Bloomberg News

U.S. automakers General Motors and Ford will reroute affected shipments after a bridge collapse in the U.S. shuttered the Port of Baltimore, but the companies said on Tuesday the impact will be minimal."We expect the situation to have minimal impact to our operations. We are working to re-route any vehicle shipments to other ports," GM said in a statement.The Port of Baltimore is the busiest U.S. port for car shipments, handling at least 750,000 vehicles in 2023, according to data from the Maryland Port Administration.

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)

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

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.

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.

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…

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…

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…

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)

China has bought over 10 cargoes of Brazilian soy this week, as its trade tensions with the United States continue to rise causing Beijing to look towards securing supplies, Bloomberg News reported on Wednesday, citing people familiar with the matter.Brazil is the top supplier of soybeans to China, the world's biggest buyer of the beans.The development comes amid increasing tensions between the United States and China over the handling of the coronavirus outbreak and the more recent Chinese proposal of imposing national security laws in Hong Kong, to add to the long-standing trade war between

A Republican U.S. senator on Wednesday said President Donald Trump will not waive rules requiring that only U.S.-flagged ships move natural gas from American ports to Puerto Rico and the U.S. Northeast.The nearly 100-year-old Jones Act mandates the use of U.S.-flagged vessels to transport merchandise between U.S. coasts. Republican senators said the administration was seriously considering waiving the requirements for 10 years. Bloomberg News reported last week that Trump was leaning in favor of some kind of waiver.Senator Bill Cassidy, a Louisiana Republican, told reporters on a conference call that Trump told Republican lawmakers he would not support a waiver.

President Donald Trump is set to meet with Republican senators on Wednesday over a proposal to waive rules that only U.S.-flagged ships can move natural gas from American ports to Puerto Rico and the U.S. Northeast.The nearly 100-year-old Jones Act mandates the use of U.S.-flagged vessels to transport merchandise between U.S. coasts. Bloomberg News reported last week the administration was seriously considering waiving the requirements for some energy shipments and that Trump…

Britain's richest man Jim Ratcliffe's oil and gas company Ineos Group Holdings is in exclusive talks with ConocoPhillips to buy North Sea oil and gas fields worth $3 billion from the U.S. energy company.Various news paper reports say that British petrochemicals company has confirmed it is negotiating to buy several North Sea oil fields from U.S. energy giant.The Sunday Times, which first reported the story, said that the period is said to be set to three months after the entity registered in Switzerland agreed to pay a "substantial" deposit.Accoding to the Financial Times, the potential deal, which has a price tag of more than $3 billion according to industry sources…

Abu Dhabi Ports has no plans to launch a public sale of shares in the short term, the chief executive of the state-owned company told Reuters on Tuesday. "There are no immediate plans to go public," Mohamed Juma al Shamisi said when asked if the company planned to sell shares and a subsequent listing. His comments came after Bloomberg News reported that Abu Dhabi Ports is considering an initial public offering, joining a growing list of state entities in the United Arab Emirates seeking to sell shares, citing people familiar with the matter.

Russia's President Vladimir Putin and Japan's Prime Minister Shinzo Abe agreed on Friday to draw up proposals this year to end a row over a group of disputed islands that has bedevilled relations between their countries for over 70 years. The dispute stems from the Soviet Union's decision, in the final days of World War Two, to seize the islands - known in Japan as the Northern Territories and in Russia as the Southern Kuriles - that Tokyo says are its sovereign territory. Concessions over the islands would carry risks for Putin but could boost Japanese investment in Russia at a time when Moscow, battered by low global oil prices and Western sanctions, badly needs an injection of cash.

Japan's anti-monopoly regulator is investigating whether clauses in liquefied natural gas (LNG) contracts preventing buyers from selling the fuel to third parties hurts competition, Bloomberg News reported on Thursday, citing unidentified sources. The investigation by the Japan Fair Trade Commission (JFTC) is in the early stages and may be completed by the end of year, the report said. A spokesman for the JFTC would not comment on the issue when contacted by Reuters, including whether any probe is under way.

Cheniere Energy Inc. plans to start exporting liquefied natural gas in August from a second plant at its Sabine Pass terminal in Cameron Parish, according to a report from Bloomberg News.    Cheniere began exporting LNG in February from its first unit at Sabine Pass. In its fourth-quarter report, Cheniere said the second unit could begin producing LNG by mid-2016.    When completed, the Sabine Pass facility will have six LNG units. The first two units have a combined production capacity of 9.9 million tons LNG per year.   “Actual project progress supports the achievement of substantial completion for Trains 1 and 2 by late May 2016 and September 2016, respectively," the company said in the filing with the Federal Energy Regulatory Commission.

The turmoil spreading from China is certainly not good for the shipping market, says billionaire John Fredriksen to Bloomberg News. John, the billionaire who made his fortune investing in crude tankers, said he’s “very worried” on global shipping markets. Rigg is also very difficult due to oil prices and overcapacity, he said. Oil touched the lowest levels since 2009 on Monday. “For our situation it’s good for our tankers,” he said. The drilling rig market is facing lower demand from oil producers after crude prices collapsed last year. The decline in demand comes as new rigs enter the market, boosting oversupply after a decade of rising offshore investments. More than $5 trillion has been erased from the value of stocks worldwide since China’s surprise devaluation of the yuan Aug.

Oilman Harold Hamm, CEO of Continental Resources Inc., told a University of Oklahoma dean last year that scientists studying links between oil drilling and earthquakes should be dismissed, Bloomberg News reported on Friday. Bloomberg, citing emails obtained through a public records request, said Hamm indicated he wanted to see some scientists at the Oklahoma Geological Survey, which is based at the university, let go. Scientists have said the reinjection of drilling and fracking wastewater into disposal walls could be tied to earthquakes. Bloomberg said a university spokeswoman denied any interference from Hamm, who has been a donor to the university. Bloomberg said no changes were made to the university's team of scientists.

Commodities giant Glencore has started talks with Rio Tinto's largest shareholder, Aluminium Corp of China (Chinalco), as it seeks to pave the way for a possible merger in 2015, Bloomberg News reported on Monday. Reuters reported last month that Glencore could make a move for mining rival Rio Tinto to gain exposure to iron ore, citing banking sources. Bloomberg said in its report that Glencore had made a preliminary step towards securing the tie-up by holding discussions in recent weeks with Chinalco, which owns a 12.91 percent stake in Rio Tinto, according to Reuters data.

A surplus of tankships seeking Persian Gulf cargoes curbs earlier charter rate increases. There are 20 percent more very large crude carriers for hire over the next 30 days than there are cargoes, according to the median estimate of seven shipbrokers and owners (TANKER) surveyed by Bloomberg News. A week ago, the excess was 16.5 percent. The cost of chartering the ships fell to 36.58 Worldscale points yesterday, snapping six days of gains, according to data from the Baltic Exchange in London. The ships are losing $4,648 daily, according to the bourse, whose calculations don’t take account of speed alterations that can boost the vessels’ earnings by lowering their fuel consumption. Source: Bloomberg

According to Bloomberg News, shipbreakers paid about $425 a ton for commodity carriers last month, compared with $490 a year earlier, based on Clarkson (CKN) Plc data. The tonnage sold in the first half rose 25 percent from a year earlier to 16.2 million tons, leading shipbrokers Clarkson told Bloomberg. “Owners haven’t got any option other than to scrap,” said Darren Lepper, a sales and purchase specialist at the London- based shipbroker. Panamax vessels have led the jump in scrapping with 56 sold for demolition in the first half compared with 38 a year earlier, according to Clarkson. The tonnage sold has risen 33 percent to 3.37 million tons. Older vessels “just cost too much” to operate, said Jayendu Krishna, a senior manager at Drewry Maritime Services in Singapore.

The debate regarding working in and around the Arctic is multi-tiered, with environmental, technical and emergency response heading the list. There is no debate regarding the fuel, money and emissions to be saved by shortening select global shipping routes. In a report from Bloomberg news posted June 13 on http://www.businessweek.com, it was said there will be a rise in dry bulk cargos hauled through Arctic waters this season, a journey that can halve shipping time compared to some Suez Canal shipments, and simultaneously reduce fuel consumption, costs and emissions.