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Sep 9, 2014

Container group CMA CGM unveils “Ocean Three” alliance in quest for efficiencies

PARIS/LONDON, Sept 9 (Reuters) – French container shipping
group CMA CGM has sealed an alliance with two rivals
after a failed attempt to partner with bigger peers Maersk
and Switzerland’s MSC, vetoed by China earlier this
year due to competition concerns.

CMA CGM said on Tuesday it had agreed a service-sharing
alliance with China Shipping Container Lines Co Ltd
and United Arab Shipping Co to be known as Ocean Three. The
agreement still needs approval from the U.S. Federal Maritime
Commission.

Sep 4, 2014

Iraq sues Greek shipping firm for transporting Kurdish oil

BAGHDAD/LONDON, Sept 4 (Reuters) – Iraq said it filed a
lawsuit against Greek shipping company Marine Management
Services (MMS) for its role in the export of crude from the
Kurdistan region, which Baghdad says is illegal.

The case is the latest move by Baghdad to deter customers
and thwart independent exports of crude from the autonomous
Kurdistan region. The federal government claims sole authority
to manage sales of all the oil in Iraq.

Aug 6, 2014

Iran’s oil exports lower in July, stay above Western limits

LONDON, Aug 6 (Reuters) – Iran’s oil exports slipped for a
second month in July, yet sales remained above the limit set by
the West under an interim deal aimed at curbing Iran’s nuclear
programme, according to sources who track tanker shipments.

Iran and six world powers, known as the P5+1, agreed to
extend nuclear talks by four months after they failed to reach a
July 20 deadline for a permanent resolution. Under the interim
agreement, Iran’s crude exports were supposed to be held just
above 1 million barrels per day (bpd).

Aug 1, 2014

Insight: Collateral damage – How Iran sanctions fears hurt humanitarian trade

LONDON/ANKARA (Reuters) – It should have been a routine delivery of vegetable oil to Iran for making margarine; instead the tanker spent months in the Gulf as banks held up payment for the cargo, fearing they would run foul of international sanctions.

The sanctions regime, imposed by the United States and European Union over Tehran’s nuclear programme, permits trade in humanitarian goods such as food and phamaceuticals.

Aug 1, 2014

Collateral damage: How Iran sanctions fears hurt humanitarian trade

LONDON/ANKARA, Aug 1 (Reuters) – It should have been a
routine delivery of vegetable oil to Iran for making margarine;
instead the tanker spent months in the Gulf as banks held up
payment for the cargo, fearing they would run foul of
international sanctions.

The sanctions regime, imposed by the United States and
European Union over Tehran’s nuclear programme, permits trade in
humanitarian goods such as food and phamaceuticals.

Aug 1, 2014

For wandering tankers with $300 million of Kurdish crude, end-game still in doubt

LONDON (Reuters) – After a legal show-down in Texas this week, the outlook for a handful of tankers holding some $300 million worth of Kurdish oil is not looking good.

Seemingly unable to find enough buyers willing to take a risk on million-barrel cargoes of disputed crude, the Kurdish authorities are paying over $75,000 a day to keep all three far-flung vessels afloat. A fourth ship began filling up at a terminal on the Turkish coast on Thursday, potentially adding to the tally, Reuters reported.

Jul 8, 2014

Grain exporters to feel more price pain as shipping rates set to rise

LONDON, July 8 (Reuters) – An improved outlook for global
bulk shipping rates spells bad news for grain exporters as they
go into the latest sales campaign, with increased freight costs
squeezing profit margins and adding to price competition in
leading markets.

U.S wheat exporters look to be the hardest hit as ship
owners prepare to crank up rates, expecting a clamour for their
vessels. The biggest hike may be to the major Middle Eastern
market – giving smaller producers, situated nearer the region, a
price edge.

Jul 1, 2014

Iran’s oil exports drop in June, stay above Western limits

LONDON, July 1 (Reuters) – Iran’s crude oil exports dropped
in June after a spike in May, yet sales were still above the
level allowed by an interim deal aimed at curbing Tehran’s
nuclear programme, according to sources who track tanker
movements.

Under the agreement signed in November between Iran and six
world powers, which came into effect in January, Iran’s exports
should average 1 million barrels per day (bpd) through to July
20.

Jun 27, 2014

Greece’s Alpha Bank to securitise 1 bln euros of shipping loans -sources

ATHENS/LONDON (Reuters) – Greece’s Alpha Bank (ACBr.AT: Quote, Profile, Research) plans to securitise about 1.0 billion euros (0.80 billion pounds) of shipping loans this summer in one of the first European asset-backed deals in this industry for years, a banker with Alpha Bank and another finance industry source said on Friday.

Europe’s asset-backed market has not recovered from financial crisis, but the European Central Bank and the Bank of England have both said they want to revive it to provide money for credit-starved businesses and help to revitalise the region’s economy.

Jun 27, 2014

Exclusive – Greece’s Alpha Bank to securitise 1 billion euros of shipping loans: sources

ATHENS/LONDON (Reuters) – Greece’s Alpha Bank (ACBr.AT: Quote, Profile, Research, Stock Buzz) plans to securitise about 1.0 billion euros ($1.36 billion) of shipping loans this summer in one of the first European asset-backed deals in this industry for years, a banker with Alpha Bank and another finance industry source said on Friday.

Europe’s asset-backed market has not recovered from financial crisis, but the European Central Bank and the Bank of England have both said they want to revive it to provide money for credit-starved businesses and help to revitalize the region’s economy.