel oil every month through companies based in the U.S.-allied United Arab Emirates, trading sources told Reuters. The U.S. and EU sanctions that came into force in 2012 prohibit the import
The window to sell Western fuel oil to Asia is starting to close as demand for a limited fleet of supertankers to store cheap crude pushes freight rates to multi-month highs, shipping and trade sources said. Crude prices have fallen nearly 60 percent since June and
Brent crude was buoyed on Friday by market uncertainty over the future of Saudi oil output, while U.S. crude fell on more signs of oversupply. Saudi Arabia's new king, Salman, who took the throne on Friday morning after the death of his brother Abdullah
International accountant and shipping adviser Moore Stephens says shipping needs to adopt a can-do attitude in order to successfully meet the challenges which are likely to come its way in 2015. Moore Stephens shipping partner Richard Greiner says