Finance

NORDEN CEO: Bulk Market Challenges to Continue

Klaus Nyborg, interim CEO at Denmark-based dry bulk and product tanker shipping company Dampskibsselskabet NORDEN A/S, expects difficult dry cargo market conditions

OMV: No Intention to Sell Stake in Borealis

Austrian energy group OMV does not plan to sell its 36-percent stake in plastics maker Borealis, supervisory board chief Rudolf Kemler said on Friday.   Abu Dhabi's IPIC,

Turkey Maritime Sector Alive & Kicking

Located on the periphery of two great continents, Turkey has benefitted from being in a favored position right at the center of an assertive and fast growing economic area.

Asia LNG Prices Lower on Piecemeal Demand

Asian spot liquefied natural gas prices slipped on Friday as disappointing demand weighed on the market, traders said.   The price of spot LNG for May delivery eased to $7.

Advanced Drillships a Burden for Owners as Business Slows

Not so long ago, advanced drillships costing more than half a billion dollars each and capable of operating in ever-deeper waters practically guaranteed big profits for oil-rig operators.

Baltic Sea Index Down as Weak Demand Hits Vessel Rates

The Baltic Exchange's main sea freight index, which tracks rates for ships carrying dry bulk commodities, fell on Friday as lack of demand took a toll on rates for most of the vessel segments.

Lack of Ship Definition is a Threat to Investors

AKD says the lack of an unambiguous term to describe a ‘ship’ in several jurisdictions represents a potential threat to asset security for financiers, particularly

HHI’s 2014 Results Fall Short

The world’s biggest shipbuilder, Hyundai Heavy Industries (HHI), held its 41st Annual General Meeting of Shareholders in Ulsan, South Korea.   The meeting agenda

Austria's OMV Set to Pick Wintershall's Seele as CEO

Austrian energy group OMV's supervisory board was expected to pick Rainer Seele, chief executive of BASF oil and gas subsidiary Wintershall, as its new CEO on Friday,

DNV GL Approves Pipeline Isolation Tools

Pipeline engineering specialist STATS Group has received the DNV GL seal of approval for its Tecno Plug and BISEP range of pipeline isolation tools. DNV GL has

Swedish Club Reports 'Healthy Growth'

The Swedish Club reported a solid operating result to its board today, continuing a record of building on steady growth. 2014 was seen as a stable year, where the

K-Line Executive Pleads Guilty to Price Fixing

An executive of Japan-based Kawasaki Kisen Kaisha Ltd. (K-Line) was sentenced to 18 months in a U.S. prison after pleading guilty to his involvement in a conspiracy to fix prices,

Vale CEO Ferreira to Lead Petrobras Board

Brazil's government has selected Murilo Ferreira, the chief executive officer of miner Vale SA, to head the board of state-run Petroleo Brasileiro SA, according

Asia VLCC Rates Flat, Owners Battle Further Drop

Owners to resist charterers attempts to push rates down; VLCC rates could soften if cargo volumes fall. Rates for very large crude carriers (VLCCs) on key Asian

Japan's JX Refining Output Shrinks 10 pct y/y

Japan's top oil refiner JX Nippon Oil & Energy Corp said on Friday it would refine 10 percent less crude oil in April from the same month a year ago due in part to slowing domestic demand.

Asia-Europe Box Rates Fall Almost 6 pct

Shipping freight rates for transporting containers from ports in Asia to Northern Europe fell 5.5 percent to $586 per 20-foot container (TEU) in the week ended on Friday,

Chevron Seeks to Exit Caltex Australia

Chevron selling 135 mln shares at 9.7 pct discount to Fri close. U.S. energy firm Chevron is seeking to sell its entire stake in Caltex Australia Ltd for about A$4.

CNOOC Profit Up, More Cost Cuts coming

China's top offshore oil producer CNOOC Ltd said on Friday its 2014 net profit rose 6.5 percent, beating forecasts, as cost cuts and higher output helped it offset the slide in global oil prices.

Cosco Bulk Shipping Losses Down in 2014

China Cosco said losses in its main dry bulk shipping business fell sharply in 2014 and its container shipping gross profit grew amid a still subdued global shipping market.

Oil Falls as Middle East Supply Fears Ease

U.S. crude set for biggest weekly gain since early 2011. Oil prices fell more than $1 a barrel on Friday as worries receded over the threat of disruptions to

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