Jonathan's Feed
Jan 27, 2015

Oil tankers in the front line of Libya’s two-government struggle

LONDON, Jan 27 (Reuters) – Oil shippers face higher costs
and the possible loss of insurance cover on Libyan voyages,
caught in a struggle between the rival governments there and
threatened by air attacks.

John Dalby of maritime security firm MRM, said he had
prepared evacuation plans for an unnamed oil company if the
situation deteriorated further, adding that attacks on tankers
were expected to continue, reducing the pool of ships willing to
make runs to and from Libya.

Jan 22, 2015

Tanker firms look to U.S. listings as oil shipping market rebounds

LONDON, Jan 22 (Reuters) – Inspired by an upturn in shipping
markets after one of the worst sector downturns on record, a
batch of oil tanker companies are looking to raise capital
through U.S. listings.

While crude prices have fallen more than 50 percent since
June, tanker prospects have brightened, helped by a drop in
bunker fuel prices and demand for oil among bargain hunters.
Overcapacity, which has dogged owners for years, is also
receding.

Jan 13, 2015

Oil traders to store millions of barrels at sea as prices slump

LONDON, Jan 13 (Reuters) – Some of the world’s biggest oil
traders have booked supertankers to store at least 25 million
barrels at sea in recent days, seeking to take advantage of the
crash in crude prices and make a profit down the line.

Floating storage levels are expected to increase further in
coming weeks as trading companies adopt a strategy that was last
used in 2009 when prices slumped and led to over 100 million
barrels of oil being parked on tankers at sea before stocks were
sold off.

Jan 8, 2015

Oil glut spurs top traders to book supertankers for storage at sea

LONDON, Jan 8 (Reuters) – Some of the world’s largest oil
traders have this week hired supertankers to store crude at sea,
marking a milestone in the build-up of the global glut.

Trading firms including Vitol, Trafigura
and energy major Shell have all booked
crude tankers for up to 12 months, freight brokers and shipping
sources told Reuters.

Jan 8, 2015

Exclusive: Oil glut spurs top traders to book supertankers for storage at sea

LONDON (Reuters) – Some of the world’s largest oil traders have this week hired supertankers to store crude at sea, marking a milestone in the build-up of the global glut.

Trading firms including Vitol [VITOLV.UL], Trafigura [TRAFGF.UL] and energy major Shell (RDSa.L: Quote, Profile, Research, Stock Buzz) have all booked crude tankers for up to 12 months, freight brokers and shipping sources told Reuters.

Dec 16, 2014

Shipping industry modifies clauses in contracts for Ebola risks

LONDON (Reuters) – Some of the shipping industry’s biggest trade associations are modifying freight contracts to reduce commercial exposure for companies whose ships travel to countries affected by the Ebola outbreak and to protect crews from the deadly virus.

Uncertainty about the spread of Ebola is adding to legal and financial issues for those involved in shipping oil, cocoa and minerals from the region. Last month, Reuters reported that individual shipping lines and traders were starting to tweak contracts to protect themselves.

Dec 15, 2014

Tanker markets see storage boon from oil price collapse

LONDON, Dec 15 (Reuters) – The oil price drop will hand
tanker markets an unexpected bonus next year, boosting demand
for oil storage at sea while distant eastern markets also
bargain-hunt fuel and need shipping.

Supertanker rates are already close to five-year highs of
over $83,000 a day – helped by a drop in shipping fuel bunker
prices. Overcapacity, which has dogged owners for years, is also
receding.

Dec 11, 2014

Conglomerate Libra ramps up container ship buying, bets on upturn

LONDON, Dec 11 (Reuters) – Global conglomerate Libra is
snapping up container ships, betting on a sector recovery and
lower oil prices which will cut costs and boost profitability,
the group’s chief executive said.

Libra has proved adept at buying and selling assets since
2008 — making significant returns on investments.

Dec 10, 2014

Libra Group pushing ahead with Greek investments despite turmoil

LONDON, Dec 10 (Reuters) – Global conglomerate Libra Group,
with origins in Greek shipping, is pressing ahead with its $500
million investments in Greece despite the country’s political
turmoil, its chief executive said.

Greek Prime Minister Antonis Samaras on Tuesday brought
forward a presidential vote, a gamble which, if it fails, could
catapult the leftist anti-bailout Syriza party to power.

Dec 9, 2014

Litvak Jewish art gets first global show after almost a century

LONDON (Reuters) – Scenes from Jerusalem and 1920s Paris are among the rare works showcasing Lithuania’s Jewish artists from the last century that are going on show as a collection abroad for the first time.

Lithuania, whose borders before World War 1 included parts of modern Ukraine, Belarus, Poland, Russia and Latvia, was a major heartland of European Jewry, famed for its talmudical academies and bookish Jews known as Litvaks.