Business, Fuel

OPEC Says Oil Needs Monitoring Amid Summer Demand

Oil will need to be closely watched in the coming months to ensure “a sound and sustainable market balance” during an expected surge in demand, OPEC said in its monthly oil market report.

Alex Longley | Bloomberg News
April 11, 2024
Government, Business, Equipment, Safety, Logistics

Car Shipper Takes $10 Million Hit From Bridge Collapse

Wallenius Wilhelmsen ASA, one of the largest car shipping companies, said it expects a $5 million to $10 million hit to its earnings from the Baltimore bridge disaster.

Alex Longley | Bloomberg News
April 3, 2024
Government, Business, Safety, Fuel

Daily Fuel Tanker Costs Eclipse $100,000 for Some in Red Sea

Some oil tanker earnings have soared above $100,000 a day as the disruption of shipments through the Red Sea persists.

Alex Longley | Bloomberg News
January 25, 2024
Business, Safety, Logistics

Ships Advertise Chinese Links to Avoid Houthi Attacks

At least five vessels transiting the Red Sea are using their signals to say they have links to China — the latest unusual measure taken to try to avoid attack by Houthi militants in the Red Sea.

Alex Longley | Bloomberg News
January 11, 2024
Business, Logistics

Panama Canal Adds Extra Queue-Jumping Auctions

The Panama Canal Authority said it will add extra slots allowing ships to pay big premiums to transit the waterway, which has become congested due to an ongoing drought.

Alex Longley | Bloomberg News
November 27, 2023
Government, Fuel

Record Fleet of Ships Coming to Load Oil in US Keeps Growing

The record number of supertankers sailing toward the shores of the U.S. is getting ever larger, as there are 51 ships headed to the nation’s ports over the next three months.

Alex Longley | Bloomberg News
November 13, 2023
Business, Equipment

Record Ocean Shipping Costs Add to Auto Industry’s Supply Chain Woes

The car industry, already grappling with a shortage of semiconductors, is now seeing another source of supply chain concern: a lack of ships.

Alex Longley | Bloomberg News
September 21, 2022
Government, Business, Fuel

Oil Pares Gains as US Comments Counter Signs of Strong Market

West Texas Intermediate pared earlier gains after U.S. Energy Secretary Jennifer Granholm told MSNBC that President Joe Biden may make an announcement to address high oil and gasoline prices this week.

Alex Longley | Bloomberg News
November 8, 2021
Business, Logistics

Container Crisis Gets So Bad, Coca-Cola Switches to Bulk Freight

The cost of shipping stuff in containers has gotten so out of hand that Coca-Cola Co. is switching its cargoes to vessels that are normally only used by industrial commodity traders to help keep its business running.

Alex Longley | Bloomberg News
October 5, 2021
Business, Logistics

Ship Owner Says Commodity Freight Rates Close to Going Parabolic

An owner of commodity hauling freighters said rates for the ships are close to the point of spiking sharply higher and mirroring an unprecedented surge in costs for transporting manufactured goods.

Alex Longley | Bloomberg News
September 16, 2021