Manitowoc Profit Rises
The company reported second quarter earnings of $133.9m, or $1.01 per share, up from $97.5 million, or 76 cents per share in the year-ago period. Sales were up to $1.3b. Manitowoc Co. is negotiating to sell its marine division that builds ships, including military vessels, European news reported. The suitor is said to be Fincantieri, according to the reports. Source: Financial Wire
Bunker Industry Fueled by Word Affairs
Bunkering is an industry in its own right, but one that is squeezed by events, which happen in the much bigger industries that we are the bridge between. We are vital to both the energy and shipping markets, and at the mercy of both. When the energy markets move, our prices move. When crude availability is tight, bunkers suffer. When air quality laws force refineries to change their practices, bunkers suffer. And when shipping suffers an accident, bunkers can also suffer. Until recently, bunkering was at the mercy of regulators and regulations, which were not necessarily aimed at it. Fuel oil has been very much in the European news over the last few months, simply because a lot of it was spilled from the stricken tanker Prestige, off north Spain.