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Bloomberg News

05 Mar 2024

Singapore's Temasek Shortlists Saudi Aramco, Shell in Sale of Pavilion Energy Assets

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Singapore's Temasek Holdings has shortlisted energy giants Shell and Saudi Aramco among a handful of companies to purchase most of the assets of liquefied natural gas (LNG) trading firm Pavilion Energy, sources with knowledge of the matter said.The sale process comes a decade after the state investment firm set up Pavilion Energy to focus on LNG-related investments, and takes place as spot Asian LNG prices LNG-AS have fallen more than 40% since mid-August, potentially weighing on the deal's valuation.Temasek is evaluating bids for the sale of Pavilion Energy's assets…

07 Feb 2024

Maersk Operations Disrupted in Some Locations in Americas

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Shipping company A.P. Moller-Maersk A/S is experiencing computer network issues that are disrupting operations in some locations in the Americas, Bloomberg News reported on Wednesday.Maersk said there was "no indication" of malicious or cyber activity, the report said, citing an emailed statement.Maersk did not immediately respond to a Reuters request for comment.(Reuters - Reporting by Devika Nair in Bengaluru; Editing by Rashmi Aich)

15 Jan 2024

Houthi Attacks Expose China's Commercial Stakes in Red Sea

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China has called for an end to attacks on civilian vessels in the Red Sea that have dramatically widened the Hamas-Israel conflict and placed Beijing's commercial interests along the Suez Canal at risk.The Iran-backed Houthi militia from Yemen that seeks "Death to Israel" is challenging the ability of the world's biggest trading nation to defend billions in strategic investments in Egypt.Since President Abdel-Fattah el-Sisi came to power in 2014, China has stepped up its investment and commercial activities along Egypt's Suez Canal…

07 Dec 2023

Russia Pledges More Oil Data to Ship Trackers

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Russia has pledged to disclose more data about the volume of its fuel refining and exports after OPEC+ asked Moscow for more transparency on classified fuel shipments from the many export points across the vast country, sources at OPEC+ and ship-tracking firms told Reuters.Russia is the only member of OPEC+ which contributes to export cuts rather than production cuts as part of its participation in the group's agreement to curb supplies. Market analysts have struggled to verify…

01 Dec 2023

Hahn & Co weighs sale of South Korea's SK Shipping

(File photo: SK Shipping Co)

South Korean private equity firm Hahn & Co is reviewing strategic options for its majority stake in SK Shipping Co, including a sale that could value the company at about $10 billion including debt, Bloomberg News reported on Thursday.Hahn & Co is working with financial advisers as it weighs a partial or full sale of its stake, the report said, citing people familiar with the matter, adding that it was considering other options like selling individual divisions of the Seoul-based shipping company.SK Shipping did not immediately respond to a Reuters request for comment, while Hahn & Co could no

03 Oct 2023

Shipbuilder Damen Sues Dutch Gov't over Russia Sanctions

Credit: AlexGo/AdobeStock

Dutch shipbuilder Damen Shipyards has sued the Dutch government over damages it says it has suffered due to European sanctions against Russia.Damen, which produces a wide-ranging fleet of industrial and military vessels and luxury yachts, is seeking compensation for business lost due to the sanctions, company spokesman Rick van de Weg said, confirming an earlier report by Bloomberg.Damen had delivery contracts for a number of vessels across the company's portfolio that were scrapped by the sanctions invoked by Russia's invasion of Ukraine in February 2022, Van de Weg said.Damen had an engineer

22 Sep 2023

U.S. Judge Orders Expansion of Gulf of Mexico Oil Lease Auction

Credit: Mike Mareen/AdobeStock

A federal judge in Louisiana has ordered an expansion of next week's sale of oil leases in the Gulf of Mexico, saying the Biden administration must include additional acreage, according to a court ruling issued late on Thursday.The oil and gas industry, which had sued the administration,  welcomed the decision to restore 6 million acres to the auction after the Interior Department's Bureau of Ocean Energy Management earlier reduced the area available for lease in an effort to protect an endangered whale.U.S.

06 Sep 2023

Orsted CEO Says Abandoning US Wind Projects a 'real option'

Orsted Chief Executive Mads Nipper - Credit: Orsted (file image)

Denmark's Orsted, the world's largest offshore wind farm developer, is prepared to walk away from projects in the U.S. unless the Biden administration guarantees more support, Bloomberg News reported on Tuesday, citing the company's CEO. "We are still upholding a real option to walk away," Orsted CEO Mads Nipper told Bloomberg News in an interview. "But right now, we are still working towards a final investment decision on projects in America." Last week Orsted said it may see U.S.

05 Jun 2023

Baltic Dry Index Snaps 16-day Losing Streak

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The Baltic Exchange's main dry bulk sea freight index rose for the first time in 17 sessions on Monday, buoyed by an uptick in the larger capesize and panamax vessel segments.The overall index, which factors in rates for capesize, panamax and supramax shipping vessels ferrying dry bulk commodities, gained 20 points, or 2.2%, to 939.The capesize index added 62 points, or 5.6%, at 1,178, after posting its biggest weekly percentage fall in almost four months last week.Average daily earnings for capesizes , which typically transport 150,000-tonne cargoes such as iron ore and coal, increased $512 t

29 Mar 2023

Cargill to Stop Grain Export Activities in Russia

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Cargill said on Wednesday it would take a further step back from the Russian market by stopping handling Russian grain from its export terminal from July, although its shipping unit will continue to carry grain from Russian ports.Most international grain traders have stopped new investment in Russia since last year following Moscow's invasion of Ukraine but continued exporting Russian wheat."As grain export-related challenges continue to mount, Cargill will stop elevating Russian grain for export in July 2023 after the completion of the 2022-2023 season…

08 Dec 2022

CMA CGM to Buy New York, New Jersey Terminals from Canada's GCT

CMA CGM, one of the world's largest container shipping lines, said on Tuesday that it has agreed to acquire two container terminals at the port of New York and New Jersey from Global Container Terminals (GCT), which will extend its presence in a crucial hub for trade.The deal comes after French-based CMA CGM last month said it expects a pullback in shipping markets to accelerate in the fourth quarter due to high energy prices and flagging consumer spending, resulting a drop in its profitability following an earnings surge in the past year.Terms of the deal were not disclosed.

04 Aug 2022

Nautilus Labs Hires Sundsted as CTO

Todd Sundsted (Photo: Nautilus Labs)

Nautilus Labs, the technology firm unlocking commercial decarbonization for the ocean supply chain, announced the designation of Todd Sundsted as Chief Technology Officer (CTO).In his new role, Todd Sundsted, who is based in New York, will lead product development, engineering, and data science, including the enhancement of Nautilus’s AI capabilities and best-in-class machine learning models. Prior to joining Nautilus Labs, Sundsted was CTO at Odeko, which builds smart mobile ordering and supply chain management software for coffee shops and cafés…

15 Jun 2022

Global Ports Gets Takeover Approach from Shipping Firm MSC

(Photo: Global Ports Holding)

Global Ports Holding PLC, the world's largest cruise port operator, said on Wednesday it had received an approach about a potential cash offer from Swiss-based MSC Mediterranean Shipping Company.Shares of the London-listed company closed up 19% at 109 pence and marked their best day in two years after Global Ports confirmed a Bloomberg report that MSC was considering taking a controlling stake in Global Ports.Global Ports, owned by Turkish businessman Mehmet Kutman, said the talks were ongoing and the deadline for the container group to make a firm offer or walk away is July 13.Global Ports, w

29 Mar 2022

Vitol Made Record Net Profit in 2021

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Global energy trader Vitol Group made a record net profit of just over $4 billion last year, sources familiar with the matter said, as oil, natural gas and other commodity prices soared.Vitol, the world's biggest independent oil trader, declined to comment.The unaudited result beats its previous record net profit in 2020, when oil markets were upended by the COVID-19 pandemic. Bloomberg reported Vitol made $3.2 billion in 2020. The company does not disclose its net profit.Last week, Vitol said revenues leapt to $279 billion in 2021 as oil prices recovered from 2020 lows.

31 Dec 2021

2021 in Review: The Dry Bulk and Tanker Markets

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The Signal Group offers an exhaustive overview of the trends in the dry bulk and tanker markets that both defined 2021, and offer a glimpse as to what might be in store for 2022 and beyond. The report is excerpted in short below; to see the full report CLICK HERE.Using Signal Ocean data, give the insight to analyze the trends and changes across the major vessel sizes in the dry and tanker freight market for 2021. This time last year, Signal Group analyzed the effects of the coronavirus pandemic on commercial shipping with a focus on dirty tankers - VLCC…

17 Sep 2021

Quick Nord Stream 2 Start-up Would Calm Record-high Gas Prices in Europe, Kremlin Says

Credit: Nord Stream 2

A rapid startup of the Nord Stream 2 gas pipeline from Russia to Germany could help calm record-high gas prices in Europe, Kremlin spokesman Dmitry Peskov told reporters on Wednesday, as Moscow awaits for regulatory clearance for gas flows to begin.Russia announced last week that it had completed construction of the $11 billion Nord Stream 2 to Germany, doubling its gas exporting capacity via the Baltic Sea. However, the start of gas flows via the route needs the approval of Germany's regulator…

20 Jul 2021

Report says BHP Mulls Oil & Gas Exit

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Global miner BHP Group is considering getting out of oil and gas in a multibillion-dollar exit as it looks to speed up its retreat from fossil fuels, Bloomberg News reported on Tuesday, citing people familiar with the matter.The world's biggest miner is reviewing its petroleum business and considering options including a trade sale, the report said, adding that the deliberations were still at an early stage and no final decision has been made."BHP does not comment on rumor or speculation…

15 Jun 2021

Deutsche Bank Set for $1 Bln Windfall from Zim Bets

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Deutsche Bank is on course to make up to $1 billion on a long-shot bet on Israeli shipping firm Zim after it surged in value on the back of record-high global freight rates, Bloomberg reported on Tuesday.Citing unnamed sources familiar with the matter, the report said that Mark Spehn, a distressed debt trader at the German bank, had wagered less than $100 million over the past five years on building a position in the company through bond and bank loans as shipping rates fell. Zim recovered to float on the stock market on Jan.

22 Mar 2021

Op/Ed: All Hands On Deck to Tackle Decarbonization Today

Q-LNG 4000, the first offshore LNG bunkering ATB in the U.S. (Photo: Shell)

Without action from the shipping sector to decarbonize, the sector will be responsible for approximately 17% of global CO2 emissions by 2050. And given the scale of the change required, we must address this now. Across the industry, many are wrestling with what steps to take to drive their decarbonization journeys.Last year, Shell and Deloitte published a joint report, Decarbonizing Shipping: All Hands on Deck, assessing the key factors affecting decarbonization of the shipping sector.

08 Mar 2021

USA: Senator Cruz Puts Hold On Biden's CIA Pick over Nord Stream 2 Pipeline

Senator Ted Cruz (File Photo) Credit: Gage Skidmore - CC BY-SA 2.0

Republican Senator Ted Cruz put a hold late on Friday on President Joe Biden's pick to lead the Central Intelligence Agency to pressure the administration to put tough sanctions on Russia's Nord Stream 2 natural gas pipeline project.The Senate Intelligence Committee last week backed William Burns, a former ambassador to Russia, by a unanimous vote. Burns has been confirmed by the Senate for five previous jobs over 33 years and is expected to eventually be approved by the full…

12 Nov 2020

Sanctions on Nord Stream 2 Pipeline Included in Annual U.S. Defense Bill

Sanctions that could hinder one of Moscow's most important projects in Europe, the Nord Stream 2 natural gas pipeline, have been included in the annual U.S. defense policy bill, two congressional aides said on Wednesday.The sanctions in the compromise National Defense Authorization Act between lawmakers in the House and Senate would penalize companies facilitating the construction of the pipeline, including ships helping operations to lay pipelines or moving rock formations on the sea bed.The sanctions also target companies providing insurance or secondary insurance for its construction and certification for the pipeline in Denmark.

27 Oct 2020

Siemens, Carlyle Near $2.4 Billion Deal Over Flender Business

(Image: Flender)

U.S. buyout group Carlyle Group Inc is nearing an agreement to acquire Siemens AG's mechanical drive arm Flender, for about 2 billion euros ($2.37 billion), Bloomberg News reported citing sources.Siemens and Carlyle are finalizing terms of the deal that could be announced as early as this week, the report said.Last week Siemens had asked Triton, Carlyle, CVC and Brookfield to submit final offers next week for the business, which has earnings before interest, tax, depreciation…

03 Sep 2020

DP World, Canadian Fund Ponder $4.5 bln Investment in Port Terminals

Credit: DP World

Global port operator DP World and Canadian pension fund Caisse de Depot et Placement du Quebec are nearing a deal to invest an additional $4.5 billion in their global portfolio of port terminals, Bloomberg News reported on Thursday, citing people familiar with the matter.DP World and the Canadian pension fund manager could announce the injection of funds as early as this week, the report added.DP World and Caisse de Depot et Placement du Quebec were not immediately available to comment in response to a Reuters request. (Reporting by Aakriti Bhalla in Bengaluru; Editing by Mark Potter)

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