By Laura Blewitt (Bloomberg) -- The hottest trade in the U.S. gasoline market is starting to cool. As America’s U.S. Gulf Coast refining complex seeks more attractive destinations for its rising production of motor fuels, marketers have found that shipping gasoline to the Atlantic Coast on the Colonial Pipeline might not be the most profitable anymore. The operator of the … [Read more...]
Ritz-Carlton Launching Luxury Cruise Line With Three New Ships
By Nikki Ekstein (Bloomberg) -- Want to cash in your SPG and Marriott points for a yacht cruise? That may soon be possible, as Ritz-Carlton, Marriott International Inc.'s flagship luxury brand, announced a seafaring expansion Thursday. As part of the newly minted Ritz-Carlton Yacht Collection, the five-star hotel brand will launch three small, ultra-luxury ships with … [Read more...]
Tropical Storm Cindy Crimps Shipping, Forces Energy Workers Out of Gulf
By Brian K. Sullivan (Bloomberg) -- Tropical Storm Cindy, which has already shut energy production in the Gulf of Mexico, disrupted shipping and forced workers off oil and gas platforms, is now bearing down on the Texas-Louisiana coastline. With top winds of 50 miles (80 kilometers) an hour, down from 60 mph earlier, the system is moving northwest toward the coast about 160 … [Read more...]
Evergreen Looks Single and Happy in Container Shipping Love-Fest
By David Fickling (Bloomberg Gadfly) -- While wedding bells have been ringing out across the global shipping industry, Taiwan's biggest container line, Evergreen Marine Corp., has remained aloof. If mergers currently awaiting approval go ahead, the market share of the top five container lines will rise to 60 percent, from about 49 percent 18 months ago. With the last of the … [Read more...]
Tropical Storm Cindy Disrupts Gulf of Mexico Shipping, Crude Imports
By Brian K. Sullivan (Bloomberg) -- Tropical Storm Cindy has halted service at a major oil terminal in the Gulf of Mexico, prompted some evacuations at rigs and platforms and put states from Texas to Florida on notice for flooding rains. Cindy was 350 miles (560 kilometers) southeast of Galveston, Texas, with top winds of 45 miles an hour late Tuesday. It’s forecast to come … [Read more...]
Unusually Active Hurricane Season Has Gulf of Mexico In Sights
By Brian K. Sullivan (Bloomberg) -- The Atlantic hurricane season is less than three weeks old yet it’s already threatening the energy-rich Gulf of Mexico coastline with flooding rains and sparking tropical storm warnings in Venezuela. Tropical systems in the Gulf of Mexico often grab the notice of energy traders because the Texas and Louisiana coastline is home to offshore … [Read more...]
U.S. Navy Finds $500 Million for a Second Littoral Combat Ship in 2018
By Tony Capaccio (Bloomberg) -- The U.S. Navy has found $500 million to buy a second Littoral Combat Ship in next year’s budget after scrounging that was required because the vessel was left out of the Trump administration’s proposed budget sent to Congress last month. About $325 million will be freed up because the Navy has delayed the overhaul of an aircraft carrier that … [Read more...]