By Jonathan Saul and Arno Schuetze LONDON/FRANKFURT, May 18 (Reuters) - German shipping line Hapag Lloyd is close to completing a merger with United Arab Shipping Company (UASC) after UASC's shareholders agreed terms to repay outstanding debts, sources familiar with the talks told Reuters. The deal to create the world's fifth-biggest shipping company, valued at about 7 … [Read more...]
Russia Wants to Split Sovcomflot Sale Among Small-Stake Investors – Sources
By Gleb Stolyarov and Jack Stubbs MOSCOW, May 18 (Reuters) - Russia plans to sell part of state shipping firm Sovcomflot next month, hoping to draw in a wide range of small-stake investors rather than a strategic buyer who could threaten Moscow's control of the group, banking and industry sources say. The current era of low tanker market prices is far from the ideal time for … [Read more...]
WATCH: Docking Ferry Loses Control, Slams Into Nearby Boats
This incident occurred last Friday in Istanbul. The video shows the car and passenger ferry approach the dock when it suddenly loses control and hits other nearby boats. Minor damages suffered all around and one minor injury reported. … [Read more...]
Flotilla of U.S. Crude Heading to Asia
By Liz Hampton and Catherine Ngai HOUSTON/NEW YORK, May 17 (Reuters) - Oil tankers carrying roughly 2.5 million barrels of U.S. crude are currently en route to Asia, trade sources said on Wednesday, as U.S. producers take advantage of favorable prices to ship to Asia while OPEC ponders further supply cuts next week. At least three vessels capable of moving 1 million barrels … [Read more...]
Missing Captain Found Clinging to Life Buoy Off Spain
The missing captain of a Singapore-flagged car carrier has been found in critical condition but alive after apparently falling overboard from his ship off Spain. Spain's National Police said witnesses spotted a man in water just off the port of Tarifa in southern Spain on Monday. Police later discovered the man unconscious and clinging to a life buoy while wearing only a … [Read more...]
Indian Navy Thwarts Pirate Attack in Gulf of Aden -Defence Ministry
A Liberian-flagged bulk carrier came under attack by suspected pirates in the Gulf of Aden on Tuesday, but the attack was foiled thanks to the response of the Indian Navy, India's Ministry of Defence has said. According to a statement from the Ministry, the INS Sharda picked up a distress call from the MV Lord Mountbatten reporting an attempted attack by armed pirates while … [Read more...]
BP Sees Early Promise, Growing Investment in Mexico Offshore Projects
By David Alire Garcia MEXICO CITY, May 17 (Reuters) - BP Plc's first foray into Mexico's recently opened energy market is proving more promising than expected, and the government should offer more big projects to lure investment, the British oil major's Mexico boss said in an interview. Chris Sladen, country manager for Mexico, said BP expects to increase investment in … [Read more...]
