Brazil’s Oil Auction Today Was a Total Bust

Photo: Shutterstock/Leo Francini

  By Jeb Blount, Marta Nogueira and Stephen Eisenhammer RIO DE JANEIRO, Oct 7 (Reuters) - Brazil attracted little interest in a new oil and gas exploration rights auction on Wednesday as state-led Petrobras and other major oil companies declined to bet on an industry in turmoil and an economy in recession. The auction was seen as a test for how Brazil's oil … [Read more...]

Dry Bulk Shipping Turmoil Set to Extend Well Into 2016

Photo: Shutterstock/Lukasz Z

  LONDON, Oct 7 (Reuters) - Dry bulk shipping faces more earnings pain as a slowdown in commodities demand and a glut of ships are expected to pile on the pressure well into 2016, ship industry players said on Wednesday. The dry cargo shipping industry has been hit hard this year by the global commodities meltdown with average earnings for large capesize ships - … [Read more...]

India Extends Tax Benefits on Bunker Fuel for Domestic Shipping

File photo: Shutterstock/DoublePHOTO studio

  NEW DELHI, Oct 7 (Reuters) - India has extended the benefit of nil custom and production tax on bunker fuels to domestic coastal movement of containers, in a move to decongest its roads and reduce carbon emissions, a government statement said on Wednesday. Earlier exemptions form the customs and production tax on bunkering fuel - 180 and 380 centistoke grade fuel … [Read more...]

Search For El Faro Survivors Continues

The first El Faro life ring found on the scene is transported back to the US in this handout photo provided by the US Coast Guard, October 6, 2015. REUTERS/US Coast Guard

  Coast Guard crews continue searching for possible survivors from the cargo ship El Faro Tuesday night after covering more than 170,000 square miles since the ship sank during Hurricane Joaquin last Thursday. The Coast Guard says crews have searched a total of 172,257 square nautical miles while searching in the vicinity of the ship's last known position 35 nautical … [Read more...]