House Panel Probing Transportation Secretary Chao’s Ties to Family Shipping Business

By Jan Wolfe WASHINGTON, Sept 16 (Reuters) - A U.S. House of Representatives panel on Monday demanded documents from Transportation Secretary Elaine Chao as part of a new investigation into whether she has used her office to benefit a shipping company owned by her family. Leaders of the Democratic-controlled House Oversight Committee said in a letter to Chao they were … [Read more...]

Marine Insurance Premiums See Modest Increase Amid Market Uncertainty -IUMI

Marine underwriting premiums rose by just one percent last year, but future market development remains uncertain as the marine insurance sector faces significant challenges, the International Union of Marine Insurance said Monday. IUMI this week presented its analysis of the latest marine insurance market trends, revealing that marine underwriting premiums for 2018 were … [Read more...]

Demand for U.S. Crude Surges After Attack on Saudi Oil Facilities

NEW YORK/HOUSTON, Sept 16 (Reuters) - U.S. crude export demand at the Gulf Coast surged on Monday, traders said, as the window to export crude profitably to Asia and Europe was thrown open after attacks on Saudi Arabia's oil facilities took out 5% of global oil supplies. The attack knocked out more than half of Saudi Arabia's oil production and damaged the world's biggest … [Read more...]

Golden Ray Salvaged Temporarily Suspend in Georgia Due to Heavy Weather

Salvage operations on the capsized Golden Ray car carrier have been temporarily suspended due to the onset of heavy weather from Hurricane Humberto off the southeastern United States. “Out of concern for the safety for our response crews we have made the decision to temporarily halt operations involving the Golden Ray and plan to resume as soon as it’s safe to,” said … [Read more...]

Oil Surges Most in Decades After Attack on Heart of Saudi Oil Industry

By Laila Kearney NEW YORK, Sept 16 (Reuters) - Oil ended nearly 15% higher on Monday, with Brent logging its biggest jump in over 30 years and a record trading volumes, after an attack on Saudi Arabian crude facilities cut the kingdom's production in half and intensified concerns of retaliation in the Middle East. Brent crude futures settled at $69.02 a barrel, rising … [Read more...]