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.
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
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
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
Low tanker rates are pushing increasing numbers of old VLCCs to the scrapyard, but not enough to counter deliveries of new vessels, shipping brokers said. "Depressed VLCC rates seem finally to be taking a toll on the mid 70s built fleet of large tankers," Norwegian broker Bssoe said in a report for November. Nine VLCCs were sold for demolition during November, taking the total this year to 29 units, compared with 14 by the same time last year, the broker said.
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
Brent on track for biggest annual drop since 2008; stimulus measures from Japan, China lend some support. Brent crude oil rose to $60 per barrel on Monday, supported by concerns about disruption to exports from Libya, but a global supply glut kept prices nearly 50 percent off their peak for the
The oil price drop will hand tanker markets an unexpected bonus next year, boosting demand for oil storage at sea while distant eastern markets also bargain-hunt fuel and need shipping. Supertanker rates are already close to five-year highs of over $83
Major oil companies, trade firms to expand market share; tight credit hits small retailers. The collapse of OW Bunker in the wake of an alleged fraud at its Singapore trading unit will shake up the city state's more than $25 billion marine fuel market, the world's largest
Norway's Hurtigruten, which operates scenic cruise lines along the country's fjords and into the Arctic, has agreed to a takeover offer from a group led by several board members, driving its shares to six-year highs. Hurtigruten said on Wednesday it was recommending an offer of 7 crowns per
A sell-off that began last week continued to roil crude markets, which have been weighed down by worries of oversupply and lackluster demand, pushing Brent crude to a contract low on Monday. U.S. crude traded below $90 a barrel, despite a brief mid-morning rally
Stabilisation follows a week of sharp falls Strong Asian and European stocks provide support Concerns of ample supply remain Brent crude oil edged down but stayed above $92 a barrel on Monday after a week of sharp falls, as strong U.S
Global crude oil prices extended a months-long rout into bear market territory on Friday, with Brent notching a new 27-month low as the dollar spiked following upbeat U.S. employment data and further signs of undiminished crude supply.