Logistics

Asia Tankers-VLCC Rates Falter on Oil, Tanker Supplies

MidEast, West Africa rates hit 11-month low. Freight rates for very large crude carriers (VLCCs), which hit an 11-month low this week, could slide further next

Exxon Mobil Q2 Profit Dives

Exxon Mobil Corp, the world's largest publicly traded oil producer, said on Friday its quarterly profit tumbled 59 percent due to the slump in crude prices. The company posted net income of $1.

La Nina may boost U.S. Heating Oil Demand

Middle distillates remain the one ray of hope for U.S. oil refiners still struggling to clear a glut of gasoline caused by over-production earlier in the year. Stocks

Asia-N.Europe Box Rates Jump 58 pct

Freight rates for shipping containers from ports in Asia to Northern Europe jumped 58 percent to $1,125 per 20-foot container (TEU) in the week ending Friday, a

Phillips 66 Profit Halved on Gasoline Glut

Phillips 66's quarterly profit halved as an oversupply of gasoline and diesel hurt its refining margins. Earnings from Phillips 66's refining business plunged 75.

LNG Market Needs More Vessels than Currently on Order

 Despite the current weakness in LNG shipping rates, Drewry maintains its bullish long-term outlook for LNG shipping and believes that the market will require more

CMA CGM Rolls out Bengal Bay Express

 CMA CGM has introduced its new Bengal Bay Express service, operated with 11 vessels of 6,500 TEU on a weekly basis, in a continuous effort to provide its customers with the best quality service.

Safe Bulkers Reports Q2 Loss, Expands Fleet

 The Athens, Greece-based Safe Bulkers Inc. (SB) has reported a loss of $9 million in its second quarter.  It had a loss of 15 cents per share.   Net revenue for Q2 of 2016 decreased by 18% to $26.

Maersk Training Bullsh on India

 Maersk Training, part of the Denmark based A.P. Moller-Maersk, is betting on the Indian training centre, reports the Hindu. India is one of the 10 Centre’s that is making profits.

Container-on-barge Returns to Baton Rouge

Container-on-barge services have returned to the Port of Greater Baton Rouge to provide the petrochemical industry with another option to move its products.   Operated by SEACOR AMH,

California Power Grid Tested as Heat Soars

California's power grid operator extended its call for consumers to conserve electricity into Thursday as a heat wave continued to bake the state, especially the inland cities.

Marathon Petroleum Beats Street

Marathon Petroleum Corp posted a better-than-expected quarterly profit, helped by lower operating costs and robust demand for gasoline during the summer driving season.

Asia Dry Bulk-Capesize Steady as Owners Spurn Low Rates

Owners anchoring ships rather than fix at low rates. W. Australia-China capesize rates hit over two-month low. Freight rates for large capesize dry cargo ships

Oil Steadies at 3-Month Lows, Glut Weighs

Brent and WTI crude oil hit lowest levels since April; high crude output, refined product glut drag on prices. Oil prices steadied just above three-month lows

TransCanada Profit Trimmed by Columbia Pipeline Costs

TransCanada Corp, Canada's second-largest pipeline company, reported a 14.9 percent decline in quarterly profit due to costs related to its acquisition of Columbia Pipeline Group.

Valero: Excess Production Produced domestic Gasoline Glut

The accumulation of gasoline stocks in the United States has been driven by excess gasoline production rather than lack of demand, according to Valero, the largest

Vale Q2 Profit falls 34 pct, Beats Outlook

Brazilian mining company Vale SA said on Thursday that second-quarter net income fell 34 percent as provisions for potential losses from the burst dam at its Samarco

ConocoPhillips cuts 2016 CapEx Again

U.S. oil producer ConocoPhillips reported a bigger-than-expected quarterly loss and cut its 2016 budget for the third time this year amid a crude oil slump that has lasted for two years.

Damen Presents Decommissioning Vessels Concept

Damen Shipyards Group has announced its latest concept design: the Damen Decommissioning Series. The vessel will specialize in three core areas of the oil and gas

Shipping Must Disclose or Risk Being Exposed - Moore Stephens

International accountant and shipping adviser Moore Stephens says the shipping industry must adopt a transparent, proactive approach to corporate governance or

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