Reuters News

19 Feb 2019

Vens Close Maritime Border with Dutch Antilles

Venezuelan authorities have closed the maritime border with the Dutch Antilles, a regional navy chief told Reuters on Tuesday, preventing boats and aircraft from arriving from the islands of Aruba, Curacao and Bonaire.Vice Admiral Quintero Martinez did not give a reason for the closure, though Venezuela's opposition have said they plan to bring humanitarian aid into the country from Curacao on Saturday, which President Nicolas Maduro's government has pledged to block.Reporting by Mircely Guanipa

19 Feb 2019

As Traders Tussle Turkmenistan Cuts Exports

© kamontad123 / Adobe Stock

A clash between trading house Vitol and Azerbaijan's SOCAR over Caspian Sea oil shipments is forcing Turkmenistan to slash exports of crude due to a lack of tankers.Turkmenistan typically exports about 200,000 tonnes of oil per month via the Caspian to world markets, mainly from fields operated by the UAE's ENOC and Italy's Eni, but flows have halved in recent weeks, six traders involved in operations said.That happened after Turkmen producers decided to export oil via Russia with the help of Swiss trader Vitol and ditch the previous Azeri route…

19 Feb 2019

Dry Bulk Market Outlook Darkens After Vale Casualty

File Image: AdobeStock / © Lucasz Z

The prospects of dry bulk shippers carrying iron ore from mines to smelters have worsened due to the accident at Vale's Brumadinho dam in Brazil, Golden Ocean said on Tuesday as it presented forecast-beating quarterly earnings.The dam in the town of Brumadinho, which contained tailings, the mud-like byproducts of iron ore mining, burst on Jan. 25, killing at least 166 people and with almost 200 more still missing.Brazil's Vale, the world's largest iron ore mining company, has…

18 Feb 2019

Naval incident off of Gibraltar

There was no incursion by Spanish naval forces during an incident near Gibraltar at the weekend, a spokesman for British Prime Minister Theresa May said on Monday.Gibraltar said that a Spanish warship tried to order commercial shipping to leave anchorages in British waters near Gibraltar on Sunday but was challenged by the British navy and sailed away."There was no incursion on this occasion. We are certain of our sovereignty over the whole of Gibraltar, including British -Gibraltar territory waters, and any incursions are a violation of sovereignty, but not a threat to it ," the spokesman said. (Reuters reporting by William James, writing by Alistair Smout; editing by Guy Faulconbridge)

14 Feb 2019

Norway's Snow Crab Ruling Boosts Oil Claim

© Suvorov Aleksey / Adobe Stock

A court delivered a painful nip to European Union fishermen on Thursday by tightening Norway's grip on snow crab catches in the Arctic, a ruling that may also let Oslo claw more control of oil and gas from other nations.Fishermen from the European Union must ask permission from Oslo to catch snow crab — whose meat is a delicacy for gourmets from Canada to Japan — in Arctic waters north of Norway, the Norwegian Supreme Court said in a unanimous ruling.The court dismissed an appeal…

14 Feb 2019

Supply Vessel Sinks Off Singapore

Singapore's Maritime and Port Authority (MPA) said that a small supply and personnel vessel with three Indonesian crew memebers had capsized and sunk in its territorial waters, near where a similar incident occurred a month ago.All three crew members aboard the Ocean Cooper 2 are safe and no injuries or oil pollution were reported, the MPA said in a statement, adding that the incident is being investigated.The MPA said it received a report at 7:15 a.m. on Thursday (2315 GMT on Wednesday) that a Dominica-flagged supply vessel had capsized and sunk in the westbound lane of the Traffic Separation Scheme, about 3 nautical miles from Pedra Branca.The incident happened in one of the world's busiest shipping lanes…

13 Feb 2019

When Siberia Shivers, Time to Fix Ships in the Ice

© okyela / Adobe Stock

When the Siberian winter bites and the mighty Lena River freezes, workers at the Yakutsk shipyard brace for a backbreaking but vital task - 'vymorozka'.As Siberia's summer is so short, freighters must be kept moving while the river, whose 4,400 km (2,735 miles) carry the region's economic lifeblood, is navigable. Repairs must be done in winter, when the river is frozen and the ships are wedged tight in the ice.Vymorozka, which translates as 'freezing out', is the process of cutting away the ice from around a ship's hull with chainsaws…

13 Feb 2019

Mnuchin: China Talks "So far, so good"

© windy Li/AdobeStock

U.S. Treasury Secretary Steven Mnuchin said talks with China went well on Wednesday, as the world's two largest economies try to iron out an agreement to resolve their trade dispute."So far, so good," he said when asked by reporters on how the meetings in Beijing went. He did not say who he met.Mnuchin said earlier he hoped for "productive" trade meetings as the two countries seek to end a festering dispute that has seen both sides level tariffs at one other.U.S. tariffs on $200…

12 Feb 2019

CMA CGM Aims for Ceva Logistics Breakeven in 2019

Photo: Ceva Logistics

CMA CGM is aiming for Ceva Logistics to break even this year, its finance chief said on Tuesday, as the French shipping group opened a share offer to cement its control of the Swiss freight specialist.CMA CGM's public tender will offer other shareholders 30 Swiss francs ($29.75) per share, valuing Ceva at 1.67 billion francs, a price agreed after Ceva rejected a takeover bid in October from Danish freight firm DSV.Marseille-based CMA CGM, one of the world's largest container shipping lines, became Ceva's core shareholder when the Swiss company floated on the Zurich stock market last year, as p

12 Feb 2019

SHI Turned Down Offer to Buy DSME

© Roland Bentin / Adobe Stock

Samsung Heavy Industries turned down an offer to take over rival shipbuilder Daewoo Shipbuilding & Marine Engineering, the top shareholder of Daewoo said on Tuesday.State-funded Korea Development Bank (KDB), which holds a 56 percent stake in Daewoo, said it aims to sign a deal to sell the shipbuilder to sole bidder Hyundai Heavy Industries once its board approves it in early March.Hyundai Heavy, the world's biggest shipbuilding group, announced a share swap deal worth 2.1 trillion…

12 Feb 2019

Boat Made of Flip-flops Sails for Cleaner Seas

(Photo: Flipflopi)

It was 6pm when an unusual rainbow-colored boat, made of recycled plastic waste and discarded flip-flops gathered from beaches and roadsides, dropped anchor off the beach at Mtwapa, near Kenya's coastal city of Mombasa.The 9-meter-long dhow, "The Flipflopi", was sailing south along East Africa's coast to raise awareness of the threat plastics pose to the oceans, said chief boat-builder and captain Ali Skanda.Beaches and marine ecosystems have been badly affected by plastics, Skanda said…

11 Feb 2019

Fund Buying Slows on Crude

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Hedge funds added more bullish positions in crude at the start of February but at a much slower pace than before, as optimism about OPEC output cuts was tempered by renewed anxiety about the U.S.-China trade talks.Hedge funds and other money managers increased their net long position in Brent crude futures and options for the eighth time in the last nine weeks but by just 1 million barrels.Fund managers added new short positions (+13 million barrels) for the week ended Feb. 5…

08 Feb 2019

Woodmac: 10% of Marine Fuel to be Scrubbed

© Stephen Finn/AdobeStock

Recent research from Woodmac makes some fairly bold and insightful predictions on the future of maritime fuel as the clock ticks toward 2020 and new fuel rules from the IMO that will dramatically reduce the level of sulfur emissions from ships.* Research firm Woodmac sees a rise in the use on ships of "scrubbers", the equipment to clean up sulfur emissions, before the International Maritime Organization imposes new rules from Jan.

08 Feb 2019

U.S. Soybean Inventories at Record Levels

file Image: CREDIT AdobseStock / © Igor Strukov

U.S. soybean supplies as of Dec. 1 were the biggest on record as demand for the oilseed fizzled amid a trade war between the United States and China, the U.S. Agriculture Department said on Friday.USDA also trimmed its forecast of the U.S. soybean crop harvested last fall to 4.544 billion bushels from its previous estimate of 4.600 billion bushels.Soybean stocks as of Dec. 1 stood at 3.736 billion bushels. That compares with 3.161 billion bushels a year earlier, which had been the record.

07 Feb 2019

Troubled Uljanik Shipyard Stays Afloat by Restructuring

File Image: CREDIT Uljanik Shipyard

Croatia's troubled shipbuilder Uljanik said on Thursday it had chosen local rival Brodosplit as a strategic partner to restructure its operations.Uljanik, 25 percent owned by the state and with 3,500 employees, has been working to stave off bankruptcy due to liquidity problems that began in 2017. Workers staged strikes twice last year over unpaid wages."Uljanik has chosen Brodosplit as its strategic partner which will have an obligation to devise, in cooperation with Uljanik, a feasible restructuring plan…

05 Feb 2019

Sri Lanka Port Strike Ends

Photo courtesy of Sri Lanka Port Authority

Sri Lankan customs officers on Tuesday called off a strike that left 6,000 containers stranded at the country's main port and put pressure on food prices, after the government agreed to reinstate their boss for three months.The strike by thousands of officials began a week ago in protest at the sacking of Director General P.S.M. Charles, who authorities blamed for a drop in customs revenue last year.It was not immediately clear how long the backlog of containers would take to clear after unions said late on Tuesday that the strike had ended.About 1…

05 Feb 2019

'Frog's Leg' Proves Bountiful for Aker BP

Aker BP finds up to 153 million barrels of oil equivalents in North SeaAker BP has discovered an oil and gas reservoir while drilling near its Alvheim field in the North Sea.Known as Froskelaar (Frog's Leg) Main, the reservoir is estimated to hold between 45 million and 153 million barrels of oil equivalents, and may straddle Norway's maritime border with Britain."The drilling operation will continue, and a comprehensive data collection program will be performed to determine the size and quality of the discovery," Aker BP said in a statement.When reserves are found to stretch across the British-Norwegian offshore border, the two nations…

30 Jan 2019

Transport Firms Reviewing UK-registered Ships Ahead of Brexit

Photo courtesy of Stena

Sweden’s Stena and Bermuda-registered Stolt-Nielsen are reviewing their UK-registered ships ahead of Britain’s departure from the European Union, the two leading transport companies told Reuters separately on Wednesday."In the light of the Brexit process we are considering whether the UK flag can become a possible issue for us when it no longer will be an EU flag post the 29th March 2019, but we have taken no decisions and are reviewing different scenarios," said Ian Hampton, chief people & communications officer and Brexit spokesperson for Stena Line.A spokeswoman for Stolt-Nielsen…

30 Jan 2019

38 Migrants Confirmed Dead Off Djibouti After Boats Capsize

More than 100 migrants are believed missing and 38 confirmed dead off the coast of Djibouti after two boats capsized, the U.N. migration agency said on Wednesday.The overcrowded boats, carrying mostly Ethiopians, had set sail on rough seas when they capsized shortly after departing Djibouti, said Lalini Veerassamy, chief of mission in Djibouti for the International Organization for Migration.Djibouti's coastguard is continuing its search for survivors, she said, adding that beyond the IMO's rough estimate it was not clear how many more migrants might be missing.Many thousands of migrants from the Horn of Africa region board boats from Djibouti each year, hoping to cross to the Arabian Peninsula in search of work. (Reuters, Reporting by Maggie Fick Editing by Gareth Jones)

30 Jan 2019

Hyundai Heavy Mulls Stake in rival Daewoo

File Image: AdobeStock / © Nightman

South Korea's Hyundai Heavy Industries Group, the world's biggest shipbuilder, is interested in buying a stake in second-ranked rival Daewoo Shipbuilding & Marine Engineering, a Hyundai official told Reuters on Wednesday.The comments follow the group's holding firm saying on Monday it planned to sell part of its stake in refiner Hyundai Oilbank to Saudi Aramco for as much as 1.8 trillion won.State-funded Korea Development Bank (KDB) holds a 55.7 percent stake worth 2.16 trillion won ($1.94 billion) as of Wednesday's closing price in Daewoo."Hyundai Heavy held talks to buy the Daewoo stake," th

29 Jan 2019

Qatar Mulls Buying 60 New LNG Carriers

Image: Samsung Heavy Industries

Qatar’s energy minister Saad Sherida Al-Kaabi, who also serves as deputy chairman of Qatar Petroleum (QP), outlined plans to order 60 new liquefied natural gas (LNG) carriers.Reuters, quoting a statement issued by South Korea’s presidential office, reported that the energy minister expects cooperation with experienced Korean shipbuilders on constructing the LNG carriers.Qatar is the world’s largest supplier of LNG, with an annual production of 77 million tons. Last year, it announced…

24 Jan 2019

DAVOS: Oil Majors Huddle in DAVOS to Mull Future

© Mike Mareen/Adobe Stock

When the global oil industry held its biggest annual gathering this week in the Swiss town of Davos, it invited banking bosses and fund managers to discuss two key topics - climate change and pressure from investors.The conclusion of the discussions was worrying for those present - pressure is rising and the industry is losing a battle not to be seen as one of the world's biggest evils.The answer? Lure investors with higher returns and raise the PR game."There is no doubt - and…

24 Jan 2019

Magellan: Freeport, Texas Possible Spots for Deepwater Terminal

Photo: Magellan Midstream Partners LP

Magellan Midstream Partners LP is considering Freeport, Texas and other locations along the U.S. Gulf Coast for a crude export terminal it had previously planned for a harbor island off the south Texas city of Corpus Christi, an executive said on Thursday.Magellan is still considering Corpus Christi as the spot for the terminal, Magellan senior vice president Mark Roles said during a panel at the Argus Americas Crude Summit in downtown Houston. The terminal would be capable of loading 1.5 million barrels per day (bpd) onto supertankers and room for up to 20 million barrels of storage capacity…

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