by Niyati Shetty (Reuters) Japanese shipping firm Kawasaki Kisen Kaisha Ltd (K-Line) was convicted of criminal cartel conduct and ordered to pay a A$34.5 million ($23.50 million) fine by a federal court, Australia’s competition regulator said on Friday. K-Line’s fine is the largest ever criminal penalty imposed under the Competition and Consumer Act, according to the … [Read more...]
Cruise Stocks Sink Ahead Of Irma
By Christopher Palmeri (Bloomberg) Carnival, Royal Caribbean, and Norwegian Cruise Line all tumbled in Tuesday trading as Hurricane Irma threatened to do to the hub of the cruise industry what Harvey did to the nation’s oil and gas capital last week. Hurricane Irma, a Category 5 storm, is on a path that could take it through the heart of the Caribbean, bringing winds of as … [Read more...]
Fredriksen Expects Rise In Storage Of Oil On Tankers
by Ole Petter Skonnord (Reuters) Tanker firm Frontline, controlled by billionaire investor John Fredriksen, expects a growing number of supertankers to be used for storing crude in anticipation of higher oil prices, its chief executive told Reuters on Friday. While none of Frontline's own vessels are currently used for this purpose, independent shipbrokers estimate that … [Read more...]
Baltic index slips on weaker panamax, smaller vessel rates
By Karen Rodrigues - May 5 (Reuters) The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, slipped on Friday, as gains in capesize rates failed to offset lower rates for panamax and smaller vessels. The overall index, which considers rates for capesize, panamax, supramax and handysizeshipping vessels, … [Read more...]
Sewol Ferry Fallout Puts Jeopdae In Jeopardy
by Jiyeun Lee (Bloomberg) Extravagant dinners with whiskey and wine, golfing weekends, pricey beef and seafood gift sets. South Korean companies are trying to figure out how to do without these common forms of business hospitality before the nation’s toughest-ever anti-graft law takes effect next month. Conglomerates LG Group and SK Holdings are among those preparing … [Read more...]