Wall Street News

A recent article in The Wall Street Journal claims that the assessment by 74% of poll respondents in election swing states who believe inflation moved in the wrong direction last year is incorrect. The piece went on to state that the respondents’ perceptions were “contradicted by hard economic data”.Like many of us, I just love “hard data”, especially when it’s “economic”.One great aspect of “hard data” is that we must assume it’s correct; otherwise, how could it be “hard”? In fact…

Royal Caribbean Group announced it has entered into an agreement with French shipbuilder Chantiers de l’Atlantique to order a seventh Oasis Class ship for delivery to its Royal Caribbean International fleet in 2028.“While we eagerly anticipate the debut of Royal Caribbean’s Utopia of the Seas this summer, we’re already dreaming up her sister ship and the next installation in the brand’s extremely popular Oasis Class,” said Jason Liberty, president and CEO, Royal Caribbean Group.

Royal Caribbean Group projected 2024 profit above Wall Street expectations after robust demand for cruise vacations and steeper ticket prices helped it beat fourth-quarter earnings estimates on Thursday.With travelers opting for cruises instead of more expensive land-based vacation options, operators are experiencing record levels of bookings compared to pre-pandemic levels, giving them enough room to mark up ticket prices."2023 was an exceptional year, propelled by unmatched demand for our brands from new and loyal guests…

British oil major Shell suspended all shipments through the Red Sea indefinitely after U.S. and U.K.

Disruptions to Red Sea shipping caused by Houthi attacks will push up prices of consumer goods, an executive from port and freight operator DP World said on Tuesday as a missile struck another vessel in the region.The Iran-allied Houthi militia has threatened to expand its attacks to include U.S. ships in response to American and British strikes on its sites in Yemen.Attacks by the Houthis on ships in the region since November have impacted companies and alarmed major powers - an escalation of Israel's more than three-month-old war with Palestinian Hamas militants in Gaza.

The U.S. trade deficit unexpectedly narrowed in November as imports of consumer goods fell to a one-year low amid slowing domestic demand, a trend that, if it persists in December, could result in trade having no impact on economic growth in the fourth quarter.The report from the Commerce Department on Tuesday also showed exports declined in November amid cooling demand overseas. Demand is slowing both in the United States and abroad following hefty interest rate increases by global central banks since 2022 to tackle rampant inflation.The Federal Reserve's rate hiking cycle has likely ended…

Australian financial conglomerate Macquarie Group said on Thursday it would divest its U.S.-based port terminal operator Ceres Terminals, with a source familiar with the matter placing the deal value north of $900 million.Macquarie did not disclose any further details on the deal, and declined to comment on Reuters' request seeking confirmation of the sale value.The Wall Street Journal in May reported that Macquarie was looking for about $1 billion from the sale, citing sources familiar with the matter.The deal value could be at the lower end of what the Wall Street Journal reported…

The United Arab Emirates said on Wednesday it was no longer taking part in operations by a U.S.-led task force protecting Gulf shipping, which has been subjected to renewed tanker seizures by Iranian naval forces in recent weeks.The UAE was responding to a Wall Street Journal report on Tuesday which, citing U.S. and Gulf sources, said the Gulf state was frustrated by the lack of U.S. response to recent tanker seizures by Iran.This was a "mischaracterisation" of conversations between the two countries…

Australia's Macquarie Group Ltd is looking to sell its North American port facilities business, Ceres Terminals, for about $1 billion, the Wall Street Journal reported on Tuesday citing sources familiar with the matter.The financial conglomerate acquired full control of the general cargo stevedoring operations in 2019 from Tokyo-based shipping and logistics firm Nippon Yusen Kaisha (NYK Line).Ceres moves about 4.3 million containers annually at several major ports in the United States, according to its company website.The shipping industry globally has been under pressure as supply-chain bottl

UBS Group AG will likely shrink Credit Suisse Group's $10 billion shipping portfolio that it inherited as part of its emergency takeover on Sunday, the Wall Street Journal reported on Wednesday.UBS could also try to sell the portfolio, but doing so could prompt owners to move their accounts elsewhere, the WSJ reported, citing people familiar with the matter.About half of the shipping portfolio involves Greek ship owners that use their deposits in the bank's wealth management arm as collateral to finance new ships, the report added."Our wealth management business in Greece is an integral part o

Russia and Ukraine signed a landmark deal on Friday to reopen Ukrainian Black Sea ports for grain exports, raising hopes that an international food crisis aggravated by the Russian invasion can be eased.The accord crowned two months of talks brokered by the United Nations and Turkey, a NATO member that has good relations with both Russia and Ukraine and controls the straits leading into the Black Sea.Speaking at the signing ceremony in Istanbul, U.N. Secretary General Antonio…

Andrea Mather's plans for a long-awaited summer cruise around the Hawaiian islands with her financial analyst husband unraveled after her booking with Norwegian Cruise Line's Pride of America was canceled due to a staffing shortage.It was the second time this year that the 55-year-old homemaker's plan to go on a cruise was scuppered.The cruise industry is sailing in choppy waters yet again as it has to deal with a storm of labor problems, red-hot inflation and recessionary threat…

U.S. authorities have stopped an oil tanker traveling from Russia to New Orleans to check whether it is Russian in origin, a source confirmed to Reuters.The Vitol-chartered vessel was shipping intermediate oil products including vacuum gasoil and fuel oil from Russia's Taman port to New Orleans last week, according to a trading source and shipping data.The products were due to reach a Valero refinery in the New Orleans region, two sources said.The cargo was stopped by U.S.

Soaring demand for U.S. liquefied natural gas (LNG) as buyers steer clear of Russian fuel is putting some long-stalled U.S. export projects back on track. But rising costs for materials and labor threaten to snarl these plants once again.Two developers with projects sidelined due to the U.S.-China trade war – Energy Transfer with its Lake Charles LNG and Tellurian Inc with its Driftwood LNG – have begun talks with construction provider Bechtel Group over costs, according to a…

Dredgers have been spotted off Cambodia’s Ream naval base, where China is funding construction work and deeper port facilities would be necessary for the docking of larger military ships, a U.S. think tank said on Friday.The United States, which has sought to push back against Beijing's extensive territorial claims and military expansion in the South China Sea, reiterated its "serious concerns" about China's construction and military presence at Ream."These developments threaten U.S.

At a time when the world has become more aware than ever before about the vital importance of the world’s ocean shipping fleet, which carried supplies, merchandise and much needed personal protective equipment during the COVID-19 pandemic, an increased risk from a different threat, cyberattacks, presents a set of new challenges. According to Israeli cybersecurity specialist Naval Dome, since February 2020, there has been a 400% increase in attempted hacks on the maritime realm…

An automated vessel is one where advanced decision support systems onboard the vessel, like the Global Positioning System (GPS) and auto pilot, undertake operational decisions independent of direct human control. A Maritime Autonomous Surface Ship (MASS) involves both automated systems and remote control operations. In August 2016, The Wall Street Journal published an article titled “Ship Operations Explore Autonomous Sailing.” The article suggested that by 2030 there would be remotely controlled ships and that by 2035 there would be MASS on the high seas.In 1974…

The U.S. trade deficit jumped to a record high in March amid roaring domestic demand, which is drawing in imports, and the gap could widen further as the nation's economic activity rebounds faster than its global rivals.Manufacturers lack the capacity to satisfy the surge in demand because of resource constraints and bottlenecks in the supply chain. Inventories are very lean. Demand is being driven by a rapidly improving public health situation and massive government aid to households…

An Iranian container ship was damaged in an attack in the Mediterranean, the state-run shipping company said on Friday, adding it would take legal action to identify the perpetrators of what it called terrorism and naval piracy.The ship, Shahr e Kord, was slightly damaged in Wednesday’s incident by an explosive object which caused a small fire, but no one on board was hurt, the spokesman, Ali Ghiasian, said, according to state media.“Such terrorist acts amount to naval piracy…

President Joe Biden was set on Wednesday to sign executive actions to combat climate change, including pausing new oil and gas leases on federal land and cutting fossil fuel subsidies as he pursues green policies in stark contrast to those of his predecessor Donald Trump.The orders map out the direction for the Democratic president's climate change and environmental agenda and mark a reversal from Trump, a Republican businessman-turned-politician who sought to maximize U.S. oil…

I don’t remember when I discovered that the first application of lightbulbs occurred at sea rather than ashore. But when I dug a little deeper into the subject recently, I came across an interesting set of coincidences that shows how innovation often relies on simply doing, rather than endlessly talking about it. After Thomas Edison managed to make sufficient improvements to the lightbulb concept to have it show commercial viability in late 1879, he ended up in a chicken and egg conundrum.The lightbulb might be great, but to get it to work would require an electrical power plant.

Tankers carrying Iranian fuel cargoes covered by a U.S. warrant for seizure are sailing to the United States after talks between U.S. authorities and ship owners, a U.S. government source and a shipping source said on Thursday.Iran had planned to transport the gasoline to Venezuela, a supply line that both Tehran and Caracas have flaunted in defiance of U.S. sanctions. Washington has imposed sanctions on both countries to choke oil exports and deprive their governments of their main source of revenue.Iranian action against another ship on Wednesday in the Gulf was in retaliation against the Greek owner of some of the vessels that were carrying the fuel cargoes, the government source and two shipping sources said.U.S.

The family that owns beleaguered Singaporean oil trader Hin Leong Trading (HLT) is seeking to block creditor OCBC's request to appoint overseers for the family's Xihe Holdings and four other subsidiaries to recoup its debt.Oversea Chinese Banking Corp (OCBC) applied last week for the Singapore High Court to appoint judicial managers over Xihe, owned by the family of Hin Leong founder Lim Oon Kuin, known as O.K. Lim.Kenny Lim Oon Cheng, Xihe Holdings interim chief executive, said…