Reuters News

07 Apr 2020

Trump Says May Jump Into Navy Furor After Captain Ridiculed in Speech

File photo: President Donald Trump speaks during an event at Joint Base Andrews, Md., December 20, 2019. (U.S. Air Force photo by Spencer Slocum)

U.S. President Donald Trump said he may get involved in a deepening crisis in the Navy after its top civilian on Monday ridiculed a revered former commander whose letter pleading for help for his coronavirus-stricken aircraft carrier was leaked to the public.In a surprise speech to crew members of the aircraft carrier Theodore Roosevelt that was meant to be a private address, Acting Navy Secretary Thomas Modly defended his decision to relieve Captain Brett Crozier of his command…

07 Apr 2020

Shipping Industry Urges Free Movement of Crews to Keep Trade Moving

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Ships must be allowed to change over overworked and exhausted crews to help to keep trade flowing as coronavirus lockdowns shut many transit points across the globe, shipping industry officials said on Tuesday.About 90% of world trade is transported by sea but a deepening lockdown in many countries and suspended air travel have disrupted supply chains, especially for ship owners who rely on the free movement of crews to keep ships moving.The International Chamber of Shipping association (ICS)…

07 Apr 2020

As Oil Crisis Deepens, Hedge Funds Sense a Turnaround

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Hedge fund managers sensed oil prices were nearing a turning point last week, and for the first time in more than two months started to add long positions in anticipation prices would bounce from an unsustainable low.Overall, hedge funds and other money managers were still net sellers of 19 million barrels of petroleum in the six most important futures and options contracts in the week ending on March 31.But they initiated 40 million barrels of new purchases as well as 59 million barrels of fresh sales, according to position records published by ICE Futures Europe and the U.S.

07 Apr 2020

Factory Ship to Produce Sanitizer to Fight Coronavirus

© OFW Ships / MarineTraffic.com

Owners of a factory ship moored off southern France which normally turns seawater into bottled mineral water have converted it to make sanitizing solution in the fight against the coronavirus.At the start of the year, the 179-meter long Odeep One began making bottled water pumped from the depths of the Mediterranean but since April 1 the plastic bottles which roll off its production line have contained alcohol solution instead.The French owners of the Panama-flagged ship currently produce just over 43…

07 Apr 2020

Opinion: Renewable Energy Wins Over Oil and Gas in Post-Coronavirus World

© Geoff Tweddle / Adobe Stock

Imagine waking up one morning with a deadly tiger snake in your bed. To make matters worse out of the window you notice an approaching bushfire.Both are a threat to your life, but you are going to deal with the imminent danger of the snake first, and then tackle the more distant but still serious fire. It's the same with the new coronavirus and climate change.Since the rapid spread of the coronavirus beyond its origin in China and the social and economic havoc it's wreaking across the globe…

06 Apr 2020

Acting Navy Head Blasts Fired USS Theodore Roosevelt Captain

File photo: Acting Secretary of the Navy Thomas B. Modly briefs the press about the Navy’s response to COVID-19, at the Pentagon, Washington, D.C., April 1, 2020. (DoD photo by Lisa Ferdinando)

The acting head of the U.S. Navy, in a surprise speech to the crew of a coronavirus-stricken aircraft carrier, castigated their former commander for writing a leaked letter that demanded the Navy take stronger action to halt the spread of the illness.Acting Navy Secretary Thomas Modly stood by his decision to relieve Captain Brett Crozier of his command in a speech to crew members of the aircraft carrier Theodore Roosevelt while it was docked in Guam early on Monday.“If he didn’t think that information was going to get out into the public in this information age that we live in…

06 Apr 2020

US Defense Chief Backs Navy Ouster Amid Report Captain has Coronavirus

File photo: Defense Secretary Dr. Mark T. Esper briefs the media about the department's COVID-19 response, the Pentagon, Washington, D.C., March 17, 2020. (DoD photo by Lisa Ferdinando)

U.S. Defense Secretary Mark Esper defended the Navy’s controversial decision to remove the commander of a coronavirus-stricken aircraft carrier, who was reported on Sunday to have tested positive for COVID-19 as the number of its sailors with the highly-contagious disease also grew.Captain Brett Crozier started showing symptoms of the virus before he was relieved of his command of the Theodore Roosevelt on Thursday and has tested positive, the New York Times said, citing two Naval…

03 Apr 2020

Navy Probe to Decide Future of Fired US Carrier Commander

Capt. Brett Crozier addresses the crew for the first time as commanding officer of the aircraft carrier USS Theodore Roosevelt (CVN 71) during a change of command ceremony in November 2019. (U.S. Navy photo by Sean Lynch)

Even as he is hailed as a hero by his crew, the fired commander of a coronavirus-stricken U.S. aircraft carrier is being reassigned while investigators consider whether he should face disciplinary action, acting U.S. Navy Secretary Thomas Modly told Reuters on Friday.Captain Brett Crozier was relieved of his command of the Theodore Roosevelt on Thursday after a scathing letter in which he called on the Navy for stronger action to halt the spread of the virus aboard the nuclear…

03 Apr 2020

Dismissed US Carrier Captain Gets Hero's Ovation From Crew

Capt. Brett Crozier addresses crew during an all-hands call on the USS Theodore Roosevelt (CVN 71) flight deck in November 2019. (U.S. Navy photo by Nicholas Huynh)

The captain of a U.S. aircraft carrier relieved of his command after seeking stronger measures in response to a coronavirus outbreak aboard his ship was given a hero’s ovation by his crew when he left the vessel, video posted on Twitter showed.A brief clip showed Captain Brett Crozier walking down the gangplank of the Theodore Roosevelt as crew members repeatedly chanted “Captain Crozier, Captain Crozier!”Crozier turned to wave at the crew after he stepped ashore in Guam.The removal of Crozier, first reported by Reuters, was announced by acting U.S.

03 Apr 2020

Oil Posts Biggest One-day Gain After Trump Touts Saudi-Russia Deal

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Crude prices posted their biggest-one day gains on record on Thursday after President Donald Trump said he expects Russia and Saudi Arabia to announce a major oil production cut, and Saudi state media said the kingdom was calling an emergency meeting of producers to deal with the market turmoil.Trump said he had spoken to Saudi Crown Prince Mohammed bin Salman, and expects Saudi Arabia and Russia to cut oil output by as much as 10 million to 15 million barrels, as the two countries signaled willingness to make a deal.Trump did not specify barrels per day (bpd)…

02 Apr 2020

US Navy Relieves Commander of USS Theodore Roosevelt

Aircraft carrier USS Theodore Roosevelt (CVN 71) (U.S. Navy photo by Brandon Richardson)

The U.S. Navy on Thursday relieved the commander of the aircraft carrier Theodore Roosevelt, who wrote a scathing letter that leaked to the public asking the Navy for stronger measures to control a coronavirus outbreak onboard the ship.The removal of Captain Brett Crozier from the command of the 5,000-person vessel, which was first reported by Reuters, was announced by acting U.S. Navy Secretary Thomas Modly, who said the commander exercised poor judgment.Modly said the letter…

02 Apr 2020

Carnival Pays High Price to Get Credit Investors on Board

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Carnival Corp, the world’s largest cruise operator, said it has raised $6.25 billion by issuing new debt and equity on Wednesday, borrowing at a high cost to weather the economic storm of the coronavirus pandemic.Despite having its cruise ships idled to comply with coronavirus travel restrictions, the company was able to attract enough investors that its capital raising was oversubscribed several times over, albeit at a steep price, sources told Reuters.Carnival priced $4 billion in bonds maturing in 2023 - upsized from the $3 billion originally planned - with a yield at par value of 11.5%…

01 Apr 2020

Trump Urges Florida to Welcome Coronavirus-hit Cruise Ship

Zaandam (Photo: Holland America Line)

U.S. President Donald Trump on Tuesday urged Florida officials to open an Atlantic Coast port to a Dutch cruise ship stuck at sea with a deadly coronavirus outbreak onboard, urging the governor to drop his opposition.Weighing in on the fate of Holland America Line’s MS Zaandam during a White House briefing, Trump said he would call Florida Governor Ron DeSantis, who has declared the vessel unwelcome to prevent its sick passengers from being “dumped” on his state.“They’re dying on the ship…

31 Mar 2020

'Sailors Do Not Need to Die,' Warns Captain of Coronavirus-hit US Aircraft Carrier

The aircraft carrier USS Theodore Roosevelt (CVN 71) in the Philippine Sea in February 2020. (U.S. Navy photo by Sean Lynch)

The captain of the U.S. aircraft carrier Theodore Roosevelt, in a blunt letter, has called on Navy leadership for stronger measures to save the lives of his sailors and stop the spread of the coronavirus aboard the huge ship.The four-page letter, the contents of which were confirmed by U.S. officials to Reuters on Tuesday, described a bleak situation on board the nuclear-powered carrier as more and more sailors test positive for the virus.The Navy puts the ship’s complement at 5…

31 Mar 2020

Greece to Sell Majority Stakes in Four Ports

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Greece plans to sell majority stakes in four ports as part of a privatization plan agreed with its lenders after the country exited the bailouts in 2018, a document of its privatization agency (HRADF) showed on Tuesday.HRADF will sell majority stakes in the share capital of Alexandroupolis, Igoumenitsa, Heraklion and Volos ports, the agency said in an invitation to hire financial advisers for the sales released on this website.China's COSCO has bought a 51% stake in Piraeus Port, the country's biggest, in 2016.

31 Mar 2020

Oil Economics: Freight Rate Surge Cuts into Trader's Profits

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A jump in freight rates has shaved profits for oil traders seeking to store crude for sale towards the end of the year, even as the contango in the first six months for Brent futures stretched to its widest ever, trade sources said.While a sharp rebound in spot crude differentials could lift traders' profits, a broadening slump in global demand is stretching out the time that markets will need to digest bulging inventories and spark a price recovery, traders said.Unlike in previous contango plays -- where low oil prices eventually prompted major producers to tighten supplies…

30 Mar 2020

Nigeria Announces Offshore Oil Worker Restrictions to Battle Coronavirus

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Nigeria's petroleum regulator has ordered oil and gas companies to reduce their offshore workforce and move to 28-day staff rotations as part of measures to curb the spread of the coronavirus, according to a circular seen by Reuters.Health experts fear a widespread outbreak in Africa's most populous country, which has about 200 million inhabitants, and the country is keen to protect oil production, which provides 90% of much-needed foreign exchange.A coronavirus case on an offshore rig could spread quickly among workers and have a potentially devastating impact on production.Sarki Auwalu…

29 Mar 2020

Empty Tankers Depart Venezuela; Sanctions Cancel Cargo

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Three large crude carriers (VLCCs) chartered by units of Russian oil major Rosneft to transport Venezuelan oil left Caribbean waters empty on Saturday after the cargoes were canceled due to sanctions, according to Refinitiv Eikon data and a document from Venezuelan state-run oil firm PDVSA.The vessels - which would jointly export some 5.7 million barrels of Venezuelan heavy crude to Asia - had waited for weeks near Venezuelan waters to load, but the cargoes were canceled this week due to sanctions on PDVSA and Rosneft's trading units…

27 Mar 2020

Fully Laden LNG Tankers Sit Idle Off Indian Ports after Force Majeure

© Wojciech Wrzesien/AdobeStock

At least five fully-laden liquefied natural gas (LNG) tankers are idling offshore India, as yet unable to discharge their cargoes, after importers there declared force majeure earlier this week, according to an analyst and shipping sources.Gas demand is falling globally amid the fast-spreading coronavirus which has capped industrial output, forcing LNG tankers in several regions to remain at sea fully laden with no immediate destination, the sources said.At least three major buyers in India…

26 Mar 2020

More Bad News for Bulkers, as South African Ports Close for Mineral Exports

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South Africa's main export terminals will be closed to mineral exports from midnight on Thursday when a nationwide 21-day lockdown over coronavirus begins, disrupting copper supply chains linking major producer Zambia to Asian consumers.Miners in the Zambian copper belt typically transport copper overland to South Africa's ports, where it is exported mainly to China, the world's biggest consumer of the metal."All bulk terminals (mineral mining commodities) will be closed," a note from Transnet Port Terminals read, according to a shipping agent.

26 Mar 2020

Australia Orders Two Cruise Ships to Leave ... Now!

© Richie Chan/AdobeStock

Australia ordered two cruise ships to leave its waters on Thursday, after a liner that docked in Sydney Harbor last week became the primary source of infection in the country's coronavirus outbreak.Although well below levels elsewhere in the world, the pace of Australia's infections is starting to pick up speed, reaching nearly 2,800 cases and 13 deaths.The government of West Australia state said nobody would be permitted to disembark from the German-operated MV Artania after seven of 800 foreign passengers on board tested positive for the virus…

25 Mar 2020

A Cruise Ship is Australia's Worst Coronavirus Cluster

© NAN / Adobe Stock

Greg Butler was rushed to hospital with COVID-19 within days of getting home to self-isolate after being allowed off the Ruby Princess cruise liner in Sydney, one of more than 130 passengers who tested positive in Australia’s worst coronavirus outbreak.One of them, a woman, died earlier this week.The 56-year-old Butler had been holidaying with his partner, Robin Russ, who remains in isolation.“I tested negative and he tested positive,” Russ said over the telephone from the apartment they moved to for quarantine.After disembarking at Sydney Harbour on March 19…

25 Mar 2020

Cargo Shipping to Keep EU Antitrust Exemption until 2024

© Marcus Millo / Adobe Stock

Cargo shipping companies will be exempt from antitrust rules against anti-competitive agreements for a further four years until 2024 because this leads to lower prices and better consumer services, EU antitrust regulators said on Tuesday.First adopted in 2009 and extended for five years in 2014, the consortia block exemption regulation will be prolonged for four more years to April 2024, the European Commission said in a statement.It allows liner shipping operators with a combined market share below 30% to cooperate to provide joint liner shipping services…

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