Saudi Arabia, UAE to Establish Shipping Lane to Yemen's Hodeidah Port
Saudi Arabia and the United Arab Emirates announced a five-point aid plan for Yemen's Hodeidah port and surrounding areas on Wednesday, after a Saudi-led alliance of Arab states launched an attack on Yemen's Houthi-held main port city.As part of the plan, the two coalition states aim to establish a shipping lane to Hodeidah from the UAE capital, Abu Dhabi, and Jizan, a city in southern Saudi Arabia, officials told a news conference in Riyadh.They will also distribute food, provide medical suppli
Stronger Rates Lift Baltic Index for Third Day
The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, rose for the third consecutive session on Thursday supported by stronger rates across capesize and panamax vessel segments.The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, rose 29 points, or 2.1 percent, to 1,433 points.The capesize index climbed 93 points, or 4.5 percent, to 2,184 points.Average daily earnings for capesizes, which typically transpor
HSH Nordbank Aims to Buy Shipping Loans from Other Banks
Germany's HSH Nordbank, once the world's biggest ship financier, aims to buy shipping loans from other banks and make new investments in the industry as it emerges from years of turmoil, a top bank official said.The bank's regional government owners are selling the lender to buyout groups Cerberus Capital Management and J.C. Flowers, with investors GoldenTree, Centaurus Capital and Austrian bank BAWAG also taking stakes."HSH…
EIA: Oil Barrel Price Steady Around $70
EIA expects Brent prices will average $71 per barrel in 2018 before declining to $68 per barrel in 2019. In the June 2018 update of its Short-Term Energy Outlook (STEO), the U.S.
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