Hanjin collapse may hurry shipping consolidation | The National:
"The collapse of Hanjin Shipping will probably spark fresh consolidation among container lines as they attempt to ride out the shock waves buffeting the industry, the Hapag-Lloyd chief executive Rolf Jansen said.
"A lot of people hadn’t expected the difficulties for Hanjin in the magnitude we have seen them," he said. "It will change behaviour", with some participants now assessing whether it might not be better to "team up", he said.
Hapag-Lloyd, Germany’s No 1 carrier, which has used mergers to bring down costs and counter the slump that has shaken shipping for the past eight years, does not plan to buy the Asian company or any of its vessels, now stranded at sea and various ports across the globe. Hapag-Lloyd is busy completing its merger with United Arab Shipping, headquartered in Dubai, which it aims to do by the end of this year. "We better make a success of that first," Mr Jansen said."
'via Blog this'
Friday, 16 September 2016
Oil falls to two-week low as Nigeria, Libya poised to swell glut | GulfNews.com
Oil falls to two-week low as Nigeria, Libya poised to swell glut | GulfNews.com:
"World oil prices fell Friday as the prospects of higher output from Libya and Nigeria further fuelled oversupply concerns, cutting short a nascent rebound.
Both contracts rose Thursday on news that 6,000 barrels of gasoline had leaked from the Colonial pipeline that carries fuel from the Gulf Coast to the eastern United States.
The leak, however, was not enough to overshadow expectations that Libya and Nigeria are due to ramp up production."
'via Blog this'
"World oil prices fell Friday as the prospects of higher output from Libya and Nigeria further fuelled oversupply concerns, cutting short a nascent rebound.
Both contracts rose Thursday on news that 6,000 barrels of gasoline had leaked from the Colonial pipeline that carries fuel from the Gulf Coast to the eastern United States.
The leak, however, was not enough to overshadow expectations that Libya and Nigeria are due to ramp up production."
'via Blog this'
Stalling oil market puts onus back on Saudi Arabia | The National
Stalling oil market puts onus back on Saudi Arabia | The National:
"The stalling oil market has put the onus back on Saudi Arabia two weeks ahead of a planned informal meeting of Opec oil ministers in Algeria.
Two years into the kingdom’s laissez-faire policy, which has shown some signs of success, sombre forecasts in the past week from Opec and the International Energy Agency predicting a prolonged oil glut has put renewed pressure on Saudi Arabia and its Arabian Gulf allies to reconsider their position.
Oil prices dropped by about 7 per cent in the past week, from a close of about US$50 per barrel on September 8 to about $46.40 late yesterday after the gloomy reports."
'via Blog this'
"The stalling oil market has put the onus back on Saudi Arabia two weeks ahead of a planned informal meeting of Opec oil ministers in Algeria.
Two years into the kingdom’s laissez-faire policy, which has shown some signs of success, sombre forecasts in the past week from Opec and the International Energy Agency predicting a prolonged oil glut has put renewed pressure on Saudi Arabia and its Arabian Gulf allies to reconsider their position.
Oil prices dropped by about 7 per cent in the past week, from a close of about US$50 per barrel on September 8 to about $46.40 late yesterday after the gloomy reports."
'via Blog this'
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